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EES Announces First Quarter 2020 Financial Results
EES Announces First Quarter 2020 Financial Results.
About this update from Energy & Environmental Services Inc.
[{"type":"text","content":"\n\n\n\nEES Announces First Quarter 2020 Financial Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nEES Announces First Quarter 2020 Financial Results\nPR Newswire\nOKLAHOMA CITY, May 14, 2020\n\n\n\nOKLAHOMA CITY, May 14, 2020 /PRNewswire/ -- Energy and Environmental Services, Inc. (OTC: EESE) today announced its unaudited financial results for the first quarter ended March 31, 2020.\n\"Despite the COVID-19 pandemic and a 67% drop in oil prices during the first quarter of 2020, we're pleased with a 115% increase in revenue this quarter versus the corresponding quarter last year,\" stated Leon Joyce, CEO. \"As encouraging as this was, the impact of a shutdown economy and over supply of crude oil has greatly slowed the oilfield services industry.  We will feel the impact and are aggressively reducing expenses to bring them in line with expected decreases in revenue.  We are focused on controlling what we can control. Shifting our manufacturing to our farm and ranch segment and household and institutional chemicals is one way we can offset some of the loss in revenue from oilfield chemicals.  Our trucking company is also bringing in revenue from outside of the oil industry.  We are fortunate to have some diversified income streams,\"  added Joyce.\nFirst Quarter 2020 Financial Highlights\nSales revenues increased $1,355,900 from $1,583,100 in the first quarter 2019 to $2,939,000 for the first quarter 2020.  The increase was primarily due to the acquisition of Patriot Chemicals & Services, the results of which appear in the first quarter 2020, but not the first quarter 2019 Operations sustained a loss of $(181,300) in the first quarter 2020 versus a net loss of $(149,200) in the first quarter 2019 EBITDA was $8,300 for the first quarter 2020 compared to $(76,000) for the first quarter 2019.     Acquired Abilene Celex Services, LLC in February 2020 Capital Resources and Outlook\nEES's primary sources of capital during the first quarter 2020 were its cash reserves, a net increase in commercial borrowing of $402,800, and ...