Enservco Corporation (NYSE American: ENSV), a diversified national
provider of specialized well-site services to the domestic onshore
conventional and unconventional oil and gas industries, today
reported financial results for its second quarter and six-month
period ended June 30, 2019.
“On a year-to-date basis, our key financial performance metrics
were all ahead of prior year levels and, assuming oil prices remain
in the $50-plus range and producer capex maintains current levels,
we are budgeting for a continued improved performance in the second
half of the year and into 2020,” said Ian Dickinson, President and
CEO of Enservco. “Unfortunately, our second quarter revenue
and profit results were negatively impacted by a warm April that
brought our heating season to an early conclusion, resulting in a
31% year-over-year decline in frac water heating revenue. This
heating service is our largest profit generator, so this kind of
revenue swing has a significant impact on our bottom line.
The business is vulnerable to weather-related fluctuations at the
beginning and end of each heating season, so while it is
unfortunate that heating activity fell off more quickly than it did
last April, it is not necessarily surprising given the variability
of springtime weather.
“What we did not expect in the second quarter was the continued
poor performance of our water transfer business,” Dickinson
added. “Revenue in the segment was down year over year and
for the second straight quarter costs were significantly higher
than budgeted. These results are unacceptable and we have
taken corrective measures by replacing the water management
leadership team and right-sizing the labor force. Water
transfer is a relatively small component of revenue mix and a
departure from our core well enhancement service set. It has
been operating at plus or minus break-even since we launched the
business two years ago, and that kind of uneven performance does
not align with our goal of consistent profitability for all
business lines. We are currently evaluating additional
actions that can lead to an improved performance by this
business.
“I want to emphasize that our core business model remains solid
and we are optimistic about the future. We have made
excellent progress with process improvement initiatives over the
past two years and continue to strengthen our operational structure
to position Enservco for long-term growth, both organic and
acquisitive,” Dickinson concluded.
Six Month ResultsTotal revenue for the six
months ended June 30, 2019, increased 19% to $33.4 million from
$28.2 million last year.
Well enhancement services revenue grew 18% to $31.2 million from
$26.3 million last year. The well enhancement segment included frac
water heating, up 31% to $23.1 million from $17.6 million; hot
oiling, up 5% to $6.8 million from $6.5 million; and acidizing,
down 35% to $1.1 million from $1.8 million. The well enhancement
segment generated income of $9.8 million for the six-month period,
up 34% from $7.3 million in the same period last year.
Water transfer revenue increased 19% year over year to $2.3
million from $1.9 million in the same period last year. The
water transfer segment generated a loss of $1.2 million through six
months versus essentially break-even results in the same period
last year. The loss was primarily related to first quarter
cost overruns due to multiple line freeze events in the first
quarter.
Total operating expenses increased 16% in the first half to
$31.9 million from $27.5 million in the same period last year due
primarily to higher direct variable costs associated with increased
activity and to the aforementioned water transfer cost overruns in
the first quarter. Sales, general and administrative expenses
increased 19% to $3.1 million from $2.6 million last year due
to an increase in overhead related in part to the acquisition
of Adler Hot Oil Service and an increase in professional fees
related to investment in IT infrastructure and processes.
Depreciation and amortization expense was up 13% year over year to
$3.4 million from $3.0 million due to the increased fleet size.
Income from operations in the first half grew 118% year over
year to $1.5 million from $698,000. Net income increased to
$1.1 million, a $2.3 million positive swing over a net loss of $1.2
million in the year-ago first half. Net income per diluted share
was $0.02 versus a net loss per diluted share of $0.02 in the same
period last year. The 2019 first half net income included a gain of
approximately $1.2 million related to an April settlement agreement
with the sellers of Adler.
Adjusted EBITDA in the first half of 2019 increased 16% to $5.3
million from $4.6 million in the same period last year.
Enservco generated $5.9 million in cash from operations in the
first half, down from $6.5 million in the same period last year.
The decline is due to an unexpected delayed payment of a large
receivable that was received in early July.
Second Quarter ResultsTotal revenue in the
second quarter ended June 30, 2019, declined 9% to $7.2 million
from $7.9 million in the same period last year.
Well enhancement services revenue declined 10%
year over year to $6.3 million from $7.0 million. The well
enhancement segment included frac water heating, down 25% to $2.4
million from $3.2 million; hot oiling, up 13% to $3.2 million from
$2.8 million; and acidizing, down 10% to $679,000 from $758,000.
The well enhancement segment generated income of $189,000 in the
second quarter, down from income of $1.1 million in the same
quarter last year primarily due to lower frac water heating revenue
in April of this year.
Water transfer segment revenue declined 7% in
the second quarter to $867,000 from $929,000 in the same quarter
last year. The segment generated a loss of $420,000 compared
to a loss of $50,000 in the same quarter last year.
Total operating expenses in the second quarter increased 5% year
over year to $10.9 million from $10.4 million primarily due to
increased overhead following the late 2018 acquisition of Adler.
Sales, general and administrative expense increased 18% in the
second quarter to $1.5 million from $1.2 million due to an
increase in overhead partially due to the Adler acquisition and an
increase in professional fees related to investment in IT
infrastructure and processes. In addition, the $1.5 million
included $120,000 of year-end audit fees that have historically
been recorded in the first quarter of the year. Depreciation and
amortization expense increased 14% to $1.7 million from $1.5
million due to the increase in fleet size.
The operating loss in the second quarter increased 51% to $3.7
million from an operating loss of $2.5 million in the second
quarter of 2018. Net loss in the second quarter improved
slightly to $3.2 million, or $0.06 per diluted share, from a net
loss of $3.3 million, or $0.06 per diluted share, in the same
quarter last year. The 2019 second quarter net loss included
the aforementioned $1.2 million Adler settlement
gain.
Adjusted EBITDA loss increased to $1.9 million in the second
quarter from a loss of $247,000 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 August 28, 2019, by
calling 877-481-4010 (919-882-2331 for international callers) and
entering the Conference ID #52021. 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:https://www.investornetwork.com/event/presentation/52021
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, 2018, 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; prospects for oil prices to remain in the
$50-plus range and oil and gas producer capex to maintain current
levels; ability to achieve organic and acquisitive growth; and
ability to strengthen the operational structure and achieve process
improvements. 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 AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
(in thousands) |
(Unaudited) |
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
Well enhancement services |
|
|
$ |
6,339 |
|
$ |
7,005 |
|
$ |
31,151 |
|
$ |
26,290 |
Water transfer services |
|
|
867 |
|
929 |
|
2,295 |
|
1,924 |
|
|
|
|
7,206 |
|
7,934 |
|
33,446 |
|
28,214 |
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
Well enhancement services |
|
|
6,150 |
|
5,900 |
|
21,362 |
|
18,991 |
Water transfer services |
|
|
1,287 |
|
979 |
|
3,472 |
|
1,936 |
Functional support and other |
|
|
287 |
|
181 |
|
442 |
|
326 |
Sales, general and administrative expenses |
|
|
1,460 |
|
1,236 |
|
3,078 |
|
2,589 |
Patent litigation and defense costs |
|
|
1 |
|
55 |
|
10 |
|
75 |
Severance and Transition Costs |
|
|
- |
|
593 |
|
- |
|
633 |
Loss (gain) on disposals of equipment |
|
|
12 |
|
(53) |
|
12 |
|
(53) |
Impairment loss |
|
|
- |
|
- |
|
127 |
|
- |
Depreciation and amortization |
|
|
1,736 |
|
1,520 |
|
3,419 |
|
3,019 |
Total operating expenses |
|
|
|
10,933 |
|
10,411 |
|
31,922 |
|
27,516 |
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income from
Operations |
|
(3,727) |
|
(2,477) |
|
1,524 |
|
698 |
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(658) |
|
(511) |
|
(1,542) |
|
(1,011) |
Other income (expense) |
|
|
1,208 |
|
(85) |
|
1,144 |
|
(506) |
Total other income (expense) |
|
|
|
550 |
|
(596) |
|
(398) |
|
(1,517) |
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations Before Tax Expense |
|
(3,177) |
|
(3,073) |
|
1,126 |
|
(819) |
Income tax
expense |
|
(32) |
|
(32) |
|
(32) |
|
(32) |
Income from
continuing operations |
|
$ |
(3,209) |
|
$ |
(3,105) |
|
$ |
1,094 |
|
$ |
(851) |
Discontinued
operations |
|
|
|
|
|
|
|
|
Loss from operations of discontinued operations |
|
|
- |
|
(177) |
|
- |
|
(390) |
Income tax benefit |
|
|
- |
|
- |
|
- |
|
- |
Loss from discontinued operations |
|
|
- |
|
(177) |
|
- |
|
(390) |
Net (loss)
income |
|
$ |
(3,209) |
|
$ |
(3,282) |
|
$ |
1,094 |
|
$ |
(1,241) |
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations per Common Share - Basic |
|
$ |
(0.06) |
|
$ |
(0.06) |
|
$ |
0.02 |
|
$ |
(0.02) |
Loss from
discontinued operations per Common Share - Basic |
|
- |
|
- |
|
- |
|
- |
Net (loss) income
per share - basic |
|
$ |
(0.06) |
|
$ |
(0.06) |
|
$ |
0.02 |
|
$ |
(0.02) |
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations per Common Share - Diluted |
|
$ |
(0.06) |
|
$ |
(0.06) |
|
$ |
0.02 |
|
$ |
(0.02) |
Loss from
discontinued operations per Common Share - Diluted |
|
- |
|
- |
|
- |
|
- |
Net loss per share
- diluted |
|
$ |
(0.06) |
|
$ |
(0.06) |
|
$ |
0.02 |
|
$ |
(0.02) |
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average number of common shares outstanding |
|
$ |
54,978 |
|
$ |
51,677 |
|
$ |
54,589 |
|
$ |
51,413 |
Add: Dilutive
shares assuming exercise of options and warrants |
|
|
- |
|
- |
|
1,215 |
|
- |
Diluted weighted
average number of common shares outstanding |
|
|
$ |
54,978 |
|
$ |
51,677 |
|
$ |
55,804 |
|
$ |
51,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENSERVCO CORPORATION AND SUBSIDIARIES |
Calculation of Adjusted EBITDA * |
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
EBITDA* |
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
$ |
(3,209) |
|
$ |
(3,282) |
|
$ |
1,094 |
|
$ |
(1,241) |
Add Back (Deduct) |
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
658 |
|
511 |
|
1,542 |
|
1,011 |
Provision for income tax expense |
|
|
32 |
|
32 |
|
32 |
|
32 |
Depreciation and amortization |
|
|
1,736 |
|
1,597 |
|
3,419 |
|
3,186 |
EBITDA* |
|
|
(783) |
|
(1,142) |
|
6,087 |
|
2,988 |
Add Back (Deduct) |
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
77 |
|
115 |
|
169 |
|
188 |
Severance and Transition Costs |
|
|
- |
|
593 |
|
- |
|
633 |
Patent Litigation and defense costs |
|
|
1 |
|
55 |
|
10 |
|
75 |
Impairment loss |
|
|
- |
|
- |
|
127 |
|
- |
Software Implementation costs |
|
|
25 |
|
- |
|
25 |
|
- |
Other (income) expense |
|
|
(1,208) |
|
85 |
|
(1,144) |
|
505 |
Loss (gain) on disposal of assets |
|
|
12 |
|
(53) |
|
12 |
|
(53) |
EBITDA related to discontinued operations |
|
|
- |
|
100 |
|
- |
|
224 |
Adjusted EBITDA* |
|
|
$ |
(1,876) |
|
$ |
(247) |
|
$ |
5,286 |
|
$ |
4,560 |
*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, software implementation costs, patent litigation and defense
costs, other expense (income), EBITDA related to discontinued
operations, etc.). In the case of the non-cash items, management
believes that investors can better assess the company’s operating
performance if the measures are presented without such items
because, unlike cash expenses, these adjustments do not affect the
Company’s ability to generate free cash flow or invest in its
business. |
|
|
|
|
|
|
|
|
|
|
We use, and we believe investors benefit from the presentation of,
EBITDA and Adjusted EBITDA in evaluating our operating performance
because it provides us and our investors with an additional tool to
compare our operating performance on a consistent basis by removing
the impact of certain items that management believes do not
directly reflect our core operations. We believe that EBITDA is
useful to investors and other external users of our financial
statements in evaluating our operating performance because EBITDA
is widely used by investors to measure a company’s operating
performance without regard to items such as interest expense,
taxes, and depreciation and amortization, which can vary
substantially from company to company depending upon accounting
methods and book value of assets, capital structure and the method
by which assets were acquired. Additionally, our fixed charge
coverage ratio covenant associated with our Loan and Security
Agreement with East West Bank require the use of Adjusted
EBITDA in specific calculations. |
|
|
|
|
|
|
|
|
|
|
Because not all companies use identical calculations, the Company’s
presentation of non-GAAP financial measures may not be comparable
to other similarly titled measures of other companies. However,
these measures can still be useful in evaluating the Company’s
performance against its peer companies because management believes
the measures provide users with valuable insight into key
components of GAAP financial disclosures. |
|
|
|
|
|
|
|
|
|
|
ENSERVCO CORPORATION AND SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
ASSETS |
2019 |
|
2018 |
|
|
|
|
(Unaudited) |
|
|
Current
Assets |
|
|
|
|
Cash and cash equivalents |
|
|
$ |
506 |
|
$ |
257 |
Accounts receivable, net |
|
|
8,628 |
|
10,729 |
Prepaid expenses and other current assets |
|
|
1,001 |
|
1,081 |
Inventories |
|
|
372 |
|
514 |
Income tax receivable, current |
|
|
85 |
|
85 |
Current assets of discontinued operations |
|
|
37 |
|
864 |
Total current assets |
|
|
|
10,629 |
|
13,530 |
|
|
|
|
|
|
|
Property and
equipment, net |
|
30,306 |
|
33,057 |
Goodwill |
|
546 |
|
546 |
Intangible assets,
net |
|
931 |
|
1,033 |
Income taxes
receivable, noncurrent |
|
28 |
|
28 |
Right-of-use asset
- financing, net |
|
777 |
|
- |
Right-of-use asset
- operating, net |
|
4,899 |
|
- |
Other assets |
|
556 |
|
650 |
Non-current assets
of discontinued operations |
|
- |
|
177 |
TOTAL ASSETS |
|
$ |
48,672 |
|
$ |
49,021 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
Liabilities |
|
|
|
|
Accounts payable and accrued liabilities |
|
|
$ |
2,961 |
|
$ |
3,391 |
Note Payable |
|
|
- |
|
3,868 |
Lease liability - financing, current |
|
|
197 |
|
- |
Lease liability - operating, current |
|
|
846 |
|
- |
Current portion of long-term debt |
|
|
144 |
|
149 |
Current liabilities of discontinued operations |
|
|
- |
|
44 |
Total current liabilities |
|
|
|
4,148 |
|
7,452 |
|
|
|
|
|
|
|
Long-Term
Liabilities |
|
|
|
|
Senior revolving credit facility |
|
|
31,862 |
|
33,882 |
Subordinated debt |
|
|
1,857 |
|
1,832 |
Long-term debt, less current portion |
|
|
246 |
|
312 |
Lease liability - financing, less current portion |
|
|
441 |
|
- |
Lease liability - operating, less current portion |
|
|
4,056 |
|
- |
Other liability |
|
|
89 |
|
941 |
Total long-term liabilities |
|
|
|
38,551 |
|
36,967 |
Total liabilities |
|
|
|
42,699 |
|
44,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
55,432,829 and 54,389,829 |
|
|
|
|
|
shares issued, respectively; 103,600 shares of treasury stock; and
54,329,229 and 54,286,229 |
|
|
|
|
|
shares outstanding, respectively |
|
|
277 |
|
271 |
Additional paid-in capital |
|
|
21,960 |
|
21,797 |
Accumulated deficit |
|
|
(16,264) |
|
(17,466) |
Total stockholders' equity |
|
|
|
5,973 |
|
4,602 |
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
$ |
48,672 |
|
$ |
49,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENSERVCO CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENT OF CASH FLOWS |
(In thousands) |
(Unaudited) |
|
|
|
|
For the Six Months Ended |
|
|
|
|
June 30, |
|
|
|
|
2019 |
|
2018 |
OPERATING
ACTIVITIES |
|
|
|
|
Net income (loss) |
|
|
$ |
1,094 |
|
$ |
(1,241) |
Net loss from discontinued operations |
|
|
- |
|
(390) |
Net income (loss) from continuing operations |
|
|
1,094 |
|
(851) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
Depreciation and amortization |
|
|
|
3,419 |
|
3,186 |
Loss (gain) on disposal of equipment |
|
|
|
12 |
|
(53) |
Impairment loss |
|
|
|
127 |
|
- |
Gain on settlement |
|
|
|
(1,252) |
|
- |
Change in fair value of warrant liability |
|
|
|
- |
|
540 |
Stock-based compensation |
|
|
|
168 |
|
188 |
Amortization of debt issuance costs and discount |
|
|
|
226 |
|
126 |
Provision for bad debt expense |
|
|
|
3 |
|
33 |
Changes in operating assets and liabilities |
|
|
|
|
|
Accounts receivable |
|
|
|
2,098 |
|
6,839 |
Inventories |
|
|
|
142 |
|
82 |
Prepaid expense and other current assets |
|
|
|
(21) |
|
195 |
Amortization of operating lease asset |
|
|
|
329 |
|
- |
Other assets |
|
|
|
138 |
|
(60) |
Accounts payable and accrued liabilities |
|
|
|
(429) |
|
(3,101) |
Operating lease liabilities |
|
|
|
(322) |
|
- |
Other liabilities |
|
|
|
99 |
|
- |
Net cash provided by operating activities - continuing
operations |
|
|
|
5,831 |
|
7,124 |
Net cash provided by (used in) operating activities - discontinued
operations |
|
|
|
23 |
|
(599) |
Net cash provided by operating activities |
|
|
|
5,854 |
|
6,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES |
|
|
|
|
Purchases of property and equipment |
|
|
(567) |
|
(1,426) |
Proceeds from disposals of property and equipment |
|
|
219 |
|
145 |
Proceeds from insurance claims |
|
|
27 |
|
122 |
Net cash used in investing activities - continuing operations |
|
|
|
(321) |
|
(1,159) |
Net cash provided by (used in) investing activities - discontinued
operations |
|
|
|
760 |
|
(44) |
Net cash provided by (used in) investing activities |
|
|
|
439 |
|
(1,203) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING
ACTIVITIES |
|
|
|
|
Net line of credit borrowings |
|
|
(2,071) |
|
(5,386) |
Repayment of long-term debt |
|
|
(70) |
|
(66) |
Payments of finance leases |
|
|
(202) |
|
- |
Repayment of note |
|
|
(3,700) |
|
- |
Other financing activities |
|
|
(1) |
|
(26) |
Net Cash used in financing activities |
|
|
|
(6,044) |
|
(5,478) |
|
|
|
|
|
|
|
Net Increase
(Decrease) in Cash and Cash Equivalents |
|
249 |
|
(156) |
|
|
|
|
|
|
|
Cash and Cash
Equivalents, beginning of period |
|
257 |
|
391 |
|
|
|
|
|
|
|
Cash and Cash
Equivalents, end of period |
|
$ |
506 |
|
$ |
235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Cash Flow Information: |
|
|
|
|
Cash paid for interest |
|
|
$ |
1,254 |
|
$ |
863 |
Cash paid (refund) for income taxes |
|
|
$ |
32 |
|
$ |
32 |
Supplemental
Disclosure of Non-cash Investing and Financing Activities: |
|
|
|
|
Non-cash proceeds from revolving credit facility |
|
|
$ |
- |
|
$ |
49 |
Cashless exercise of stock options |
|
|
$ |
- |
|
994 |
Non-cash pconversion of warrant liability to equity |
|
|
$ |
- |
|
500 |
Non-cash subordinated debt principal payment |
|
|
$ |
- |
|
(500) |
Non-cash proceeds from warrant exercise |
|
|
$ |
- |
|
1,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENSERVCO (AMEX:ENSV)
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From Mar 2024 to Apr 2024
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From Apr 2023 to Apr 2024