Business
EES Announces Second Quarter 2019 Results
EES Announces Second Quarter 2019 Results.
About this update from Energy & Environmental Services Inc.
[{"type":"text","content":"\n\n\n\nEES Announces Second Quarter 2019 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 Second Quarter 2019 Results\nPR Newswire\nOKLAHOMA CITY, Aug. 22, 2019\n\n\n\nOKLAHOMA CITY, Aug. 22, 2019 /PRNewswire/ -- Energy and Environmental Services, Inc. (OTC: EESE) today announced its unaudited financial results for the second quarter ended June 30, 2019.\n\"Our Patriot Chemical & Services acquisition builds our revenues and expands our footprint in the market for oilfield chemicals.  Patriot is a textbook example of our growth through strategic acquisitions.  We are also expanding our internal investment to increase organic growth,\" stated Leon Joyce, CEO.  \"Our strategies are working.  We managed to increase revenues despite some softening in the oil and gas industry,\" added Joyce.\nSecond Quarter 2019 Highlights\nWe acquired Patriot Chemicals & Services in May 2019 for a combination of stock, cash and notes valued at $3,441,000. Patriot markets chemicals used in oil and gas drilling and production, including chemicals manufactured by us.  From May 16, 2019 through June 30, 2019, we realized $703,900 of revenues and $92,800 of net income from Patriot. Our sales revenues increased $349,000 from $2,013,500 in the Second Quarter 2018 to $2,362,500 for the Second Quarter 2019.  Our gross profit was up $366,300 or 35% from $1,047,800 in the Second Quarter 2018 to $1,414,100 in the Second Quarter 2019. We received certification from the Environmental Protection Agency to produce registered biocides at our Edmond Facility. Our EBITDA was $121,500 for the Second Quarter 2019 compared to EBITDA of $167,800 for the Second Quarter 2018. We had net income from operations of $22,800 in the Second Quarter 2019 versus net income of $96,800 in the Second Quarter 2018. We continued our capital investments. During the Six Months 2019, we invested $252,400 and increased borrowing by $325,700. This capital generally reflects the Patriot acquisition and the conversion of our Snyder, Texas warehouse to a chemical blendi...