Enservco Appoints Finance Veteran Marjorie Hargrave Chief Financial Officer
July 24 2019 - 4:31PM
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
announced the appointment of Marjorie Hargrave as Chief Financial
Officer. Hargrave succeeds Dustin Bradford, who will remain
with the Company to assist in the transition prior to pursuing
other interests.
Hargrave is an experienced senior executive with a diverse
background in financial management, strategic planning, mergers and
acquisitions, risk management and investment banking. She is
the former Chief Financial Officer of CTAP, LLC, a provider of pipe
and tubing to the energy industry that grew from $350 million to
$800 million in annual revenue during her tenure. Prior to
CTAP, Hargrave was Chief Financial Officer of High Sierra Energy,
LP, a midstream energy company where she helped grow annual revenue
more than 12-fold to $2.5 billion prior to its acquisition.
Prior assignments include VP of Finance at Black Hills Corporation,
Finance Consultant with Xcel Energy, Vice President Investment
Banking with Merrill Lynch, Financial Analyst with Commercial Union
Capital, and Portfolio Administrator and Research Analyst with
Franklin Research & Development. She also held several
part-time and consulting positions. Hargrave holds a Bachelor’s
degree in economics from Boston University and a Master’s degree in
economics from New York University.
“We are pleased to welcome Marjorie to the executive management
team,” said Ian Dickinson, President and CEO. “She is a
highly-accomplished finance executive with a broad skill set and we
look forward to her contributions as we continue to advance our
long-term strategic growth plan. On behalf of the Board of
Directors, I want to thank Dustin for his contributions to our
success over the past several years and wish him well in his future
endeavors.”
Second Quarter Financial Results
Expectations
Enservco expects second quarter revenue to decrease
approximately 9% year over year to between $7.2 million and $7.3
million. The decline is due to lower frac water heating revenue
resulting from warm weather in April as compared to the prior
year. Fixed costs in the second quarter were in line with
expectations, but the lower revenue will result in a higher
operating loss with net income and adjusted EBITDA impacted
accordingly.
Six-month revenue is expected to increase approximately 19% year
over year to between $33.4 million and $33.5 million. Net
income and adjusted EBITDA through six months are expected to
improve over prior year levels.
“Fluctuating weather conditions early and late in our heating
season can have a material impact on quarterly results so we
encourage investors to evaluate our performance on a year-to-year
basis, which we believe more accurately represents our revenue and
profit trends,” Dickinson said. “We continue to focus on
increasing fleet utilization and are currently lining up
commitments for our upcoming heating season.”
About EnservcoThrough its various operating
subsidiaries, Enservco provides a wide range of oilfield
services, including hot oiling, acidizing, frac water heating,
water transfer, and water hauling. The Company has a broad
geographic footprint covering seven major domestic oil and gas
basins and serves customers in Colorado, Montana, New Mexico, North
Dakota, Oklahoma, Pennsylvania, Ohio, Texas, Wyoming and West
Virginia. Additional information is available at
www.enservco.com
Cautionary Note Regarding Forward-Looking
StatementsThis 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 Enservco’s annual report on Form 10-K for the year ended
December 31, 2018, and subsequently filed documents with the
SEC. Forward looking statements in this news release that are
subject to risk include the success of the Company’s growth plan
and ability to increase fleet utilization and secure commitments
for the upcoming heating season. 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.
Contact:
Jay PfeifferPfeiffer High Investor Relations,
Inc.Direct: 303-880-9000Email: jay@pfeifferhigh.com
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