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SMG Industries, Inc. Announces First Quarter 2020 Financial Results
SMG Industries, Inc. Announces First Quarter 2020 Financial Results.
About this update from Smg Industries, Inc.
[{"type":"text","content":"\n Transportation and Oilfield Services Company Reports Revenues of $5.98M for the First Quarter ended March 31, 2020, a 241% Increase from the First Quarter 2019 HOUSTON, TX, July 01, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- SMG Industries, Inc. (the “Company”) (OTCQB:SMGI), a growth-oriented transportation and oilfield services company operating in the Southwest United States, announced today their financial results for the first quarter ended March 31, 2020. First Quarter Highlights Revenue increased 241% to $5,976,400 for the quarter ended March 31, 2020, compared to the first quarter 2019,5J acquisition closed February 27, 2020, diversifying SMG into heavy-haul, logistics and transportation services,Pro forma first quarter 2020 revenues, including 5J for the entire period, were $13,536,910, (a non-GAAP measure),Gross Profit was a loss of $34,236 for the quarter ended March 31, 2020, which includes $531,231 in non-cash depreciation charges which increased with the 5J acquisition during the first quarter 2020, compared to $271,989 during the same period a year ago,Adjusted EBITDA was $744,203 for the first quarter 2020, (a non-GAAP measure; see reconciliation chart below),Total Assets grew 592% to $37,885,910 in first quarter 2020 from $6,431,384 from the previous quarter ended December 31, 2019, andThe Company continues to move forward aggressively with its acquisition growth strategy to further diversify its business. Management Comments Mr. Matt Flemming, Chief Executive Officer of the Company, stated, “We executed during the first quarter 2020 on the acquisition of a 20+ year old industry-recognized transportation and drilling rig mobilization company with approximately $50 million in revenues for the fiscal year ended December 31, 2019, known as “5J,” diversifying us into heavy haul and logistics services. 5J has an excellent reputation in the marketplace built over many years and business cycles using a balanced approach of company-owned and owner/operator independent trucks and trailers to provide transportation services for midstream compressors, heat exchangers, power components, bridge beams, and infrastructure projects. We anticipate 5J will significantly contribute to an increase in our revenues. However, falling oil prices and the COVID-19 pandemic have had a disruptive effect on...