Business
SMG Industries Inc. Releases Financial Information Recently Filed in a Current Report on Form 8-K and Stockholder Update
SMG Industries Inc. Releases Financial Information Recently Filed in a Current Report on Form 8-K and Stockholder Update.
About this update from Smg Industries, Inc.
[{"type":"text","content":"\n HOUSTON, TX, Oct. 02, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- SMG Industries Inc. (“SMG” or the “Company”) (OTCQB: SMGI), a growth-oriented transportation services company specializing in the full-service logistics market, today reported its pro forma financial results in connection with its July 7, 2023, acquisition of the Barnhart family of companies. On September 15, 2023, the Company amended its Current Report on Form 8-K originally filed with the Securities and Exchange Commission (the “SEC”) on July 12, 2023, which amendment included the financial statements and pro forma financial information required by Item 9.01 of Form 8-K in connection with its recent acquisition of the Barnhart family of companies that closed July 7, 2023. As illustrated in the Current Report on Form 8-K/A filed with the SEC on September 15, 2023, on a pro forma combined basis for fiscal year 2022, revenues were $152,771,088, gross profit was $16,770,897, net loss from continuing operations was $5,296,586 (which included non-cash expenses of $13,930,353 in depreciation and amortization expenses), generating a net loss of $5,156,039 including those non-cash items. In addition, as disclosed in further detail below, pro forma Adjusted EBITDA, a non-GAAP measure, for fiscal year 2022 was $15,046,814 (see reconciliation table below). Timothy Barnhart, CFO of SMG said, “Our team is excited about our future growth prospects and new critical mass in size given the July 7th closing of the Barnhart family of companies and its added cash flow. In addition to realizing cost synergies, the Company has been very busy with internal integration of its business and is fortunate to have transportation management systems (TMS) and related infrastructure that are similar and pair well together. Currently, the team believes this integration, including accounting and information technology, will be concluded prior to the year-end 2023. We have executed on several of the expense saving initiatives, including national account buying for fuel and other expenses.” Timothy continued, “The Company’s next Quarterly Report on Form 10-Q for the third quarter 2023 will include the financial results from the Barnhart acquisition from its effective date of July 7, 2023, through September 30, 2023, within SMG’s ...