OKLAHOMA CITY, Nov. 19, 2019 /PRNewswire/ -- Energy and Environmental Services, Inc. (OTC: EESE) today announced its unaudited financial results for the third quarter ended September 30, 2019.
"We are pleased with the company's 38.4% increase in revenue, 180% increase in gross profit, and overall increase in net income versus the same time period last year," stated Leon Joyce CEO. "The increases are largely due to our acquisition of Patriot Chemical, which reflects our plan to grow through strategic acquisitions. We are actively looking for companies like Patriot to join forces with EES. I am also proud of our talented and dedicated employees, who make our success possible," added Joyce.
Third Quarter 2019 Highlights
- Our sales revenues increased $591,800 from $1,541,600 in the Third Quarter 2018 to $2,133,400 for the Third Quarter 2019.
- Our gross profit was up $1,186,200 or 180.8% from $656,200 in the Third Quarter 2018 to $1,842,400 in the Third Quarter 2019.
- Our EBITDA was up $405,200 from $(58,300) for the Third Quarter 2018 compared to EBITDA of $346,900 for the Third Quarter 2019.
- We had net income from operations of $167,100 in the Third Quarter 2019 versus net loss of $(133,500) in the Third Quarter 2018 – a $300,600 increase.
We expect a year-over-year increase in our total consolidated revenues, which we see as a positive sign given the current state of the oil and gas industry. Revenue increases from Patriot, Enduro-Bond protective coatings, and D.R. Graham Trucking could make the difference with the drilling rig count down 57% from last year. Sales of our chemicals for producing wells were stable, and could increase in this current industry dip as customers seek added value. We fortunately have a strong balance sheet with $1,871,300, of cash and cash equivalents and working capital of $4,968,100 at September 30, 2019. We will attempt to increase market share through potential acquisitions as well as organic growth in our divisions: Patriot, Enduro-Bond, Graham Trucking, Enduro-Tech liquid and solid chemicals, lab services, probiotic feed supplements and organic fertilizers and through our pump barrel joint venture with Vortex.
Energy and Environmental Services, Inc. (OTC: EESE), based in Edmond, Oklahoma, participates in the oilfield chemical, anti-corrosive coatings and biotech industries. EES was established in 1991 and management has over 50 years of experience blending, manufacturing and packaging custom liquids and solid chemicals for the oil, gas and agricultural industries. Additionally, EES has expanded to develop innovative products and applications for enzyme system technologies and livestock feed supplements.
Our 2018 annual report and proxy statement can be viewed on the EES website in the Investor section at www.eesokc.com and on the OTC markets website www.otcmarkets.com, under our filings and disclosure.
Safe Harbor for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Energy and Environmental Services actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Energy and Environmental Services expressly disclaims any intent or obligation to update any forward-looking statements.
SOURCE Energy and Environmental Services, Inc.