HOUSTON - August 14, 2013 (Investorideas.com Newswire) HII Technologies, Inc. (the "Company"), symbol HIIT (
OTCBB/OTCQB: HIIT), an oilfield services company headquartered in Houston, Texas, today announced
financial
results for the second quarter ended June 30, 2013.
As stated in the Company's Quarterly Report on Form 10-Q filed on
August 14, 2013, second quarter 2013 revenues were $3,226,437, which
generated a gross profit of $865,128. For the six months ended June 30,
2013, revenues were $5,836,210 and gross profit was $1,397,420.
Increased revenues came from continued growth of AES Water Solutions'
frac water supply business and rising revenue contributions from the
South Texas Power and the AES Safety Services divisions, which were
launched in late December 2012 and January 2013, respectively. AES Water
Solutions generated revenues of $449,737 for the second quarter 2012
and $986,108 for the six months ended June 30, 2012. Accordingly, this
represents revenue growth of more than 600% for the second quarter 2013,
and 490% for the six months ended June 30th, from the comparable
periods in 2012. This is a pro forma revenue comparison, as the Company
purchased AES in September 2012, and its income statement is illustrated
separately within the Quarterly Report on Form 10-Q.
For the second quarter ended June 30, 2013, the Company had
Adjusted EBITDAS of approximately $394,539, (EBITDAS defined as earnings
before interest, taxes, depreciation, amortization, non-cash stock
option expenses, and one-time non-operational expense items), a non-GAAP
measure. A reconciliation table of the Adjusted EBITDAS is provided
below. The Net Loss for the second quarter 2013 was $373,527. The
EBITDAS results were impacted by increased revenues and improved
sequential quarter to quarter gross margins offset by in-field testing
for new frac water recycling technologies and the costs associated with
organic territory expansion particularly in West Texas and the Permian
Basin.
In terms of the Balance Sheet, total Current Assets grew from
$1,743,568 at year end 2012 to $2,849,689 at June 30, 2013. Net
Equipment totaled $537,881 at year end 2012 and was $372,526 at June 30,
2013, the reduction primarily resulting from the sale of our truck
fleet and establishment of national truck lease line program as well as
accumulated depreciation. Total Assets also grew from $4,182,551 at year
end 2012 to $5,182,945 at June 30, 2013. Total Liabilities grew from
$3,311,580 to $4,393,867 for the same period which included $934,200
outstanding on a new $2 million revolving line of credit closed during
the second quarter 2013. Previous to this, all growth had been funded
from existing cash flow. The line of credit provides additional
liquidity to the Company as needed.
Brent Mulliniks, President of AES Water Solutions stated, "We are
pleased with AES' continued growth during the quarter. The testing of
new onsite produced and frac water flow back recycling technologies was
an additional cost during the quarter. These high volume, relatively low
operating cost mobile water recycling systems may provide a significant
sustained advantage for AES. We are diligently focused on several
systems that are being tested in the oilfield today to provide
best-in-class solutions as water recycling techniques may vary in
different locations. The existing frac water supply business grew in
South Texas and maintained a strong position in its North Texas and
Oklahoma operations. The expenses associated with new operations in the
Permian Basin and the Cline Shale in West Texas as well as the Eagle
Ford Shale in South Texas are paying off." Mr. Mulliniks concluded.
Matthew Flemming, CEO of HII Technologies stated, "Strong revenue
growth across all three divisions of Water, Safety and Power validated
our strategy of focusing on core oilfield market segments where demand
is anticipated to remain strong. We have avoided a diluted, unfocused,
all-category strategy where equipment and personnel utilization become a
challenge. Our management team, people in the field and customized
oilfield equipment should continue to fuel organic growth in our focused
areas. We continue to review new technologies and potential
acquisitions in an effort to further accelerate our growth."
Second Quarter 2013 Statement of Operations
The table below sets forth the summary of the Company's Statement
of Operations for the second quarter ended June 30, 2013 (in thousands):
The Company's second quarter 2013 revenues exceeded preliminary
estimates. The full discussion of the Company's financial results are
available within the Company's Quarterly Report on Form 10-Q filed
August 14, 2013.
Adjusted EBITDAS Reconciliation Table
The 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
EBITDAS.
For more information, management's analysis of its financial
information and the Company's risk factors, please read the Company's
Quarterly Reports on Form 10-Q and its 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. The
Company is positioned to take advantage of the significant anticipated
growth in horizontal drilling and hydraulic fracturing within the United
States' active shale and unconventional "tight oil" plays by deploying
new oilfield related technologies to enhance the value of services it
offers its customers. The Company's frac water supply services
subsidiary does business as AES Water Solutions, its onsite oilfield
contract safety consultancy does business as AES Safety Services, and
its mobile oilfield power subsidiary does business as South Texas Power
(STP). The holding company, HII Technologies' objective is to bring
proven technologies to these operating divisions to build a long-term
competitive advantage. Read more at
www.HIITinc.com,
www.AESwatersolutions.com and
www.Oilfield-Generators.com.
Forward-Looking Statements
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.
Contact:
Matthew Flemming, HII Technologies, Inc. +1-713-821-3157.
Disclaimer/
Disclosure: The Investorideas.com is a third party publisher of news
and research Our sites do not make recommendations, but offer
information portals to research news, articles, stock lists and recent
research. Nothing on our sites should be construed as an offer or
solicitation to buy or sell products or securities. This site is
currently compensated by featured companies, news submissions and online
advertising.
More: http://www.investorideas.com/About/Disclaimer.asp.
Disclosure: HII Technologies, Inc.: one month profile and news
distribution effective March 20, 2013 with option to renew: two thousand
per month
BC Residents and Investor Disclaimer: Effective September
15 2008 - all BC investors should review all OTC and Pink sheet listed
companies for adherence in new disclosure filings and filing appropriate
documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894
MobileBio™ facematch™
About Aethlon Medical (