Business
Stabilis Solutions Announces Third Quarter 2020 Results
Revenues Jump 80% from Second Quarter 2020HOUSTON, TX / ACCESSWIRE / November 11, 2020 / Stabilis Solutions, Inc., ("Stabilis" or the "Company") (OTCQX:SLNG)
About this update from Stabilis Solutions, Inc.
[{"type":"text","content":"Revenues Jump 80% from Second Quarter 2020HOUSTON, TX / ACCESSWIRE / November 11, 2020 / Stabilis Solutions, Inc., (\"Stabilis\" or the \"Company\") (OTCQX:SLNG) today reported its financial results for its third quarter ended September 30, 2020.Sequential Quarter ResultsFor the third quarter (\"current quarter\") Stabilis reported revenues of $9.0 million, an 80% increase from the quarter ended June 30, 2020 (\"preceding quarter\") primarily due to a large remote power contract in Mexico, hurricane related temporary power projects along the gulf coast, and the increase in overall industrial activity following the widespread economic shutdown during the second quarter. Revenues from Stabilis' LNG segment increased by $3.6 million (90%) in the current quarter on an 80% increase in gallons delivered. The Company delivered 8.3 million LNG gallons to customers in the quarter. Utilization of the George West liquefier improved to 48% in the current quarter versus 33% in the preceding quarter. Power Delivery segment revenues increased by 39% to $1.4 million.Adjusted earnings before interest, taxes, depreciation and amortization (\"Adjusted EBITDA\") was $0.4 million in the current quarter, an improvement of $1.2 million from the preceding quarter. The net loss for the current quarter narrowed to $2.1 million compared to a net loss of $3.5 million in the preceding quarter.Calendar Quarter Results Revenues in the current quarter decreased $1.5 million (14%) compared to the quarter ended September 30, 2019 (\"prior year quarter\") primarily due to lower oil and gas related activity, partially offset by additional work in other sectors, primarily in Mexico. LNG segment revenues decreased by $1.5 million (16%). Utilization of the George West liquefier was 48% in the current quarter versus 82% in the prior year quarter.Adjusted EBITDA in the current quarter was consistent with the prior year quarter and the net loss for the current quarter improved by $1.2 million compared to the prior year quarter.\"We are extremely pleased with the recovery which began in the third quarter and is ongoing.\" said Jim Reddinger, President and Chief Executive Officer of Stabilis Solutions, Inc. \"Our team responded to the challenging spring by aggressively pursuing new revenue opportunities, demonstrating flawless execution with our customers, and significant...