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SMG Indium Resources Reports Third Quarter 2017 Financial Results
SMG Indium Resources Reports Third Quarter 2017 Financial Results.
About this update from Smg Industries, Inc.
[{"type":"text","content":"\n\n HOUSTON, Nov. 13, 2017 (GLOBE NEWSWIRE) -- SMG Indium Resources Ltd., (\"SMGI” or the  “Company\"), (OTCQB:SMGI), an oilfield services company headquartered in Houston, Texas today announced its unaudited financial results for the third quarter (“Q3”) ended September 30, 2017.\n Summary: Total Revenues for the quarter ended September 30, 2017 were $620,084, up 50%, from the year ago period;Total Revenues for the nine months ended September 30, 2017 were $1,802,486 up 62%, from the year ago period;Gross Margin increased significantly to 62% of Revenues in Q3 2017, from 44% in Q3 2016;EBITDAX, a non-GAAP measure, was $245,093 for Q3 2017 and $406,664 for the nine months ended September 30, 2017 (see reconciliation table below);Net loss for Q3 2017 was $412,626, including non-recurring acquisition costs of $378,807 and one-time non-cash stock charges of $211,321 during the period;The Company generated a gain of $177,502 for the Q3 2017 period, when adding back non-recurring merger/acquisition costs of $378,807 and non-recurring, non-cash, stock compensation charges of $211,321 during the period; andLiquidity improved resulting from a $1 million line of credit established by the Company with Crestmark Bank, in May 2017, which had an outstanding balance of $264,168 at September 30, 2017.   Platform Acquisition As stated in the Company's Quarterly Report on Form 10-Q filed on November 13, 2017, SMGI concluded its review of a strategic alternative, since its exit from the indium business, with a new platform acquisition in the oilfield services market. On September 19, 2017, the Company acquired 100% of the issued and outstanding membership interests of MG Cleaners an oilfield services company operated by Stephen Christian since 2010. MG has four primary revenue streams: product sales - proprietary branded products including detergents, surfactants and degreasers; equipment and parts; service crews performing on-site repair and drilling rig wash; and rentals. Its customers are major oilfield drilling rig contractors including Nabors Drilling, Patterson–UTI and Helmrich & Payne, established oil and gas operators, as well as other service companies. For the Third Quarter 2017 The Company’s Q3 2017 revenues were $620,084, which was an increase of 50% from Q3 2016.  Gross margins ...