Business
Stabilis Energy Announces First Quarter 2020 Results
Sets Record for Most LNG Gallons Sold in a QuarterHOUSTON, TX / ACCESSWIRE / May 6, 2020 / Stabilis Energy, Inc., ("Stabilis" or the "Company") (OTCQX:SLNG)
About this update from Stabilis Solutions, Inc.
[{"type":"text","content":"Sets Record for Most LNG Gallons Sold in a QuarterHOUSTON, TX / ACCESSWIRE / May 6, 2020 / Stabilis Energy, Inc., (\"Stabilis\" or the \"Company\") (OTCQX:SLNG) today reported its financial results for its first quarter ended March 31, 2020.Sequential Quarter ResultsFor the first quarter ended March 31, 2020 (\"current quarter\") Stabilis reported revenues of $13.8 million, an 11% increase from the quarter ended December 31, 2019 (\"preceding quarter\") primarily due to higher LNG volumes sold and higher equipment rental revenues associated with utility activity. Revenues from Stabilis' LNG segment increased by $2.1 million (20%) in the current quarter on a 27% increase in gallons delivered. The Company delivered 11.95 million LNG gallons to customers in the quarter, an all-time high. Utilization of the George West liquefier improved to 74% in the current quarter versus 64% in the preceding quarter.Adjusted earnings before interest, taxes, depreciation and amortization (\"Adjusted EBITDA\") decreased to $1.5 million in the current quarter, a $0.7 million decrease from the preceding quarter primarily due to the impact of COVID-19 on our Chinese joint venture's first quarter operations. Net loss for the current quarter increased to $1.1 million compared to a net loss of $0.6 million in the preceding quarter.Calendar Quarter ResultsRevenues in the current quarter increased $0.9 million (7%) compared to the quarter ended March 31, 2019 (\"prior year quarter\") primarily due to the closing of the Company's business combination with American Electric Technologies (\"AETI\") subsequent to the prior year quarter. LNG segment revenues decreased by $0.4 million primarily due to lower average natural gas prices and reduced activity levels with several customers. Utilization of the George West liquefier improved to 74% in the current quarter versus 58% in the prior year quarter.Adjusted EBITDA in the current quarter decreased by $0.8 million (34%) to $1.5 million due to additional expenses from the consolidation of AETI, partially offset by improved gross margins in the LNG business. Net loss for the current quarter increased by $0.5 million compared to the prior year quarter.Cash on hand at the end of the current quarter was $3.2 million compared to $1.3 million at the end of the prior year quarter.\"Our core LNG business delivered one of ...