FT. LAUDERDALE, Fla., Feb. 17 /PRNewswire-FirstCall/ -- SMF ENERGY
CORPORATION, (the "Company"), a leading mobile fueling and energy
logistics company providing efficient, just in time distribution of
petroleum products and chemicals, today announced its financial
results for the three and six-months ended December 31, 2009.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20090513/SMFENERGYCORPLOGO )
During the second quarter of fiscal 2010, the Company reported
quarter over quarter improvements in its financial results,
including quarterly operating income of $708,000 and net income of
$445,000, versus $25,000 operating income and a net loss of
$660,000 in the same period last year. Richard E. Gathright,
Chairman, Chief Executive Officer and President, commented: "We are
pleased to report continued improvement in our financial results
with a $1.1 million increase in net income in the second quarter of
fiscal 2010 versus last year. While these results included a net
$748,000 recovery in the current quarter of legal and professional
fees from the settlement of the three year FAS litigation, there
was a comparable non-recurring benefit a year ago, based on a one
time cost reduction of $490,000 resulting from the elimination of
certain personnel benefits reported in the same period last year.
After accounting for the approximately $258,000 net impact of these
two non-recurring items, we achieved an $847,000 year to year
improvement in net income in this quarter versus the same period a
year ago. During the second quarter of fiscal 2010, we continued to
grow our business by completing an expansion into three new
markets, including Knoxville, TN, Spartanburg, SC, and North
Augusta, GA, and by a further expansion of our business in existing
North Carolina markets projecting to add 4 million gallons annually
from this expansion. The roll-out into all of these markets took
place for the most part in late December, with full run rates
achieved during the third fiscal quarter. While our new customer
business is brisk, we have yet to see any recovery of the 14%
reduction in demand from our historical customers that we
experienced during fiscal 2009 when the national economy collapsed.
However, with over 4,000 customers in virtually every industry
sector spread across 11 states and 34 markets, we still expect to
be at the forefront of any future economic recovery. We have very
strong leverage on any such volume recovery, with an increase of as
much as 60% in financial performance based on a complete
restoration of the 14% reduction at similar margins." Gathright on
strategy: "We are currently focused on our growth strategy, which
includes not only organic growth in new and existing markets, but
also growth via acquisition of other businesses. We have taken
steps to position ourselves for such growth, including the
stabilization of our existing business; completion of our
enterprise resource management system and other infrastructure
changes to facilitate rapid and efficient growth, including the
integration of acquired operations. We have taken steps to maintain
our NASDAQ Capital Markets listing via the October 2009 reverse
stock split; and last summer's recapitalization of our debt and
equity which strengthened our balance sheet and financial position,
lowering total debt by $4.5 million, increasing shareholders'
equity by $4.1 million and reducing our debt to equity ratio from
approximately 9:1 to 2:1 over the prior year. We believe that the
current market valuation of the Company, as reflected by the
prevailing stock prices on the Nasdaq Capital Market, is far less
than the Company's real enterprise value and have initiated a
series of investor relations campaigns to actively stimulate
awareness and interest in our stock. Hopefully, through the
continued exercise of telling our story and making the market aware
of our bottom-line financial performance, we will drive the stock
price to reasonable levels which will in turn permit us to
accelerate our overall growth to the "supernormal" levels
achievable via acquisitions." Highlights of Second quarter Fiscal
Year 2010 vs. Second quarter Fiscal Year 2009 -- We are reporting a
continuation of positive operating income and net income of
$708,000 and $445,000, respectively, for the three months ended
December 31, 2009, compared to operating income of $25,000 and a
net loss of $660,000 for the same period in the prior year,
improvements of $683,000, or 2,732%, and $1.1 million. In the prior
fiscal year, based on our recognition of the impending economic
crisis, we permanently eliminated certain personnel costs in order
to better respond to the anticipated deterioration of business
conditions. This action resulted in a one time reversal of
previously expensed charges in the second quarter of last year that
favorably impacted operating income and reduced our net loss by
approximately $490,000. While there was no corresponding
elimination of personnel costs this year, we did achieve another
one time financial benefit from our settlement of a lawsuit, in
which we recovered a substantial portion of our expended legal and
professional fees, lowering our SG&A costs during the current
quarter by approximately $748,000 and favorably impacted operating
income and net income by the same amount. -- The $445,000 net
income during the three months ended December 31, 2009, included
$641,000 in non-cash charges, such as depreciation and amortization
of assets, debt costs, stock-based compensation, and the provision
for doubtful accounts. The net income also included stated interest
expense associated with servicing of our debt of $216,000, public
company costs of $282,000, and the recovery thru our settlement of
a lawsuit of some of our expended legal and professional fees,
thereby lowering our SG&A costs during the current quarter by
approximately $748,000. -- In the second quarter of fiscal 2010, we
achieved EBITDA of $1.3 million compared to $690,000 in the same
period a year ago, an improvement of approximately $599,000, and an
improvement of approximately $155,000 when compared to the $1.1
million EBITDA of the first quarter of fiscal 2010. Additionally,
during the quarter we generated $660,000 in cash contribution after
fixed charges, which reflects the cash that is generated by the
business after deducting cash payments incurred to service debt
obligations and pay for capital expenditures. Our fixed coverage
ratio as of December 31, 2009 was a twelve month cumulative of 2.04
compared to the required 1.1 that we need to maintain per covenants
with the bank. -- The net margin in the second quarter of fiscals
2010 and 2009 was $3.6 million and $3.5 million, respectively, on
17.0 million and 16.6 million gallons sold during those periods.
The increase in the net margin is the result of the increase in
gallons sold of 2%. The net margins per gallon in the second
quarter of fiscals 2010 and 2009 were 21.3 cents for both periods.
-- As a result of the Recapitalization, our interest expense was
substantially lower in the second quarter of fiscal 2010 compared
to the same period last year. We incurred interest expense of
$261,000 this quarter compared to $680,000 in the same quarter in
the prior year, a decrease of $419,000, or 62%, of which $216,000
is related to lower debt and lower costs to service our existing
debt. Highlights of First Six Months of Fiscal Year 2010 vs. First
Six Months of Fiscal Year 2009 -- Net income was $465,000 in the
six months ended December 31, 2009, as compared to a net loss of
$148,000 in the same period in the prior year. The approximate
$613,000 increase was partially attributable to lower selling,
general and administrative expenses of $1.4 million. The net income
results were favorably impacted by cost cutting and business
restructuring steps that were taken beginning in late November 2008
to meet the decrease in customer demand due to the national
economy, and also by lower interest expense of $872,000 as a result
of the reduction in our long term-debt outstanding and lower
balances in the line of credit primarily the result of the June
2009 Recapitalization and lower fuel prices. Additionally, the net
income results were positively impacted by the settlement of a
lawsuit whereby we recovered part of our expended legal and
professional lowering our SG&A costs during the current year by
approximately $587,000. The increase in net income was offset by
the lower gross profit of $1.6 million resulting from the decrease
in margin contribution from the emergency response services
provided in the first quarter of fiscal 2009 in Louisiana and Texas
for Hurricanes Gustav and Ike, from the decrease of 4% in volumes
resulting from the contraction of the economy which impacted us
starting in the second quarter of fiscal 2009, and the one time
benefit last year from the elimination of certain personnel
benefits expense. -- EBITDA was $2.4 million in the six months
ended December 31, 2009, as compared to EBITDA of $2.7 million in
the same period of the prior year, a decrease of $257,000. The
decrease in EBITDA was partially due to the lower gross profit of
$1.6 million resulting from the decrease in margin contribution
from the emergency response services provided in the first quarter
of fiscal 2009 in Louisiana and Texas for Hurricanes Gustav and Ike
and from the decrease in volumes resulting from the contraction of
the economy which impacted us starting in November of 2008. The
decreases were partially offset by the lower selling, general and
administrative expenses of $1.4 million as a result of the cost
cutting and business restructuring steps taken beginning in late
November 2008 to meet the decrease in customer demand, the recovery
of certain professional fees related to the settlement of a lawsuit
which decreases were partially offset by the increase in personnel
benefits expense due to the one time benefit last year when a
benefits reserve was eliminated. -- Gross profit was $7.5 million
in the six months ended December 31, 2009, as compared to $9.1
million in the same period of the prior year, a decrease of $1.6
million, or 18%. The net margin per gallon for the six months ended
December 31, 2009 and 2008 was 23.4 cents and 27.6 cents,
respectively, a decrease of 4.2 cents. The decreases were primarily
due to the emergency response services provided in Louisiana and
Texas for Hurricanes Gustav and Ike during the first quarter of
fiscal 2009. These decreases were partially offset by the
stabilization of customer demand that we saw emerging in the third
quarter of fiscal 2009 which has continued in fiscal 2010, and
partially due to increases in new customer business and prospective
business as companies seek to reduce their costs of operation with
mobile fueling and our other services. -- Interest expense was
$491,000 in the six months ended December 31, 2009, as compared to
$1.4 million in the same period of the prior year, a decrease of
$872,000, or 64%. The decrease was primarily due to lower interest
expense as a result of the reduction in our long-term debt
outstanding, and improved interest rate terms due to the June 2009
Recapitalization. Our interest rate terms have improved, as we
replaced the high 11.5% former Secured and Unsecured debt with the
term loan which is at interest rates currently around 4.75%. We
also negotiated for more favorable rates on the line of credit.
Highlights of Results for Quarterly Periods ending June 30, 2008
through December 31, 2009 The following table portrays the
financial trends for the Company's seven most recent quarters: All
amounts in thousands of dollars, except net margin per gallon For
the Three Months ended, --------------------------- December 31,
September 30, June 30, March 31, 2009 2009 2009 2009 ---- ---- ----
---- Revenues $46,305 $43,686 $39,884 $34,982 Gross profit $3,381
$4,097 $3,539 $3,790 Selling, general and administrative $2,673
$3,839 $3,401 $3,455 Operating income $708 $258 $138 $335 Interest
expense and other income, net $(255) $(230) $(454) $(570) Non-cash
ASC 470-20 (formerly FAS No. 84) inducement on extinguishment (3) $
- $ - $(1,651) $ - Gain on extinguishment of promissory notes $ - $
- $27 $ - Net income (loss) $445 $20 $(1,948) $(243) Less: Non-cash
write-off of unamortized acquisition costs $ - $187 $ - $ - Less:
Non-cash stock options Repricing costs $ - $93 $ - $ - Less:
Non-cash ASC 470-20 (formerly FAS No. 84) inducement on
extinguishment (3) $ - $ - $1,651 $ - Adjusted net income (loss)
before non-cash, non-recurring charges (4) $445 $300 $(297) $(243)
EBITDA (1) $1,289 $1,134 $876 $974 Net margin $3,609 $4,333 $3,795
$4,027 Net margin per gallon (2) $0.21 $0.26 $0.23 $0.25 Gallons
sold 16,956 16,945 16,709 16,041 For the Three Months ended,
--------------------------- December 31, September 30, June 30,
2008 2008 2008 ---- ---- ---- Revenues $45,112 $79,271 $82,036
Gross profit $3,292 $5,819 $4,290 Selling, general and
administrative $3,267 $4,632 $3,845 Operating income $25 $1,187
$445 Interest expense and other income, net $(677) $(667) $(811)
Non-cash ASC 470-20 (formerly FAS No.84) inducement on
extinguishment (3) $ - $ - $ - Gain on extinguishment of promissory
notes $ - $ - $ - Net income (loss) $(660) $512 $(366) Less:
Non-cash write- off of unamortized acquisition costs $ - $ - $ -
Less: Non-cash stock options Repricing costs $ - $ - $ - Less:
Non-cash ASC 470-20 (formerly FAS No. 84) inducement on
extinguishment (3) $ - $ - $ - Adjusted net income (loss) Before
non-cash, non-recurring charges (4) $(660) $512 $(366) EBITDA (1)
$690 $1,990 $1,154 Net margin $3,534 $6,161 $4,611 Net margin per
gallon (2) $0.21 $0.33 $0.24 Gallons sold 16,602 18,550 19,024 (1)
EBITDA is defined as earnings before interest, taxes, depreciation,
and amortization, 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 ASC
470-20 (formerly FAS No. 84) inducement on extinguishment of
promissory notes constitute the recognition of previously deferred
interest or finance cost, it is considered interest expense for the
calculation of certain interest expense amounts. Both stock-based
compensation amortization expense and the write-off of unamortized
acquisition costs are considered amortization items to be excluded
in the EBITDA calculation. 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) Non-cash ASC 470-20 (formerly
FAS No. 84) inducement on extinguishment is a charge we incurred
strictly as a result of the June 29, 2009 Recapitalization. The
Company extinguished a portion of the August 2007 and the September
2008 Notes ("the Notes") through the issuance of approximate 1.2
million shares and approximate 278,000 shares, respectively, at the
negotiated price of $1.71 per share, which was greater than the
$1.67 per share closing bid price the day prior to the
Recapitalization, but lower than the conversion price applicable to
the convertible debt instruments, which resulted in the issuance of
more shares in the exchange than would have been issued upon a
conversion. The practice of accounting in the interpretation of FAS
No. 84 is that an inducement occurs any time when additional shares
are issued in the extinguishment of convertible debt regardless of
the absence of an economic loss or economic intent of the parties
to the transaction. Irrespective of the economic reality of the
transaction, FAS No. 84 required the recording of a non-cash
"conversion inducement" charge of $1.7 million, based on the
difference between the approximate aggregate 471,000 common shares
issuable to the applicable note holder under the original
conversion rights that existed upon a conversion and the
approximate 1.5 million common shares exchanged at $1.71 cents in
the transaction that extinguished all of the Notes. This non-cash
charge is deemed a financing expense to extinguish the Notes. To
the extent that the non cash FAS 84 inducement on extinguishment of
promissory notes constitutes the recognition of a finance cost, it
is considered interest expense for the calculation of certain
interest expense amounts. (4) Adjusted net income (loss) before
non-cash, non-recurring charges is shown to provide the reader with
information regarding the true economic performance of the Company
before the impact of charges that do not reflect the on-going
performance of the operations such as of the technical non-economic
substantive accounting charge of $1.7 million in the fourth quarter
of fiscal 2009 and the first quarter of fiscal 2010 write-off
incurred as new accounting ruling was applied and stock
compensation expense that resulted from repricing stock options. We
believe that this is a meaningful Non-GAAP representation of the
ongoing performance of the operations. Adjusted net income (loss)
before non-cash, non-recurring charges (Non- GAAP measure)
Reconciliation to the Net income (loss) for Quarterly periods
ending June 30, 2008 through December 31, 2009 All amounts in
thousands of dollars For the Three Months ended,
--------------------------- December 31, September 30, June 30,
March 31, 2009 2009 2009 2009 Net income (loss) $445 $20 $(1,948)
$(243) Less: Non-cash write- off of unamortized acquisition costs $
- $187 $ - $ - Less: Non-cash stock options repricing costs $ - $93
$ - $ - Less: Non-cash ASC 470-20 (formerly FAS No. 84) inducement
on extinguishment $ - $ - $1,651 $ - Adjusted net income (loss)
before non-cash, non- recurring charges (1) $445 $300 $(297) $(243)
==== ==== ===== ===== For the Three Months ended,
--------------------------- December 31, September 30, June 30,
2008 2008 2008 Net income (loss) $(660) $512 $(366) Less: Non-cash
write- off of unamortized acquisition costs $ - $ - $ - Less:
Non-cash stock options repricing costs $ - $ - $ - Less: Non-cash
ASC 470-20 (formerly FAS No. 84) inducement on extinguishment $ - $
- $ - Adjusted net income (loss) before non-cash, non- recurring
charges (1) $(660) $512 $(366) ===== ==== ===== (1) Adjusted net
income (loss) before non-cash, non-recurring charges is shown to
provide the reader with information regarding the economic
performance of the Company before the impact of charges that do not
reflect the on-going performance of the operations such as the
technical non-economic substantive accounting treatment charge of
$1.7 million in the fourth quarter of fiscal 2009, and the first
quarter of fiscal 2010 write-off incurred as new accounting ruling
was applied and stock compensation expense that resulted from the
repricing of stock options. We believe that this is a meaningful
Non-GAAP representation of the ongoing performance of the
operations. EBITDA (Non-GAAP measure) Reconciliation to the Net
income (loss) for Quarterly periods ending June 30, 2008 through
December 31, 2009 All amounts in thousands of dollars For the Three
Months ended, --------------------------- December 31, September
30, June 30, March 31, 2009 2009 2009 2009 ---- ---- ---- ---- Net
income (loss) $445 $20 $(1,948) $(243) Add back: Interest expense
261 230 545 575 Income tax expense 8 8 8 8 Depreciation and
amortization expense within: Cost of sales 228 236 254 239 Selling,
general and administrative expenses 316 320 344 334 Stock-based
compensation Expense 31 133 49 61 Write-off of unamortized
acquisition costs ASC 805 - 187 - - Non-cash ASC 470-20 (formerly
FAS No. 84) inducement on extinguishment - - 1,651 - Gain on
extinguishment of promissory notes - - (27) - --- --- --- ---
EBITDA (1) $1,289 $1,134 $876 $974 ====== ====== ==== ==== For the
Three Months ended, --------------------------- December 31,
September 30, June 30, 2008 2008 2008 ---- ---- ---- Net income
(loss) $(660) $512 $(366) Add back: Interest expense 680 683 720
Income tax expense 8 8 - Depreciation and amortization expense
within: Cost of sales 242 342 321 Selling, general and
administrative expenses 342 341 357 Stock-based compensation
Expense 78 104 122 Write-off of unamortized acquisition costs ASC
805 - - - Non-cash ASC 470-20 (formerly FAS No. 84) inducement on
extinguishment - - - Gain on extinguishment of promissory notes - -
- --- --- --- EBITDA (1) $690 $1,990 $1,154 ==== ====== ====== (1)
As noted above, EBITDA is a Non-GAAP financial measure within the
meaning of Regulation G promulgated by the Securities and Exchange
Commission. EBITDA is defined as earnings before interest, taxes,
depreciation, and amortization, a Non-GAAP financial measure within
the meaning of Regulation G promulgated by the Securities and
Exchange Commission. The stock-based compensation amortization is
considered an amortization item to be excluded in the EBITDA
calculation. 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. 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 For the Three
Months For the Six Months ended December 31, ended December 31,
-------------------- ------------------ 2009 2008 2009 2008 ----
---- ---- ---- Petroleum product sales and service revenues $40,458
$39,876 $78,583 $112,838 Petroleum product taxes 5,847 5,236 11,408
11,545 ----- ----- ------ ------ Total revenues 46,305 45,112
89,991 124,383 ------ ------ ------ ------- Cost of petroleum
product sales and service 37,077 36,584 71,105 103,727 Petroleum
product taxes 5,847 5,236 11,408 11,545 ----- ----- ------ ------
Total cost of sales 42,924 41,820 82,513 115,272 ------ ------
------ ------- Gross profit 3,381 3,292 7,478 9,111 Selling,
general and administrative expenses 2,673 3,267 6,512 7,899 -----
----- ----- ----- Operating income 708 25 966 1,212 Interest
expense (261) (680) (491) (1,363) Interest and other income 6 3 6
19 --- --- --- --- Net income (loss) before income taxes 453 (652)
481 (132) Income tax expense (8) (8) (16) (16) --- --- --- --- Net
income (loss) $445 $(660) $465 $(148) ==== ===== ==== ===== Basic
and diluted net income (loss) per share computation: Net income
(loss) $445 $(660) $465 $(148) Less: Preferred stock dividends -
(132) - (328) --- ---- --- ---- Net income (loss) attributable to
common shareholders $445 $(792) $465 $(476) ==== ===== ==== =====
Net income (loss) per share attributable to common shareholders:
Basic $0.05 $(0.24) $0.06 $(0.14) ===== ====== ===== ====== Diluted
$0.05 $(0.24) $0.05 $(0.14) ===== ====== ===== ====== Weighted
average common shares outstanding: Basic 8,557 3,320 8,404 3,287
===== ===== ===== ===== Diluted 8,781 3,320 8,691 3,287 ===== =====
===== ===== EBITDA (non-GAAP measure) (1) $1,289 $690 $2,423 $2,680
====== ==== ====== ====== Gallons sold 16,956 16,602 33,901 35,152
====== ====== ====== ====== Net margin $3,609 $3,534 $7,942 $9,695
====== ====== ====== ====== Net margin per gallon (in cents) (2)
0.21 0.21 0.23 0.28 ==== ==== ==== ==== (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 ASC 470-20 (formerly FAS
No. 84) inducement on extinguishment of promissory notes constitute
the recognition of previously deferred interest or finance cost, it
is considered interest expense for the calculation of certain
interest expense amounts. Both stock-based compensation
amortization expense and the write-off of unamortized acquisition
costs are considered amortization items to be excluded in the
EBITDA calculation. 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. Condensed Consolidated Balance
Sheets As of (All amounts in thousands of ----- dollars) December
31, 2009 June 30, 2009 ----------------- ------------- (Unaudited)
ASSETS Current assets $17,567 $18,732 Property, plant and
equipment, net 7,880 8,569 Other assets, net 2,575 2,817 -----
----- $28,022 $30,118 ======= ======= LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities $16,215 $18,336 Long-term debt, net and
other liabilities 4,701 5,253 Stockholders' equity 7,106 6,529
----- ----- $28,022 $30,118 ======= ======= CONFERENCE CALL
Management will host a conference call on Wednesday, February 17,
2010, at 4:30 P.M. Eastern Time ("ET") to further discuss the
results of the Company's three and six months ended December 31,
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 866-788-0547 (domestic)
or 857-350-1685 (international), using Pass Code 15855477.
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 February 17, 2010, at
7:30 P.M. ET until midnight ET on February 24, 2010, by dialing
888-286-8010 (domestic) or 617-801-6888 (international), using Pass
Code 33769595. A web archive will be available for 30 days at
http://www.mobilefueling.com/. ABOUT SMF ENERGY CORPORATION 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
34 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 RelationsOfficer, +1-954-308-4200 Web Site:
http://www.mobilefueling.com/
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