ENSERVCO, a provider of well-site services to the domestic onshore conventional and unconventional oil and gas industries, today reported financial results for its fiscal year and
fourth quarter ended December 31, 2011.
Full-year revenue increased 32 percent to $24.7 million compared to $18.6 million reported in
Gross margin for 2011 improved to 24 percent compared to gross margin of 23 percent reported in fiscal 2010.
While adjusted EBITDA for fiscal 2011 improved 47 percent to $3.1 million from $2.1 million reported in 2010, ENSERVCO reported a full-year loss from operations of $2.2 million, or a loss of $(0.09) per share, compared to an operating loss of $2.3 million, or a loss of $(0.10) per share, in 2010.
"We made significant progress in the expansion of our domestic service territory and the build-out of our equipment fleet during 2011, and these efforts helped fuel our top-line growth during the full fiscal year," Rick Kasch, ENSERVCO president and CFO stated in the press release. "Unfortunately, we just experienced one of the warmest winters on record across much of our
service area, and this severely curtailed fourth-quarter demand for our core heating services. Demand was particularly weak in the Northeast's Marcellus Shale region, where fourth-quarter revenue declined by approximately 65 percent versus the same period of 2010. In light of stronger demand in the central and north central United States, we redeployed equipment and personnel to these regions in recent months."
The company's fourth-quarter revenue increased 6 percent to $6.4 million from $6.0 million in the fourth quarter of 2010.
Gross profit margin was 21 percent versus 28 percent in the 2010 fourth quarter.
ENSERVCO reported a fourth-quarter 2011 operating loss of $1.0 million versus a loss from operations of $41,000 in prior year's fourth quarter. Net loss was $872,000, or $(0.04) per
diluted share, compared to a net loss of $163,000, or $(0.01) per diluted share, in the same period of 2010.
The company noted adjusted EBITDA for fourth-quarter 2011 was $401,000 compared with $1.1 million in the 2010 fourth quarter.
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