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 fourth quarter and full year
ended December 31, 2019.
“After two years of solid growth, followed by a strong start to
2019 that included 19% year-over-year revenue growth and positive
EBITDA through the first three quarters, customer activity levels
began a steady decline, resulting in a challenging fourth quarter
that offset much of our early gains. During 2019 the U.S. rig
count declined by 26% from 2018 and capital budget exhaustion late
in the year led to pricing pressure that negatively impacted our
completion services revenue. In addition, an unseasonably
warm fourth quarter in Oklahoma and Pennsylvania negatively
impacted frac water heating revenue. As a result, we reported only
modest overall revenue growth and a decline in adjusted EBITDA for
the full year,” said Ian Dickinson, President and CEO.
“Activity levels have continued to decline into 2020 and are likely
to remain depressed in the near term due to pressure on crude oil
prices related to the Saudi-Russia oil price war and to the impact
of COVID-19 on the world economy.
“On a positive note, we grew our market share in
2019 as a result of our acquisition of Adler Hot Oil Services and
ended the year with our largest customer base in company history,”
Dickinson added. “In addition, we closed our non-strategic water
transfer business that had been a drain on profitability and
renewed our focus on core competencies in production and completion
services with the aim to increase fleet utilization and optimize
fleet deployment. Over the past two years we have made significant
investments in process improvement initiatives designed to increase
efficiencies and take better advantage of our expanded fleet and
national leadership position in frac water heating. We
believe we can drive further efficiencies through technology and
de-levering our balance sheet. In addition, we continue to
look at ways to take costs out of our business. In the second
half of 2019 we eliminated $1.1 million in redundant costs
associated with the Adler transaction. We will realize
additional cost savings from the closing of our water transfer
business in 2019 and the closing of our Oklahoma field operation in
the first quarter of 2020.”
Full Year ResultsTotal revenue for the year
ended December 31, 2019, increased 1% to $43.0 million from $42.8
million in the prior year.
Production services revenue grew 1% year over year to $14.7
million from $14.5 million. The production services segment
includes hot oiling revenue, which increased 6% in 2019 to $12.4
million from $11.7 million due to the larger fleet size and an
increase in market share; and acidizing revenue, which decreased
year over year to $2.3 million from $2.9 million due primarily to a
decline in services performed for two large customers that changed
their well maintenance programs. That decline was partially offset
by new customer wins.
Production services generated a segment profit of $1.1 million
in 2019, down from a segment profit of $1.7 million in the prior
year.
Completion services revenue, which consists of frac water
heating services, rose slightly in 2019 to $28.3 million from $28.2
million in the prior year. Completion services generated a
segment profit of $7.3 million, down from $7.6 million in the prior
year.
Total operating expenses in 2019 increased 6% to $46.6 million
from $44.2 million in the prior year due to several factors,
including higher direct variable costs associated with increased
activity and investments in South Texas and Wyoming growth
initiatives, first quarter cost overruns in the now discontinued
water transfer division, and higher sales, general and
administrative and depreciation and amortization expenses. Sales,
general and administrative expenses increased 18% year over year to
$6.2 million from $5.2 million due to an increase in bad debt
reserve, higher overhead related to the Adler acquisition, higher
D&O insurance costs, and an increase in professional fees
related to investment in IT infrastructure and processes. In the
second half of 2019 the Company achieved approximately $1.1 million
in cost reductions through elimination of redundant personnel and
facilities primarily related to the Adler acquisition.
Depreciation and amortization expense increased 17% to $5.7 million
from $4.9 million due to the increase in fleet size.
Operating loss in 2019 was $3.6 million, up 157% year over year
from $1.4 million. Net loss from continuing operations in
2019, including a gain of approximately $1.2 million related to the
April settlement agreement with the sellers of Adler, increased 31%
to $5.3 million from $4.1 million in the prior year. Net loss
from discontinued operations totaled $2.3 million in 2019 versus a
net loss from discontinued operations of $1.8 million in the prior
year. Net loss for 2019 increased to $7.7 million, or $0.14
per diluted share, from a net loss of $5.9 million, or $0.11 per
diluted share, in the prior year.
Adjusted EBITDA in 2019 declined 41% to $2.8 million from $4.7
million in the prior year.
Enservco generated $4.5 million in cash from operations in 2019,
up 234% from $1.3 million in 2018.
Fourth Quarter ResultsTotal revenue in the
fourth quarter ended December 31, 2019, declined 39% to $8.1
million from $13.3 million in the same quarter last year.
Production services revenue was flat year over
year at $3.5 million. Production services included hot oiling,
which was flat at $3.0 million, and acidizing, which was
essentially flat at $455,000 versus 486,000 year over year.
Production services generated a segment loss of
$116,000 in the fourth quarter as compared to a segment profit of
$468,000 in the same quarter last year.
Completion services revenue was down 53% year
over year to $4.6 million from $9.8 million.
Completion services generated a segment profit
of $404,000 in the fourth quarter, down from a segment profit of
$2.7 million in the same quarter last year.
Total operating expenses in the fourth quarter declined 17% year
over year to $10.5 million from $12.7 million due primarily to
lower costs of providing production and completion services.
Sales, general and administrative expense declined 7% in the fourth
quarter to $1.4 million from $1.5 million due to cost efficiencies
achieved in connection with the Adler acquisition.
Depreciation and amortization expense increased 14% to $1.4 million
from $1.3 million due to the increase in fleet size.
Operating loss in the fourth quarter was $2.5 million compared
to operating income of $544,000 in the same quarter last
year. Net loss from continuing operations in the fourth
quarter increased to $3.0 million from a net loss from continuing
operations of $141,000 in the same quarter last year. Net
loss from discontinued operations totaled $340,000 in the fourth
quarter compared to a net loss from discontinued operations of
$376,000 in the fourth quarter a year ago. Net loss in the fourth
quarter was $3.3 million, or $0.06 per diluted share, versus a net
loss of $517,000, or $0.01 per diluted share, in the same quarter
last year.
Adjusted EBITDA in the fourth quarter was $168,000, down from
$2.0 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 844-369-8770 (862-298-0840 for
international callers). No passcode is necessary. A
telephonic replay will be available through April 3, 2020, by
calling 877-481-4010 (919-882-2331 for international callers) and
entering the Conference ID #33431. 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 April 20, 2020. The webcast
also is available at the following
link:https://www.webcaster4.com/Webcast/Page/2228/33431
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 ability to continue generating positive
financial results; expectations that activity levels will remain
depressed in the near term; ability to increase fleet utilization,
optimize fleet deployment, increase efficiencies and take better
advantage of the Company’s expanded fleet and national leadership
position in frac water heating; and ability to de-lever the balance
sheet and take costs of our 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 Year Ended |
|
December 31, |
|
December 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
Production services |
$ |
3,465 |
|
|
$ |
3,454 |
|
|
$ |
14,704 |
|
|
$ |
14,538 |
|
Completion services |
|
4,612 |
|
|
|
9,816 |
|
|
|
28,322 |
|
|
|
28,222 |
|
|
|
8,077 |
|
|
|
13,270 |
|
|
|
43,026 |
|
|
|
42,760 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Production services |
|
3,581 |
|
|
|
2,986 |
|
|
|
13,575 |
|
|
|
12,864 |
|
Completion services |
|
4,208 |
|
|
|
7,089 |
|
|
|
21,032 |
|
|
|
20,614 |
|
Sales, general and administrative expenses |
|
1,373 |
|
|
|
1,470 |
|
|
|
6,153 |
|
|
|
5,193 |
|
Patent litigation and defense costs |
|
- |
|
|
|
3 |
|
|
|
10 |
|
|
|
80 |
|
Severance and Transition Costs |
|
- |
|
|
|
- |
|
|
|
83 |
|
|
|
633 |
|
Gain (Loss) on disposals of equipment |
|
(78 |
) |
|
|
(90 |
) |
|
|
(73 |
) |
|
|
(104 |
) |
Impairment loss |
|
- |
|
|
|
- |
|
|
|
127 |
|
|
|
- |
|
Depreciation and amortization |
|
1,447 |
|
|
|
1,268 |
|
|
|
5,692 |
|
|
|
4,871 |
|
Total operating expenses |
|
10,531 |
|
|
|
12,726 |
|
|
|
46,599 |
|
|
|
44,151 |
|
|
|
|
|
|
|
|
|
(Loss) Income from Operations |
|
(2,454 |
) |
|
|
544 |
|
|
|
(3,573 |
) |
|
|
(1,391 |
) |
|
|
|
|
|
|
|
|
Other (expense) income |
|
|
|
|
|
|
|
Interest expense |
|
(570 |
) |
|
|
(746 |
) |
|
|
(2,805 |
) |
|
|
(2,228 |
) |
Gain on settlement |
|
- |
|
|
|
- |
|
|
|
1,252 |
|
|
|
Other income (expense) |
|
21 |
|
|
|
61 |
|
|
|
(162 |
) |
|
|
(407 |
) |
Total other expense |
|
(549 |
) |
|
|
(685 |
) |
|
|
(1,715 |
) |
|
|
(2,635 |
) |
|
|
|
|
|
|
|
|
(Loss) income from continuing operations Before Tax Expense |
|
(3,003 |
) |
|
|
(141 |
) |
|
|
(5,288 |
) |
|
|
(4,026 |
) |
Income tax (expense) benefit |
|
- |
|
|
|
- |
|
|
|
(32 |
) |
|
|
(32 |
) |
Income from continuing operations |
$ |
(3,003 |
) |
|
$ |
(141 |
) |
|
$ |
(5,320 |
) |
|
$ |
(4,058 |
) |
Discontinued operations |
|
|
|
|
|
|
|
Loss from operations of discontinued operations |
|
(340 |
) |
|
|
(376 |
) |
|
|
(2,332 |
) |
|
|
(1,807 |
) |
Income tax benefit |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Loss on discontinued operations |
|
(340 |
) |
|
|
(376 |
) |
|
|
(2,332 |
) |
|
|
(1,807 |
) |
Net (loss) income |
$ |
(3,343 |
) |
|
$ |
(517 |
) |
|
$ |
(7,652 |
) |
|
$ |
(5,865 |
) |
|
|
|
|
|
|
|
|
(Loss) earnings from continuing operations per Common Share -
Basic |
$ |
(0.05 |
) |
|
$ |
- |
|
|
$ |
(0.10 |
) |
|
$ |
(0.08 |
) |
Loss from discontinued operations per Common Share - Basic |
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
(0 |
) |
|
|
(0.03 |
) |
Net loss per share - basic |
$ |
(0.06 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
(Loss) earnings from continuing operations per Common Share -
Diluted |
$ |
(0.06 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.10 |
) |
Loss from discontinued operations per Common Share - Diluted |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.01 |
) |
Net loss per share - diluted |
$ |
(0.06 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
Basic weighted average number of common shares outstanding |
$ |
55,479 |
|
|
$ |
54,243 |
|
|
$ |
55,071 |
|
|
$ |
52,865 |
|
Add: Dilutive shares assuming exercise of options and warrants |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Diluted weighted average number of common shares outstanding |
$ |
55,479 |
|
|
$ |
54,243 |
|
|
$ |
55,071 |
|
|
$ |
52,865 |
|
|
|
|
|
|
|
|
|
ENSERVCO CORPORATION AND SUBSIDIARIES |
Calculation of Adjusted EBITDA * |
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Year Ended |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
EBITDA* |
|
|
|
|
|
|
|
|
Net (loss)
income |
$ |
(3,343 |
) |
|
$ |
(517 |
) |
|
$ |
(7,652 |
) |
|
$ |
(5,865 |
) |
|
Add Back
(Deduct) |
|
|
|
|
|
|
|
|
|
Interest
Expense |
|
573 |
|
|
|
746 |
|
|
|
2,808 |
|
|
|
2,228 |
|
|
|
Provision for
income tax expense |
|
- |
|
|
|
- |
|
|
|
32 |
|
|
|
32 |
|
|
|
Depreciation and
amortization |
|
1,748 |
|
|
|
1,595 |
|
|
|
6,870 |
|
|
|
6,264 |
|
|
EBITDA* |
|
(1,022 |
) |
|
|
1,824 |
|
|
|
2,058 |
|
|
|
2,659 |
|
|
Add Back
(Deduct) |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
54 |
|
|
|
102 |
|
|
|
275 |
|
|
|
393 |
|
|
|
|
Severance and Transition Costs |
|
- |
|
|
|
- |
|
|
|
83 |
|
|
|
633 |
|
|
|
|
Patent Litigation and defense costs |
|
- |
|
|
|
3 |
|
|
|
10 |
|
|
|
80 |
|
|
|
|
Impairment loss |
|
- |
|
|
|
130 |
|
|
|
127 |
|
|
|
130 |
|
|
|
|
Acquisition-related expenses |
|
- |
|
|
|
186 |
|
|
|
- |
|
|
|
224 |
|
|
|
|
Gain on settlement |
|
- |
|
|
|
- |
|
|
|
(1,252 |
) |
|
|
- |
|
|
|
|
One-time software expense |
|
64 |
|
|
|
- |
|
|
|
64 |
|
|
|
- |
|
|
|
|
Adler consolidation |
|
- |
|
|
|
- |
|
|
|
156 |
|
|
|
- |
|
|
|
|
Other (income) expense |
|
(22 |
) |
|
|
(61 |
) |
|
|
153 |
|
|
|
407 |
|
|
|
|
Gain on disposal of assets |
|
(78 |
) |
|
|
(184 |
) |
|
|
(80 |
) |
|
|
(237 |
) |
|
|
|
EBITDA related to discontinued operations |
|
1,172 |
|
|
|
12 |
|
|
|
1,172 |
|
|
|
416 |
|
|
Adjusted
EBITDA* |
$ |
168 |
|
|
$ |
2,012 |
|
|
$ |
2,766 |
|
|
$ |
4,705 |
|
|
|
|
*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. |
|
|
|
|
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|
ENSERVCO CORPORATION |
Condensed Consolidated Balance Sheets |
(In thousands) |
|
|
|
|
|
Dec 31, |
|
December 31, |
ASSETS |
2019 |
|
2018 |
|
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
$ |
663 |
|
|
$ |
257 |
|
Accounts receivable, net |
|
6,424 |
|
|
|
9,848 |
|
Prepaid expenses and other current assets |
|
1,016 |
|
|
|
1,043 |
|
Inventories |
|
398 |
|
|
|
514 |
|
Income tax receivable, current |
|
43 |
|
|
|
85 |
|
Current assets of discontinued operations |
|
187 |
|
|
|
1,783 |
|
Total current assets |
|
8,731 |
|
|
|
13,530 |
|
|
|
|
|
Property and equipment, net |
|
26,620 |
|
|
|
30,858 |
|
Goodwill |
|
546 |
|
|
|
546 |
|
Intangible assets, net |
|
828 |
|
|
|
1,033 |
|
Income taxes receivable, noncurrent |
|
14 |
|
|
|
28 |
|
Right-of-use asset - financing, net |
|
569 |
|
|
|
0 |
|
Right-of-use asset - operating, net |
|
3,793 |
|
|
|
0 |
|
Other assets |
|
445 |
|
|
|
650 |
|
Non-current assets of discontinued operations |
|
1,430 |
|
|
|
2,376 |
|
TOTAL ASSETS |
$ |
42,976 |
|
|
$ |
49,021 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current Liabilities |
|
|
|
Accounts payable and accrued liabilities |
$ |
4,470 |
|
|
$ |
3,094 |
|
Senior revolving credit facility |
|
33,994 |
|
|
|
- |
|
Note Payable |
|
- |
|
|
|
3,868 |
|
Lease liability - financing, current |
|
207 |
|
|
|
- |
|
Lease liability - operating, current |
|
848 |
|
|
|
- |
|
Current portion of long-term debt |
|
147 |
|
|
|
149 |
|
Current liabilities of discontinued operations |
|
72 |
|
|
|
341 |
|
Total current liabilities |
|
39,738 |
|
|
|
7,452 |
|
|
|
|
|
Long-Term Liabilities |
|
|
|
Senior revolving credit facility |
|
- |
|
|
|
33,882 |
|
Subordinated debt |
|
2,381 |
|
|
|
1,832 |
|
Long-term debt, less current portion |
|
198 |
|
|
|
312 |
|
Lease liability - Financing |
|
259 |
|
|
|
- |
|
Lease liability - Operating |
|
3,009 |
|
|
|
- |
|
Other liability |
|
33 |
|
|
|
941 |
|
Long-term liability of discontinued operations |
|
34 |
|
|
|
- |
|
Total long-term liabilities |
|
5,914 |
|
|
|
36,967 |
|
Total liabilities |
|
45,652 |
|
|
|
44,419 |
|
|
|
|
|
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,
55,642,829 and PY shares issued, respectively; 103,600 shares of
treasury stock; and 55,539,229 and PY shares outstanding,
respectively |
|
278 |
|
|
|
271 |
|
Additional paid-in capital |
|
22,066 |
|
|
|
21,797 |
|
Accumulated (deficit) earnings |
|
(25,020 |
) |
|
|
(17,466 |
) |
Total stockholders' equity |
|
(2,676 |
) |
|
|
4,602 |
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
42,976 |
|
|
$ |
49,021 |
|
|
|
|
|
ENSERVCO CORPORATION |
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) |
|
|
|
|
|
For the Year Ended |
|
December 31, |
|
2019 |
|
2018 |
OPERATING ACTIVITIES |
|
|
|
Net Income (loss) |
$ |
(7,652 |
) |
|
$ |
(5,865 |
) |
Net Loss from discontinued operations |
|
(2,332 |
) |
|
|
(1,807 |
) |
Net Loss from continuing operations |
|
(5,320 |
) |
|
|
(4,058 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities |
|
|
|
Depreciation and amortization |
|
5,692 |
|
|
|
4,871 |
|
(Gain) loss on disposal of equipment |
|
(73 |
) |
|
|
(104 |
) |
Impairment on Dillco |
|
127 |
|
|
|
Gain on Adler settlement |
|
(1,252 |
) |
|
|
Change in fair value of warrant |
|
- |
|
|
|
540 |
|
Deferred income taxes |
|
- |
|
|
|
- |
|
Stock-based compensation |
|
275 |
|
|
|
393 |
|
Amortization of debt issuance costs and discounts |
|
321 |
|
|
|
297 |
|
Lease termination expense |
|
62 |
|
|
|
Provision for bad debt expense |
|
160 |
|
|
|
31 |
|
Changes in operating assets and liabilities |
|
|
|
- |
|
Accounts receivable |
|
3,257 |
|
|
|
988 |
|
Inventories |
|
116 |
|
|
|
38 |
|
Prepaid expense and other current assets |
|
17 |
|
|
|
1,079 |
|
Income taxes receivable |
|
43 |
|
|
|
(28 |
) |
Amortization of operating lease assets |
|
736 |
|
|
|
Other assets |
|
274 |
|
|
|
(120 |
) |
Accounts payable and accrued liabilities |
|
1,328 |
|
|
|
(2,806 |
) |
Income taxes payable |
|
- |
|
|
|
- |
|
Operating lease liabilities |
|
(727 |
) |
|
|
- |
|
Other liabilities |
|
44 |
|
|
|
25 |
|
Net cash provided by (used in) operating activities - continuing
operations |
|
5,080 |
|
|
|
1,146 |
|
Net cash provided by (used in) operating activities - discontinued
operations |
|
(613 |
) |
|
|
190 |
|
Net cash provided by (used in) operating activities |
|
4,467 |
|
|
|
1,336 |
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
Acquisition of Adler |
|
- |
|
|
|
(6,164 |
) |
Purchases of property and equipment |
|
(1,191 |
) |
|
|
(1,058 |
) |
Proceeds from insurance claims |
|
49 |
|
|
|
122 |
|
Proceeds from disposal of equipment |
|
284 |
|
|
|
578 |
|
Net cash used in investing activities - continuing operations |
|
(858 |
) |
|
|
(6,522 |
) |
Net cash used in investing activities - discontinued
operations |
|
400 |
|
|
|
(752 |
) |
Net cash used in investing activities |
|
(458 |
) |
|
|
(7,274 |
) |
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
Stock issuance costs and registration fees |
|
|
|
- |
|
Net line of credit (payments) borrowings |
|
61 |
|
|
|
6,728 |
|
Proceeds from issuance of long-term debt |
|
500 |
|
|
|
- |
|
Repayment of Note |
|
(3,700 |
) |
|
|
(800 |
) |
Repayment of long-term debt |
|
(115 |
) |
|
|
(93 |
) |
Payments of finance leases |
|
(326 |
) |
|
|
Other financing |
|
(1 |
) |
|
|
(31 |
) |
Net Cash provided by (used in) financing activities - continuing
operations |
|
(3,581 |
) |
|
|
5,804 |
|
Net Cash provided by (used in) financing activities - discontinued
operations |
|
(22 |
) |
|
|
Net Cash provided by (used in) financing activities - discontinued
operations |
|
(3,603 |
) |
|
|
|
|
|
|
Increase Decrease in Cash Flows |
|
406 |
|
|
|
(134 |
) |
|
|
|
|
Beginning Cash |
|
257 |
|
|
|
391 |
|
|
|
|
|
Ending Cash |
$ |
663 |
|
|
$ |
257 |
|
|
|
- |
|
|
|
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