EES Announces Year-End 2018 Financial Results
OKLAHOMA CITY, April 1, 2019 /PRNewswire/ -- Energy and Environmental Services, Inc. ("we" or the "Company") (OTC-PINK: EESE) today announced its unaudited financial results for the year ended December 31, 2018.
"With the closing of our 2018 fiscal year, we are excited to announce the company increased revenues by 89%. All the credit goes to the dedicated hard-working women and men here at EES that put the customer's needs first every day," stated Leon Joyce, CEO. "Doing more business with fewer employees and less overhead is the key to an efficient operation. The Board of Directors will continue to guide the company to take the necessary actions to enhance performance and increase value for our shareholders while focusing the growth of the company to position it for long-term success," added Joyce.
2018 EES Financial Highlights
-- Increased sales 89% in 2018 to $7,201,300 from $3,803,800 in 2017.
Growth by business segment 2017 2018
Enduro-Tech(R) liquid $1,090,826 $3,526,567
Enduro-Tech(R) solid 1,933,110 3,099,487
Enduro-Bond(R) Coatings 501,143 570,125
Other 278,721 5,121
Total Sales $3,803,800 $7,201,300
89%
-- Cut expenses $947,100 or 22% $3,351,200 in 2018 versus $4,298,300 in
2017
-- Realized a net operating income of $39,300 in 2018 versus a net
operating loss of $(1,466,400) for 2017
-- Realized net income in 2018 was $127,700 versus a net loss of
$(2,385,600) for 2017
-- Increased EBITDA in 2018 to $402,900 versus $(1,935,000) in 2017
Outlook
We returned to profitability in 2018. Our chemical sales grew by 117.3% in 2018 even though the oil and gas industry slightly stalled in parts of the year. We anticipate continued growth in this segment through potential mergers and acquisitions, opening a chemical plant and lab at our Snyder, Texas facility to service the Permian basin, and our addition of trucks, trailers, and solid chemical pumps for application of treatments at the wellsite. We anticipate growth in coating product sales through an added 32-foot oven, which gives us the ability to coat longer pipe, and from the continued growth of Vortex coated pump barrel joint venture. We also anticipate growth in our Farm and Ranch segment with our enzyme and probiotics products. Our fertilizer plant is producing OMRI certified liquid fertilizer to be sold through our toll manufacturing and marketing agreement with Natures Formula LLC.
Our 2018 annual report and proxy statement can be viewed on the EES website in the Investor section at www.eesokc.com and on the OTC markets website www.otcmarkets.com, under our filings and disclosure.
Further announcements will be forthcoming.
About EES
Energy and Environmental Services, Inc. (OTC: EESE) is a manufacturer of specialized liquid and solid products headquartered in Edmond, Oklahoma. Established in 1991, EES owns and operates factories and warehouses in Oklahoma and Texas where it manufactures, blends, and packages custom liquid, solid, and dry powder products for the oil & gas, farm & ranch, agriculture, and protective coatings industries. Additionally, EES owns 50% of a specialized equipment manufacturer which produces a line of oilfield pumping equipment. Please visit the company's website at www.eesokc.com.
Safe Harbor for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Energy & Environmental Services actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Energy & Environmental Services expressly disclaims any intent or obligation to update any forward-looking statements.
View original content:http://www.prnewswire.com/news-releases/ees-announces-year-end-2018-financial-results-300821389.html
SOURCE Energy and Environmental Services, Inc.
