Nine-Month Financial
Highlights:
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 third quarter and nine-month
period ended September 30, 2018.
“We are encouraged by our solid improvement in year-to-date
financial results, highlighted by 29% revenue growth and a 138%
increase in adjusted EBITDA. Our progress reflects increased
customer activity supported by higher commodity prices. In
addition, we are benefitting from sales, marketing and operational
process improvements we have implemented throughout the year as
well as a re-energized workforce that understands we have an
opportunity to build and sustain a larger business,” said Ian
Dickinson, President and CEO. “We are off to a fast start in
the fourth quarter, with increased activity levels at ENSERVCO’s
legacy business and our new Adler Hot Oil unit. With fleet
utilization levels steadily rising, we will seek to carry our
momentum through year-end and into 2019.
“As previously disclosed, our third quarter results were
negatively impacted by a slowdown in water hauling activity in the
run-up to ultimate closure of our Dillco business unit in a move
designed to eliminate non-strategic, unprofitable operations in
order to focus on our core strategic growth businesses,” Dickinson
continued. “Well enhancement revenue and profitability were
also impacted by heavy rainfall in south Texas in September and
equipment downtime related to the closure of two underperforming
field facilities and associated turnover of hot oiling and
acidizing personnel. Dillco and the now-closed field
locations contributed a combined $705,000 in segment losses through
the first nine months of 2018. We are working to determine whether
we will incur any related cash restructuring and/or non-cash
impairment charges in the fourth quarter. As a result of the
cost down initiatives I just described, we are a leaner, more
efficient operation that is positioned to better optimize fleet
deployment and utilization and bring more balance to our business
mix through the addition of accretive, non-seasonal services to our
portfolio.
Dickinson added, “We are particularly excited about our
acquisition of Adler Hot Oil Service. In addition to being an
accretive transaction that had TTM revenue of $18.5 million and
EBITDA of $2.9 million, this move brings our most formidable
competitor into the fold and adds more than 60 new blue-chip
customers, strong sales and field teams, a valuable IP portfolio
and an outstanding safety track record. With 62% of its 2017
revenue in the Bakken shale, Adler accelerates our plans to
establish a larger presence further north where the heating season
lasts longer and solidifies our status as the dominant player in
frac water heating. From a balance sheet perspective, the
transaction strengthens our debt covenant ratios and gives us
additional earnings power to support continuing efforts to
de-leverage our business. In addition, the structure of the
transaction included a small up-front cash commitment and enables
us to pay off a large portion of the purchase price with higher
cash flows generated during our more active heating season.”
Nine Month ResultsTotal revenue for the
nine-month period ended September 30, 2018, increased 29% to $34.4
million from $26.6 million last year.
Well enhancement services grew 35% year to date to $29.5 million
from $21.8 million last year. All three components of well
enhancement services showed good growth, including frac water
heating, up 63% to $17.7 million from $10.8 million; hot oiling, up
8% to $8.7 million from $8.0 million; and acidizing, up 19% to $2.4
million from $2.0 million. The well enhancement segment generated
income of $6.6 million through nine months, up 31% from $4.9
million last year.
Water transfer revenue through the first nine months of 2018
increased 38% to $2.6 million from $1.9 million in the same period
last year. The water transfer segment generated a $28,000
segment loss year-to-date versus a segment loss of $258,000 in the
year-ago period.
The now-closed Dillco water hauling unit generated revenue of
$2.3 million through nine months versus $2.7 million in the same
period last year. The segment loss was $297,000 in the period
compared to a segment loss of $229,000 a year ago.
Total operating expenses increased 18% through the first nine
months of 2018 to $37.8 million from $32.0 million in the same
period last year due primarily to costs associated with increased
activity. Sales, general and administrative expenses increased 11%
to $3.8 million from $3.4 million last year due primarily to
buildout of the Company’s business development team and higher
personnel costs. Depreciation and amortization expense was
down slightly to $4.7 million from $4.9 million as certain
equipment became fully depreciated.
Net loss before income taxes was $5.3 million through nine
months, a $2.1 million, or 28%, improvement over the pre-tax net
loss of $7.4 million in the same period a year ago.
Net loss through nine months increased 7% to $5.3 million, or
$0.10 per diluted share, from $5.0 million, or $0.10 per diluted
share, in the same period last year. The year-ago $5.0
million net loss included the impact of a $2.4 million tax
benefit. In the current period, the Company’s tax benefit was
offset by an increase in the valuation allowance of its net
deferred tax asset.
Adjusted EBITDA through nine months grew by 138% to $2.3 million
from $1.0 million in the same period last year.
ENSERVCO generated $5.7 million in cash from operations in the
first nine months of 2018, up from $0.6 million in cash used in
operations during the same period last year.
Third Quarter ResultsAs previously indicated,
ENSERVCO’s third quarter revenue was negatively impacted by closure
of the non-strategic Dillco water hauling business and the
realignment of equipment, facilities and personnel. In addition,
two weeks of unusually heavy rain in south Texas curtailed customer
activity in the Eagle Ford Basin.
Total revenue in the third quarter ended September 30, 2018,
decreased 22% to $4.5 million from $5.7 million in the same quarter
last year.
Well enhancement services dominated the business
mix with $3.2 million of revenue, down from $4.0 million in the
third quarter last year. The well enhancement segment included hot
oiling of $2.2 million, down from $2.4 million a year ago;
acidizing of $609,000, down from $812,000; and frac water heating
of $49,000 versus $142,000. The well enhancement segment generated
a loss of $746,000 in the third quarter versus a loss of $129,000
in the same quarter last year.
Water transfer segment revenue in the third quarter decreased to
$634,000 from $798,000. The segment incurred a loss of $16,000 in
the quarter compared to a loss of $24,000 in the same quarter last
year. The year-over-year decline in water transfer revenue
was due primarily to customer project delays, and the Company is
working to build and maintain a larger pipeline of business in
order to minimize the impact of such delays. The Company said
the water transfer business is off to a fast start in the fourth
quarter, well ahead of fourth quarter 2017 levels.
Water hauling revenue in the third quarter decreased to $638,000
from $911,000 in the same quarter last year. Segment loss in
the water hauling segment was $95,000 compared to a segment profit
of $110,000 the same quarter a year ago.
Total operating expenses in the third quarter decreased by 7%
year over year to $8.1 million from $8.8 million due to lower costs
of providing services and to a $135,000 decrease in depreciation
and amortization expense. Sales, general and administrative expense
increased 5% year over year to $1.2 million from $1.1 million due
to costs associated with the new business development team.
Pre-tax net loss for the third quarter was $4.1 million versus
$3.9 million last year. Net loss was $4.1 million, or $0.08
per diluted share, compared to a net loss of $2.5 million, or $0.05
per diluted share, a year ago when the Company recorded a $1.4
million tax benefit. In the current period, the Company’s tax
benefit was offset by an increase in the valuation allowance of its
net deferred tax asset.
Adjusted EBITDA loss in the third quarter was $2.0 million, up
from a loss of $1.3 million in the same quarter last year.
Conference Call InformationManagement will hold
a conference call today to discuss these results. The call
will begin at 2:30 p.m. Mountain Time (4:30 p.m. Eastern) and will
be accessible by dialing 877-407-8031 (201-689-8031 for
international callers). No passcode is necessary. A
telephonic replay will be available through November 21, 2018, by
calling 877-481-4010 (919-882-2331 for international callers) and
entering the Conference ID #40333. 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 for 90
days. The webcast also is available at the following
link: http://www.investorcalendar.com/event/40333
About ENSERVCOThrough its various operating
subsidiaries, ENSERVCO provides a wide range of oilfield services,
including hot oiling, acidizing, frac water heating, water transfer
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, 2017, and subsequently filed documents with the
SEC. Forward looking statements in this news release that are
subject to risk include the ability to sustain momentum, add
customers, build a larger sales pipeline and build market share;
ability to build and sustain a larger business; ability to optimize
fleet deployment and utilization and bring more balance to the
business mix through the addition of accretive, non-seasonal
services; expectations to benefit from the process improvement
program; success in building market share and a sales pipeline,
increasing fleet utilization and optimization; and ability to
de-lever the business. 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
|
|
|
ENSERVCO CORPORATION |
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
(in thousands) |
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
Well
enhancement services |
$ |
3,200 |
|
|
$ |
4,033 |
|
|
$ |
29,490 |
|
|
$ |
21,836 |
|
|
Water
transfer services |
|
634 |
|
|
|
798 |
|
|
|
2,558 |
|
|
|
1,856 |
|
|
Water
hauling services |
|
638 |
|
|
|
911 |
|
|
|
2,337 |
|
|
|
2,677 |
|
|
Other |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
254 |
|
|
|
|
|
4,472 |
|
|
|
5,742 |
|
|
|
34,385 |
|
|
|
26,623 |
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Expenses |
|
|
|
|
|
|
|
|
Well
enhancement services |
|
3,946 |
|
|
|
4,162 |
|
|
|
22,937 |
|
|
|
16,936 |
|
|
Water
transfer services |
|
650 |
|
|
|
822 |
|
|
|
2,586 |
|
|
|
2,114 |
|
|
Water
hauling services |
|
733 |
|
|
|
801 |
|
|
|
2,634 |
|
|
|
2,906 |
|
|
Functional
support and other |
|
141 |
|
|
|
216 |
|
|
|
467 |
|
|
|
857 |
|
|
Sales,
general and administrative expenses |
|
1,192 |
|
|
|
1,139 |
|
|
|
3,803 |
|
|
|
3,423 |
|
|
Patent
litigation and defense costs |
|
2 |
|
|
|
29 |
|
|
|
77 |
|
|
|
96 |
|
|
Severance
and Transition Costs |
|
- |
|
|
|
16 |
|
|
|
633 |
|
|
|
784 |
|
|
Depreciation and amortization |
|
1,483 |
|
|
|
1,618 |
|
|
|
4,669 |
|
|
|
4,869 |
|
|
|
Total operating
expenses |
|
8,147 |
|
|
|
8,803 |
|
|
|
37,806 |
|
|
|
31,985 |
|
|
|
|
|
|
|
|
|
|
|
Income
(Loss) from Operations |
|
(3,675 |
) |
|
|
(3,061 |
) |
|
|
(3,421 |
) |
|
|
(5,362 |
) |
|
|
|
|
|
|
|
|
|
|
Other
(Expense) Income |
|
|
|
|
|
|
|
|
Interest
expense |
|
(471 |
) |
|
|
(599 |
) |
|
|
(1,482 |
) |
|
|
(1,809 |
) |
|
Gain on
disposals of equipment |
|
- |
|
|
|
- |
|
|
|
53 |
|
|
|
- |
|
|
Other
income (expense) |
|
38 |
|
|
|
(264 |
) |
|
|
(467 |
) |
|
|
(222 |
) |
|
|
Total other
expense |
|
(433 |
) |
|
|
(863 |
) |
|
|
(1,896 |
) |
|
|
(2,031 |
) |
|
|
|
|
|
|
|
|
|
|
Loss Before
Tax Expense |
|
(4,108 |
) |
|
|
(3,924 |
) |
|
|
(5,317 |
) |
|
|
(7,393 |
) |
Income Tax
(Expense) Benefit |
|
- |
|
|
|
1,415 |
|
|
|
(32 |
) |
|
|
2,407 |
|
Net
Loss |
$ |
(4,108 |
) |
|
$ |
(2,509 |
) |
|
$ |
(5,349 |
) |
|
$ |
(4,986 |
) |
|
|
|
|
|
|
|
|
|
|
Earnings
per Common Share - Basic |
$ |
(0.08 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
|
|
|
Earnings
per Common Share - Diluted |
$ |
(0.08 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
|
|
|
Basic
weighted average number of common shares outstanding |
|
54,309 |
|
|
|
51,068 |
|
|
|
52,389 |
|
|
|
51,068 |
|
Add:
Dilutive shares |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Diluted
weighted average number of common shares outstanding |
|
54,309 |
|
|
|
51,068 |
|
|
|
52,389 |
|
|
|
51,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENSERVCO CORPORATION AND
SUBSIDIARIES |
|
Calculation of Adjusted EBITDA * |
|
For the Three Months Ended |
|
Year to-date |
|
September 30, |
|
September 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
EBITDA* |
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
$ |
(4,108 |
) |
|
$ |
(2,509 |
) |
|
$ |
(5,349 |
) |
|
$ |
(4,986 |
) |
Add back
(Deduct) |
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense |
|
471 |
|
|
|
599 |
|
|
|
1,482 |
|
|
|
1,809 |
|
Provision
for income taxes (benefit) expense |
|
- |
|
|
|
(1,415 |
) |
|
|
32 |
|
|
|
(2,407 |
) |
Depreciation and amortization |
|
1,483 |
|
|
|
1,618 |
|
|
|
4,669 |
|
|
|
4,869 |
|
EBITDA* |
|
(2,154 |
) |
|
|
(1,707 |
) |
|
|
834 |
|
|
|
(715 |
) |
Add back
(Deduct) |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
103 |
|
|
|
126 |
|
|
|
291 |
|
|
|
572 |
|
Patent
litigation and defense costs |
|
- |
|
|
|
29 |
|
|
|
77 |
|
|
|
96 |
|
Severance
and transition costs |
|
2 |
|
|
|
16 |
|
|
|
633 |
|
|
|
784 |
|
Gain on
disposal of equipment |
|
- |
|
|
|
- |
|
|
|
(53 |
) |
|
|
- |
|
Acquisition-related expenses |
|
38 |
|
|
|
- |
|
|
|
38 |
|
|
|
- |
|
Other
(income) expense |
|
(38 |
) |
|
|
264 |
|
|
|
467 |
|
|
|
222 |
|
Adjusted EBITDA* |
$ |
(2,049 |
) |
|
$ |
(1,272 |
) |
|
$ |
2,287 |
|
|
$ |
959 |
|
*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 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, warrants issued, 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 on sale of investments, loss on disposal of assets,
patent litigation and defense costs, severance and transition
costs, 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) |
|
|
|
|
|
|
|
|
|
September 30, |
|
December
31, |
ASSETS |
2018 |
|
2017 |
|
|
|
(Unaudited) |
|
|
Current
Assets |
|
|
|
|
Cash and
cash equivalents |
$ |
39 |
|
|
$ |
391 |
|
|
Accounts
receivable, net |
|
3,132 |
|
|
|
11,761 |
|
|
Prepaid
expenses and other current assets |
|
977 |
|
|
|
868 |
|
|
Inventories |
|
525 |
|
|
|
576 |
|
|
Income tax
receivable, current |
|
57 |
|
|
|
57 |
|
|
|
Total current
assets |
|
4,730 |
|
|
|
13,653 |
|
|
|
|
|
|
|
Property
and equipment, net |
|
26,120 |
|
|
|
29,417 |
|
Income
taxes receivable, noncurrent |
|
57 |
|
|
|
57 |
|
Other
assets |
|
902 |
|
|
|
1,123 |
|
|
|
|
|
|
|
TOTAL
ASSETS |
$ |
31,809 |
|
|
$ |
44,250 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
Current
Liabilities |
|
|
|
|
Accounts
payable and accrued liabilities |
$ |
2,047 |
|
|
$ |
5,465 |
|
|
Current
portion of long-term debt |
|
112 |
|
|
|
182 |
|
|
|
Total current
liabilities |
|
2,159 |
|
|
|
5,647 |
|
|
|
|
|
|
|
Long-Term
Liabilities |
|
|
|
|
Senior
revolving credit facility |
|
22,570 |
|
|
|
27,066 |
|
|
Subordinated Debt |
|
1,820 |
|
|
|
2,229 |
|
|
Long-term
debt, less current portion |
|
243 |
|
|
|
252 |
|
|
Warrant
liability |
|
- |
|
|
|
831 |
|
|
|
Total long-term
liabilities |
|
24,633 |
|
|
|
30,378 |
|
|
|
Total Liabilities |
|
26,792 |
|
|
|
36,025 |
|
|
|
|
|
|
|
Commitments
and Contingencies ( Note 8) |
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
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, 54,344,829
and 51,197,989 shares issued, respectively; 103,600 shares of
treasury stock; and 54,241,229 and 51,094,389 shares outstanding,
respectively |
|
271 |
|
|
|
255 |
|
|
Additional
paid-in capital |
|
21,695 |
|
|
|
19,571 |
|
|
Accumulated
(deficit) earnings |
|
(16,949 |
) |
|
|
(11,601 |
) |
|
|
Total stockholders'
equity |
|
5,017 |
|
|
|
8,225 |
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
31,809 |
|
|
$ |
44,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENSERVCO CORPORATION |
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) |
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
September 30, |
|
|
|
2018 |
|
2017 |
OPERATING ACTIVITIES |
|
|
|
|
Net
loss |
$ |
(5,349 |
) |
|
$ |
(4,986 |
) |
|
Adjustments
to reconcile net loss to net cash |
|
|
|
|
provided by
operating activities |
|
|
|
|
|
Depreciation and
amortization |
|
4,669 |
|
|
|
4,869 |
|
|
|
Deferred income
taxes |
|
- |
|
|
|
(2,294 |
) |
|
|
Gain on disposal of
equipment |
|
(53 |
) |
|
|
- |
|
|
|
Stock-based
compensation |
|
291 |
|
|
|
572 |
|
|
|
Change in fair value of
warrant |
|
540 |
|
|
|
280 |
|
|
|
Amortization of debt
issuance costs and discounts |
|
164 |
|
|
|
448 |
|
|
|
Provision for bad debt
expense |
|
32 |
|
|
|
93 |
|
|
Changes in
operating assets and liabilities |
|
|
|
|
|
Accounts
receivable |
|
8,597 |
|
|
|
755 |
|
|
|
Inventories |
|
50 |
|
|
|
(24 |
) |
|
|
Prepaid expense and
other current assets |
|
(90 |
) |
|
|
65 |
|
|
|
Income taxes
receivable |
|
- |
|
|
|
224 |
|
|
|
Other assets |
|
231 |
|
|
|
(610 |
) |
|
|
Accounts payable and
accrued liabilities |
|
(3,418 |
) |
|
|
56 |
|
|
|
Income taxes
payable |
|
- |
|
|
|
- |
|
|
|
Net cash provided by
(used in) operating activities |
|
5,664 |
|
|
|
(552 |
) |
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
Purchases
of property and equipment |
|
(1,630 |
) |
|
|
(1,284 |
) |
|
Proceeds
from insurance claims |
|
122 |
|
|
|
- |
|
|
Proceeds
from disposal of equipment |
|
145 |
|
|
|
121 |
|
|
|
Net cash used in
investing activities |
|
(1,363 |
) |
|
|
(1,163 |
) |
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
Net line of
credit (payments) borrowings |
|
(4,544 |
) |
|
|
790 |
|
|
Proceeds
from issuance of long-term debt |
|
- |
|
|
|
1,000 |
|
|
Repayment
of long-term debt |
|
(79 |
) |
|
|
(180 |
) |
|
Other
financing |
|
(30 |
) |
|
|
(36 |
) |
|
|
Net Cash (used in)
provided by financing activities |
|
(4,653 |
) |
|
|
1,574 |
|
|
|
|
|
|
|
Net
Increase (Decrease) in Cash Equivalents |
|
(352 |
) |
|
|
(141 |
) |
|
|
|
|
|
|
Cash and Cash Equivalents, beginning of
period |
|
391 |
|
|
|
621 |
|
|
|
|
|
|
|
Cash and Cash Equivalents, end of period |
$ |
39 |
|
|
$ |
480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information: |
|
|
|
|
Cash paid
for interest |
|
1,273 |
|
|
|
303 |
|
|
Cash paid
(received) for income taxes |
|
32 |
|
|
|
(222 |
) |
|
|
|
|
|
|
Supplemental Disclosure of Non-cash Investing and Financing
Activities: |
|
|
|
|
Non-cash
proceeds from revolving credit facility |
|
103 |
|
|
|
1,124 |
|
|
Cashless
exercise of stock options |
|
994 |
|
|
|
- |
|
|
Non-cash
proceeds from warrant exercise |
|
500 |
|
|
|
- |
|
|
Non-cash
subordinated debt principal repayment |
|
(500 |
) |
|
|
- |
|
|
Non-cash
conversion of warrant liability to equity |
|
1,371 |
|
|
|
- |
|
|
Non-cash
proceeds from subordinated debt borrowings |
|
- |
|
|
|
1,500 |
|
|
Non-cash
repayment of revolving credit facility |
|
0 |
|
|
|
(1,500 |
) |
|
|
|
|
|
|
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