Business
STABILIS ENERGY ANNOUNCES SECOND QUARTER 2020 RESULTS Company Sees U.S. Activity Recovering and Mexico Acceleration Beginning in Q3
HOUSTON, TX / ACCESSWIRE / August 5, 2020 / Stabilis Energy, Inc., ("Stabilis" or the "Company") (OTCQX:SLNG) today reported its financial results for its
About this update from Stabilis Solutions, Inc.
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / August 5, 2020 / Stabilis Energy, Inc., (\"Stabilis\" or the \"Company\") (OTCQX:SLNG) today reported its financial results for its second quarter ended June 30, 2020.Sequential Quarter ResultsFor the second quarter (\"current quarter\") Stabilis reported revenues of $5.0 million, a 64% decrease from the quarter ended March 31, 2020 (\"preceding quarter\") primarily due to the impact of the COVID-19 crisis, the related shutdown of many businesses, and the resulting decrease in industrial activity. Revenues from Stabilis' LNG segment decreased by $8.5 million (68%) in the current quarter on a 62% decrease in gallons delivered. The Company delivered 4.6 million LNG gallons to customers in the quarter. Utilization of the George West liquefier declined to 31% in the current quarter versus 74% in the preceding quarter. Power Delivery segment revenues fell by 25% to $1.0 million.Adjusted earnings before interest, taxes, depreciation and amortization (\"Adjusted EBITDA\") was a loss of $0.8 million in the current quarter, a $2.3 million decrease from the preceding quarter. The net loss for the current quarter increased to $3.5 million compared to a net loss of $1.1 million in the preceding quarter.Calendar Quarter Results Revenues in the current quarter decreased $6.1 million (55%) compared to the quarter ended June 30, 2019 (\"prior year quarter\") as a result of the COVID-19 crisis, partially offset by revenues resulting from the closing of the Company's business combination with American Electric Technologies (\"AETI\") subsequent to the prior year quarter. LNG segment revenues decreased by $7.1 million (64%). Utilization of the George West liquefier was 31% in the current quarter versus 76% in the prior year quarter.Adjusted EBITDA in the current quarter decreased by $2.5 million and the net loss for the current quarter increased by $2.4 million compared to the prior year quarter.Impact of COVID-19The COVID-19 pandemic had a significant impact on activity levels during the second quarter in both the LNG and Power Delivery segments. The LNG segment, which is focused on North America, experienced activity declines and project delays across most of our customer sectors, particularly with upstream oil and gas and industrial customers.The Company's Power Delivery segment has its primary operational presence in...