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Tuesday, August 20, 2013

GreenHunter Reports $2.1 Million Quarterly Loss, Announces New Chief Financial Officer

From a GreenHunter press release:
GreenHunter Resources, Inc. (NYSE MKT: GRH) (NYSE MKT: GRH.PRC), a diversified water resource, waste management and environmental services company specializing in the unconventional oil and natural gas shale resource plays, announced today financial and operating results for the three and six months ended June 30, 2013.
  • Total Revenue Increased 172% to $17.5 million for the six months ended June 30, 2013 versus the similar period in 2012 of $6.4 million
  • Total Disposal Volumes Increased 216% in the first six months of 2013 to 2.3 million barrels (BBL) injected compared to 728,700 BBL injected in the first six months of 2012
  • Total Operating Salt Water Disposal Permitted Injection Capacity as of June 30, 2013 Exceeded 97,000 BBL per day representing a 1,400% Increase from June 30, 2012
  • The Company has received guidance from the US Coast Guard for Waterborne Transport of Oil Field Wastes regarding plans to convert existing infrastructure into a water recycling station and build up to 19,000 barrels of water tank storage
  • Three new Hazmat vacuum trucks ordered and delivered for the Appalachia division in August 2013
FINANCIAL AND OPERATIONAL RESULTS FOR THE THREE MONTHS ENDEDJUNE 30, 2013
GreenHunter reported revenues for the three months ended June 30, 2013 of$8.9 million, compared to $4.2 million reported during the Second Quarter of 2012. The increase in revenues of 113% or $4.7 million was driven primarily by increases in daily salt water disposal volumes as a result of both organic SWD capacity growth and acquisitions that resulted in a 1,400% increase in permitted operating injection capacity compared to one year ago.
The operating loss for the three months ended June 30, 2013 was ($2.1) million, compared to an operating loss of ($0.4) million during the Second Quarter of 2012. Net loss to common shareholders was ($1.7) million, (($0.05)loss per common share basic and diluted) for the three months ended June 30, 2013 compared to a net loss of ($1.0) million, (($0.04) loss per common share basic and diluted), during the Second Quarter of 2012.
For the three months ended June 30, 2013, GreenHunter’s Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization (“Adjusted EBITDA”) was $1.2 million. Operating margins decreased during this period resulting in an operating loss and loss to common shareholders due primarily to increased costs associated with a greater scale of operations in South Texas. This is a result of low margin services associated with well-pad completion and rig washing services previously offered by our White Top and Black Water business lines. These services were discontinued during the month of May 2013.
On June 10, 2013, the Company’s wholly-owned subsidiary, GreenHunter Water, LLC closed on the sale of one underutilized saltwater disposal well and associated equipment located in South Texas. The Company received $5.2 million from this non-core asset divestiture, resulting in a gain of $2.3 million.
Read the whole release here.

Click here to read the release announcing the company's new CFO. 

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