TEXC.. $0.18 06/11/2012..DUE DILIGENCE
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..TexCom Announces Record Revenue and Profit for 2011
Press Release: TexCom, Inc. – Tue, Feb 21, 2012 10:22 AM EST
......HOUSTON, TX--(Marketwire -02/21/12)- TexCom, Inc. (Pinksheets: TEXC.PK - News) (the "Company" or "TexCom"), an environmental services company serving the oil and gas industry, today announced record financial results for the full year ended December 31, 2011.
Financial Highlights for 2011 Compared to 2010:
•Revenues totaled $10.52 million, rising 20% from $8.76 million.
•Gross profit margin increased to 56% from 55%.
•Operating income climbed 13% to $4.04 million from $3.57 million.
•Net income available to shareholders more than doubled, increasing 106% to $1.79 million from $869,000.
•Earnings per share on a fully diluted basis were $0.03, up from $0.01.
"We achieved a number of important milestones in 2011, including posting new records for revenue, operating income and net earnings. Our strong financial performance at M.B. Environmental Services is clearly demonstrating that our organic growth strategies are paying off and delivering profitability momentum that we fully expect to maintain and accelerate as we progress through the current year. Moreover, given the successful launch of our new Eagle Ford Environmental Services operations in South Texas last month, we remain highly confident that our positive outlook for 2012 and long term growth expectations will be fully realized," stated Louis Ross, Chairman, President and CEO of TexCom.
About TexCom, Inc.
TexCom, headquartered in Houston, Texas, is a growth-oriented environmental services company with a primary focus on the disposal of nonhazardous wastes generated by the oil & gas industry. For more information, please visit www.texcomresources.com.
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..TexCom Reports That New Eagle Ford Environmental Services' Liquid Disposal Operations off to Successful Start
Press Release: TexCom, Inc. – Fri, Feb 3, 2012 8:30 AM EST
......HOUSTON, TX--(Marketwire -02/03/12)- TexCom, Inc. (Pinksheets: TEXC.PK - News), an environmental services company for the oil and gas industry, today announced that since officially opening for business less than two weeks ago, its new Eagle Ford Environmental Services' (EFES) liquid disposal facility in Jourdanton, Texas is already approaching 60% of its daily disposal capacity of salt water and flow back water generated by oilfield drilling operations in the Eagle Ford Shale.
Lou Ross, Chairman, President and CEO of TexCom, noted, "Given the rapid growth in the number of trucks we are processing daily at EFES, it is clear that we are going to need to accelerate our expansion plans at the site to accommodate the prevailing environmental services needs of our customers in the Eagle Ford region. As such, we look forward to completing the permitting and construction process on our new truck and container washout pits and commencing the drilling of a second injection well at the site within the next several months."
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..TexCom's New Subsidiary, Eagle Ford Environmental Services, Is Now Open for Business
Press Release: TexCom, Inc. – Wed, Jan 25, 2012 8:30 AM EST
......HOUSTON, TX--(Marketwire -01/25/12)- TexCom, Inc. (Pinksheets: TEXC.PK - News), an environmental services company for the oil and gas industry, today announced that its new liquid disposal site, owned and operated by its wholly owned subsidiary Eagle Ford Environmental Services, LLC (EFES), is now open for business and actively engaged in the responsible disposal of salt water generated by oilfield drilling operations in the Eagle Ford Shale.
"The official launch of our EFES operations marks an important milestone for TexCom -- and one that is expected to trigger a notable increase in revenues for our Company as we expand our operations and range of services in the Eagle Ford Shale," stated Lou Ross, Chairman, President and CEO of TexCom.
Located adjacent to Highway 16, 18 miles south of Jourdanton, Texas and three miles north of McMullen County, TexCom's new disposal site is positioned in the very heart of the Eagle Ford Shale, a prolific oil and gas producing region in South Texas. Initially accepting salt water for injection disposal, EFES plans to soon expand services at the site to include the processing and disposing of frack water and providing truck wash-out services.
Continuing, Ross noted, "At the end of November 2011, rig count in the Eagle Ford Shale had risen to 264, or roughly 14% of all active onshore rigs in the United States. To put that in better perspective, there were only 20 rigs active in the play two years ago. Consequently, the demand for environmental services in this region has swelled proportionately, and should play a material role in TexCom's growth for years to come."
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..TexCom Expands E&P Waste Disposal Capability at M.B. Environmental Services Subsidiary
Second NOW and NORM Injection Well Now Operational
Press Release: TexCom, Inc. – Tue, Nov 29, 2011 8:30 AM EST
......HOUSTON, TX--(Marketwire -11/29/11)- TexCom, Inc. (Pinksheets: TEXC.PK - News), an environmental services company for the oil and gas industry, today announced that its M.B. Environmental Services (MBE) subsidiary has drilled and completed a second injection well at its oilfield waste disposal facilities in Chambers County, located halfway between Beaumont and Houston, Texas. Since 1998, this facility has operated a single injection well. Since then, MBE has responsibly processed and disposed of more than 14 million barrels of Non-hazardous Oilfield Waste (NOW) and Naturally Occurring Radioactive Material (NORM) by way of injection into the cap rock of an isolated salt dome.
Late last week, MBE completed the new Class II injection disposal well on the site, which is permitted by the Railroad Commission of Texas, the State agency that regulates the oil and gas industry, to process and dispose of NOW and NORM wastes. A second operating well at the facility adds redundant disposal capacity that will help ensure that operations are not disrupted if either of the two wells is taken out of service for remediation or reworking purposes. The Company also plans to construct additional truck offloading and waste processing areas at the site within the next several months, providing for MBE to more effectively manage and expedite a higher volume of vehicles hauling disposable wastes.
Lou Ross, Chairman, President and CEO of TexCom, noted, "This significant expansion initiative is expected to help positively impact trucking costs for our valued E&P customers by reducing unnecessary truck idling time while in queue. Moreover, these increased facilities at the site will notably enhance MBE's revenue generating potential as we continue to execute strategies to build TexCom into one of the nation's leading environmental services companies serving the oil and gas industry."
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..TexCom, Inc. Announces Record Third Quarter 2011 Results
Nine Month Revenues Increase 22% to $8.1 Million and Net Income More Than Doubles to $2.1 Million
Press Release: TexCom, Inc. – Wed, Nov 2, 2011 1:50 PM EDT
......HOUSTON, TX--(Marketwire -11/02/11)- TexCom, Inc. (Pinksheets: TEXC.PK - News), an environmental services company serving the oil and gas industry, today announced its third quarter 2011 financial results for the nine months ended September 30, 2011.
Financial Highlights for Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2011, (as restated(1)):
•Revenues climbed 21.5% to $8.11 million from $6.68 million.
•Gross profit margin improved, rising to 59% from 57% of revenues.
•Operating income totaled $3.47 million, up 19.7% from $2.90 million.
•Net income available to shareholders increased 142.3% to $2.08 million from $859,000.
•Earnings per share on a fully diluted basis rose to $0.03 from $0.01.
Net cash provided by the Company's operating activities during the first nine months of 2011 was $2.22 million. Total stockholders' deficit declined to $1.32 million from a deficit of $3.80 million reported as of December 31, 2010 (as restated(1)).
Commenting on the results, Lou Ross, Chairman, President and CEO of TexCom, stated, "We are particularly proud of the fact that despite higher general and administrative expenses related to new business development and preparations for an SEC registration, we generated a 142% increase in net income compared to the first nine months of the previous year. Given our high level of confidence that TexCom will extend its record revenue and earnings performance through the fourth quarter, we look forward to delivering a full year of exceptional organic growth to our shareholders."
Concluding, Ross added, "With construction of our new Class II NOW (non-hazardous oilfield waste) disposal site in the Eagle Ford Shale on pace to be completed and commercial operations launched prior to year end, we should be well positioned to greet 2012 on very strong footing and be poised to maintain the strong growth momentum we've enjoyed over the past several years."
As previously announced, TexCom will host its 2011 Annual Meeting of Shareholders on Wednesday, November 16, 2011, beginning at 10:00 AM Central Time, at the Hilton Houston Post Oak in Houston, Texas.
(1) Pursuant to its plans to become an SEC fully reporting company, TexCom is currently engaged in having its operations fully audited by an independent accounting firm. During the course of the ongoing audit, it was determined that certain reclassifications and accounting adjustments to the Company's 2010 balance sheet and its statements of operations for the nine months ended September 30, 2010 were necessary. For more detailed information, please refer to Note 2 in the Company's Interim Financial Statements posted to www.otcmarkets.com.
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..TexCom to Offer Class II Nonhazardous Waste Disposal to E&P Companies in the Eagle Ford Shale
Press Release: TexCom, Inc. – Tue, Aug 16, 2011 8:30 AM EDT
......HOUSTON, TX--(Marketwire -08/16/11)- TexCom, Inc. (Pinksheets: TEXC.PK - News), an environmental services company for the oil and gas industry, today announced that its wholly owned subsidiary, Eagle Ford Environmental Services, LLC has acquired an injection well and permit to operate a liquid disposal site in Atascosa County, Texas. Purchased from Manti Premier Waste Disposal, LP, the site will serve as the foundation to provide Class II non-hazardous oilfield waste disposal services to E&P companies operating in the Eagle Ford Shale, a prolific oil and gas producing region in South Texas.
With a completed injection well and the required permit already in place, the proposed new TexCom disposal site is ideally located adjacent to Highway 16, 18 miles south of Jourdanton, Texas and three miles north of McMullen County. The company plans to commence construction of the surface facilities immediately. Lou Ross, Chairman and CEO of TexCom, noted, "This new disposal site will position TexCom right in the heart of the Eagle Ford shale play and we should begin to see impacts from this site in the 4th Quarter of 2011."
According to RigData, the industry's trusted source for accurate and timely information pertaining to U.S. drilling activity, the number of drilling rigs operating in the Eagle Ford shale has risen from 42 in March 2010, to 177 in recent weeks. Data obtained from private sources tracking growth of Eagle Ford shale drilling has indicated that the number of drilling rigs in the play will soon surpass any other unconventional shale drilling plays, including Bakken, Barnett, Fayetteville, Haynesville, Marcellus and the Woodford.
Current TexCom customers at its M.B. Environmental Services subsidiary in Chambers County, Texas hold some of the largest drilling acreage positions in the Eagle Ford shale play. By leveraging these longstanding customer relationships, management believes it is in a position to capture a signfiicant portion of the drilling waste produced in the region. "The Eagle Ford shale will likely become the hottest drilling play in the United States and will generate enormous volumes of waste that will need to be responsibly handled and disposed. We look forward to the opportunity to provide our customers that same high quality service that they have come to depend on from TexCom to deliver over the past decade in East Texas," said Ross.
Concluding, he added, "TexCom has been aggressively seeking opportunities to expand our services footprint to promising new production areas that are benefiting from higher crude oil and gas liquids prices. This new disposal site represents a material growth opportunity for our Company. We look forward to providing much greater detail to our shareholders as we move the project forward."
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..Texcom, Inc. Reports Record Results for the First Half of 2011
On a Year-Over-Year Basis, Six Month Revenues Climb 15% to $5.33 Million and Net Income Jumps 21% to $1.56 Million
Press Release: TexCom, Inc. – Mon, Aug 1, 2011 2:20 PM EDT
......HOUSTON, TX--(Marketwire -08/01/11)- TexCom, Inc. (Pinksheets: TEXC.PK - News), an environmental services company serving the oil and gas industry, today announced its financial results for the three and six months ended June 30, 2011:
Financial Highlights for Three Months Ended June 30, 2011 Compared to Three Months Ended June 30, 2010:
•Revenues totaled $2.69 million, a 12% increase from $2.40 million.
•Selling, General and Administrative (SG&A) expenses declined 44% to $284,000 from $510,000.
•Operating income rose 13% to $1.10 million from $979,000.
•Net income available to shareholders climbed 16% to $726,000, or $0.01 earnings per basic and diluted share, from $627,000, or $0.01 per basic and diluted share.
Financial Highlights for Six Months Ended June 30, 2011 Compared to Six Months Ended June 30, 2010:
•Revenues increased 15% to $5.33 million from $4.64 million.
•SG&A expenses totaled $678,000, down 25% from $899,000.
•Operating income grew 10%, rising to $2.36 million from $2.13 million.
•Net income available to shareholders surged 21% to $1.56 million, or $0.03 earnings per basic and diluted share, from $1.29 million, or $0.03 earnings per basic and diluted share.
As of June 30, 2011, TexCom's cash, cash equivalents and account receivables totaled $2.97 million and net cash provided by the Company's operating activities during the first six months of 2011 was $1.59 million. Total stockholders' deficit was $2.49 million, a 25% improvement when compared to total stockholders' deficit of $4.19 million reported as of December 31, 2010.
Commenting on the record results, Lou Ross, Chairman and CEO of TexCom, stated, "Successful execution of several key growth strategies have helped to yield exceptional results for the first half of 2011 and well positions TexCom to gain even greater momentum as we progress through the year. Presented with numerous opportunities to address the need for responsible disposal of NOW and NORM (naturally occurring radioactive material) waste on a worldwide basis, coupled with our intent to vertically integrate 'in-demand' engineering, remediation and decontamination services to our service offering platform, TexCom's future appears bright indeed."
