HOUSTON - May 15, 2013 (Investorideas.com Newswire) HII Technologies, Inc. (the "Company") (
OTCBB: HIIT), an oilfield services company headquartered in Houston, Texas, today announced
financial
results for the first quarter ending March 31, 2013.
As stated in the Company's Quarterly Report on Form 10-Q filed on
May 15, 2013, first quarter 2013 revenues were $2,609,773, which
generated a gross profit margin of $532,292. These revenues consist of
AES Water Solutions as well as initial revenue contribution from 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 $536,371 for the comparable period in
2012. Accordingly, this represents revenue growth for AES of more than
380% for the first quarter 2013, on a pro forma basis, from the
comparable period in 2012.
For the first quarter ending March 31, 2013, the Company had
Adjusted EBITDA of approximately $101,390, (EBITDA defined as earnings
before interest, depreciation, amortization, non-cash stock option
expenses, and one-time non-operational expense items), a non-GAAP
measure. A reconciliation table of the Adjusted EBITDA is provided
below. The Net Loss for the first quarter 2013 was $114,389.
Brent Mulliniks, President of AES Water Solutions stated, "We
experienced good growth in the first quarter from both increased demand
with existing customers and from expanded operations. AES incurred
additional expenses as it established new areas of operations in the
Permian Basin and the Cline Shale in West Texas as well as the Eagle
Ford Shale in South Texas." Mr. Mulliniks continued, "New revenues are
now being generated as a result of these expenditures."
"All three divisions, Water, Power and Safety, exceeded their
revenue targets for the first quarter 2013," said Matthew Flemming, CEO
of HII Technologies. "Our investments in people and equipment which used
cash flow from existing operations should continue to fuel organic
growth. Also, the Company continues to evaluate new technologies and
potential acquisitions."
Mr. Flemming also confirmed that the Company's expansion into West
and South Texas with AES Water Solutions frac water supply operations
added new customers and generated additional revenues while reducing its
overall customer concentration. Mr. Flemming continued, "The Company
procured trailers, manifolds, and related equipment as well as sourced
new labor for these strategic markets. Currently, we anticipate further
growth in all three divisions in these active resource areas going
forward."
As reported in the Company's Quarterly Report on Form 10-Q for the
period ending March 31, 2013, Current Assets increased by approximately
$796,000 to approximately $2,540,000 from the previous quarter ended
December 31, 2012. The Company's Stockholder's Equity (Total Assets
minus Total Liabilities) decreased by approximately $63,000 to
approximately $808,000, sequentially from the previous quarter ended
December 31, 2012. These balance sheet changes were the result of
increased revenues and cash flow partially offset by expansion costs and
other one-time expenses.
First Quarter 2013 Income Statement
The table below sets forth the Company's Statement of Operations, for the first quarter ending March 31, 2013 (in thousands):
The first quarter revenues exceeded the earlier estimate made by
the Company's preliminary Q1, 2013 results press release by more than
18%. The full discussion of the Company's financial results is
available within the Company's Quarterly Report on Form 10-Q filed May
15, 2013.
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.
For more information, management's analysis of its financial
information and the Company's risk factors, please read the Company's
First Quarter 2013 Quarterly Report 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.
Annual Meeting
HII Technologies is holding its annual stockholders meeting on
Monday, June 17, 2013 in Houston, Texas. The Company is mailing a notice
of meeting and proxy statement along with a copy of our annual report
to all stockholders of record as of the record date April 29, 2013. A
copy of the notice of meeting and proxy statement has been filed with
the Securities and Exchange Commission as well. The Company will issue
another press release at a later date with more details of this meeting.
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.
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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
