$1.7 MILLION OPERATING INCOME, FIRST IN 4 YEARS - LARGEST EVER
CONFERENCE CALL SCHEDULED FOR SEPTEMBER 30, 2009 AT 4:15 P.M. ET
FT. LAUDERDALE, Fla., Sept. 28 /PRNewswire-FirstCall/ -- SMF ENERGY
CORPORATION, (NASDAQ:FUEL) (the "Company"), a leading energy
logistics company providing efficient, just in time distribution of
petroleum products and chemicals, today announced its results for
the fiscal year and fourth quarter ended June 30, 2009. SELECTED
FINANCIAL DATA: In Thousands (except for debt/equity ratio data)
Fiscal Fiscal 2009 2008 Variance % Shareholders' equity $6,529
$3,052 $3,477 114% Total debt $13,645 $28,583 $(14,938) -52%
Debt/equity ratio 2.1 9.4 (7.3) -78% Operating income (loss) $1,685
$(1,969) $3,654 NA Net loss $(2,339) $(6,769) $4,430 65% ADJUSTED
NET LOSS (1, 2) $(688) $(6,769) $6,081 90% EBITDA (1) $4,530 $1,240
$3,290 265% (1) A non-GAAP measure. (2) Before the $1.7 million
non-cash FAS 84 "conversion inducement" accounting charge for the
common stock issued related to the extinguishment of convertible
debt in the June 2009 Recapitalization. Richard E. Gathright,
Chairman, Chief Executive Officer and President, commented: "The
fiscal year 2009 presented extraordinary challenges which we met
decisively. As a result, we recorded our best financial performance
in the Company's history during the depth of the worst recession
since the Great Depression. We posted a record EBITDA of more than
$4.5 million which was a $3.3 million or 265% improvement over the
prior fiscal year. We also posted our highest operating income ever
of $1.7 million which was a dramatic turnaround of $3.7 million
over last year's operating loss of $2.0 million. Excluding the $1.7
million FAS 84 accounting charge incurred in connection with our
$40 million Recapitalization, our adjusted net loss was $688,000, a
reduction of $6 million or 90% from fiscal 2008." "Fiscal 2009
concluded with the complex $40 million Recapitalization of all of
our debt and equity securities. This event tremendously
strengthened our balance sheet and financial position by
immediately lowering our total debt by $4.5 million and reducing
our total debt between fiscal 2008 and 2009 by $15 million or 52%;
increasing shareholders' equity by $4.1 million and reducing our
debt to equity ratio from approximately 9 to 1 to 2 to 1 over the
prior year. The Recapitalization extinguished all of our maturing
debt while providing us with a new 5 year term loan and a minimum 3
year bank line of credit, both of which carry highly competitive
lower interest rates. We estimate that the Recapitalization will
reduce our annual cash interest and dividends cash usage by over
$1.0 million." "As we look ahead into the first quarter of fiscal
2010, we can confirm the continuation of the financial improvement
trend achieved during the 5 prior quarters. This performance is on
the backdrop of an intensified marketing program, which is showing
strong results in the current recession, and a weakened competitive
environment. We believe that our efforts continue to solidify SMF
as the supplier of choice throughout our expanding distribution
network. Our new ERP system continues to provide exceptional
opportunities for efficiency improvements in our field and back
office operations, while enhanced management reporting is providing
greater insight into customer needs, logistics and profitability."
"Beginning this coming Thursday, October 1, 2009, our stock will
trade on a split basis of 1 for 4.5 shares. The purpose of this
action is to preserve our Nasdaq listing. We are confident that,
after the reverse split, our stock will trade above the Nasdaq
minimum bid price for the required 10 day trading period, which
will end on October 15, 2009, as our strong fundamentals should
support a much higher valuation of our stock. Currently, the market
capitalization is less than 3 times fiscal 2009's EBITDA of $4.5
million. While we are hopeful that 2010 brings a recovering
economy, the more than $1.0 million in interest savings and
non-recurring non-cash accounting charges associated with the
Recapitalization should yield an increase of $4.4 million in income
attributable to common shareholders. Minimally, if investors
evaluate SMF at 5 times this past fiscal year's EBITDA, our market
capitalization would almost double from its present level. Our $4.5
million of EBITDA for fiscal 2009 was $1.8 million, or 64% higher
than our fixed charges of $2.7 million for servicing debt and
equity securities plus capital expenditures. We believe that this
cash contribution will increase to a level that will be almost 100%
higher than our fixed charges in fiscal 2010 due to the
Recapitalization cash interest and dividend savings." "We expect to
build fiscal 2010 on the record performance achieved in 2009 which
was accomplished in spite of the current recession and on the
financial strength gained by our Recapitalization. We intend to
capture the opportunities before us, including continued efficiency
improvements, solid organic growth and selective acquisitions."
Highlights of Fiscal Year 2009 vs. Fiscal Year 2008 During fiscal
2009 and fiscal 2008, we reported the following operating income,
bottom line and EBITDA results (in thousands): Fiscal Fiscal % 2009
2008 Change Change Operating income (loss) $1 ,685 $(1,969) $3,654
N/A Net loss $(2,339) $(6,769) $4,430 65% Less: Non-cash FAS 84
Inducement on Extinguishment 1,651 - 1,651 N/A Adjusted net loss
before non-cash FAS 84 inducement $(688) $(6,769) $6,081 90% EBITDA
- Non GAAP Measure (reconciliation below) $4,530 $1,240 $3,290 265%
Operating income was $1.7 million in fiscal 2009 compared to
operating loss of $2.0 million in fiscal 2008, a $3.7 million
improvement year over year. Net loss was $2.3 million in fiscal
2009, compared to $6.8 million in fiscal 2008, an improvement of
$4.4 million or 65%. The net loss in fiscal 2009 includes a $1.7
million non-cash FAS 84 inducement on extinguishment of convertible
Notes as a result of the June 29, 2009 Recapitalization. Excluding
this charge, the adjusted net loss before non-cash FAS 84
inducement, a non-GAAP measure, was $688,000, a $6.1 million
improvement or 90% over prior year. Our reported basic and diluted
loss per share attributable to common shareholders was a $0.31 loss
per share compared to $0.49 loss per share in the prior year.
Excluding the effect of the Recapitalization, which included the
$1.7 million non-cash FAS 84 inducement charge mentioned above and
a $1.7 million deemed dividend which does not affect the
Consolidated Statements of Operations but is included in the
calculation of net loss attributable to common shareholders, an
adjusted basic and diluted loss per share attributable to common
shareholders, a non-GAAP measure, would have been a $0.08 loss per
share this year. These non-GAAP calculations are meaningful to the
investor as they exclude the non-cash FAS 84 inducement charge and
deemed dividends which are strictly related to the Recapitalization
and not to the ongoing performance of the operations. EBITDA, also
a non-GAAP measure, was $4.5 million in fiscal 2009 compared to
$1.2 million in fiscal 2008, an increase of $3.3 million or
approximately 265% improvement. Net margin per gallon increased to
25.8 cents for the fiscal year 2009 compared to 19.4 cents in the
prior year's period. While we believe that the application of FAS
84 does not reflect the economic substance of the value exchanged
in this portion of the Recapitalization transaction, we have
reported the required non-cash charge for the difference between
the number of common shares issued compared to the common shares
that would have been issued under the original terms of the
convertible debt instrument times the market price. The fiscal year
2009 and 2008 are compared as follows: -- Revenues were $199.2
million in fiscal 2009 compared to $260.7 million in fiscal 2008, a
decrease of $61.5 million, or 24%, primarily as a result of price
variances, which resulted in a decrease in revenues of $43.9
million due to lower market prices of petroleum products during
fiscal 2009, as compared to fiscal 2008. Overall, during fiscal
2009, market fuel prices were approximately 28% lower compared to
the same period a year ago. (Fuel price decreases are as disclosed
by the Energy Information Administration for spot prices for
low-sulfur No. 2 Diesel Fuel in the U.S. Gulf Coast.) As the result
of the rapid contraction of the economy during the first half of
fiscal 2009, we saw a dramatic and significant overall decrease in
volume demand from our existing customers beginning in November
2008. Accordingly, notwithstanding our addition of new customers
during the year, the overall reduction in gallons sold was 6.0
million gallons, or 8%, during fiscal 2009 compared to the previous
fiscal year. Towards the end of fiscal 2009, we began to see some
stabilization in the demand for our services from existing
customers with our volumes remaining at similar levels during the
last three quarters. -- The net loss was $2.3 million in fiscal
2009, compared to $6.8 million in fiscal 2008, a reduction of 65%.
The net loss in fiscal 2009 includes a $1.7 million non-cash FAS 84
inducement on extinguishment charge as discussed above. Excluding
this charge, the $6.1 million, or 90% improvement over prior year
was primarily due to an increase of $3.5 million in gross profit,
which stemmed from an overall higher net margin per gallon,
including higher margin contributions from emergency response
services performed during the first quarter of the fiscal year,
efficiencies derived from our ERP system, and a variety of cost
cutting measures implemented this fiscal year in response to
decreases in customer demand. Additionally, interest expense was
$577,000 lower this year due to a combination of lower debt
balances and lower interest rates. The net loss in fiscal 2008
included a loss on extinguishment of debt of $1.7 million arising
from the August 2007 refinancing of various outstanding promissory
notes with new senior secured convertible subordinated notes and
the conversion of debt into preferred stock. -- EBITDA (a non-GAAP
measure) was $4.5 million in fiscal 2009 compared to $1.2 million
in fiscal 2008, an increase of $3.3 million or approximately 265%
improvement. The increase in EBITDA was due to the increase in
gross profit of $3.5 million due to higher net margin per gallon
for the period, including the incremental margin contribution from
the emergency response services. -- Net margin per gallon increased
to 25.8 cents in the fiscal 2009 from 19.4 cents in the prior year
as a result of emphasis on higher margin business, improved
efficiencies related to route structure consolidation and
productivity, and from the emergency response services provided for
hurricanes Gustav and Ike during the first quarter this fiscal
year. -- In addition to the $1.7 million FAS 84 non-cash charge,
the net loss for fiscal 2009 reflects other non-cash charges of
$3.4 million, such as depreciation and amortization of assets, debt
costs, debt discounts, stock-based compensation, and provision for
doubtful accounts. The net loss also reflects stated rate interest
expense associated with servicing of our debt of $2.1 million
(which expense is expected to be reduced by more than $1 million in
the upcoming fiscal year as a result of the June 2009
Recapitalization), legal expenses of $950,000 and public company
costs of $864,000. Non-cash FAS 84 Inducement on Extinguishment of
Convertible Notes The Company understands that the accounting
interpretation of FAS 84 is that an inducement occurs any time
additional shares are issued in the extinguishment of convertible
debt regardless of the absence of an economic loss or intent of the
parties to the transaction. As a result, the application of FAS 84
to the exchange of existing convertible debt securities for common
stock resulted in the recording of a non-cash "inducement"
accounting charge of $1.7 million, which was a calculation of the
difference between the 2,118,201 common shares that would have been
issuable to the applicable note holder under the original
conversion rights that existed in the convertible Notes and the
6,580,657 common shares exchanged at $0.38 cents upon the
extinguishment. Highlights of Fourth Quarter Fiscal Year 2009 vs.
Fourth Quarter Fiscal Year 2008 During the three months ended June
30, 2009 ("Fourth Quarter 2009") and the three months ended June
30, 2008 ("Fourth Quarter 2008"), we reported the following
operating income, bottom line and EBITDA results: (in thousands):
4th 4th Quarter Quarter % 2009 2008 Change Change Operating Income
$138 $445 $(307) (69)% Net loss $(1,948) $(366) $(1,582) (432)%
Less: Non-cash FAS 84 Inducement on extinguishment 1,651 - 1,651
N/A Adjusted net loss before non-cash FAS 84 inducement $(297)
$(366) $69 19% EBITDA - Non GAAP Measure - Reconciliation below
$876 $1,154 $(278) (24)% Notwithstanding the stabilization of the
business in the last six months, when compared to the prior year,
the quarterly comparisons reflect the severe contraction of the
economy that started in November 2008, during our second quarter of
fiscal 2009, affecting the volume demand from our existing
customers. Operating income for the fourth quarter of fiscal 2009
was $138,000, a decrease of $307,000 over the same period in the
prior year. The reported net loss during the fourth quarter of
fiscal 2009 was $1.9 million. The net loss excluding the $1.7
million non-cash FAS 84 inducement on extinguishment of convertible
notes, was $297,000 which is an improvement of 19% compared to the
net loss of $366,000 in the same period the prior year. EBITDA of
$876,000 for the fourth quarter of fiscal year 2009 decreased
$278,000 or approximately 24% when compared to the $1.2 million in
EBITDA reported in the prior year. Net margin decreased to 22.7
cents in the fourth quarter of fiscal 2009 compared to 24.2 cents
for the same period last year. The fourth quarter fiscal year 2009
and the fourth quarter fiscal year 2008 are compared as follows: --
Revenues were $39.9 million in the fourth quarter of fiscal 2009, a
decrease of $42.1 million, or a 51% decrease from $82.0 million in
the same period in fiscal 2008. The decrease consists primarily of
a $36.6 million decrease due to price variances as market fuel
prices have decreased approximately $2.08 per gallon in the fourth
quarter of fiscal 2009 compared to the prior year. Additionally,
revenues decreased $5.5 million due to a 12% reduction in gallons
sold compared to the same period in the prior year. The decrease in
gallons is the result of the severe contraction of the economy,
which as mentioned above while we were impacted starting in the
second quarter of this fiscal year; we have seen a stabilization of
our volumes in the last six months. (Fuel price decreases are as
disclosed by the Energy Information Administration for spot prices
for low-sulfur No. 2 Diesel Fuel in the U.S. Gulf Coast.) -- The
GAAP reported net loss for the fourth quarter of fiscal 2009 was
$1.9 million. The net loss excluding the $1.7 million non-cash FAS
84 conversion inducement on extinguishment of convertible notes,
was $297,000, an improvement of 19% compared to the net loss of
$366,000 in the prior year. The improvement was primarily
attributable to the lower selling, general and administrative
expenses of $444,000 and lower interest expense of $175,000, offset
by a lower gross profit of $751,000 resulting from the 1.5 cents
decrease in net margin per gallon. Net margin per gallon decreased
to 22.7 cents in the fourth quarter of fiscal 2009 from 24.2 cents
in the prior year, a decrease of 1.5 cents. -- EBITDA of $876,000
for the fourth quarter of fiscal year 2009 decreased $278,000 or
24% when compared to the $1.2 million in EBITDA reported in the
prior year. This as mentioned before was the result of the rapid
contraction of the national economy and its impact on our customer
base. Highlights of Results for Quarterly Periods ending June 30,
2009 thru September 30, 2007 The following table portrays the
financial trends for the Company's eight most recent quarters: All
amounts in thousands of dollars, except net margin per gallon For
the three months ended June 30, March 31, Dec 31, Sept 30, 2009
2009 2008 2008 Revenues $39,884 $34,982 $45,112 $79,271 Gross
profit $3,539 $3,790 $3,292 $5,819 Selling, general and
administrative $3,401 $3,455 $3,267 $4,632 Operating income (loss)
$138 $335 $25 $1,187 Interest expense and other income, net $(454)
$(570) $(677) $(667) Non-cash FAS 84 inducement on extinguishment
$(1,651) $- $- $- Gain (loss) on extinguishment of promissory notes
$27 $ - $ - $ - Net income (loss) $(1,948) $(243) $(660) $512
Non-cash FAS 84 inducement on extinguishment $1,651 $- $- $-
Adjusted net income (loss) (3) $(297) $(243) $(660) $512 EBITDA (1)
$876 $974 $690 $1,990 Net margin $3,795 $4,027 $3,534 $6,161 Net
margin per gallon (2) $0.23 $0.25 $0.21 $0.33 Gallons sold 16,709
16,041 16,602 18,550 For the three months ended June 30, March 31,
Dec 31, Sept 30, 2008 2008 2007 2007 Revenues $82,036 $64,162
$58,994 $55,497 Gross profit $4,290 $2,875 $2,565 $3,182 Selling,
general and administrative $3,845 $3,445 $3,788 $3,803 Operating
income (loss) $445 $(570) $(1,223) $(621) Interest expense and
other income, net $(811) $(720) $(763) $(757) Non-cash FAS 84
inducement on extinguishment $- $- $- $- Gain (loss) on
extinguishment of promissory notes $ - $(108) $- $(1,641) Net
income (loss) $(366) $(1,398) $(1,986) $(3,019) Non-cash FAS 84
inducement on extinguishment $- $- $- $- Adjusted net income (loss)
(3) $(366) $(1,398) $(1,986) $(3,019) EBITDA (1) $1,154 $277 $(387)
$196 Net margin $4,611 $3,228 $2,945 $3,569 Net margin per gallon
(2) $0.24 $0.18 $0.16 $0.19 Gallons sold 19,024 18,102 18,050
18,695 1 EBITDA is defined as earnings before interest, taxes,
depreciation and, amortization expense, a non-GAAP financial
measure within the meaning of Regulation G promulgated by the
Securities and Exchange Commission. To the extent that gain or loss
and the non-cash FAS 84 inducement on extinguishment of promissory
notes constitutes the recognition of previously deferred interest
or finance cost, it is considered interest expense for the
calculation of certain interest expense amounts. We believe that
EBITDA provides useful information to investors because it excludes
transactions not related to the core cash operating business
activities. We believe that excluding these transactions allows
investors to meaningfully trend and analyze the performance of our
core cash operations. 2 Net margin per gallon is calculated by
adding gross profit to the cost of sales depreciation and
amortization and dividing that sum by the number of gallons sold. 3
Adjusted net income (loss) is shown to provide the reader of the
true economic performance of the Company before the impact of a
technical non-economic substantive accounting treatment charge of
$1.7 million. We believe that this is a meaningful non-GAAP
representation of the ongoing performance of the operations
excluding the effect of a charge that was strictly related to the
Recapitalization. EBITDA (Non-GAAP measure) Reconciliation to the
Net income (loss) For Quarterly periods ending June 30, 2009 thru
September 30, 2007 All amounts in thousands of dollars For the
three months ended June 30, March 31, Dec 31, Sept 30, 2009 2009
2008 2008 Net income (loss) $(1,948) $(243) $(660) $512 Add back:
Interest expense, net 545 575 680 683 Income tax expense 8 8 8 8
Depreciation and amortization expense: Cost of sales 254 239 242
342 Selling, general and administrative expenses 344 334 342 341
Stock-based compensation Expense 49 61 78 104 Non-cash FAS 84
inducement on extinguishment 1,651 - - - (Gain) loss on
extinguishment of convertible notes (27) - - - EBITDA (1) $876 $974
$690 $1,990 For the three months ended June 30, March 31, Dec 31,
Sept 30, 2008 2008 2007 2007 Net income (loss) $(366) $(1,398)
$(1,986) $(3,019) Add back: Interest expense, net 720 780 782 778
Income tax expense - - - - Depreciation and amortization expense:
Cost of sales 321 353 380 388 Selling, general and administrative
expenses 357 311 304 282 Stock-based compensation Expense 122 123
133 126 Non-cash FAS 84 inducement on extinguishment - - - - (Gain)
loss on extinguishment of convertible notes - 108 - 1,641 EBITDA
(1) $1,154 $277 $(387) $196 1 EBITDA is defined as earnings before
interest, taxes, depreciation, amortization, and is a non-GAAP
financial measure within the meaning of Regulation G promulgated by
the Securities and Exchange Commission. To the extent that gain or
loss and the non-cash FAS 84 inducement on extinguishment of
promissory notes on extinguishment of debt constitutes the
recognition of previously deferred interest or finance cost, it is
considered interest expense for the calculation of certain interest
expense amounts. We believe that EBITDA provides useful information
to investors because it excludes transactions not related to the
core cash operating business activities. We believe that excluding
these transactions allows investors to meaningfully trend and
analyze the performance of our core cash operations. Reconciliation
of Adjusted net loss attributable to common shareholders (Non-GAAP
Measure) The following table reconciles basic and diluted net loss
per share attributable to common shareholders excluding non-cash
deemed dividends and FAS 84 inducement on extinguishment of
convertible debt for fiscal 2009 and fiscal 2008: Fiscal 2009
Fiscal 2008 Change % Change Net loss $(2,339) $(6,769) $4,430 65%
Preferred stock dividends (577) (249) (328) (132%) Non-cash deemed
dividends for preferred stock Series A, B and C redemption to
common stock (1,746) - (1,746) N/A Net loss attributable to common
shareholders $(4,662) $(7,018) $2,356 34% Less: Non-cash deemed
dividends for preferred stock Series A, B and C redemption to
common stock 1,746 - 1,746 N/A Less: Non-cash FAS 84 Inducement on
extinguishment 1,651 - 1,651 N/A Adjusted net loss attributable to
common shareholders (1) $(1,265) $(7,018) $5,753 82% Adjusted basic
and diluted net loss per share attributable to common shareholders
excluding non-cash FAS 84 inducement and deemed dividends on
extinguishment of convertible notes and preferred shares (1)
$(0.08) $(0.49) $0.41 84% Basic and diluted net loss per share
attributable to common shareholders $(0.31) $(0.49) $0.18 37% Basic
and diluted weighted average common shares outstanding 15,097
14,467 630 4% (1) Adjusted net loss attributable to common
shareholders and adjusted basic and diluted net loss per share
attributable to common shareholders excluding non-cash FAS 84
inducement and deemed dividends is a non-GAAP measure that excludes
the effect of a charge and dividends that were strictly related to
the Recapitalization. We believe that excluding them in this
non-GAAP calculation provides a meaningful representation of the
ongoing performance of the operations of the Company. Selected
Income Statement and Financial Data The following tables present
comparative financial data for the periods noted: All amounts in
thousands of dollars, except per share, and net margin per gallon
Three Months Ended Fiscal Year Ended June 30, June 30, 2009 2008
2009 2008 Petroleum product sales and service revenues $34,470
$75,377 $177,054 $235,215 Petroleum product taxes 5,414 6,659
22,195 25,474 Total revenues 39,884 82,036 199,249 260,689 Cost of
petroleum product sales and service 30,931 71,087 160,614 222,303
Petroleum product taxes 5,414 6,659 22,195 25,474 Total cost of
sales 36,345 77,746 182,809 247,777 Gross profit 3,539 4,290 16,440
12,912 Selling, general and administrative expenses 3,401 3,845
14,755 14,881 Operating income (loss) 138 445 1,685 (1,969)
Interest expense (545) (720) (2,483) (3,060) Interest and other
income 91 (91) 115 9 Non-cash FAS 84 inducement on extinguishment
(1,651) - (1,651) - Gain/(loss) on extinguishment of convertible
notes 27 - 27 (1,749) Loss before income taxes (1,940) (366)
(2,307) (6,769) Income tax expense (8) - (32) - Net loss $(1,948)
$(366) $(2,339) $(6,769) Basic and diluted net loss per share
computation: Net loss $(1,948) $(366) $(2,339) $(6,769) Less:
Preferred stock dividends (125) (193) (577) (249) Less: Non-cash
deemed dividends for preferred stock Series A, B and C redemption
to common stock (1,746) - (1,746) - Net loss attributable to common
Shareholders $(3,819) $(559) $(4,662) $(7,018) Basic and diluted
net loss per share attributable to common shareholders $(0.24)
$(0.04) $(0.31) $(0.49) Basic and diluted weighted average common
shares outstanding 15,683 14,556 15,097 14,467 EBITDA (non-GAAP
measure) (1) $876 $1,154 $4,530 $1,240 Gallons sold 16,709 19,024
67,902 73,871 Net margin $3,795 $4,611 $17,517 $14,354 Net margin
per gallon (2) $0.23 $0.24 $0.26 $0.19 (1) EBITDA is defined as
earnings before interest, taxes, depreciation, amortization, and is
a non-GAAP financial measure within the meaning of Regulation G
promulgated by the Securities and Exchange Commission. To the
extent that gain or loss and the non-cash FAS 84 inducement on
extinguishment of promissory notes on extinguishment of debt
constitutes the recognition of previously deferred interest or
finance cost, it is considered interest expense for the calculation
of certain interest expense amounts. We believe that EBITDA
provides useful information to investors because it excludes
transactions not related to the core cash operating business
activities. We believe that excluding these transactions allows
investors to meaningfully trend and analyze the performance of our
core cash operations. (2) Net margin per gallon is calculated by
adding gross profit to the cost of sales depreciation and
amortization and dividing that sum by the number of gallons sold.
Reconciliation of Net loss to EBITDA (Non-GAAP Measure) All amounts
in thousands of dollars Fiscal Years Ended June 30, 2009 2008 Net
loss $(2,339) $(6,769) Add back: Interest expense 2,483 3,060
Income tax expense 32 - Depreciation and amortization expense: Cost
of sales 1,077 1,442 Selling, general and administrative expenses
1,361 1,254 Stock-based compensation amortization expense 292 504
Non-cash FAS 84 inducement on Extinguishment 1,651 - (Gain)loss on
extinguishment of convertible notes (27) 1,749 EBITDA (1) $4,530
$1,240 (1) EBITDA is defined as earnings before interest, taxes,
depreciation, amortization, and is a non-GAAP financial measure
within the meaning of Regulation G promulgated by the Securities
and Exchange Commission. To the extent that gain or loss and the
non-cash FAS 84 inducement on extinguishment of promissory notes on
extinguishment of debt constitutes the recognition of previously
deferred interest or finance cost, it is considered interest
expense for the calculation of certain interest expense amounts. We
believe that EBITDA provides useful information to investors
because it excludes transactions not related to the core cash
operating business activities. We believe that excluding these
transactions allows investors to meaningfully trend and analyze the
performance of our core cash operations. Condensed Consolidated
Balance Sheet All amounts in thousands of dollars June 30, 2009
June 30, 2008 ASSETS Current assets $18,732 $33,607 Property, plant
and equipment, net 8,569 10,276 Other assets, net 2,817 3,101
$30,118 $46,984 LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities $18,336 $34,648 Long-term debt, net and other
Liabilities 5,253 9,284 Stockholders' equity 6,529 3,052 $30,118
$46,984 CONFERENCE CALL Management will host a conference call on
Wednesday, September 30, 2009, at 4:15 P.M. Eastern Time ("ET") to
further discuss the results of the Company's fourth quarter and
fiscal year ended June 30, 2009. Interested parties can listen to
the call live on the Internet through the Company's Web site at
http://www.mobilefueling.com/ or by dialing 866-700-6293 (domestic)
or 617-213-8835 (international), using Pass Code 80654755.
Listeners should dial in to the call at least 5-10 minutes prior to
the start of the call or should go to the Web site at least 15
minutes prior to the call to download and install any necessary
audio software. The Web cast is also available through Thomson's
investor portals. Individual investors can listen to the call at
http://www.earnings.com/, Thomson/CCBN's individual investor
portal, powered by StreetEvents. Institutional investors can access
the call via Thomson's password-protected event management site,
StreetEvents (http://www.streetevents.com/). A telephone replay of
the conference call will be available from September 30, 2009, at
7:15 P.M. ET until midnight ET on October 7, 2009, by dialing
888-286-8010 (domestic) or 617-801-6888 (international), using Pass
Code 92085558. A web archive will be available for 30 days at
http://www.mobilefueling.com/. ABOUT SMF ENERGY CORPORATION
(NASDAQ:FUEL) The Company is a leading provider of petroleum
product distribution services, transportation logistics and
emergency response services to the trucking, manufacturing,
construction, shipping, utility, energy, chemical,
telecommunication and government services industries. The Company
provides its services and products through 31 locations in the 11
states of Alabama, California, Florida, Georgia, Louisiana, Nevada,
Mississippi, North Carolina, South Carolina, Tennessee and Texas.
The broad range of services the Company offers its customers
includes commercial mobile and bulk fueling; the packaging,
distribution and sale of lubricants and chemicals; integrated
out-sourced fuel management; transportation logistics and emergency
response services. The Company's fleet of custom specialized tank
wagons, tractor-trailer transports, box trucks and customized
flatbed vehicles delivers diesel fuel and gasoline to customers'
locations on a regularly scheduled or as needed basis, refueling
vehicles and equipment, re-supplying fixed-site and temporary bulk
storage tanks, and emergency power generation systems; and
distributes a wide variety of specialized petroleum products,
lubricants and chemicals to our customers. More information on the
Company is available at www.mobilefueling.com. FORWARD LOOKING
STATEMENTS This press release includes "forward-looking statements"
within the meaning of the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. For example, predictions
or statements of belief or expectation concerning the future
performance of the Company, the future trading prices of the
Company's common stock and the potential for further growth of the
Company are all "forward looking statements" which should not be
relied upon. Such forward-looking statements are based on the
current beliefs of the Company and its management based on
information known to them at this time. Because these statements
depend on various assumptions as to future events, they should not
be relied on by shareholders or other persons in evaluating the
Company. Although management believes that the assumptions
reflected in such forward-looking statements are reasonable, actual
results could differ materially from those projected. In addition,
there are numerous risks and uncertainties that could cause actual
results to differ from those anticipated by the Company, including
but not limited to those cited in the "Risk Factors" section of the
Company's Form 10-K for the year ended June 30, 2009. Contact:
Robert W. Beard Senior Vice President and Investor Relations
Officer 954-308-4200 DATASOURCE: SMF Energy Corporation CONTACT:
Robert W. Beard, Senior Vice President and Investor Relations
Officer, SMF Energy Corporation, +1-954-308-4200 Web Site:
http://www.mobilefueling.com/
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