Category: Investment, Oil, Gas, Water, Energy, Environment
Energy and Water Stock Breaking News: HII Technologies (OTCBB: HIIT) Announces Record Fourth Quarter and Full Year 2012 Financial Results
Record Fourth Quarter Revenues of $1.65 million, Adjusted EBITDA of $345,000 and Net Income of $206,000
News about: HII Technologies, Inc.
HOUSTON - March 25, 2013 - (Investorideas.com Newswire) HII Technologies, Inc. (the "Company") (OTCBB: HIIT), an oilfield services company head-quartered in Houston, Texas, today announced financial results for the fourth quarter and year ended December 31, 2012.
As stated in the Company's 2012 Annual Report on Form 10-K filed on March 25, 2013, the fourth quarter 2012 revenues were approximately $1.65 million. For the fourth quarter ended December 31, 2012, the Company had Net Profit of approximately $206,000,and Adjusted EBITDA of approximately $345,000, (EBITDA defined as earnings before interest, depreciation, amortization, non-cash stock option expenses, and one-time non-operational expense items), a non-GAAP measure.
The Company's audited revenues for the year ended December 31, 2012 were approximately $1.75 million, which include all revenues of the Company's recently acquired subsidiary Apache Energy Services, LLC (AES) since its September 26, 2012 closing date.
"The year 2012 was one of significant transition, performance and growth for our Company," said Matthew Flemming, CEO of HII Technologies. "Our acquisition of AES Water Solutions, commercialization of South Texas Power, and key additions to the management team provided great value to our stockholders. These milestones generate additional revenues streams and support our growth. We are also pleased with our expanding operational footprint in Texas and Oklahoma. According to the March 2013 Baker Hughes Rig count, Texas and Oklahoma have approximately 57% percent of the total rigs currently operating in the United States. Our geographic footprint in South Texas, West Texas, North Texas and Oklahoma regions gives the Company significant exposure in high profile shale and unconventional "tight oil" plays. Additionally, the recent launch of our AES Safety Services division has expanded our operations into Ohio and West Virginia."
As reported in the Company's 2012 Annual Report on Form 10-K audited results, Current Assets increased by approximately $1.06 million to approximately $1.74 million from the previous quarter ended September 30, 2012. The Company's Stockholder's Equity (Total Assets minus Total Liabilities) increased by approximately $258,000 to approximately $871,000, sequentially from the previous quarter ended September 30, 2012. These increases were directly attributable to the Company's acquisition of AES on September 26, 2012 and its operational performance in the fourth quarter 2012.
Fourth Quarter 2012 Income Statement
The table below sets forth the Company's Statement of Operations, for the fourth quarter ended December 31, 2012;
The Company believes the fourth quarter Statement of Operations is more meaningful than the full fiscal year 2012 results as AES was purchased on September 26, 2012. The fiscal year 2012 audited financial statements and pro forma income statement, illustrating the Company's Statement of Operations as if it owned AES for the entire fiscal year 2012, is available within the Company's 2012 Annual Report on Form 10-K.
Adjusted EBITDA Reconciliation Table
Following is a reconciliation of income from continuing operations attributable to the Company as presented in accordance with United States generally accepted accounting principles (GAAP) to EBITDA.
The Company anticipates releasing further corporate updates and information including initial 2013 revenue guidance by April 2013.
For more information, managements analysis of its financial information and the Company's risk factors, please read the Company's 2012 Annual Report on Form 10-K at the Edgar web site at www.SEC.gov and www.HIITinc.com
About HII Technologies, Inc.
HII Technologies, Inc. is a Houston, Texas based oilfield services company with operations in Texas, Oklahoma, Ohio and West Virginia focused on commercializing technologies in water management, safety services and portable power used by exploration and production companies in the United States. The Company's total water management services subsidiary does business as AES Water Solutions, AES Safety Services is its onsite oilfield contract safety consultancy, and its mobile oilfield power subsidiary does business as South Texas Power (STP). Read more at www.HIITinc.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements as to matters that are not of historic fact are forward-looking statements. These forward-looking statements are based on HII's current expectations, estimates and projections about HII, its industry, its management's beliefs and certain assumptions made by management, and include statements regarding estimated capital expenditures, future operational and activity expectations, international growth, and anticipated financial performance in 2013. No assurance can be given that such expectations, estimates or projections will prove to have been correct. Whenever possible, these "forward-looking statements" are identified by words such as "expects," "believes," "anticipates" and similar phrases.
Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including, but not limited to: risks that HII will be unable to achieve its financial, capital expenditure and operational projections, including quarterly and annual projections of revenue and/or operating income and risks that HII's expectations regarding future activity levels, customer demand, and pricing stability may not materialize (whether for HII as a whole or for geographic regions and/or business segments individually); risks that fundamentals in the U.S. oil and gas markets may not yield anticipated future growth in HII's businesses, or could further deteriorate or worsen from the recent market declines, and/or that HII could experience further unexpected declines in activity and demand for its hydraulic frac related water transfer business, its safety consultancy business or its generator and related equipment rental service businesses; risks relating to HII's ability to implement technological developments and enhancements; risks relating to compliance with environmental, health and safety laws and regulations, as well as actions by governmental and regulatory authorities; risks that HII may be unable to achieve the benefits expected from acquisition and disposition transactions, and risks associated with integration of the acquired operations into HII's operations; risks, in responding to changing or declining market conditions, that HII may not be able to reduce, and could even experience increases in, the costs of labor, fuel, equipment and supplies employed and used in HII's businesses; risks relating to changes in the demand for or the price of oil and natural gas; risks that HII may not be able to execute its capital expenditure program and/or that any such capital expenditure investments, if made, will not generate adequate returns; and other risks affecting HII's ability to maintain or improve operations, including its ability to maintain prices for services under market pricing pressures, weather risks, and the impact of potential increases in general and administrative expenses.
Because such statements involve risks and uncertainties, many of which are outside of HII's control, HII's actual results and performance may differ materially from the results expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Other important risk factors that may affect HII's business, results of operations and financial position are discussed in its most recently filed Annual Report on Form 10-K, recent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and in other Securities and Exchange Commission filings. Unless otherwise required by law, HII also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. However, readers should review carefully reports and documents that HII files periodically with the Securities and Exchange Commission.
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