Business
Stabilis Energy Announces Second Quarter 2019 Results
Strong Revenue and EBITDA Growth in Stabilis LNG Business; 10-Q Filing Only Contains Legacy AETI ResultsHOUSTON, TX / ACCESSWIRE / August 14, 2019 / Stabilis
About this update from Stabilis Solutions, Inc.
[{"type":"text","content":"Strong Revenue and EBITDA Growth in Stabilis LNG Business; 10-Q Filing Only Contains Legacy AETI ResultsHOUSTON, TX / ACCESSWIRE / August 14, 2019 / Stabilis Energy, Inc., (“Stabilis”) (NASDAQ:SLNG) today reported its financial results for its 2nd quarter ended June 30, 2019 (“current quarter”). Due to the timing of the Share Exchange Transaction (“the Transaction”) with American Electric Technologies, Inc. (“AETI”) that closed on July 26, 2019, the financial results contained in the Company’s Form 10-Q for the period ended June 30, 2019 reflect the legacy AETI results and do not contain results from Stabilis’ liquefied natural gas (“LNG”) business. Subsequent quarterly and annual filings will include the financial results of the combined business. This press release contains results of the LNG business that are not included in the Company’s Form 10-Q filed on August 14, 2019. Stabilis LNG Three Month Results for the Period Ending June 30, 2019Stabilis reported LNG revenues of $11.1 million, an increase of 28% compared to the quarter ended June 30, 2018 (“prior year quarter”) driven by increased customer volumes and improved pricing in LNG product sales as well as rental, service, and other revenues. LNG product sales were driven by increased volumes at our George West, Texas liquefier. Utilization of the George West liquefier averaged 76% in the current quarter versus 42% in the prior year quarter driven by increased demand by customers in the industrial and energy sectors, as well as strong exports to Mexico. Growth in rental, service, and other revenue was driven by customers in the pipeline, utilities, industrial, and energy sectors.Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $1.6 million in the current quarter vs. an EBITDA loss of $0.1 million in the prior year quarter, a year-over-year improvement of $1.7 million.Net loss for the current quarter was $1.0 million compared to a net loss of $3.4 million in the prior year quarter, a year-over-year improvement of $2.4 million. Stabilis LNG Six Month Results for the Period Ending June 30, 2019For the first six months of 2019, the Stabilis LNG business reported revenues of $24.1 million, an increase of 30% compared to the first six months of 2018. EBITDA for the first six months of 2019 was $3.6 million, a $1.9 million or 109% improvement from t...