Business
SMG Industries, Inc. Reports Financial Results for its First Quarter 2021
SMG Industries, Inc. Reports Financial Results for its First Quarter 2021.
About this update from Smg Industries, Inc.
[{"type":"text","content":"\n Transportation Services Company Reports $7.6 million in Revenues for First Quarter 2021, an Increase of 74% from Q1 2020 HOUSTON, TX, May 25, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- SMG Industries, Inc. (the “Company”) (OTCQB:SMGI), a growth-oriented transportation services company focused on the domestic infrastructure market, today reported financial results for its first quarter 2021 and the release of its 2021 first quarter report on Form 10-Q. First Quarter 2021 Highlights ·         Net of discontinued operations (MG Cleaners and Trinity Services), revenues increased to $7,602,328 for the quarter ending March 31, 2021, an increase of 74% from $4,360,381 for the first quarter in 2020 driven by the acquisition of 5J on February 27, 2020, increased drilling rig relocations and improved customer demand resulting from lessened impacts of the global COVID-19 pandemic and its economic effects in the markets we serve. ·         Selling, general and administrative expenses were approximately 19.9% of sales for Q1, 2021. ·         Net loss from continuing operations for Q1, 2021 was $3,808,568, which included non-cash expenses of $1,706,170 of which $1,418,401 was depreciation expense. ·         Total assets grew to $27,242,213. ·         Two owner/operator trucking companies leased onto our platform and generated an immediate revenue impact, growing our geographic footprint. ·         SMGI expects to be well positioned for federal domestic infrastructure spending programs presently being legislated. The Company is a growth-oriented Transportation Services company focused on the domestic logistics market.  Our primary business objective is to grow our operations and create value for our shareholders through organic growth and strategic acquisitions. SMGI has implemented a “Buy & Build” growth strategy of acquiring middle market transportation companies and generating organic growth post-acquisition when possible, by removing business constraints and strategic cross-selling of services benefitin...