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
reported financial results for its second quarter and six-month
period ended June 30, 2020.
“As expected, second quarter results reflected reduced customer
activity due to lower commodity prices and the economic slowdown
related to the COVID-19 pandemic. We have taken decisive
steps to bring our cost structure in line with lower revenue levels
and year to date have taken more than $4.0 million in annualized
costs out of the business,” said Rich Murphy, chairman and acting
CEO. “The slowdown has continued into the third quarter, but
we are now preparing for an expected increase in customer activity
in our upcoming heating season and have taken advantage of the
downturn to redeploy assets to stronger markets.
Consequently, we are well positioned to meet demand from our
customer base.
“We continue our efforts to refinance our bank debt in seeking
to strengthen our balance sheet,” Murphy added. “We have been
working diligently with East West Bank and potential new funding
sources to secure a debt refinancing package that would include a
combination of debt and equity with the goal of substantially
reducing our overall debt and increasing shareholders’ equity,”
Murphy continued. “This refinancing process is ongoing and
there is no assurance of a successful outcome. However, we
are encouraged by our progress and the effort being invested by all
involved parties, including East West Bank, which, in order to
support negotiations, on August 10, 2020, granted Enservco a 45-day
extension on the maturity date of our senior secured revolving
credit facility.
“In addition, in order to increase shareholders’ equity and
reduce debt, my investment firm, Cross River Partners, has agreed
to convert approximately $1.5 million in subordinated debt and
accrued interest into unregistered Enservco common stock at a 50%
premium to the August 13, 2020, closing price as agreed with our
independent directors.”
Second Quarter ResultsTotal revenue in the
second quarter ended June 30, 2020, was $2.1 million versus $6.3
million in the same quarter last year.
Production services revenue declined to $1.4
million from $3.8 million year over year and generated a segment
loss of $431,000 compared to a segment profit of $492,000.
Completion services revenue declined to $758,000
from $2.5 million year over year and generated a segment loss of
$758,000 versus a segment loss of $594,000.
Total operating expenses in the second quarter declined to $6.0
million from $9.3 million due to lower costs of providing
production and completion services and to the Company’s across the
board cost reduction efforts, partially offset by severance costs
and fees incurred with the Company’s debt refinancing
efforts. In total, the Company has taken approximately $4.0
million in annualized costs out of the business since the first of
the year. Sales, general and administrative expense declined
to $1.2 million from $1.5 million year over year.
Depreciation and amortization expense decreased to $1.3 million
from $1.4 million.
Net loss in the second quarter was $4.4 million, or $0.08 per
diluted share, versus a net loss of $3.2 million, or $0.06 per
diluted share, in the same quarter last year.
Adjusted EBITDA in the second quarter was a negative $2.1
million compared to a negative $1.5 million in the same quarter
last year.
Six Month ResultsTotal revenue for the
six-month period ended June 30, 2020, was $11.5 million versus
$31.2 million in the same period a year ago.
Production services revenue declined to $4.6 million from $8.0
million year over year and had a segment loss of $723,000
compared to a segment profit of $1.3 million in the prior year.
Completion services revenue declined to $6.9 million from $23.2
million in the same period last year and generated a segment profit
of $455,000, down from a segment profit $8.1 million year over
year.
Total operating expenses in the first six months of 2020
decreased to $17.7 million from $27.8 million in the same period
last year due to lower costs of providing services combined with a
sharp reduction in overhead expense, partially offset by severance
and debt refinancing costs. Sales, general and administrative
expenses decreased slightly year over year to $3.0 million from
$3.1 million. Depreciation and amortization expense decreased
to $2.7 million from $2.8 million.
Net loss for the six-month period was $7.2 million, or $0.13 per
diluted share, compared to net income of $1.1 million, or $0.02 per
diluted share, in the prior year period.
Adjusted EBITDA was a negative $2.6 million versus a positive
$6.5 million in the prior year.
Enservco used $882,000 in cash from operations compared to $5.9
million net cash provided by operations in the same period in
2019.
Conference Call InformationManagement will hold
a conference call today to discuss these results. The call
will begin at 7:00 a.m. Mountain Time (9:00 a.m. Eastern) and will
be accessible by dialing 844-369-8770 (862-298-0840 for
international callers). No passcode is necessary. A
telephonic replay will be available through August 28, 2020, by
calling 877-481-4010 (919-882-2331 for international callers) and
entering the Conference ID #35807. To listen to the webcast,
participants should go to the Enservco website at
www.enservco.com and link to the “Investors” page at least 15
minutes early to register and download any necessary audio
software. A replay of the webcast will be available until September
14, 2020. The webcast also is available at the following
link: https://www.webcaster4.com/Webcast/Page/2228/35807
About EnservcoThrough its various operating
subsidiaries, Enservco provides a wide range of oilfield services,
including hot oiling, acidizing, frac water heating and related
services. 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
*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
(net income or loss) 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
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, 2019, and subsequently filed documents with the
SEC. Forward looking statements in this news release that are
subject to risk include the Company’s ability to refinance its bank
debt, decrease total debt and increase stockholders’ equity; the
conversion of Cross River sub debt into equity; and expectations
for an increase in customer activity. 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.Phone: 303-880-9000Email: jay@pfeifferhigh.com
Marjorie HargraveChief Financial OfficerEnservco
Corporationmhargrave@enservco.com
ENSERVCO
CORPORATION |
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS |
(in
thousands) |
|
For the
Three Months Ended |
|
For the Six
Months Ended |
|
June 30, |
|
June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
Production services |
$ |
1,383 |
|
|
$ |
3,835 |
|
|
$ |
4,585 |
|
|
$ |
7,951 |
|
Completion services |
|
758 |
|
|
|
2,505 |
|
|
|
6,942 |
|
|
|
23,201 |
|
|
|
2,141 |
|
|
|
6,340 |
|
|
|
11,527 |
|
|
|
31,152 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Production services |
|
1,814 |
|
|
|
3,343 |
|
|
|
5,308 |
|
|
|
6,689 |
|
Completion services |
|
1,516 |
|
|
|
3,099 |
|
|
|
6,487 |
|
|
|
15,119 |
|
Sales, general and administrative expenses |
|
1,247 |
|
|
|
1,458 |
|
|
|
3,009 |
|
|
|
3,060 |
|
Patent litigation and defense costs |
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
10 |
|
Severance and transition costs |
|
139 |
|
|
|
- |
|
|
|
139 |
|
|
|
- |
|
Loss (gain) on disposal of assets |
|
23 |
|
|
|
(4 |
) |
|
|
38 |
|
|
|
(4 |
) |
Impairment loss |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
127 |
|
Depreciation and amortization |
|
1,310 |
|
|
|
1,442 |
|
|
|
2,706 |
|
|
|
2,842 |
|
Total operating expenses |
|
6,049 |
|
|
|
9,339 |
|
|
|
17,687 |
|
|
|
27,843 |
|
|
|
|
|
|
|
|
|
(Loss)
income from operations |
|
(3,908 |
) |
|
|
(2,999 |
) |
|
|
(6,160 |
) |
|
|
3,309 |
|
|
|
|
|
|
|
|
|
Other
(expense) income |
|
|
|
|
|
|
|
Interest expense |
|
(547 |
) |
|
|
(656 |
) |
|
|
(1,188 |
) |
|
|
(1,540 |
) |
Other income |
|
76 |
|
|
|
1,202 |
|
|
|
96 |
|
|
|
1,137 |
|
Total other (expense) income |
|
(471 |
) |
|
|
546 |
|
|
|
(1,092 |
) |
|
|
(403 |
) |
|
|
|
|
|
|
|
|
(Loss)
income from continuing operations before tax expense |
|
(4,379 |
) |
|
|
(2,453 |
) |
|
|
(7,252 |
) |
|
|
2,906 |
|
Income tax
expense |
|
(9 |
) |
|
|
(32 |
) |
|
|
(9 |
) |
|
|
(32 |
) |
(Loss)
income from continuing operations |
$ |
(4,388 |
) |
|
$ |
(2,485 |
) |
|
$ |
(7,261 |
) |
|
$ |
2,874 |
|
|
|
|
|
|
|
|
|
Income
(loss) from discontinued operations (Note 6) |
|
31 |
|
|
|
(724 |
) |
|
|
67 |
|
|
|
(1,780 |
) |
Net (loss)
income |
$ |
(4,357 |
) |
|
$ |
(3,209 |
) |
|
$ |
(7,194 |
) |
|
$ |
1,094 |
|
|
|
|
|
|
|
|
|
(Loss)
earnings from continuing operations per common share - basic |
$ |
(0.08 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.13 |
) |
|
$ |
0.05 |
|
Loss from
discontinued operations per common share - basic |
|
- |
|
|
|
(0.01 |
) |
|
|
- |
|
|
|
(0.03 |
) |
Net loss per
share - basic |
$ |
(0.08 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
(Loss)
earnings from continuing operations per common share - diluted |
$ |
(0.08 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.13 |
) |
|
$ |
0.05 |
|
Loss from
discontinued operations per common share - diluted |
|
- |
|
|
|
(0.01 |
) |
|
|
- |
|
|
|
(0.03 |
) |
Net loss per
share - diluted |
$ |
(0.08 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
Basic
weighted average number of common shares outstanding |
$ |
55,352 |
|
|
$ |
54,978 |
|
|
$ |
55,435 |
|
|
$ |
54,589 |
|
Add:
Dilutive shares assuming exercise of options and warrants |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,215 |
|
Diluted
weighted average number of common shares outstanding |
$ |
55,352 |
|
|
$ |
54,978 |
|
|
$ |
55,435 |
|
|
$ |
55,804 |
|
|
|
|
|
|
|
|
|
ENSERVCO
CORPORATION AND SUBSIDIARIES |
Calculation
of Adjusted EBITDA * |
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended |
|
For the Six
Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
EBITDA* |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(4,357 |
) |
|
$ |
(3,209 |
) |
|
$ |
(7,194 |
) |
|
$ |
1,094 |
|
Add back (deduct) |
|
|
|
|
|
|
|
|
Interest expense |
|
|
547 |
|
|
|
656 |
|
|
|
1,189 |
|
|
|
1,540 |
|
Provision for income tax expense |
|
|
9 |
|
|
|
32 |
|
|
|
9 |
|
|
|
32 |
|
Depreciation and amortization (including discontinued
operations) |
|
|
1,317 |
|
|
|
1,736 |
|
|
|
2,719 |
|
|
|
3,419 |
|
EBITDA* |
|
|
(2,484 |
) |
|
|
(785 |
) |
|
|
(3,277 |
) |
|
|
6,085 |
|
Add Back (Deduct) |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
322 |
|
|
|
77 |
|
|
|
361 |
|
|
|
168 |
|
Severance and transition costs |
|
|
139 |
|
|
|
- |
|
|
|
139 |
|
|
|
- |
|
Patent litigation and defense costs |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
10 |
|
(Gain) loss on disposal of equipment (including discontinued
operations) |
|
|
(15 |
) |
|
|
12 |
|
|
|
(54 |
) |
|
|
12 |
|
Impairment loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
127 |
|
One-time software expense |
|
|
- |
|
|
|
25 |
|
|
|
- |
|
|
|
25 |
|
Other (income) expense (including discontinued operations) |
|
|
(27 |
) |
|
|
(1,208 |
) |
|
|
252 |
|
|
|
(1,144 |
) |
EBITDA related to discontinued operations |
|
|
1 |
|
|
|
418 |
|
|
|
11 |
|
|
|
1,192 |
|
Adjusted EBITDA* |
|
$ |
(2,064 |
) |
|
$ |
(1,460 |
) |
|
$ |
(2,568 |
) |
|
$ |
6,475 |
|
*Note: See below for discussion of the use of non-GAAP financial
measurements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial Measures: Non-GAAP results are presented
only as a supplement to the financial statements and for use within
management’s discussion and analysis based on U.S. generally
accepted accounting principles (GAAP). The non-GAAP financial
information is provided to enhance the reader's understanding of
the Company’s financial performance, but no non-GAAP measure should
be considered in isolation or as a substitute for financial
measures calculated in accordance with GAAP. Reconciliations of the
most directly comparable GAAP measures to non-GAAP measures are
provided herein. |
|
|
|
|
|
|
|
|
|
EBITDA is defined as net (loss) income (earnings), before interest
expense, income taxes, and depreciation and amortization. Adjusted
EBITDA excludes stock-based compensation from EBITDA and, when
appropriate, other items that management does not utilize in
assessing the Company’s ongoing operating performance as set forth
in the next paragraph. 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. |
|
|
|
|
|
|
|
|
|
All of the items included in the reconciliation from net income to
EBITDA and from EBITDA to Adjusted EBITDA are either (i) non-cash
items (e.g., depreciation, amortization of purchased intangibles,
stock-based compensation, impairment losses, etc.) or (ii) items
that management does not consider to be useful in assessing the
Company’s ongoing operating performance (e.g., income taxes, gain
or losses on sale of equipment, severance and transition
costs, gain on settlement, expenses to consolidate former Adler
facilities, patent litigation and defense costs, other expense
(income), EBITDA related to discontinued operations, etc.). In the
case of the non-cash items, management believes that investors can
better assess the company’s operating performance if the measures
are presented without such items because, unlike cash expenses,
these adjustments do not affect the Company’s ability to generate
free cash flow or invest in its business. |
|
|
|
|
|
|
|
|
|
We use, and we believe investors benefit from the presentation of,
EBITDA and Adjusted EBITDA in evaluating our operating performance
because it provides us and our investors with an additional tool to
compare our operating performance on a consistent basis by removing
the impact of certain items that management believes do not
directly reflect our core operations. We believe that EBITDA is
useful to investors and other external users of our financial
statements in evaluating our operating performance because EBITDA
is widely used by investors to measure a company’s operating
performance without regard to items such as interest expense,
taxes, and depreciation and amortization, which can vary
substantially from company to company depending upon accounting
methods and book value of assets, capital structure and the method
by which assets were acquired. Additionally, our fixed charge
coverage ratio covenant associated with our Loan and Security
Agreement with East West Bank require the use of Adjusted
EBITDA in specific calculations. |
|
|
|
|
|
|
|
|
|
Because not all companies use identical calculations, the Company’s
presentation of non-GAAP financial measures may not be comparable
to other similarly titled measures of other companies. However,
these measures can still be useful in evaluating the Company’s
performance against its peer companies because management believes
the measures provide users with valuable insight into key
components of GAAP financial disclosures. |
|
|
|
|
|
|
|
|
|
ENSERVCO CORPORATION |
Condensed Consolidated Balance Sheets |
(In thousands) |
|
|
|
|
|
|
|
June 30, |
|
December 31, |
ASSETS |
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
Current Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
429 |
|
|
$ |
663 |
|
Accounts receivable, net |
|
|
1,452 |
|
|
|
6,424 |
|
Prepaid expenses and other current assets |
|
|
947 |
|
|
|
1,016 |
|
Inventories |
|
|
314 |
|
|
|
398 |
|
Income tax receivable, current |
|
|
57 |
|
|
|
43 |
|
Current assets of discontinued operations |
|
|
- |
|
|
|
187 |
|
Total current assets |
|
|
3,199 |
|
|
|
8,731 |
|
|
|
|
|
|
Property and equipment, net |
|
|
23,741 |
|
|
|
26,620 |
|
Goodwill |
|
|
546 |
|
|
|
546 |
|
Intangible assets, net |
|
|
726 |
|
|
|
828 |
|
Income taxes receivable, noncurrent |
|
|
- |
|
|
|
14 |
|
Right-of-use asset - financing, net |
|
|
280 |
|
|
|
569 |
|
Right-of-use asset - operating, net |
|
|
3,328 |
|
|
|
3,793 |
|
Other assets |
|
|
333 |
|
|
|
445 |
|
Non-current assets of discontinued operations |
|
|
816 |
|
|
|
1,430 |
|
TOTAL ASSETS |
|
$ |
32,969 |
|
|
$ |
42,976 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current Liabilities |
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
2,100 |
|
|
$ |
4,470 |
|
Senior revolving credit facility |
|
|
31,993 |
|
|
|
33,994 |
|
Subordinated debt |
|
|
2,406 |
|
|
|
2,381 |
|
Lease liability - financing, current |
|
|
127 |
|
|
|
207 |
|
Lease liability - operating, current |
|
|
818 |
|
|
|
848 |
|
Current portion of long-term debt |
|
|
148 |
|
|
|
147 |
|
Current liabilities of discontinued operations |
|
|
31 |
|
|
|
72 |
|
Total current liabilities |
|
|
37,623 |
|
|
|
42,119 |
|
|
|
|
|
|
Long-Term Liabilities |
|
|
|
|
Senior revolving credit facility |
|
|
- |
|
|
|
- |
|
Long-term debt, less current portion |
|
|
2,088 |
|
|
|
198 |
|
Lease liability - Financing |
|
|
106 |
|
|
|
259 |
|
Lease liability - Operating |
|
|
2,623 |
|
|
|
3,009 |
|
Other liability |
|
|
12 |
|
|
|
33 |
|
Long-term liability of discontinued operations |
|
|
21 |
|
|
|
34 |
|
Total long-term liabilities |
|
|
4,850 |
|
|
|
3,533 |
|
Total liabilities |
|
|
42,473 |
|
|
|
45,652 |
|
|
|
|
|
|
Commitments and Contingencies ( Note 10) |
|
|
|
|
|
|
|
|
|
Stockholders' Deficit |
|
|
|
|
Preferred stock, $.005 par value, 10,000,000 shares authorized, no
shares issued or outstanding |
|
|
- |
|
|
|
- |
|
Common stock. $.005 par value, 100,000,000 shares authorized,
55,030,663 and 55,642,829 shares issued, respectively; 103,600
shares of treasury stock; and 54,927,063 and 55,539,229 shares
outstanding, respectively |
|
|
275 |
|
|
|
278 |
|
Additional paid-in capital |
|
|
22,435 |
|
|
|
22,066 |
|
Accumulated deficit |
|
|
(32,214 |
) |
|
|
(25,020 |
) |
Total stockholders' deficit |
|
|
(9,504 |
) |
|
|
(2,676 |
) |
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
|
$ |
32,969 |
|
|
$ |
42,976 |
|
|
|
|
|
|
ENSERVCO
CORPORATION |
CONSOLIDATED
STATEMENT OF CASH FLOWS (UNAUDITED) |
|
|
|
|
|
|
For the Six
Months Ended |
|
|
June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
OPERATING ACTIVITIES |
|
|
|
|
Net (loss) income |
|
$ |
(7,194 |
) |
|
$ |
1,094 |
|
Net income (loss) from discontinued operations |
|
|
67 |
|
|
|
(1,780 |
) |
Net (loss) income from continuing operations |
|
|
(7,261 |
) |
|
|
2,874 |
|
Adjustments to reconcile net (loss) income to net cash used in
operating activities |
|
|
|
|
Depreciation and amortization |
|
|
2,706 |
|
|
|
2,842 |
|
Loss (gain) loss on disposal of equipment |
|
|
38 |
|
|
|
(4 |
) |
Gain on Adler settlement |
|
|
- |
|
|
|
(1,252 |
) |
Impairment loss |
|
|
- |
|
|
|
127 |
|
Stock-based compensation |
|
|
361 |
|
|
|
168 |
|
Amortization of debt issuance costs and discount |
|
|
95 |
|
|
|
226 |
|
Provision for bad debt expense |
|
|
298 |
|
|
|
3 |
|
Changes in operating assets and liabilities |
|
|
|
|
- |
|
Accounts receivable |
|
|
4,674 |
|
|
|
2,090 |
|
Inventories |
|
|
85 |
|
|
|
142 |
|
Prepaid expense and other current assets |
|
|
68 |
|
|
|
9 |
|
Income taxes receivable |
|
|
(14 |
) |
|
|
- |
|
Amortization of operating lease assets |
|
|
416 |
|
|
|
329 |
|
Other assets |
|
|
320 |
|
|
|
138 |
|
Accounts payable and accrued liabilities |
|
|
(2,365 |
) |
|
|
(413 |
) |
Operating lease liabilities |
|
|
(416 |
) |
|
|
(322 |
) |
Other liabilities |
|
|
(21 |
) |
|
|
99 |
|
Net cash (used in) provided by operating activities - continuing
operations |
|
|
(1,016 |
) |
|
|
7,056 |
|
Net cash provided by (used in) operating activities - discontinued
operations |
|
|
134 |
|
|
|
(1,202 |
) |
Net cash (used in) provided by operating activities |
|
|
(882 |
) |
|
|
5,854 |
|
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
Purchases of property and equipment |
|
|
(306 |
) |
|
|
(297 |
) |
Proceeds from insurance claims |
|
|
294 |
|
|
|
27 |
|
Proceeds from disposal of equipment |
|
|
335 |
|
|
|
219 |
|
Net cash provided by (used in) investing activities - continuing
operations |
|
|
323 |
|
|
|
(51 |
) |
Net cash provided by investing activities - discontinued
operations |
|
|
681 |
|
|
|
490 |
|
Net cash provided by investing activities |
|
|
1,004 |
|
|
|
439 |
|
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
Net line of credit payments |
|
|
(2,001 |
) |
|
|
(2,071 |
) |
Proceeds from PPP loan |
|
|
1,940 |
|
|
|
- |
|
Repayment of long-term debt |
|
|
(49 |
) |
|
|
(70 |
) |
Payments of finance leases |
|
|
(245 |
) |
|
|
(202 |
) |
Repayment of note |
|
|
- |
|
|
|
(3,700 |
) |
Other financing activities |
|
|
- |
|
|
|
(1 |
) |
Net cash used in financing activities - continuing operations |
|
|
(355 |
) |
|
|
(6,044 |
) |
Net cash used in financing activities - discontinued
operations |
|
|
(1 |
) |
|
|
- |
|
Net Cash used in financing activities |
|
|
(356 |
) |
|
|
(6,044 |
) |
|
|
|
|
|
Net
(Decrease) Increase in Cash and Cash Equivalents |
|
|
(234 |
) |
|
|
249 |
|
|
|
|
|
|
Cash
and Cash Equivalents, beginning of period |
|
|
663 |
|
|
|
257 |
|
|
|
|
|
|
Cash
and Cash Equivalents, end of period |
|
$ |
429 |
|
|
$ |
506 |
|
|
|
|
|
|
ENSERVCO (AMEX:ENSV)
Historical Stock Chart
From Aug 2024 to Sep 2024
ENSERVCO (AMEX:ENSV)
Historical Stock Chart
From Sep 2023 to Sep 2024