HII Technologies, Inc. (OTCBB: HIIT), a development-stage energy services company located in Houston, Texas announced its 2011 year end unaudited financial results.
For the year 2011, HII's balance sheet showed significant improvement from resulting from the sale of our operating subsidiary's assets in May 2011 for approximately $7.625 million. As a result, the Company's 2010 financial statements have been stated as discontinued operations for the operations of subsidiary.
The proceeds of this asset sale were used to pay off debt, taxes, organize a new operating focus in energy services and the professional fees associated with bringing the Company's SEC filings to a fully reporting status. The Company retained approximately $300,000 in cash after payment of indebtedness and professional fees.
The Company booked a profit of approximately $8,154,000 or $.23 (twenty-three cents) per diluted share for the fiscal year ending December 31, 2011, as compared to, a loss of $3,173,000, or (.11) per diluted share, for the fiscal year end 2010. The gain during the year ended December 31, 2011 was attributable to the sale of substantially all the assets of our valve product line and associated intellectual property in May 2011. The total liabilities decreased by about $9,791,000, from approximately $9,852,000 for the fiscal year end of 2010, to approximately $61,000 for the fiscal year end 2011. Stockholder's equity has increased from a negative $7,811,000 at the end of 2010 to a positive $112,000 at end of fiscal 2011. The Company currently anticipates filing its Annual Report for 2011 on Form 10-K including its audited financial data on or about March 30, 2012 and does not expect any significant changes from the financial results reported herein.
The Company's CEO, Matt Flemming stated, "We are excited to be a virtually debt free company with a much stronger balance sheet at a time when energy activity levels in the market place are increasing." Mr. Flemming continued, "HII Technologies' business strategy is to utilize its relationships in the energy services market to acquire, license and/or develop new energy related technologies including potential down hole tools used in the drilling and production of hydrocarbons."
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