Enservco Corp (ENSV)

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Beautiful Q results

Enservco Corporation Reports 2022 First Quarter Financial Results
October 19 2022 - 04:50PM
GlobeNewswire Inc.
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Enservco Corporation (NYSE American: ENSV), a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries, today reported financial results for its first quarter ended March 31, 2022.
Revenue increased 67% year over year to $8.6 million from $5.1 million due to increased customer demand based largely on higher commodity prices. The Company reported a 49% increase in production services – to $2.7 million from $1.8 million – and a 77% increase in completion and other services – to $5.8 million from $3.3 million.

Net income in the quarter was $3.1 million, or $0.27 per basic and diluted share, compared to a net loss of $3.9 million, or $0.42 per basic and diluted share, in the first quarter of 2021. The improved net income was due to a $1.3 million improvement in operating loss and a $4.3 million gain on extinguishment of debt related to the Company’s first quarter 2022 debt refinancing.

Adjusted EBITDA in the first quarter was $0.2 million compared to an adjusted EBITDA loss of $0.9 million in the same quarter last year.

The Company closed the quarter with stockholders’ equity of $8.6 million, up from $5.3 million at December 31, 2021.

Rich Murphy, Executive Chairman, said, “As previously announced, first quarter revenue showed significant improvement year over year due to increased customer demand and continued growth of our East Texas operation. We continue to believe the outlook for the oil and gas industry remains favorable, and we are excited about our growth prospects. I want to thank our stockholders for their patience as we work to bring our filings current. Our internal staff and independent accounting firm are now working to complete our second quarter financial statements in preparation for filing our Form 10-Q for the quarter ended June 30, 2022.”

To view full financial statements on Form 10-Q as filed with the SEC today, click the following link:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0000319458/000143774922024387/ensv20220331b_10q.htm
Due to the delay in filing its financial statements, Enservco will not conduct an earnings conference call in conjunction with the filing of its first and second quarter financial results.

Because Enservco is not currently in compliance with the continued listing standards of the NYSE American Exchange, the Company applied for and was granted an extension of its listing until such time as it files its Form 10-Q for the second quarter ended June 30, 2022. The Company expects to file such Form 10-Q on or about November 11, 2022.

About Enservco
Through its various operating subsidiaries, Enservco provides a range of oilfield services, including hot oiling, acidizing, frac water heating, and related services. The Company has a broad geographic footprint covering seven major domestic oil and gas basins and serves customers in Colorado, Montana, North Dakota, Oklahoma, Pennsylvania, Ohio, Texas, Wyoming, West Virginia, Utah, Michigan, Illinois, Florida, New Mexico, and Louisiana. Additional information is available at www.enservco.com.

*Note on non-GAAP Financial Measures
This press release includes a discussion of EBITDA and Adjusted EBITDA, which are non-GAAP financial measures provided as a complement to the results provided in accordance with generally accepted accounting principles ("GAAP"). The term "EBITDA" refers to a financial measure that we define as earnings (net income or loss) plus or minus net interest plus taxes, depreciation and amortization. Adjusted EBITDA excludes from EBITDA stock-based compensation and, when appropriate, other items that management does not utilize in assessing Enservco’s operating performance (as further described in the attached financial schedules). None of these non-GAAP financial measures are recognized term