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SMG Industries, Inc. Announces Fiscal Year 2022 Earnings and Record Revenues for 2022
SMG Industries, Inc. Announces Fiscal Year 2022 Earnings and Record Revenues for 2022.
About this update from Smg Industries, Inc.
[{"type":"text","content":"\n SMG Reports Record Revenues of $71 Million for Fiscal Year ended December 31, 2022, an Increase of 36% From 2021 Revenues, and a 2022 Positive Adjusted EBITDA of $4.8 Million HOUSTON, TX, April 18, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – SMG Industries, Inc. (“SMG” or the \"Company\") (OTCQB:SMGI), a growth-oriented transportation services company focused on the domestic infrastructure logistics market, today announced that its audited results of consolidated revenues from operations for the year ended December 31, 2022 was a record $71,021,862, representing an increase of 36% from $52,113,827 reported for the year ended December 31, 2021. For the year ended December 31, 2022, Adjusted EBITDA, a non-GAAP measure, was a positive $4.8 million compared to a loss in the year ago period showing the significant progress the Company has made compared to recent years.  Additional information regarding Adjusted EBITDA, as well as a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure of net income (loss), is provided in the “Adjusted EBITDA Non-GAAP Net Income (Loss) Reconciliation Table” section below.  The increase in revenue year-over-year in 2022 compared to 2021 resulted from increased volumes and improved pricing in the Company’s Industrial Division, which experienced increased demand for super heavy haul projects, infrastructure and additional production hauling work.  The Company also saw its brokerage business (known as 5J Logistics Services) launch in 2022 and contribute solid operating revenues as it expanded its footprint and customer base, which was not present during the 2021 comparable period.  Overall, positive Adjusted EBITDA performance was attributed to higher sales volumes, improved fixed asset utilization, better pricing mix from the increased activity of the Company’s Industrial Division and lower SG&A as a percentage of sales compared to the prior year period. Mr. Matt Flemming, Chairman of SMG, stated, \"The Company benefited from higher activity levels from its customers, new end market diversification and increased pricing relative to the prior year period.  Additionally, the heavy haul transport of infrastructure including bridge beams, compressors and refinery components contri...