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SMG Industries, Inc. Announces Third Quarter 2018 Financial Results
SMG Industries, Inc. Announces Third Quarter 2018 Financial Results.
About this update from Smg Industries, Inc.
[{"type":"text","content":"\nHOUSTON, Nov. 09, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – SMG Industries, Inc. (OTCQB: SMGI), a growth-oriented oilfield services company operating in the Southwest United States, announced their financial results today for the third quarter ended September 30, 2018.\n Third Quarter 2018 Highlights: Revenue increased 65% to $1,026,949 for the third quarter ended September 30, 2018, from $620,084 during the same period in 2017,Gross profit increased over 15% to $444,027 for the third quarter ended September 30, 2018, from $385,710 during the same period in 2017,Gross margin was 43.5% of revenue for the third quarter ended September 30, 2018 compared to 62.2% of revenue for the third quarter 2017,Net loss for the third quarter ended September 30, 2018 was $279,694, or $0.03 per diluted share, which included non-cash expenses of $196,273 associated with depreciation, amortization and share payments, and one-time expenses of $15,790,Net loss for the third quarter ended September 30, 2017 was $412,626, or $0.04 per diluted share,Revenue increased 77% to $3,192,432 for the nine months ended September 30, 2018, compared to $1,802,486 during the same period in 2017, and,The Company continues to aggressively move forward with its previously announced accretive acquisition strategy.  As stated in the Company’s Quarterly Report on Form 10-Q filed November 9, 2018 with the Securities and Exchange Commission, revenues for the three months ended September 30, 2018 were $1,026,949, an increase of $406,865, or 65%, from $620,084 for the comparable three months ended September 30, 2017. The increase was attributed to an increase in customer activity driven by an increase in drilling rig count in geographic areas SMG Industries serves, additional services the Company has added including rental fleets of equipment, our rig supply services as well as additional new customers.   During the three months ended September 30, 2018, cost of sales increased as a percentage of sales to 56.7% of revenues, or $582,922, compared to 37.8% of revenues, or $234,374, for the  comparable 2017 period. The increase in cost of sales as a percentage of revenues is primarily the result of higher direct costs including further expansion in West Texas with service crews and related equipment in addition to the new facility in South Texas ...