Business
NCS Multistage Holdings, Inc. Announces Fourth Quarter and Full Year 2019 Results
Fourth Quarter Results Total revenues of $52.1 million, a 4% year-over-year increaseNet loss of $(2.2) million and loss per diluted share of $(0.05)Adjusted
About this update from Ncs Multistage Holdings, Inc.
[{"type":"text","content":"Fourth Quarter Results\n Total revenues of $52.1 million, a 4% year-over-year increaseNet loss of $(2.2) million and loss per diluted share of $(0.05)Adjusted EBITDA of $8.3 million and a 16% Adjusted EBITDA margin$11.2 million in cash on hand and $12.9 million of total debt as of December 31, 2019 HOUSTON, March 02, 2020 (GLOBE NEWSWIRE) -- NCS Multistage Holdings, Inc. (NASDAQ: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well completions and field development strategies, today announced its results for the quarter and year ended December 31, 2019. Financial Review Fourth Quarter 2019 Financial Results Revenues were $52.1 million for the quarter ended December 31, 2019, which was an increase of 4% compared to the fourth quarter of 2018. Our Canadian and international revenues increased by 24% and 58%, respectively on a year-over-year basis, while our U.S. revenue fell by 18%, reflecting a reduction in industry activity in the U.S. during the quarter as compared to the prior year. Total revenues decreased by 14% as compared to the third quarter of 2019 with decreases of 21% in the United States, 8% in Canada and 10% outside of North America. Gross profit, which we define as total revenues less total cost of sales exclusive of depreciation and amortization, was $26.1 million, or 50% of total revenues, in the fourth quarter of 2019, an increase compared to $24.2 million, or 48% of total revenues, in the fourth quarter of 2018. Cost of sales in the fourth quarter of 2019 was a lower percentage of revenues due to increased sales at Repeat Precision, LLC (“Repeat Precision”), which enabled better fixed cost utilization, increased sales in Canada and in international markets, and leveraging our volumes with our vendors. This was partially offset by reductions in sales of fracturing systems and well construction products in the United States, increased customer and competitor driven pricing pressure for our products and services, and higher cost of sales in tracer diagnostics, related to field service staffing levels and increased chemical costs associated with tariffs imposed on certain imports from China that were increased in May 2019. Selling, general and administrative (“SG&A”) expenses of $22.2 million inc...