Enservco Corporation Delays Filing of Form 10-K to Restate 2021 Form 10-Qs to Account for the Company’s Utilization of Deferred Tax Liabilities
April 18 2022 - 8:30AM
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
announced it will delay the filing of its 2021 Form 10-K to restate
the Company’s financial statements on three Form 10-Qs for 2021 to
adjust for its utilization of certain deferred tax liabilities in
2021. These restatements are not related to operating matters and
will not affect the Company’s reported revenue or operating
expenses.
The Company also announced it generated a 71%
increase in fourth quarter 2021 revenues compared to the prior year
fourth quarter due to gains across all service offerings based on
increased customer activity driven by higher commodity prices and
the addition of new customers.
“We are eager to report our full fourth quarter
results from 2021 because they will show improvements year over
year,” said Rich Murphy, Executive Chairman. “Our first quarter of
2022 is also expected to show improved results, which will give the
Company four consecutive quarters of year-over-year revenue growth.
We believe the outlook for the oil and gas industry is favorable,
and we remain excited about our prospects going forward.
“We apologize to our stockholders for the delay in
our filings and earnings call, but we want to ensure that our
amended Form 10-Qs and Form 10-K accurately reflect the appropriate
tax treatment that was impacted by the financing completed early in
2021,” Murphy added. “Our auditors and third-party tax advisors are
working diligently to complete these calculations as quickly as
possible, and we expect to complete our 2021 filings as soon as
practicable.”
About Enservco Through its
various operating subsidiaries, Enservco provides a 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, West Virginia, Utah,
Michigan, Illinois, Florida, New Mexico and
Louisiana. Additional information is available at
www.enservco.com.
Cautionary Note Regarding Forward-Looking
Statements
This 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 “believes,” "may,"
“intends,” "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 include ability of the Company to complete tax provision
calculations, file amended 2021 Form 10-Qs and Form 10-K, and
report year over year revenue growth for the fourth quarter of 2021
and first quarter of 2022; potential for continued favorable
industry outlook and prospects for the Company. Enservco disclaims
any obligation to update any forward-looking statement made herein,
except as required by law.
Contact:
Mark Patterson SVP Enservco Corporation
mpatterson@enservco.com
Pfeiffer High Investor Relations, Inc. Jay
Pfeiffer Phone: 303-880-9000 Email: jay@pfeifferhigh.com
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