Business
CORRECTION: SMG Industries, Inc. Reports 2021 $14.77 Million Revenue Third Quarter and $34.61 Million for the Nine Month Financial Results
CORRECTION: SMG Industries, Inc. Reports 2021 $14.77 Million Revenue Third Quarter and $34.61 Million for the Nine Month Financial Results.
About this update from Smg Industries, Inc.
[{"type":"text","content":"\n HOUSTON, TX, Nov. 17, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- SMG Industries, Inc. (the “Company”) (OTCQB:SMGI), a growth-oriented transportation services company focused on the domestic infrastructure logistics market, today reported financial results for its third quarter ended September 30, 2021. Third Quarter Financial Highlights: ·         Revenues increased approximately 117% to $14,772,939 for the 3 months ended September 30, 2021, compared to the three months ended September 30, 2020, ·         Revenues increased approximately 85% to $34,618,358 for the 9 months ended September 30, 2021 compared to the year ago period, ·         Adjusted Gross Margins for the nine months ended September 30, 2021, was $1,745,470, after adjusting for depreciation, a non-cash expense within cost of sales of $4,074,738, ·         Net loss from continuing operations was $3,928,964 for the 3 months ended September 30, 2021, compared to a net loss of $3,975,802 for the 3 months ended September 30, 2020, ·         Total Assets grew to $31,326,756 at September 30, 2021 compared to $27,425,148 at December 31, 2020, ·         A $6,400,000 first tranche of senior debt refinancing was funded on September 7, 2021, with the final tranche funded of $6,340,000 (for a total of $12,740,000) on November 1, 2021, lowering interest expense and payments, ·         The Company continues to move forward with its infrastructure growth platform of bridge beam and over-dimensional heavy haul, as well as its “buy and build” growth strategy seeking to acquire additional owner/operator logistics terminals as well as standalone transportation services companies. Selected financial report highlights: Three Months Ended September 30, 2021 Compared to the Three Months Ended September 30, 2020 Revenues for the quarter ended September 30, 2021 increased to $14,772,939 from $6,810,714 for the three months ended September 30, 2020, an increase of 117%, driven by increased drilling rig relocations, improved customer demand resultin...