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American Environmental Partners Announces Third Quarter 2023 Financial Results
American Environmental Partners Announces Third Quarter 2023 Financial Results.
About this update from American Energy Partners, Inc.
[{"type":"text","content":"\n Continues Progress on Streamlining Operations to Focus on Core Environmental Services Business CANONSBURG, PA, Nov. 30, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire  – American Environmental Partners, Inc. (“American Environmental,” “AEPT” or “the Company”) (PINK: AEPT), a mission critical environmental services company focused on remediation and processing solutions for infrastructure and industrial companies, today announced its financial results for the third quarter ended Sept. 30, 2023. Third Quarter 2023 Financial Results Total revenue decreased 21% to $6.7 million from $8.5 million from the year-ago period, primarily due to discontinued unprofitable services in the Apex industrial business lines. General and administrative (“G&A”) expenses were $6.5 million, down 8% from $7.1 million, compared to the three months ended Sept. 30, 2022. The decrease in G&A expenses was primarily due to the discontinuation of services at Apex, partially offset by higher salaries and wages, payroll taxes and employee benefits. Interest expense was $0.6 million in the third quarter of 2023 versus $0.08 million in the third quarter of 2022, primarily due to the rising cost of capital. Loss from operations was $0.24 million. Net loss was $2.0 million, or $0.00 per share. As of Sept. 30, 2023, current assets were $14.2 million, including cash on hand of $0.5 million. Total debt outstanding was $8.1 million. Management Commentary “These are exciting times for American Environmental Partners,” said Brad Domitrovitsch, Chairman and Chief Executive Officer of American Environmental Partners. “We recently rebranded our company as American Environmental Partners to better reflect the services we provide to our customers and to further our strategy to expand our environmental services platform. Additionally, on October 23, we announced our plans to reverse merge into SCWorx Corp., a publicly traded company listed on NASDAQ under ticker symbol: WORX. We expect the transaction to close by the end of the first quarter of 2024. “The environmental services market is highly fragmented with many attractive acquisition targets and growing demand driven by a compelling regulatory environment, both of which are contributing to our opportunities to grow. Gaining access to th...