Monday, April 22, 2013 10:58:30 PM
ENSV $1.25..
ENSERVCO Reports Record Financial Results for Fourth Quarter and Full Fiscal Year*; Revenue Growth Accelerates Sharply in 2013 First Quarter
Marketwire - Mar 28 09:00 EDT
Alert hits:/en
Company Symbols: NASDAQ-OTCBB:ENSV
DENVER, CO -- (Marketwire) -- 03/28/13 -- ENSERVCO Corporation (OTCQB: ENSV)
Selected Highlights:
Q4 revenue a record $11.3 million, up 79% from Q4 2011
Q4 income from continuing operations increases by $1.5 million to $742,000 from Q4 2011
Q4 adjusted EBITDA** increases to $2.8 million from $494,000 in Q4 2011
First full fiscal year of profitability as public company
Q1 2013 revenue projected at $18 million to $20 million versus $9.5 million in Q1 2012
ENSERVCO Corporation (OTCQB: ENSV), a provider of well-site services to the domestic onshore conventional and unconventional oil and gas industries, today reported record earnings and revenue for the fourth quarter and full fiscal year ended December 30, 2012. Fourth quarter revenue increased 79% to a record $11.3 million from $6.3 million in last year's fourth quarter. The increase was attributable to a strong improvement in revenue from well enhancement services (frac heating, hot oiling, acidizing and pressure testing), which advanced 132% to $8.7 million from $3.8 million in last year's fourth quarter. Revenue from fluid management services (water hauling/disposal and frac tank rentals) for the quarter was flat versus last year's fourth quarter at $2.4 million.
Fourth quarter gross profit increased to 33% from 23% in the 2011 fourth quarter. Operating income was $2.2 million dollars, a $3.0 million positive swing when compared with a loss from operations of $805,000 in the fourth quarter of 2011. Income from continuing operations was $742,000, or $0.03 per diluted share, an improvement of $1.5 million versus a loss of $745,000, or $0.03 per diluted share, in the comparable prior-year quarter. Adjusted EBITDA** was $2.8 million, up from $494,000 in the 2011 fourth quarter.
"The results of our expansion strategy are clearly evident in our fourth quarter financial performance," said Rick Kasch, president and CFO. "Our new service territories, broader customer base and expanded equipment fleet, combined with normal winter weather, drove a strong improvement in our revenue and earnings performance.
"Thus far in 2013, we have seen our growth accelerate, as a normal winter pattern continues and we add new equipment to begin servicing the Utica Shale region. These developments, coupled with strong demand from existing customers, are expected to result in first quarter revenue in a range of $18 million to $20 million, up from the $9.5 million reported in the 2012 first quarter."
"Our focus during 2013 will be on continued geographic expansion, particularly within oil-focused regions. We also will work to expand the range of services we are providing to several large new customers that have come to us for frac water heating. Ongoing well maintenance services generate approximately 60% of our revenue, and are vital to the optimal performance of a producing well. As customers bring new wells online, we believe they will be ideal candidates for our well maintenance services such as acidizing, hot oiling, pressure testing and water hauling.
"Customer demand during the first quarter continues to outpace our service capacity, so we plan to invest in additional equipment during the balance of the year. We will provide more detail on our CapEx budget and expansion plans sometime during the second quarter. Given current demand and a range of new business opportunities, we are very optimistic that 2013 will be another year of strong financial growth."
Full-Year Results
For the full fiscal year, which included a restrained first quarter due to exceptionally warm weather, revenue was a record $31.5 million, up 32% from $23.9 million in 2011. Gross profit, which was negatively impacted by warm weather and idled service crews during portions of the first quarter, improved to 26% from 25% in the prior year. Operating income was $1.7 million versus a loss from operations of $1.6 million in 2011. In what was the Company's first full year of profitability since becoming public, income from continuing operations was $401,000, or $0.02 per diluted share, versus a loss in 2011 of $1.6 million, or $0.07 per diluted share. Adjusted EBITDA** was $4.9 million, up 55% from $3.2 million in 2011.
*All revenue and earnings results discussed herein exclude discontinued operations, which were relatively insignificant.
Conference Call
Management will hold a conference call to discuss these results today at 1 p.m. Eastern (11 a.m. Mountain). The call will be accessible by dialing 877-407-8033 (201-689-8033 for international callers). No passcode is necessary. A telephonic replay will be available through April 29, 2013, by calling 877-660-6853 (201-612-7415 for international callers) and entering the Conference ID #411506.
Investors also can listen to the call via the Internet by accessing the ENSERVCO website, located at www.enservco.com, and linking to the "Investors" page. Participants should access the site at least 15 minutes early to register and download any necessary audio software. A replay of the webcast will be available for 90 days.
About ENSERVCO
Through its various operating subsidiaries, ENSERVCO has emerged as one of the energy service industry's leading providers of hot oiling, acidizing, frac heating and fluid management services. The Company owns and operates a fleet of more than 230 specialized trucks, trailers, frac tanks and related well-site equipment. ENSERVCO serves customers in six major domestic oil and gas fields, and operates in Colorado, Kansas, Montana, New Mexico, North Dakota, Oklahoma, Pennsylvania, Ohio, Texas, Wyoming and West Virginia. Additional information is available at www.enservco.com.
**Note on non-GAAP Financial Measures
This press release and the accompanying tables include 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 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 terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure. We have reconciled Adjusted EBITDA to GAAP net income in the Consolidated Statements of Operations table at the end of this release.
We intend to continue to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting.
Cautionary Note Regarding Forward-Looking Statements
This news release contains information that is "forward-looking" in that it describes events and conditions ENSERVCO reasonably expects to occur in the future. Expectations for the future performance of ENSERVCO are dependent upon a number of factors, and there can be no assurance that ENSERVCO will achieve the results as contemplated herein. Certain statements contained in this release using the terms "may," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond ENSERVCO's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. Among these risks are those set forth in a Form 10-K filed on March 28, 2013. It is important that each person reviewing this release understand the significant risks attendant to the operations of ENSERVCO. ENSERVCO disclaims any obligation to update any forward-looking statement made herein.
ENSERVCO Corporation
Consolidated Statements of Operations
For the Three Months Ended December 31,
2012 2011
------------------ ------------------
Statement of Operations
Revenues $ 11,254,266 $ 6,302,063
Cost of Revenue 7,548,905 4,865,243
------------------ ------------------
Gross Profit 3,705,361 1,436,820
------------------ ------------------
33% 23%
Operating Expenses
General and administrative
expenses 975,443 1,065,060
Depreciation and amortization 544,273 1,176,344
------------------ ------------------
Total operating expenses 1,519,716 2,241,404
------------------ ------------------
Income (Loss) from Operations 2,185,645 (804,584)
------------------ ------------------
Other Income (Expense)
Interest expense (264,039) (191,991)
Loss on disposals of equipment (259,150) (74,737)
Gain on sale of investments - -
Other (29,552) (11,329)
------------------ ------------------
Total other expense (552,741) (278,057)
------------------ ------------------
Income (Loss) From Continuing
Operations Before Tax (Expense)
Benefit 1,632,904 (1,082,641)
Income Tax (Expense) Benefit (890,632) 337,776
------------------ ------------------
Income (Loss) From Continuing
Operations $ 742,272 $ (744,865)
------------------ ------------------
Discontinued Operations
Loss from discontinued operations (316,921) (207,789)
Income tax benefit 123,599 81,038
------------------ ------------------
Loss on discontinued operations,
net of tax (193,322) (126,751)
------------------ ------------------
Net Income (Loss) 548,950 (871,616)
================== ==================
Earnings (Loss) per Common Share -
Basic
Income from continuing operations $ 0.03 $ (0.03)
Discontinued operations $ (0.01) $ (0.01)
------------------ ------------------
Net Income (Loss) $ 0.02 $ (0.04)
Earnings (Loss) per Common Share -
Diluted
Income from continuing operations $ 0.03 $ (0.03)
Discontinued operations $ (0.01) $ (0.01)
------------------ ------------------
Net Income (Loss) $ 0.02 $ (0.04)
Basic weighted average number of
common shares outstanding 28,184,999 21,778,866
Add: Dilutive shares assuming
exercise of options and warrants 194,991 -
------------------ ------------------
Diluted weighted average number of
common shares outstanding 24,316,869 21,778,866
EBITDA From Continuing Operations:
Income (Loss) From Continuing
Operations 742,272 (744,865)
Add (Deduct):
Interest expense 264,039 191,991
Income tax expense (benefit) 890,632 (337,776)
Depreciation and amortization 544,273 1,176,344
------------------ ------------------
EBITDA From Continuing Operations 2,441,216 285,694
Add (Deduct):
Stock-based compensation 30,903 122,414
Warrants issued - -
Loss on disposal of equipment 259,150 74,737
Gain on sale of investments - -
Other (income) expense 29,552 11,329
------------------ ------------------
Adjusted EBITDA From Continuing
Operations 2,760,821 494,174
================== ==================
EBITDA* From Discontinued
Operations:
Loss From Discontinued Operations (193,322) (126,751)
Add (Deduct):
Interest expense 171 1,035
Income tax benefit (123,599) (81,038)
Depreciation and amortization 17,714 113,233
------------------ ------------------
EBITDA* From Discontinued Operations (299,036) (93,521)
Add (Deduct):
Stock-based compensation - -
Warrants issued - -
Loss on disposal of equipment - -
Gain on sale of investments - -
Other (income) expense - -
------------------ ------------------
Adjusted EBITDA* From Discontinued
Operations (299,036) (93,521)
================== ==================
ENSERVCO Corporation
Consolidated Statements of Operations
and Comprehensive Loss
For the Years Ended December 31,
2012 2011
----------------- -----------------
Revenues $ 31,497,787 $ 23,904,384
Cost of Revenue 23,286,561 17,828,834
----------------- -----------------
Gross Profit 8,211,226 6,075,550
----------------- -----------------
Operating Expenses
General and administrative expenses 3,550,438 3,515,213
Depreciation and amortization 2,960,153 4,188,052
----------------- -----------------
Total operating expenses 6,510,591 7,703,265
----------------- -----------------
Income (Loss) from Operations 1,700,635 (1,627,715)
----------------- -----------------
Other Income (Expense)
Interest expense (902,152) (699,230)
Loss on disposals of equipment (5,739) (119,023)
Gain on sale of investments 24,653 -
Other 10,870 (49,765)
----------------- -----------------
Total other expense (872,368) (868,018)
----------------- -----------------
Income (Loss) From Continuing
Operations Before Tax (Expense)
Benefit 828,267 (2,495,733)
Income Tax (Expense) Benefit (426,779) 897,923
----------------- -----------------
Income (Loss) From Continuing
Operations $ 401,488 $ (1,597,810)
----------------- -----------------
Discontinued Operations
Loss from discontinued operations (797,636) (605,650)
Income tax benefit 311,078 236,204
----------------- -----------------
Loss on discontinued operations, net
of tax (486,558) (369,446)
----------------- -----------------
Net Loss $ (85,070) $ (1,967,256)
================= =================
Other Comprehensive (Loss) Gain
Unrealized (gain on available-for-
sale securities, net of tax 17,506 (133,665)
Unrealized loss on interest rate
swap, net of tax (4,805) -
Reclassification into earnings, net
of tax (40,579) -
----------------- -----------------
Total other comprehensive loss (27,878) (133,665)
Comprehensive Loss $ (112,948) $ (2,100,921)
================= =================
Earnings (Loss) per Common Share -
Basic
Income from continuing operations $ 0.02 $ (0.07)
Discontinued operations $ (0.02) $ (0.02)
----------------- -----------------
Net Loss $ - $ (0.09)
Earnings (Loss) per Common Share -
Diluted
Income from continuing operations $ 0.02 $ (0.07)
Discontinued operations $ (0.02) $ (0.02)
----------------- -----------------
Net Loss $ - $ (0.09)
Basic weighted average number of
common shares outstanding 23,389,151 21,778,866
Add: Dilutive shares assuming
exercise of options and warrants 927,718 -
----------------- -----------------
Diluted weighted average number of
common shares outstanding 24,316,869 21,778,866
EBITDA From Continuing Operations:
Income (Loss) From Continuing
Operations $ 401,488 $ (1,597,810)
Add (Deduct):
Interest expense 902,152 699,230
Income tax expense (benefit) 426,779 (897,923)
Depreciation and amortization 2,960,153 4,188,052
----------------- -----------------
EBITDA From Continuing Operations $ 4,690,572 $ 2,391,549
Add (Deduct):
Stock-based compensation 279,362 576,498
Warrants issued - 46,353
Loss on disposal of equipment 5,739 119,023
Gain on sale of investments (24,653) -
Other (income) expense (10,870) 49,765
----------------- -----------------
Adjusted EBITDA From Continuing
Operations $ 4,940,150 $ 3,183,188
================= =================
EBITDA* From Discontinued Operations:
Loss From Discontinued Operations $ (486,558) $ (369,446)
Add (Deduct):
Interest expense 1,770 7,714
Income tax benefit (311,078) (236,204)
Depreciation and amortization 128,935 511,588
----------------- -----------------
EBITDA* From Discontinued Operations $ (666,931) $ (86,348)
Add (Deduct):
Stock-based compensation - -
Warrants issued - -
Loss on disposal of equipment - -
Gain on sale of investments - -
Other (income) expense - -
----------------- -----------------
Adjusted EBITDA* From Discontinued
Operations $ (666,931) $ (86,348)
================= =================
ENSERVCO Corporation Consolidated Balance Sheets
December 31, December 31,
-------------- --------------
2012 2011
-------------- --------------
ASSETS
Current Assets
Cash and cash equivalents $ 533,627 $ 417,005
Accounts receivable, net 7,791,342 4,505,254
Marketable securities - 150,793
Prepaid expenses and other current assets 802,020 593,291
Inventories 273,103 549,432
Deferred tax asset 153,466 187,170
-------------- --------------
Total current assets 9,553,558 6,402,945
Property and Equipment, net 15,020,890 14,759,039
Fixed Assets Held for Sale, net 304,429 412,831
Non-Competition Agreements, net 30,000 180,000
Goodwill 301,087 301,087
Long-term portion of interest rate swap 16,171 -
Other Assets 630,891 64,770
-------------- --------------
TOTAL ASSETS $ 25,857,026 $ 22,120,672
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities $ 3,585,785 $ 2,954,687
Line of credit borrowings 2,151,052 2,263,227
Current portion of long-term debt 2,236,343 3,867,658
Current portion of interest rate swap 24,048 -
-------------- --------------
Total current liabilities 7,997,228 9,085,572
-------------- --------------
Long-Term Liabilities
Deferred rent payable 20,860 22,044
Subordinated debt - related party - 1,477,760
Long-term debt, less current portion 10,570,928 8,020,435
Deferred income taxes, net 451,662 387,487
-------------- --------------
Total long-term liabilities 11,043,450 9,907,726
-------------- --------------
Total liabilities 19,040,678 18,993,298
-------------- --------------
Commitments and Contingencies
Stockholders' Equity
Common and preferred stock. $.005 par
value
Authorized: 100,000,000 common shares
and 10,000,000 preferred shares
Issued: 31,928,894 common shares and -0-
preferred shares
Treasury Stock: 103,600 common shares
Issued and outstanding: 31,825,294 and
21,778,866 common shares, and -0-
preferredshares each, at December 31,
2012 and December 31, 2011,
respectively
159,127 108,894
Additional paid-in-capital 9,864,363 6,112,674
Accumulated deficit (3,202,337) (3,117,267)
Accumulated other comprehensive income (4,805) 23,073
-------------- --------------
Total stockholders' equity 6,816,348 3,127,374
-------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 25,857,026 $ 22,120,672
============== ==============
Contacts:
Pfeiffer High Investor Relations, Inc.
Geoff High
Phone 303-393-7044
Email: Email Contact
Web: www.pfeifferhigh.com
ENSERVCO Reports Record Financial Results for Fourth Quarter and Full Fiscal Year*; Revenue Growth Accelerates Sharply in 2013 First Quarter
Marketwire - Mar 28 09:00 EDT
Alert hits:/en
Company Symbols: NASDAQ-OTCBB:ENSV
DENVER, CO -- (Marketwire) -- 03/28/13 -- ENSERVCO Corporation (OTCQB: ENSV)
Selected Highlights:
Q4 revenue a record $11.3 million, up 79% from Q4 2011
Q4 income from continuing operations increases by $1.5 million to $742,000 from Q4 2011
Q4 adjusted EBITDA** increases to $2.8 million from $494,000 in Q4 2011
First full fiscal year of profitability as public company
Q1 2013 revenue projected at $18 million to $20 million versus $9.5 million in Q1 2012
ENSERVCO Corporation (OTCQB: ENSV), a provider of well-site services to the domestic onshore conventional and unconventional oil and gas industries, today reported record earnings and revenue for the fourth quarter and full fiscal year ended December 30, 2012. Fourth quarter revenue increased 79% to a record $11.3 million from $6.3 million in last year's fourth quarter. The increase was attributable to a strong improvement in revenue from well enhancement services (frac heating, hot oiling, acidizing and pressure testing), which advanced 132% to $8.7 million from $3.8 million in last year's fourth quarter. Revenue from fluid management services (water hauling/disposal and frac tank rentals) for the quarter was flat versus last year's fourth quarter at $2.4 million.
Fourth quarter gross profit increased to 33% from 23% in the 2011 fourth quarter. Operating income was $2.2 million dollars, a $3.0 million positive swing when compared with a loss from operations of $805,000 in the fourth quarter of 2011. Income from continuing operations was $742,000, or $0.03 per diluted share, an improvement of $1.5 million versus a loss of $745,000, or $0.03 per diluted share, in the comparable prior-year quarter. Adjusted EBITDA** was $2.8 million, up from $494,000 in the 2011 fourth quarter.
"The results of our expansion strategy are clearly evident in our fourth quarter financial performance," said Rick Kasch, president and CFO. "Our new service territories, broader customer base and expanded equipment fleet, combined with normal winter weather, drove a strong improvement in our revenue and earnings performance.
"Thus far in 2013, we have seen our growth accelerate, as a normal winter pattern continues and we add new equipment to begin servicing the Utica Shale region. These developments, coupled with strong demand from existing customers, are expected to result in first quarter revenue in a range of $18 million to $20 million, up from the $9.5 million reported in the 2012 first quarter."
"Our focus during 2013 will be on continued geographic expansion, particularly within oil-focused regions. We also will work to expand the range of services we are providing to several large new customers that have come to us for frac water heating. Ongoing well maintenance services generate approximately 60% of our revenue, and are vital to the optimal performance of a producing well. As customers bring new wells online, we believe they will be ideal candidates for our well maintenance services such as acidizing, hot oiling, pressure testing and water hauling.
"Customer demand during the first quarter continues to outpace our service capacity, so we plan to invest in additional equipment during the balance of the year. We will provide more detail on our CapEx budget and expansion plans sometime during the second quarter. Given current demand and a range of new business opportunities, we are very optimistic that 2013 will be another year of strong financial growth."
Full-Year Results
For the full fiscal year, which included a restrained first quarter due to exceptionally warm weather, revenue was a record $31.5 million, up 32% from $23.9 million in 2011. Gross profit, which was negatively impacted by warm weather and idled service crews during portions of the first quarter, improved to 26% from 25% in the prior year. Operating income was $1.7 million versus a loss from operations of $1.6 million in 2011. In what was the Company's first full year of profitability since becoming public, income from continuing operations was $401,000, or $0.02 per diluted share, versus a loss in 2011 of $1.6 million, or $0.07 per diluted share. Adjusted EBITDA** was $4.9 million, up 55% from $3.2 million in 2011.
*All revenue and earnings results discussed herein exclude discontinued operations, which were relatively insignificant.
Conference Call
Management will hold a conference call to discuss these results today at 1 p.m. Eastern (11 a.m. Mountain). The call will be accessible by dialing 877-407-8033 (201-689-8033 for international callers). No passcode is necessary. A telephonic replay will be available through April 29, 2013, by calling 877-660-6853 (201-612-7415 for international callers) and entering the Conference ID #411506.
Investors also can listen to the call via the Internet by accessing the ENSERVCO website, located at www.enservco.com, and linking to the "Investors" page. Participants should access the site at least 15 minutes early to register and download any necessary audio software. A replay of the webcast will be available for 90 days.
About ENSERVCO
Through its various operating subsidiaries, ENSERVCO has emerged as one of the energy service industry's leading providers of hot oiling, acidizing, frac heating and fluid management services. The Company owns and operates a fleet of more than 230 specialized trucks, trailers, frac tanks and related well-site equipment. ENSERVCO serves customers in six major domestic oil and gas fields, and operates in Colorado, Kansas, Montana, New Mexico, North Dakota, Oklahoma, Pennsylvania, Ohio, Texas, Wyoming and West Virginia. Additional information is available at www.enservco.com.
**Note on non-GAAP Financial Measures
This press release and the accompanying tables include 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 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 terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure. We have reconciled Adjusted EBITDA to GAAP net income in the Consolidated Statements of Operations table at the end of this release.
We intend to continue to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting.
Cautionary Note Regarding Forward-Looking Statements
This news release contains information that is "forward-looking" in that it describes events and conditions ENSERVCO reasonably expects to occur in the future. Expectations for the future performance of ENSERVCO are dependent upon a number of factors, and there can be no assurance that ENSERVCO will achieve the results as contemplated herein. Certain statements contained in this release using the terms "may," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond ENSERVCO's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. Among these risks are those set forth in a Form 10-K filed on March 28, 2013. It is important that each person reviewing this release understand the significant risks attendant to the operations of ENSERVCO. ENSERVCO disclaims any obligation to update any forward-looking statement made herein.
ENSERVCO Corporation
Consolidated Statements of Operations
For the Three Months Ended December 31,
2012 2011
------------------ ------------------
Statement of Operations
Revenues $ 11,254,266 $ 6,302,063
Cost of Revenue 7,548,905 4,865,243
------------------ ------------------
Gross Profit 3,705,361 1,436,820
------------------ ------------------
33% 23%
Operating Expenses
General and administrative
expenses 975,443 1,065,060
Depreciation and amortization 544,273 1,176,344
------------------ ------------------
Total operating expenses 1,519,716 2,241,404
------------------ ------------------
Income (Loss) from Operations 2,185,645 (804,584)
------------------ ------------------
Other Income (Expense)
Interest expense (264,039) (191,991)
Loss on disposals of equipment (259,150) (74,737)
Gain on sale of investments - -
Other (29,552) (11,329)
------------------ ------------------
Total other expense (552,741) (278,057)
------------------ ------------------
Income (Loss) From Continuing
Operations Before Tax (Expense)
Benefit 1,632,904 (1,082,641)
Income Tax (Expense) Benefit (890,632) 337,776
------------------ ------------------
Income (Loss) From Continuing
Operations $ 742,272 $ (744,865)
------------------ ------------------
Discontinued Operations
Loss from discontinued operations (316,921) (207,789)
Income tax benefit 123,599 81,038
------------------ ------------------
Loss on discontinued operations,
net of tax (193,322) (126,751)
------------------ ------------------
Net Income (Loss) 548,950 (871,616)
================== ==================
Earnings (Loss) per Common Share -
Basic
Income from continuing operations $ 0.03 $ (0.03)
Discontinued operations $ (0.01) $ (0.01)
------------------ ------------------
Net Income (Loss) $ 0.02 $ (0.04)
Earnings (Loss) per Common Share -
Diluted
Income from continuing operations $ 0.03 $ (0.03)
Discontinued operations $ (0.01) $ (0.01)
------------------ ------------------
Net Income (Loss) $ 0.02 $ (0.04)
Basic weighted average number of
common shares outstanding 28,184,999 21,778,866
Add: Dilutive shares assuming
exercise of options and warrants 194,991 -
------------------ ------------------
Diluted weighted average number of
common shares outstanding 24,316,869 21,778,866
EBITDA From Continuing Operations:
Income (Loss) From Continuing
Operations 742,272 (744,865)
Add (Deduct):
Interest expense 264,039 191,991
Income tax expense (benefit) 890,632 (337,776)
Depreciation and amortization 544,273 1,176,344
------------------ ------------------
EBITDA From Continuing Operations 2,441,216 285,694
Add (Deduct):
Stock-based compensation 30,903 122,414
Warrants issued - -
Loss on disposal of equipment 259,150 74,737
Gain on sale of investments - -
Other (income) expense 29,552 11,329
------------------ ------------------
Adjusted EBITDA From Continuing
Operations 2,760,821 494,174
================== ==================
EBITDA* From Discontinued
Operations:
Loss From Discontinued Operations (193,322) (126,751)
Add (Deduct):
Interest expense 171 1,035
Income tax benefit (123,599) (81,038)
Depreciation and amortization 17,714 113,233
------------------ ------------------
EBITDA* From Discontinued Operations (299,036) (93,521)
Add (Deduct):
Stock-based compensation - -
Warrants issued - -
Loss on disposal of equipment - -
Gain on sale of investments - -
Other (income) expense - -
------------------ ------------------
Adjusted EBITDA* From Discontinued
Operations (299,036) (93,521)
================== ==================
ENSERVCO Corporation
Consolidated Statements of Operations
and Comprehensive Loss
For the Years Ended December 31,
2012 2011
----------------- -----------------
Revenues $ 31,497,787 $ 23,904,384
Cost of Revenue 23,286,561 17,828,834
----------------- -----------------
Gross Profit 8,211,226 6,075,550
----------------- -----------------
Operating Expenses
General and administrative expenses 3,550,438 3,515,213
Depreciation and amortization 2,960,153 4,188,052
----------------- -----------------
Total operating expenses 6,510,591 7,703,265
----------------- -----------------
Income (Loss) from Operations 1,700,635 (1,627,715)
----------------- -----------------
Other Income (Expense)
Interest expense (902,152) (699,230)
Loss on disposals of equipment (5,739) (119,023)
Gain on sale of investments 24,653 -
Other 10,870 (49,765)
----------------- -----------------
Total other expense (872,368) (868,018)
----------------- -----------------
Income (Loss) From Continuing
Operations Before Tax (Expense)
Benefit 828,267 (2,495,733)
Income Tax (Expense) Benefit (426,779) 897,923
----------------- -----------------
Income (Loss) From Continuing
Operations $ 401,488 $ (1,597,810)
----------------- -----------------
Discontinued Operations
Loss from discontinued operations (797,636) (605,650)
Income tax benefit 311,078 236,204
----------------- -----------------
Loss on discontinued operations, net
of tax (486,558) (369,446)
----------------- -----------------
Net Loss $ (85,070) $ (1,967,256)
================= =================
Other Comprehensive (Loss) Gain
Unrealized (gain on available-for-
sale securities, net of tax 17,506 (133,665)
Unrealized loss on interest rate
swap, net of tax (4,805) -
Reclassification into earnings, net
of tax (40,579) -
----------------- -----------------
Total other comprehensive loss (27,878) (133,665)
Comprehensive Loss $ (112,948) $ (2,100,921)
================= =================
Earnings (Loss) per Common Share -
Basic
Income from continuing operations $ 0.02 $ (0.07)
Discontinued operations $ (0.02) $ (0.02)
----------------- -----------------
Net Loss $ - $ (0.09)
Earnings (Loss) per Common Share -
Diluted
Income from continuing operations $ 0.02 $ (0.07)
Discontinued operations $ (0.02) $ (0.02)
----------------- -----------------
Net Loss $ - $ (0.09)
Basic weighted average number of
common shares outstanding 23,389,151 21,778,866
Add: Dilutive shares assuming
exercise of options and warrants 927,718 -
----------------- -----------------
Diluted weighted average number of
common shares outstanding 24,316,869 21,778,866
EBITDA From Continuing Operations:
Income (Loss) From Continuing
Operations $ 401,488 $ (1,597,810)
Add (Deduct):
Interest expense 902,152 699,230
Income tax expense (benefit) 426,779 (897,923)
Depreciation and amortization 2,960,153 4,188,052
----------------- -----------------
EBITDA From Continuing Operations $ 4,690,572 $ 2,391,549
Add (Deduct):
Stock-based compensation 279,362 576,498
Warrants issued - 46,353
Loss on disposal of equipment 5,739 119,023
Gain on sale of investments (24,653) -
Other (income) expense (10,870) 49,765
----------------- -----------------
Adjusted EBITDA From Continuing
Operations $ 4,940,150 $ 3,183,188
================= =================
EBITDA* From Discontinued Operations:
Loss From Discontinued Operations $ (486,558) $ (369,446)
Add (Deduct):
Interest expense 1,770 7,714
Income tax benefit (311,078) (236,204)
Depreciation and amortization 128,935 511,588
----------------- -----------------
EBITDA* From Discontinued Operations $ (666,931) $ (86,348)
Add (Deduct):
Stock-based compensation - -
Warrants issued - -
Loss on disposal of equipment - -
Gain on sale of investments - -
Other (income) expense - -
----------------- -----------------
Adjusted EBITDA* From Discontinued
Operations $ (666,931) $ (86,348)
================= =================
ENSERVCO Corporation Consolidated Balance Sheets
December 31, December 31,
-------------- --------------
2012 2011
-------------- --------------
ASSETS
Current Assets
Cash and cash equivalents $ 533,627 $ 417,005
Accounts receivable, net 7,791,342 4,505,254
Marketable securities - 150,793
Prepaid expenses and other current assets 802,020 593,291
Inventories 273,103 549,432
Deferred tax asset 153,466 187,170
-------------- --------------
Total current assets 9,553,558 6,402,945
Property and Equipment, net 15,020,890 14,759,039
Fixed Assets Held for Sale, net 304,429 412,831
Non-Competition Agreements, net 30,000 180,000
Goodwill 301,087 301,087
Long-term portion of interest rate swap 16,171 -
Other Assets 630,891 64,770
-------------- --------------
TOTAL ASSETS $ 25,857,026 $ 22,120,672
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities $ 3,585,785 $ 2,954,687
Line of credit borrowings 2,151,052 2,263,227
Current portion of long-term debt 2,236,343 3,867,658
Current portion of interest rate swap 24,048 -
-------------- --------------
Total current liabilities 7,997,228 9,085,572
-------------- --------------
Long-Term Liabilities
Deferred rent payable 20,860 22,044
Subordinated debt - related party - 1,477,760
Long-term debt, less current portion 10,570,928 8,020,435
Deferred income taxes, net 451,662 387,487
-------------- --------------
Total long-term liabilities 11,043,450 9,907,726
-------------- --------------
Total liabilities 19,040,678 18,993,298
-------------- --------------
Commitments and Contingencies
Stockholders' Equity
Common and preferred stock. $.005 par
value
Authorized: 100,000,000 common shares
and 10,000,000 preferred shares
Issued: 31,928,894 common shares and -0-
preferred shares
Treasury Stock: 103,600 common shares
Issued and outstanding: 31,825,294 and
21,778,866 common shares, and -0-
preferredshares each, at December 31,
2012 and December 31, 2011,
respectively
159,127 108,894
Additional paid-in-capital 9,864,363 6,112,674
Accumulated deficit (3,202,337) (3,117,267)
Accumulated other comprehensive income (4,805) 23,073
-------------- --------------
Total stockholders' equity 6,816,348 3,127,374
-------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 25,857,026 $ 22,120,672
============== ==============
Contacts:
Pfeiffer High Investor Relations, Inc.
Geoff High
Phone 303-393-7044
Email: Email Contact
Web: www.pfeifferhigh.com
All trades of myTop 20 Positions posted at: http://investorshub.advfn.com/Hanks-Trading-account-10347/
My favorite board is:http://investorshub.advfn.com/Value-Microcaps-Motherboard-3251/
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