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Exhibit 99.1
SMG INDIUM RESOURCES REPORTS THIRD QUARTER 2017 FINANCIAL RESULTS
HOUSTON, Texas November 13, 2017 (GLOBE NEWSWIRE) -- SMG Indium Resources Ltd., ("SMGI” or the “Company"), symbol OTCQB:SMGI, an oilfield services company headquartered in Houston, Texas today announced its unaudited financial results for the third quarter (“Q3”) ended September 30, 2017.
Summary:
· | Total Revenues for the quarter ended September 30, 2017 were $620,084, up 50%, from the year ago period; |
· | Total Revenues for the nine months ended September 30, 2017 were $1,802,486 up 62%, from the year ago period; |
· | Gross Margin increased significantly to 62% of Revenues in Q3 2017, from 44% in Q3 2016; |
· | EBITDAX, a non-GAAP measure, was $245,093 for Q3 2017 and $406,664 for the nine months ended September 30, 2017 (see reconciliation table below); |
· | Net loss for Q3 2017 was $412,626, including non-recurring acquisition costs of $378,807 and one-time non-cash stock charges of $211,321 during the period; |
· | The Company generated a gain of $177,502 for the Q3 2017 period, when adding back non-recurring merger/acquisition costs of $378,807 and non-recurring, non-cash, stock compensation charges of $211,321 during the period; and |
· | Liquidity improved resulting from a $1 million line of credit established by the Company with Crestmark Bank, in May 2017, which had an outstanding balance of $264,168 at September 30, 2017. |
Platform Acquisition
As stated in the Company's Quarterly Report on Form 10-Q filed on November 13, 2017, SMGI concluded its review of a strategic alternative, since its exit from the indium business, with a new platform acquisition in the oilfield services market. On September 19, 2017, the Company acquired 100% of the issued and outstanding membership interests of MG Cleaners an oilfield services company operated by Stephen Christian since 2010.
MG has four primary revenue streams: product sales - proprietary branded products including detergents, surfactants and degreasers; equipment and parts; service crews performing on-site repair and drilling rig wash; and rentals. Its customers are major oilfield drilling rig contractors including Nabors Drilling, Patterson–UTI and Helmrich & Payne, established oil and gas operators, as well as other service companies.
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