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Streicher Mobile Fueling, Inc.(fka FUELQ)

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Streicher Mobile Fueling, Inc.(fka FUELQ)

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Streicher Mobile Fueling, Inc.(fka FUELQ) RSS Feed

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Highlights for the fiscal 2008 third quarter vs. the comparable fiscal 2007 quarter: Revenues were $64.2 million, a 24% increase from $51.8 million Net loss decreased $1.2 million to $1.4 million from $2.6 million or 47% Non-cash charges were $971,000, down from $1.4 million Net margin per gallon increased to 17.8 cents from 14.3 cents EBITDA, a non-GAAP measure, increased by $1.1 million to a positive $277,000 from a loss of $787,000 BUSINESS SUMMARY SMF Energy Corporation provides petroleum product distribution services, transportation logistics, and emergency response services to the trucking, manufacturing, construction, shipping, utility, energy, chemical, telecommunication, and government services industries in the United States. Its fleet of tank wagons, tractor-trailer transports, box trucks, and flatbed vehicles delivers diesel fuel and gasoline to customers' locations on a scheduled or as needed basis, refueling vehicles and equipment, resupplying fixed-site and temporary bulk storage tanks, and emergency power generation systems. The company also engages in the packaging, distribution, and sale of petroleum products, lubricants, and chemicals to refineries, manufacturers, and other industrial customers. Its fleet of special duty tractor trailer units provides heavy haul transportation logistics services over short and long distances to customers requiring the movement of over sized and/or over weight equipment, and heavy manufactured products. In addition, it provides emergency response services, including fuel testing, treatment, filtration, and top-off services. As of June 30, 2007, the company owned and operated approximately 200 specialized commercial vehicles, and 800 fuel and lubricant storage tanks. The company was founded in 1996. It was formerly known as Streicher Mobile Fueling, Inc. and changed its name to SMF Energy Corporation in February 2007. The company is headquartered in Fort Lauderdale, Florida. What We Do SMF Energy Corporation, a Deleware corporation, formerly Streicher Mobile Fueling, Inc. formed in 1996, and its subsidiaries (“SMF”) provide petroleum product distribution services, transportation logistics and emergency response services to the trucking, construction, utility, energy, chemical, and government services industries. Specialized Transportation SMF provides specialized transportation and logistics services utilizing its fleet of re-configurable tractor-trailer units to provide the delivery of specialized commodities, including the heavy haul of over-size and/or over-weight machinery and equipment throughout the U.S. and Canada. Our heavy haul customers range from construction companies, for whom we handle the movement of “yellow iron”, such as cranes, bulldozers, and road grading equipment, as well as prefabricated concrete and metal building materials, to petroleum refiners and chemical plant operators, for whom we transport large vessels, processing equipment and other equipment used in the construction or “turnaround” maintenance of their facilities. We also design customized fuel delivery solutions using our commercial mobile fueling capabilities, and third-party nationwide fuel and card lock networks for companies requiring heavy haul over-the-road capabilities, such as utility companies constructing power transmission systems. The broad range of services we offer our customers includes commercial mobile and bulk fueling; the packaging, distribution and sale of lubricants; integrated out-sourced fuel management; transportation logistics and emergency response services. Our fleet of custom specialized tank wagons, tractor-trailer transports, box trucks and customized flatbed vehicles delivers diesel fuel and gasoline to customers’ locations on a regularly scheduled or as needed basis, refueling vehicles and equipment, re-supplying fixed-site and temporary bulk storage tanks and emergency power generation systems. We also distribute a wide variety of specialized petroleum products, lubricants and chemicals to refineries, manufacturers and other industrial customers. In addition, our fleet of special duty tractor-trailer units provides heavy and ultra-heavy haul transportation services over short and long distances to customers requiring the movement of over-sized or over-weight equipment and manufactured products. Our sophisticated fueling solutions include the use of patented proprietary electronic fuel tracking control system to measure, record and track fuel dispensed to each vehicle and tank fueled at a customer location. This system allows customer verification of the amount and type of fuel delivered and provides customers with customized fleet fuel data which can be used for various types of management analysis as well as tax reporting. The commercial mobile fueling services we provide offer numerous advantages to customers, including lower labor and administrative costs associated with fueling vehicles; centralized control over fuel inventories and usage; tax reporting benefits; elimination of costs and risks of environmental liabilities associated with on-site fuel storage and dispensing facilities; reduced exposure to employee theft of fuel; and elimination of security breakdowns associated with off-site fueling by employees. We also provide emergency service and fuel delivery services in response to natural disasters and other widespread emergency conditions, including hurricanes, tropical storms, ice and snow storms, forest fires and earthquakes. Emergency Response Services Our emergency response generator services program provides customers with ongoing fuel testing, treatment, filtration and top-off services to ensure that generators and other emergency power supply systems are fully fueled and that the fuel is in optimal condition for use at the onset of power outages. We then provide emergency fuel supplies to these customers for their generators and emergency power supply systems in a series of scheduled deliveries for the duration of power outages based on the consumption and utilization requirements of these systems. We presently operate 192 specialized commercial vehicles from 28 operating locations serving major metropolitan markets in Alabama, California, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, and Texas. The Company will continue to pursue measured and profitable growth in these markets by selling existing services to new customers, and cross selling new services to existing customers or new services to new customers. In addition, we will continue to pursue expansion through strategic acquisitions of similar or complementary businesses that meet SMF’s criteria for growth and profitability. We also own over 800 fuel and lubricant storage tanks with over 1,700,000 gallons of capacity. These tanks include bulk storage tanks located at our facilities and portable tanks used for the temporary storage and dispensing of fuels and lubricants at customers’ job sites. Our portable tanks are delivered to a customer by SMF’s fleet of specialized flatbed trucks. In addition, we provide bulk fueling and lubricant services to customers who own their own storage facilities. SMF transports and delivers fuel and other petroleum products to these customers on a scheduled, or as needed, basis utilizing its fleet of customized tank wagons and transports. 200 West Cypress Creek Road Suite 400 Fort Lauderdale, FL 33309 United States - Map Phone: 954-308-4200 Fax: 954-308-4205 Web Site: http://www.mobilefueling.com DETAILS Index Membership: N/A Sector: Services Industry: Basic Materials Wholesale Full Time Employees: 269 Management Team Richard E. Gathright, 53 Chairman, Chief Executive Officer and President Mr. Gathright has been Chief Executive Officer and President of the Company since November 2000, a Director since March 2001 and Chairman of the Board since November 2002. He is responsible for the management of all business affairs of the Company, reporting directly to the Board of Directors. He was an advisor on operational and financial matters to the senior management of several domestic and international energy companies from January 2000 through October 2000. From September 1996 to December 1999, he was President and Chief Operating Officer of TransMontaigne Inc., a Denver-based publicly owned company providing logistical services to major energy companies and large industrial customers; a Director from April 1995 to December 1999; Executive Vice President from April 1995 to September 1996; and from December 1993 to April 1995 was President and Chief Operating Officer of a predecessor of TransMontaigne. From 1988 to 1993, he was President and Director of North American Operations for Aberdeen Petroleum PLC, a London-based public company engaged in international oil and gas operations, also serving on its Board of Directors. Prior to joining Aberdeen, he held a number of positions in the energy industry in the areas of procurement, operations and management of oil and gas assets. Robert W. Beard, 53 Senior Vice President, Marketing & Sales and Investor Relations Officer Mr. Beard has been Senior Vice President, Marketing & Sales and Investor Relations Officer of the Company since December 2006, responsible for all marketing and sales operations, and for investor relations; and from July 2005 to December 2006, he was Vice President, Corporate Development and Investor Relations Officer of the Company responsible for product line strategy and development, and for vendor and public relations. He was employed by Cendian Corporation, a chemical logistics subsidiary of Eastman Chemical Company, as Group Director of Client Development and Sales Support from 2004 to July 2005; and as Director of Business Marketing from 2001 to 2004. He was Senior Manager, Field Marketing for Ryder System, Inc. from 1994 to 2001. From 1986 to 1994, he was the Vice President of Marketing for Comdata Corporation. From 1985 to 1986, he was Manager of Vendor Relations for First Data Resources, a Division of American Express Travel Related Services Company. Mr. Beard was also employed by Ryder Systems from 1977 to 1985, serving in a number of positions including Manager, Vendor Relations, and as a General Manager and a Controller in its Truckstops of America Division. Timothy E. Shaw, 45 Senior Vice President, Information Services & Administration and Chief Information Officer Mr. Shaw has been Senior Vice President, Information Services & Administration and Chief Information Officer of the Company since December 2006 responsible for all information systems management and corporate administration; and from April 2006 to December 2006, he was Vice President, Information Systems Services and Chief Information Officer. From 1999 to April 2006 he was Vice President of Information Services with Neff Corporation/Neff Rental LLC headquarted in Miami, one of the country's largest construction rental companies. From 1998 to 1999, he served as Director, Retail and Distribution Systems for Fruehauf Trailer services in St. Louis, Mo. From 1997 to 1998, he was Manager, Service Center Mechanization, for Southwestern Bell in St. Louis. From 1994 to 1997, he was Manager, Information Systems with Aggregate Equipment in East Peoria, IL. From 1991 to 1994, he was Systems Engineer with Electronic Data Systems (EDS) in Troy, Michigan. From 1981 to 1991, he was a Manufacturing Engineer and Area Supervisor for McDonnell Douglas Corp. in St. Louis. Mr. Shaw has an extensive background in IT leadership, process engineering, business operations, implementing enterprise resource solutions, storm disaster recovery planning, public company IT systems Sarbanes-Oxley 404 implementation and compliance, and the integration of acquistions. Michael S. Shore, 39 Chief Financial Officer, Senior VicePresident and Treasurer Mr. Shore has been Chief Financial Officer, Senior Vice President and Treasurer of the Company since February 2002. He also was the Corporate Secretary from February 2002 to September 2005. Prior to joining the Company, he was CEO and President of Shore Strategic and Financial Consulting, providing financial and and management services to corporate clients in the United States and Latin America. From 1998 to 2000, he served as Director of Finance/Controller for the North American Zone Operations of Paris-based Club Mediterranee. From 1996 to 1998, he was Vice President of Finance/Controller for Interfoods of America, Inc., the largest Popeyes Fried Chicken & Biscuits franchisee. From 1994 to 1996, he was the Manager of Accounting and Financial Reporting for Arby’s, Inc. Mr. Shore began his professional career in 1990 with Arthur Andersen & Company where he became a Senior Auditor. Mr. Shore has a diverse background in leading growth oriented public companies in mergers/acquisitions, capital formation, finance, treasury and accounting. Paul C. Vinger, 37 Senior Vice President, Fleet Operations and Corporate Planning Mr. Vinger has been Senior Vice President, Fleet Operations and Corporate Planning of the Company since November 2002 and Vice President, Fleet Operations and Corporate Planning for the Company since August 2001, managing all fleet operations and fuel delivery functions, and additionally responsible for corporate planning and analysis; and from December 2000 to August 2001, he was Director of Corporate Planning. He was Senior Analyst of Corporate Planning and Finance for TransMontaigne Inc. from September 1998 to December 2000, responsible for operations and acquisitions analyses and the management of supply scheduling and product allocations. From 1997 to 1998, he was a Manager of Terminal Operations for TransMontaigne responsible for petroleum product and chemical terminals. From 1994 to 1997, he was a Research Associate for E. I. Dupont. From 1991 to 2001, Mr. Vinger served to the rank of Captain in the United States Military. E. W. Wayne Wetzel, 60 Senior Vice President, Lubricants Mr. Wetzel has been Senior Vice President, Lubricants, of the Company since October 2005. From the acquistion of H & W Petroleum Company, Inc. ("H & W") in October 2005 to December 2006, he was also the President and Chief Executive Officer of H & W. Prior to that time and since 1980, he was the President and Chief Executive Officer of H & W, of which he was also the co-founder in 1974. Under Mr. Wetzel’s leadership, H & W came to be recognized as one of the top ten distributors in the ExxonMobil (Lubricant) Network of Distributors. From 1974 to 1980, he served in various operating, sales and management positions with H & W. From 1966 to 1974, Mr. Wetzel served in positions of increasing responsibility with Harkrider Distributing Company, Inc. (“HDC”) an entity related to H & W by some common shareholder ownership. He became the Executive Vice President of HDC in 1979, a position that he also held after the formation of H & W and until the acquisition of the operating assets of HDC by H & W in September 2005. During his career, Mr. Wetzel has served on numerous lubricant industry advisory boards and councils, including the National Lubricants Distributors Advisory Council. He also served three years in the U. S. Army, including one tour in Vietnam with the First Air Calvary. Gary G. Williams, 51 Senior Vice President, Commercial Operations Mr. Williams has been Senior Vice President, Commercial Operations of the Company since February 2001, where he is responsible for Marketing and Sales and Product Procurement. From 1995 to February 2001, he was Vice President of Marketing for the supply, distribution and marketing subsidiary of TransMontaigne Inc., managing wholesale marketing functions in the Mid-Continent, Southeast and Mid-Atlantic and serving on that company’s senior risk management committee. From 1987 to 1995, he was Regional Manager for Kerr-McGee Refining Corporation, responsible for unbranded petroleum product sales in its southeastern United States 11 state marketing region. Mr. Williams was employed by Kenan Transport Company as its Tampa Assistant Terminal Manager from 1986 to 1987. He was General Manager of Crum’s Fuel Oil Service from 1980 to 1986. Primary SIC — Industry Classification 5172 - Petroleum products, misc State Of Incorporation DE Jurisdiction Of Incorporation USA SEC Reporting Status SEC Reporting Company CIK 0001024452 Fiscal Year End 6/30 Estimated Market Cap 6,972,465 as of Feb 25, 2008 Outstanding Shares 14,556,295 as of Sep 24, 2007 Float 12.7 mil Number of Share Holders of Record 74 as of Sep 28, 2007
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