Le Lézard
Classified in: Oil industry, Business
Subject: ERN

EES Announces Return to Profitability in Second Quarter 2018


OKLAHOMA CITY, Aug. 16, 2018 /PRNewswire/ -- Energy and Environmental Services, Inc. (OTC: EESE) today announced its unaudited financial results for the second quarter ended June 30, 2018.

"Our return to profitability is an important milestone and a direct reflection of our dedicated employees putting their core values to work," stated Leon Joyce, CEO.  "This achievement will serve to further reinvigorate our efforts to improve all facets of the company.  We will continue to focus on increasing EBITDA going forward," added Joyce.

Second Quarter 2018 Financial Highlights

Capital Resources and Outlook

EES's primary source of capital has been cash flow from operations.  It has limited borrowings in recent years and has not sold shares to generate capital.  Cash from operations for the six months ended June 30, 2018 was $2,908,300, which reflects a net decrease of $743,100 from December 31, 2017.  Much of the net decrease came from a $820,300 increase in accounts receivable and a $422,000 increase in inventories, which were partially offset by a $143,700 increase in accounts payable.  These changes generally reflect the increased activity from higher product sales.  With working capital of $5,456,300 at June 30, 2018, EES has sufficient capacity to meet its cash needs and will continue to focus on increasing EBITDA. 

EES has a strong balance sheet with $2,908,300 of cash and cash equivalents and working capital of $5,456,300 at June 30, 2018.  Its Second Quarter 2018 revenues showed a strong increase over Second Quarter 2017.  EES believes its revenues will continue to increase and that it can contain its costs and expenses.  With stronger revenues, it expects that 2018 will be a profitable year.  EES expects that chemical sales will continue to grow with the newly separated product lines, improved customer service and strong oil and gas industry activity.  It has also experienced growth in its Enduro-Bond coating product line, which is aided by pump barrel sales through the Vortex joint venture.  In the next quarter, EES should be manufacturing OMRI-certified organic fertilizer through its enzyme farm and ranch segment.  EES also anticipates results from a university study of its livestock probiotic feed supplement, which it expects will foster sales in that product segment.  The success of these products should diversify its revenue stream.

About EES

Energy and Environmental Services, Inc. (EES), based in Oklahoma City, participates in the oilfield chemical, anti-corrosive coatings and biotech industries.  EES was established in 1991 and management has over 50 years of experience blending, manufacturing and packaging custom liquids and solid chemicals for the oil, gas and agricultural industries.  Additionally, EES has expanded to develop innovative products and applications for enzyme system technologies, livestock feed supplements, specialized anti-corrosive coatings and solar well treatment systems. 

Company website www.eesokc.com

Contact:
Scott Shaw 800-635-7716
[email protected]

Safe Harbor for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Energy & Environmental Services actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Energy & Environmental Services expressly disclaims any intent or obligation to update any forward-looking statements.

 

SOURCE Energy and Environmental Services, Inc.


These press releases may also interest you

at 14:30
Southwest Airlines Co.  announces the acquisition of SAFFiRE Renewables, LLC (SAFFiRE) as part of the investment portfolio of its wholly owned subsidiary Southwest Airlines Renewable Ventures, LLC (SARV). SARV is dedicated to creating more...

at 12:30
Aardex, a data-driven, community-minded real estate investment and development firm that has built out more than 1.5 million square feet of projects over the last 40 years, today announced the launch of a new company, Stellera, which will focus on...

at 12:30
The Municipality of Clarington, as a founding member of the Canadian Association of Nuclear Host Communities (CANHC), joined heads of state, representatives from the nuclear industry and non-governmental organizations at the first-ever Nuclear Energy...

at 12:00
TRC Companies, Inc. (TRC), a global professional services firm providing integrated strategy, consulting, engineering and applied technologies in support of the energy transition, received an award from Climate Change Business Journal ® (CCBJ) for...

at 11:45
The "Oil and Gas Pumps Market: A Global and Regional Analysis, 2023-2033" report has been added to  ResearchAndMarkets.com's offering. The global market for oil and gas pumps has witnessed substantial growth, propelled by various key factors and...

at 11:40
American Resources Corporation's ("American Resources" or the "Company")...



News published on and distributed by: