Please wait while we load the requested 10-Q report or click the link below:
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.
|·||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.|
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.
The following information was filed by Smg Industries Inc. (SMGI) on Monday, November 13, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Smg Industries Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Smg Industries Inc..