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, 2021.
“We are pleased to report a return to
year-over-year revenue growth and a marked improvement in profit
metrics for our second quarter,” said Rich Murphy, Executive
Chairman. “We are seeing increased customer activity across most
service areas with steadily increasing commodity prices and rig
counts driving revenue increases in all three of our core service
offerings – frac water heating, hot oiling and acidizing – as well
as our small but growing non-oilfield services initiative. Our hot
oiling business led the way in the quarter with 58% year over year
growth based on renewed demand in our northern service areas and a
growing presence in Texas where we have our largest concentration
of units and have opened a second yard to serve the Ark-La-Tex
region. Although Q2 an Q3 are typically our slower, offseason
quarters, we are gratified with our recent performance and
optimistic that with stable commodity prices and a continuation of
the economic recovery, we can continue to deliver improved
financial results.”
Marjorie Hargrave, President and CFO, added, “In addition to
higher revenue, our improved profitability in the second quarter is
due largely to our efforts to reduce operating and corporate
expenses. We were successful in cutting more than $4.2 million in
annualized costs out of our business without compromising our
priorities of service excellence and safety. In addition, we booked
$1.3 million in CARES Act payroll tax credits into other income in
the second quarter and expect to book an additional $1.2 million
over the next several quarters. In July, our PPP loan was fully
forgiven, and we anticipate booking another $1.9 million into other
income in the third quarter. With improving financial results and a
balance sheet that was significantly strengthened in recent
quarters through our debt refinancing and equity infusions, we are
excited about our prospects for building value.”
Second Quarter Results
Total revenue in the second quarter ended June 30, 2021,
increased 44% to $3.1 million from $2.1 million in the same quarter
last year. The increase was attributable to higher commodity
prices, increased customer activity and price increases for the
Company’s hot oiling service.
Production services revenue was $2.2 million, up
61% from $1.4 million in the same quarter last year. The production
services segment loss improved by 73% to a loss of $117,000
compared to a loss of $431,000 in the same quarter a year ago – a
reflection of higher revenue and the impact of cost-cutting
measures.
Completion services revenue increased 13% to
$858,000 from $758,000 year over year and generated a segment loss
of $491,000, a 35% improvement over the segment loss of $758,000 in
the year-ago second quarter.
Sales, general and administrative expense declined 20% to $1.0
million from $1.2 million year over year – a reflection of
cost-cutting measures and lower personnel and stock-based
compensation costs partially offset by higher public company costs
related to share offerings. Depreciation and amortization was flat
at $1.3 million.
Total operating expenses in the second quarter
remained flat year over year at $6.0 million despite a 44% increase
in revenue.
The Company reported a reduced net loss of $1.6 million, or
$0.14 per diluted share, in the second quarter, compared to a net
loss of $4.4 million, or $1.18 per diluted share, in the same
quarter last year. The improvement was due to cost containment
initiatives, a $536,000 decrease in interest expense and $1.3
million in CARES Act payroll tax credits.
Adjusted EBITDA in the second quarter improved by 24% to a
negative $1.6 million compared to a negative $2.1 million in the
year ago second quarter.
Six Month Results
Total revenue for the six months ended June 30, 2021, was $8.2
million versus $11.5 million in the same period last year. The
decline reflected the challenging first quarter when commodity
prices and rig counts were significantly lower than those in the
2020 first quarter prior to onset of the pandemic.
Production services revenue declined to $4.1 million from $4.6
million year over year, although the segment loss improved by 67%
to $240,000 from a loss of $723,000 in the same period last year
due primarily to cost efficiencies.
Completion services revenue declined to $4.2 million from $6.9
million year over year and generated a segment loss of $334,000
versus a segment profit of $455,000 in the prior year due to lower
revenue in the traditionally high margin frac water heating service
category.
Total operating expenses in the first six months of 2021 were
reduced by 23% to $13.5 million from $17.7 million in the prior
year due to lower costs of providing services combined with other
cost reductions.
Sales, general and administrative expenses were reduced by $1.0
million to $2.0 million in the second quarter from $3.0 million in
the same quarter last year. Depreciation and amortization expense
was flat at $2.7 million.
Net loss for the six-month period improved to $3.8 million, or
$0.37 per diluted share, compared to a net loss of $7.2 million, or
$1.95 per diluted share, in the same period last year.
Adjusted EBITDA in the first half of 2021 was a negative $2.5
million versus a negative $2.6 million in the year ago period.
Enservco used $2.1 million in cash from operations in the first
six months of 2021 compared to $0.9 million in the same period 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 888-506-0062 (973-528-0011 for international
callers). Entry code: 822510. A telephonic replay will be available
through August 12, 2021, by calling 877-481-4010 (919-882-2331 for
international callers) and entering the Replay ID # 42147. To
listen to the webcast, participants should go to the ENSERVCO
website at www.enservco.com and link to the “Investors” page at
least 10 minutes early to register and download any necessary audio
software. A replay of the webcast will be available until September
5, 2021. The webcast also is available here:
https://www.webcaster4.com/Webcast/Page/2228/42147
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, 2020, and subsequently filed documents with the SEC.
Forward looking statements in this news release that are subject to
risk include ability to sustain increased customer activity and
continue delivering improved financial results; expectations of
booking additional CARES Act tax credits and PPP loan forgiveness
proceeds; and plans to build value. 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
Marjorie HargravePresident and CFOEnservco
Corporationmhargrave@enservco.com
ENSERVCO
CORPORATION |
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS |
(in
thousands) |
|
For the
Three Months Ended |
|
For the Six
Months Ended |
|
June 30, |
|
June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
Production services |
$ |
2,229 |
|
|
$ |
1,383 |
|
|
$ |
4,073 |
|
|
$ |
4,585 |
|
Completion and other services |
|
858 |
|
|
|
758 |
|
|
|
4,157 |
|
|
|
6,942 |
|
|
|
3,087 |
|
|
|
2,141 |
|
|
|
8,230 |
|
|
|
11,527 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Production services |
|
2,346 |
|
|
|
1,814 |
|
|
|
4,313 |
|
|
|
5,308 |
|
Completion and other services |
|
1,349 |
|
|
|
1,516 |
|
|
|
4,491 |
|
|
|
6,487 |
|
Sales, general and administrative expenses |
|
992 |
|
|
|
1,247 |
|
|
|
1,997 |
|
|
|
3,009 |
|
Severance and transition costs |
|
- |
|
|
|
139 |
|
|
|
- |
|
|
|
139 |
|
Loss on disposal of equipment |
|
19 |
|
|
|
23 |
|
|
|
70 |
|
|
|
38 |
|
Depreciation and amortization |
|
1,337 |
|
|
|
1,310 |
|
|
|
2,673 |
|
|
|
2,706 |
|
Total operating expenses |
|
6,043 |
|
|
|
6,049 |
|
|
|
13,544 |
|
|
|
17,687 |
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(2,956 |
) |
|
|
(3,908 |
) |
|
|
(5,314 |
) |
|
|
(6,160 |
) |
|
|
|
|
|
|
|
|
Other income
(expense) |
|
|
|
|
|
|
|
Interest expense |
|
(11 |
) |
|
|
(547 |
) |
|
|
(44 |
) |
|
|
(1,188 |
) |
Other income |
|
1,361 |
|
|
|
76 |
|
|
|
1,587 |
|
|
|
96 |
|
Total other income (expense) |
|
1,350 |
|
|
|
(471 |
) |
|
|
1,543 |
|
|
|
(1,092 |
) |
|
|
|
|
|
|
|
|
Loss from
continuing operations before taxes |
|
(1,606 |
) |
|
|
(4,379 |
) |
|
|
(3,771 |
) |
|
|
(7,252 |
) |
Income tax
expense |
|
- |
|
|
|
(9 |
) |
|
|
- |
|
|
|
(9 |
) |
Loss from
continuing operations |
$ |
(1,606 |
) |
|
$ |
(4,388 |
) |
|
$ |
(3,771 |
) |
|
$ |
(7,261 |
) |
Income
(loss) from discontinued operations |
|
- |
|
|
|
31 |
|
|
|
(8 |
) |
|
|
67 |
|
Net
loss |
$ |
(1,606 |
) |
|
$ |
(4,357 |
) |
|
$ |
(3,779 |
) |
|
$ |
(7,194 |
) |
|
|
|
|
|
|
|
|
Loss from
continuing operations per common share - basic and diluted |
$ |
(0.14 |
) |
|
$ |
(1.19 |
) |
|
$ |
(0.37 |
) |
|
$ |
(1.96 |
) |
Income from
discontinued operations per common share - basic and diluted |
|
- |
|
|
$ |
0.01 |
|
|
|
- |
|
|
$ |
0.01 |
|
Net loss per
share - basic and diluted |
$ |
(0.14 |
) |
|
$ |
(1.18 |
) |
|
$ |
(0.37 |
) |
|
$ |
(1.95 |
) |
|
|
|
|
|
|
|
|
Weighted
average number of common shares outstanding – basic and
diluted |
|
11,433 |
|
|
|
3,690 |
|
|
|
10,316 |
|
|
|
3,696 |
|
|
|
|
|
|
|
|
|
ENSERVCO
CORPORATION AND SUBSIDIARIES |
Calculation
of Adjusted EBITDA * |
|
|
|
|
|
|
|
|
|
For the
Three Months Ended |
|
For the Six
Months Ended |
|
June 30, |
|
June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(1,606 |
) |
|
$ |
(4,357 |
) |
|
$ |
(3,779 |
) |
|
$ |
(7,194 |
) |
Add
back |
|
|
|
|
|
|
|
Interest expense (including discontinued operations) |
|
11 |
|
|
|
547 |
|
|
|
44 |
|
|
|
1,189 |
|
Provision for income tax expense |
|
- |
|
|
|
9 |
|
|
|
- |
|
|
|
9 |
|
Depreciation and amortization (including discontinued
operations) |
|
1,337 |
|
|
|
1,317 |
|
|
|
2,679 |
|
|
|
2,719 |
|
EBITDA |
|
(258 |
) |
|
|
(2,484 |
) |
|
|
(1,056 |
) |
|
|
(3,277 |
) |
Add back
(deduct) |
|
|
|
|
|
|
|
Stock-based compensation |
|
25 |
|
|
|
322 |
|
|
|
49 |
|
|
|
361 |
|
Severance and transition costs |
|
- |
|
|
|
139 |
|
|
|
7 |
|
|
|
139 |
|
Loss (gain) on disposal of equipment (including discontinued
operations) |
|
19 |
|
|
|
(15 |
) |
|
|
70 |
|
|
|
(54 |
) |
Other (income) expense (including discontinued operations) |
|
(1,361 |
) |
|
|
(27 |
) |
|
|
(1,587 |
) |
|
|
252 |
|
EBITDA related to discontinued operations |
|
- |
|
|
|
1 |
|
|
|
1 |
|
|
|
11 |
|
Adjusted
EBITDA |
$ |
(1,575 |
) |
|
$ |
(2,064 |
) |
|
$ |
(2,516 |
) |
|
$ |
(2,568 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|
ENSERVCO
CORPORATION |
Condensed
Consolidated Balance Sheets |
(In
thousands) |
|
|
|
|
|
June
30, |
|
December
31, |
ASSETS |
|
2021 |
|
|
|
2020 |
|
|
|
|
|
Current
Assets |
|
|
|
Cash and cash equivalents |
$ |
3,806 |
|
|
$ |
1,467 |
|
Accounts receivable, net |
|
1,575 |
|
|
|
1,733 |
|
Prepaid expenses and other current assets |
|
2,240 |
|
|
|
858 |
|
Inventories |
|
290 |
|
|
|
295 |
|
Assets for held for sale |
|
527 |
|
|
|
527 |
|
Total current assets |
$ |
8,438 |
|
|
$ |
4,880 |
|
|
|
|
|
Property and
equipment, net |
|
18,173 |
|
|
|
20,317 |
|
Goodwill |
|
546 |
|
|
|
546 |
|
Intangible
assets, net |
|
508 |
|
|
|
617 |
|
Right-of-use
asset - finance, net |
|
58 |
|
|
|
129 |
|
Right-of-use
asset - operating, net |
|
2,495 |
|
|
|
2,918 |
|
Other
assets |
|
434 |
|
|
|
423 |
|
Non-current
assets of discontinued operations |
|
- |
|
|
|
353 |
|
TOTAL
ASSETS |
$ |
30,652 |
|
|
$ |
30,183 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT) |
|
|
|
Current
Liabilities |
|
|
|
Accounts payable and accrued liabilities |
$ |
1,623 |
|
|
$ |
1,931 |
|
Senior revolving credit facility, related party (including future
interest payable of $731 and $892, respectively) |
|
1,664 |
|
|
|
1,593 |
|
Lease liability - finance, current |
|
33 |
|
|
|
65 |
|
Lease liability - operating, current |
|
841 |
|
|
|
854 |
|
Current portion of long-term debt |
|
56 |
|
|
|
100 |
|
Current liabilities of discontinued operations |
|
- |
|
|
|
31 |
|
Total current liabilities |
$ |
4,217 |
|
|
$ |
4,574 |
|
|
|
|
|
Long-Term
Liabilities |
|
|
|
Senior revolving credit facility, related party (including future
interest payable of $249 and $485, respectively) |
$ |
13,316 |
|
|
$ |
17,485 |
|
Subordinated debt, related party |
|
- |
|
|
|
1,180 |
|
Long-term debt, less current portion |
|
2,023 |
|
|
|
2,052 |
|
Lease liability - finance, less current portion |
|
36 |
|
|
|
55 |
|
Lease liability - operating, less current portion |
|
1,782 |
|
|
|
2,185 |
|
Other liabilities |
|
48 |
|
|
|
88 |
|
Long-term liabilities of discontinued operations |
|
- |
|
|
|
9 |
|
Total long-term liabilities |
$ |
17,205 |
|
|
$ |
23,054 |
|
Total liabilities |
$ |
21,422 |
|
|
$ |
27,628 |
|
|
|
|
|
Commitments
and Contingencies |
|
|
|
|
|
|
|
Stockholders' Equity (Deficit) |
|
|
|
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;
11,439,633 and 6,307,868 shares issued as of June 30, 2021 and
December 31, 2020, respectively; 6,907 shares of treasury stock as
of June 30, 2021 and December 31, 2020, respectively; and
11,432,726 and 6,300,961 shares outstanding as of June 30, 2021 and
December 31, 2020, respectively |
|
57 |
|
|
|
32 |
|
Additional paid-in capital |
|
40,481 |
|
|
|
30,052 |
|
Accumulated deficit |
|
(31,308 |
) |
|
|
(27,529 |
) |
Total stockholders' equity |
$ |
9,230 |
|
|
$ |
2,555 |
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
$ |
30,652 |
|
|
$ |
30,183 |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
Working Capital |
|
4,221 |
|
|
|
306 |
|
|
|
|
|
Long-term Debt to Equity |
|
1.85 |
|
|
|
8.77 |
|
|
|
|
|
Current Ratio |
|
2.00 |
|
|
|
1.07 |
|
ENSERVCO
CORPORATION |
CONSOLIDATED
STATEMENT OF CASH FLOWS (UNAUDITED) |
|
|
|
|
|
For the Six
Months Ended |
|
June 30, |
|
|
2021 |
|
|
|
2020 |
|
OPERATING ACTIVITIES |
|
|
|
Net loss |
$ |
(3,779 |
) |
|
$ |
(7,194 |
) |
Net (loss) income from discontinued operations |
|
(8 |
) |
|
|
67 |
|
Net loss from continuing operations |
|
(3,771 |
) |
|
|
(7,261 |
) |
Adjustments to reconcile net (loss) income to net cash |
|
|
|
used in operating activities |
|
|
|
Depreciation and amortization |
|
2,673 |
|
|
|
2,706 |
|
Loss on disposal of equipment |
|
70 |
|
|
|
38 |
|
Board compensation issued in equity |
|
311 |
|
|
|
- |
|
Stock-based compensation |
|
49 |
|
|
|
361 |
|
Amortization of debt issuance costs and discount |
|
8 |
|
|
|
95 |
|
Provision for bad debt expense |
|
3 |
|
|
|
298 |
|
Changes in operating assets and liabilities |
|
|
|
Accounts receivable |
|
156 |
|
|
|
4,674 |
|
Inventories |
|
5 |
|
|
|
85 |
|
Prepaid expense and other current assets |
|
(1,382 |
) |
|
|
68 |
|
Income taxes receivable |
|
- |
|
|
|
(14 |
) |
Amortization of operating lease assets |
|
422 |
|
|
|
416 |
|
Other assets |
|
46 |
|
|
|
320 |
|
Accounts payable and accrued liabilities |
|
(260 |
) |
|
|
(2,365 |
) |
Operating lease liabilities |
|
(416 |
) |
|
|
(416 |
) |
Other liabilities |
|
(40 |
) |
|
|
(21 |
) |
Net cash used in operating activities - continuing operations |
|
(2,126 |
) |
|
|
(1,016 |
) |
Net cash provided by operating activities - discontinued
operations |
|
4 |
|
|
|
134 |
|
Net cash used in operating activities |
|
(2,122 |
) |
|
|
(882 |
) |
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
Purchases of property and equipment |
|
(195 |
) |
|
|
(306 |
) |
Proceeds from insurance claims |
|
- |
|
|
|
294 |
|
Proceeds from disposal of property and equipment |
|
65 |
|
|
|
335 |
|
Net cash (used in) provided by investing activities - continuing
operations |
|
(130 |
) |
|
|
323 |
|
Net cash provided by investing activities - discontinued
operations |
|
- |
|
|
|
681 |
|
Net cash (used in) provided by investing activities |
|
(130 |
) |
|
|
1,004 |
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
Gross proceeds from stock issuance |
|
9,660 |
|
|
|
- |
|
Stock issuance costs and registration fees |
|
(815 |
) |
|
|
- |
|
Term loan repayment |
|
(3,000 |
) |
|
|
- |
|
Net line of credit (repayments) borrowings |
|
(701 |
) |
|
|
(2,001 |
) |
Proceeds from PPP loan |
|
- |
|
|
|
1,940 |
|
TDR accrued future interest payments |
|
(397 |
) |
|
|
- |
|
Repayment of long-term debt |
|
(72 |
) |
|
|
(49 |
) |
Payments of finance leases |
|
(83 |
) |
|
|
(245 |
) |
Net cash provided by (used in) financing activities - continuing
operations |
|
4,592 |
|
|
|
(355 |
) |
Net cash used in financing activities - discontinued
operations |
|
(1 |
) |
|
|
(1 |
) |
Net cash
provided by (used in) financing activities |
|
4,591 |
|
|
|
(356 |
) |
|
|
|
|
Net
Increase (Decrease) in Cash and Cash Equivalents |
|
2,339 |
|
|
|
(234 |
) |
Cash
and Cash Equivalents, beginning of period |
|
1,467 |
|
|
|
663 |
|
Cash
and Cash Equivalents, end of period |
$ |
3,806 |
|
|
$ |
429 |
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information: |
|
|
|
Cash paid for interest |
$ |
413 |
|
|
$ |
1,026 |
|
Supplemental Disclosure of Non-cash Investing and Financing
Activities: |
|
|
|
Non-cash conversion of subordinated debt and accrued interest to
common stock |
$ |
1,312 |
|
|
$ |
- |
|
Non-cash conversion of unamortized subordinated debt discount |
|
61 |
|
|
|
- |
|
|
|
|
|
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