Business
SMG Industries, Inc. Reports $18.07 Million in Revenue for the Second Quarter and $34.2 Million for the Six-Months Ended June 30, 2022
SMG Industries, Inc. Reports $18.07 Million in Revenue for the Second Quarter and $34.2 Million for the Six-Months Ended June 30, 2022.
About this update from Smg Industries, Inc.
[{"type":"text","content":"\n Fiscal Year 2022 Six-Month Revenues up 73% From the Comparable Year Ago Period HOUSTON, TX, Aug. 17, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – SMG Industries, Inc. (the “Company”) (OTCQB:SMGI), a growth-oriented transportation services company focused on the domestic infrastructure logistics market, today reported financial results for its second quarter ended June 30, 2022. Second Quarter Financial Highlights: Revenues increased approximately 47.6% to $18,076,897 for the three months ended June 30, 2022, compared to the three months ended June 30, 2021, Revenues increased approximately 73% to $34,257,950 for the six months ended June 30, 2022, compared to the year ago period, Adjusted Gross Margins, a non-GAAP measure, improved to $2,538,548, after adjusting for depreciation (a non-cash expense) within cost of sales of $1,397,491, for the three months ended June 30, 2022, compared to an Adjusted Gross Margin of $607,167, including depreciation expense of $1,319,104 for the same period in 2021, Net loss from continuing operations was $2,982,150 for the three months ended June 30, 2022, compared to a net loss of $419,360 for the three months ended June 30, 2021, which included PPP debt forgiveness income in 2021, Positive Adjusted EBITDA, a non-GAAP measure, was $742,535, or 4.1% of sales for the three months ended June 30, 2022, Total Assets were $26,841,851 at June 30, 2022, and The Company continues to move forward with its “buy and build” growth strategy seeking to acquire additional owner/operator logistics terminals as well as standalone transportation services companies. Sales for the quarter ended June 30, 2022, increased to $18,076,897, an increase of 47.6% from $12,243,091 for the quarter ended June 30, 2021. The increase in sales in the second quarter of 2022 was primarily driven by increased revenues in our industrial transportation segment from higher customer activity transporting drilling rigs, and in our heavy haul business transporting bridge beams, over-dimensional infrastructure items and large natural gas compressors. Our increase in revenues was also attributable to the new contribution of revenues from our 5J Transportation flatbed and 5J Logistics brokerage division, not present in the comparable period in 2021 along with the general improvement in the domestic United Stat...