Business
SMG Industries, Inc. Announces the Results for its Second Quarter ended June 30, 2019
SMG Industries, Inc. Announces the Results for its Second Quarter ended June 30, 2019.
About this update from Smg Industries, Inc.
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / August 14, 2019 / SMG Industries, Inc. (the “Company”) (OTCQB:SMGI), a growth-oriented oilfield services company operating in the Southwest United States today reported its financial and operational results for its second quarter ended June 30, 2019.Second Quarter Financial Highlights:Completed the Trinity Services acquisition on June 26, 2019, significantly strengthening the Company’s presence in the Haynesville and Cotton Valley resource plays adding active new customers,For the 3 months ended June 30, 2019, total revenue was $1,094,181, a decrease of approximately 6%, from the 3 months ended June 30, 2018, (which included only three days of sales in the period from the Trinity Services acquisition),For the 6 months ended June 30, 2019, total revenue was $2,846,885, an increase of approximately 31%, from the comparable 6 months ended June 30, 2018,Net loss was $980,922 for the 3 months ended June 30, 2019, compared to a net loss of $148,115 for the 3 months ended June 30, 2018,Total Assets grew 127% to $8,009,002 in the second quarter ended June 30, 2019 compared to $3,526,447 at year end 2018,The Company continues to move forward with its buy and build strategy seeking to consolidate oilfield services companies.Mr. Matt Flemming, Chief Executive Officer of SMG, stated, “The Company roughly doubled its monthly revenues through the accretive acquisition of Trinity Services that closed during the second quarter. Management responded to market softness in our South Texas frac water operations by relocating certain of its equipment and staff to a more active territory in the Haynesville shale in East Texas. Drilling rig focused product and service company, MG Cleaners, saw reduced activity levels with its rig wash service during the quarter, which was partially offset by increases in equipment and product sales driven by new customer wins.” Mr. Flemming continued, “The second quarter also included all of the acquisition costs of the late June acquisition but only three days of sales were included given the closing date. Currently, we anticipate an improved third quarter in revenues and margins from cross-selling customers, added service lines acquired and cost reductions made during the second quarter.” Sales for the three months ended June 30, 2019 were $1,094,181, a decrease of approximately 6%, from $...