Enservco Corporation (NYSE American: ENSV), a diversified national
provider of specialized well-site services to the domestic onshore
conventional and unconventional oil and gas industries, today
reported financial results for its fourth quarter and full year
ended December 31, 2020.
“Enservco’s team came together in 2020 to
overcome unprecedented challenges presented by the industry
downturn and pandemic,” said Rich Murphy, Executive Chairman. “Over
the past 12 months we have transformed our balance sheet through a
major debt restructuring and two capital raises that have given us
added financial strength to operate our business and pursue growth
opportunities.
“We also rightsized our cost structure
throughout 2020, taking more than $4.2 million in annualized costs
out of our business and significantly lowering our breakeven,”
Murphy added. “In addition, we began pursuing non-oilfield services
business – primarily industrial services – in order to maximize
fleet utilization and augment traditional revenue streams.
“Enservco is the leader in frac water heating
and a trusted provider of hot oiling, acidizing and other services
in major basins around the country. We have a solid safety record
and a blue-chip customer base that includes hundreds of America’s
leading oil and gas producers. We believe we are well positioned to
drive shareholder value through prudent capital allocation and
profitable growth.”
Marjorie Hargrave, President and CFO, added, “It is hard to
overstate the importance of our balance sheet transformation over
the past year. Our debt restructuring and capital raises have put
us in our strongest financial position in several years, and we are
now excited to turn our attention to further strengthening
operations and executing on the opportunities presented by rising
oil prices, a rebounding economy and increased industry
activity.”
Highlights from 2020 and the first quarter of
2021:
$12.5 million in equity infusions strengthen balance
sheet, add financial flexibilityOver the past six months,
Enservco has raised net proceeds of approximately $12.5 million
from equity offerings, including approximately $3.5 million through
an ATM offering in the fourth quarter of 2020 and approximately
$9.0 million from an S-1 offering in the first quarter of 2021. The
Company used $3.0 million in proceeds to further reduce the balance
on its term loan. The remaining proceeds are reserved for working
capital and to pursue opportunities to add non-seasonal and
non-oilfield services to the Company’s services mix.
Total debt reduction since September 2020 expected to
total $24 million by mid-2021In September 2020, Enservco
closed a refinancing with East West Bank that cut its total debt by
$16.0 million. The revised bank facility included a $17.0 million
term loan (which has since been reduced by $3.0 million) and a $1.0
million working capital revolving line of credit – both with
maturity dates that were recently extended to October 15, 2022. The
term loan begins amortizing in October 2021 over a 10-year
amortization schedule. In conjunction with the refinancing,
Enservco issued the bank 533,334 (post-split) shares of common
stock plus warrants to purchase another one million shares
(post-split) at $3.75 per share, making the bank a major
stockholder whose interests are closely aligned with those of the
Company.
In two separate transactions since August 2020, the investment
firm Cross River Partners, which is Enservco’s largest shareholder
that’s managed by Enservco’s Executive Chairman Rich Murphy,
converted a total of $2.8 million in subordinated debt and accrued
interest into Enservco restricted common stock. Additionally, as
previously mentioned, in the first quarter of 2021 the Company’s
term loan was paid down by an another $3.0 million with partial
proceeds of a public stock offering. And finally, the Company has
applied for SBA PPP loan forgiveness, which may result in another
$1.9 million in total debt reduction this year.
Right sizing initiatives result in $4.2 million in
annualized cost reductionsIn early 2020, lower commodity
prices and the pandemic led to reduced drilling and completion
activity which, in turn, led to increased competition and reduced
pricing and gross margins across the oilfield services sector.
Enservco was aggressive throughout 2020 in reducing operating and
corporate expenses to align its cost structure with the decline in
demand. The Company has cut more than $4.2 million in annualized
costs out of the business, which significantly lowered Enservco’s
break-even point and increased the potential to deliver positive
financial results in a lower revenue environment.
Fourth Quarter Results
Total revenue in the fourth quarter ended December 31, 2020, was
$2.4 million versus $8.1 million in the same quarter last year when
oil prices and rig counts were significantly higher prior to onset
of the pandemic.
Production services revenue was $1.8 million
compared to $3.5 million year over year. Despite the sharp decline
in production services revenue, the segment generated a segment
profit of $11,000 compared to a segment loss of $116,000 in the
fourth quarter a year ago – a reflection of the Company’s
cost-cutting measures.
Completion services revenue declined to $0.6
million from $4.6 million year over year and generated a segment
loss of $0.6 million in the fourth quarter compared to a segment
profit of $0.4 million in the prior year. Again, the relatively
small segment loss on a $4.0 million revenue decline underscored
the effectiveness of cost cutting initiatives.
Sales, general and administrative expense declined to $0.9
million from $1.3 million year over year – a reflection of
cost-cutting measures.
Total operating expenses in the fourth quarter
declined 44% to $5.9 million from $10.5 million year over year due
primarily to reduced activity, the aforementioned cost reductions
as well as lower depreciation and amortization expense.
In total, the Company has taken more than $4.2 million in
annualized costs out of the business since the beginning of 2020.
With a much lower break-even point, Enservco is well positioned for
improved profitability as the industry recovers and the impact of
the pandemic subsides.
The Company reported a net loss of $3.7 million (inclusive of a
$733,000 non-cash impairment charge), or $0.69 per share, in the
fourth quarter compared to a net loss of $3.3 million, or $0.90 per
share, in the same quarter last
year. Adjusted
EBITDA in the fourth quarter was a negative $1.5 million compared
to a negative $1.0 million in the same quarter last year.
Full Year Results
Total revenue for the year ended December 31, 2020, was $15.7
million versus $43.0 million in the prior year. The decline
reflected lower commodity prices, decreased North American active
oil rigs, COVID-19 impact and warmer than normal temperatures
during the 2020 first and fourth quarters.
Production services revenue declined to $7.7 million from $14.7
million year over year and had asegment loss of $0.7 million in
2020 compared to a segment profit of $1.1 million in 2019.
Completion services revenue declined to $8.0 million from $28.3
million year over year and generated a segment loss of $0.8 million
versus a segment profit of $7.3 million in the prior year.
The segment losses were attributable to reduction in the
Company’s higher margin frac water heating service due to a sharp
decline in drilling and completion activity resulting from lower
commodity prices, the pandemic and, to a lesser extent, warm
temperatures.
Total operating expenses in 2020 were reduced by 39% to $28.4
million from $46.6 million in the prior year due to lower costs of
providing services combined with cost reductions and lower
depreciation and amortization. Sales, general and administrative
expenses improved to $5.0 million from $6.2 million year over year.
Depreciation and amortization expense decreased to $5.3 million
from $5.7 million due to disposal of assets in the second quarter
of 2020.
Net loss in 2020, which reflected impact of the $11.9 million
gain on debt restructuring in the third quarter, was $2.5 million,
or $0.60 per diluted share, compared to a net loss of $7.7 million,
or $2.06 per diluted share, in the prior year.
Adjusted EBITDA in 2020 was a negative $5.7 million versus a
positive $2.8 million in 2019.
Enservco used $4.4 million in cash from operations in 2020
compared to $4.5 million in net cash provided by operations in
2019.
Conference Call InformationManagement will hold
a conference call today to discuss these results. The call will
begin at 2:30 p.m. Mountain Time (4:30 p.m. Eastern) and will be
accessible by dialing 888-506-0062 (973-528-0011 for international
callers). Entry code: 441585. A telephonic replay will be available
through March 30, 2021, by calling 877-481-4010 (919-882-2331 for
international callers) and entering the Replay ID # 40406. To
listen to the webcast, participants should go to the ENSERVCO
website at www.enservco.com and link to the “Investors” page at
least 10 minutes early to register and download any necessary audio
software. A replay of the webcast will be available until April 23,
2021. The webcast also is available here:
https://www.webcaster4.com/Webcast/Page/2228/40406
About EnservcoThrough its various operating
subsidiaries, Enservco provides a wide range of oilfield services,
including hot oiling, acidizing, frac water heating and related
services. The Company has a broad geographic footprint covering
seven major domestic oil and gas basins and serves customers in
Colorado, Montana, New Mexico, North Dakota, Oklahoma,
Pennsylvania, Ohio, Texas, Wyoming and West
Virginia. Additional information is available at
www.enservco.com
*Note on non-GAAP Financial Measures This press
release and the accompanying tables include a discussion of EBITDA
and Adjusted EBITDA, which are non-GAAP financial measures provided
as a complement to the results provided in accordance with
generally accepted accounting principles ("GAAP"). The term
"EBITDA" refers to a financial measure that we define as earnings
(net income or loss) plus or minus net interest plus taxes,
depreciation and amortization. Adjusted EBITDA excludes from EBITDA
stock-based compensation and, when appropriate, other items that
management does not utilize in assessing Enservco’s operating
performance (as further described in the attached financial
schedules). None of these non-GAAP financial measures are
recognized terms under GAAP and do not purport to be an alternative
to net income as an indicator of operating performance or any other
GAAP measure. We have reconciled Adjusted EBITDA to GAAP net income
in the Consolidated Statements of Operations table at the end of
this release. We intend to continue to provide these
non-GAAP financial measures as part of our future earnings
discussions and, therefore, the inclusion of these non-GAAP
financial measures will provide consistency in our financial
reporting.
Cautionary Note Regarding Forward-Looking
StatementsThis news release contains information that is
"forward-looking" in that it describes events and conditions
Enservco reasonably expects to occur in the future. Expectations
for the future performance of Enservco are dependent upon a number
of factors, and there can be no assurance that Enservco will
achieve the results as contemplated herein. Certain statements
contained in this release using the terms "may," "expects to," and
other terms denoting future possibilities, are forward-looking
statements. The accuracy of these statements cannot be guaranteed
as they are subject to a variety of risks, which are beyond
Enservco's ability to predict, or control and which may cause
actual results to differ materially from the projections or
estimates contained herein. Among these risks are those set forth
in Enservco’s annual report on Form 10-K for the year ended
December 31, 2020, and subsequently filed documents with the SEC.
Forward looking statements in this news release that are subject to
risk include ability to further strengthen operations and execute
on opportunities; ability to win non-oilfield services business and
pursue M&A transactions; ability to maintain industry
leadership in frac water heating and to maintain a solid safety
record and blue-chip customer base; and ability to drive
shareholder value. It is important that each person reviewing this
release understand the significant risks attendant to the
operations of Enservco. Enservco disclaims any obligation to update
any forward-looking statement made herein.
Contact:
Jay PfeifferPfeiffer High Investor Relations, Inc.Phone:
303-880-9000Email: jay@pfeifferhigh.com
Marjorie HargravePresident and CFOEnservco
Corporationmhargrave@enservco.com
|
|
ENSERVCO CORPORATION |
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
(in thousands) |
|
|
|
|
For the Three Months Ended |
|
For the Year Ended |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production services |
|
$ |
1,766 |
|
|
$ |
3,465 |
|
|
$ |
7,714 |
|
|
$ |
14,704 |
|
|
Completion and other services |
|
|
626 |
|
|
|
4,611 |
|
|
|
7,969 |
|
|
|
28,322 |
|
|
|
|
|
|
2,392 |
|
|
|
8,076 |
|
|
|
15,683 |
|
|
|
43,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production services |
|
|
1,755 |
|
|
|
3,581 |
|
|
|
8,410 |
|
|
|
13,575 |
|
|
Completion and other services |
|
|
1,188 |
|
|
|
4,203 |
|
|
|
8,801 |
|
|
|
21,032 |
|
|
Sales, general and administrative expenses |
|
|
944 |
|
|
|
1,325 |
|
|
|
5,002 |
|
|
|
6,153 |
|
|
Patent litigation and defense costs |
|
|
- |
|
|
|
56 |
|
|
|
- |
|
|
|
10 |
|
|
Severance and transition costs |
|
|
6 |
|
|
|
- |
|
|
|
145 |
|
|
|
83 |
|
|
(Gain) loss on disposal of equipment |
|
|
(12 |
) |
|
|
(69 |
) |
|
|
47 |
|
|
|
(73 |
) |
|
Impairment loss |
|
|
733 |
|
|
|
- |
|
|
|
733 |
|
|
|
127 |
|
|
Depreciation and amortization |
|
|
1,305 |
|
|
|
1,446 |
|
|
|
5,282 |
|
|
|
5,692 |
|
|
|
Total operating expenses |
|
|
5,919 |
|
|
|
10,542 |
|
|
|
28,420 |
|
|
|
46,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(3,527 |
) |
|
|
(2,466 |
) |
|
|
(12,737 |
) |
|
|
(3,573 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(30 |
) |
|
|
(570 |
) |
|
|
(1,695 |
) |
|
|
(2,805 |
) |
|
Gain on restructuring of senior revolving credit facility (Note
7) |
|
|
- |
|
|
|
- |
|
|
|
11,916 |
|
|
|
- |
|
|
Gain on settlement |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,252 |
|
|
Other income (expense) |
|
|
1 |
|
|
|
20 |
|
|
|
126 |
|
|
|
(162 |
) |
|
|
Total other expense (income) |
|
|
(29 |
) |
|
|
(550 |
) |
|
|
10,347 |
|
|
|
(1,715 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations before income tax benefit
(expense) |
|
|
(3,556 |
) |
|
|
(3,016 |
) |
|
|
(2,390 |
) |
|
|
(5,288 |
) |
Income tax benefit (expense) |
|
|
3 |
|
|
|
- |
|
|
|
(12 |
) |
|
|
(32 |
) |
Loss from continuing operations |
|
$ |
(3,553 |
) |
|
$ |
(3,016 |
) |
|
$ |
(2,402 |
) |
|
$ |
(5,320 |
) |
Loss from discontinued operations (Note 6) |
|
|
(167 |
) |
|
|
(326 |
) |
|
|
(107 |
) |
|
|
(2,332 |
) |
Net loss |
|
$ |
(3,720 |
) |
|
$ |
(3,342 |
) |
|
$ |
(2,509 |
) |
|
$ |
(7,652 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations per common share - basic and
diluted |
|
$ |
(0.66 |
) |
|
$ |
(0.81 |
) |
|
$ |
(0.57 |
) |
|
$ |
(1.43 |
) |
Loss from discontinued operations per common share - basic and
diluted |
|
|
(0.03 |
) |
|
$ |
(0.09 |
) |
|
|
(0.03 |
) |
|
|
(0.63 |
) |
Net loss per share - basic and diluted |
|
$ |
(0.69 |
) |
|
$ |
(0.90 |
) |
|
$ |
(0.60 |
) |
|
$ |
(2.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding – basic
and diluted |
|
|
5,385 |
|
|
|
3,699 |
|
|
|
4,174 |
|
|
|
3,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENSERVCO CORPORATION AND SUBSIDIARIES |
Calculation of Adjusted EBITDA * |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(3,720 |
) |
|
$ |
(3,342 |
) |
|
$ |
(2,509 |
) |
|
$ |
(7,652 |
) |
|
Add back (deduct) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (including discontinued operations) |
|
|
31 |
|
|
|
573 |
|
|
|
1,698 |
|
|
|
2,808 |
|
|
Provision for income tax expense |
|
|
(3 |
) |
|
|
- |
|
|
|
12 |
|
|
|
32 |
|
|
Depreciation and amortization (including discontinued
operations) |
|
|
1,312 |
|
|
|
1,748 |
|
|
|
5,308 |
|
|
|
6,870 |
|
|
EBITDA |
|
|
(2,380 |
) |
|
|
(1,021 |
) |
|
|
4,509 |
|
|
|
2,058 |
|
|
Add back (deduct) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
15 |
|
|
|
54 |
|
|
|
392 |
|
|
|
275 |
|
|
|
Severance and transition costs |
|
|
6 |
|
|
|
- |
|
|
|
145 |
|
|
|
83 |
|
|
|
Patent litigation and defense costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10 |
|
|
|
One-time software expense |
|
|
- |
|
|
|
39 |
|
|
|
- |
|
|
|
64 |
|
|
|
Impairment loss |
|
|
733 |
|
|
|
- |
|
|
|
733 |
|
|
|
127 |
|
|
|
Loss (gain) on disposal of equipment (including discontinued
operations) |
|
|
149 |
|
|
|
(78 |
) |
|
|
115 |
|
|
|
(80 |
) |
|
|
Gain on debt restructuring |
|
|
- |
|
|
|
- |
|
|
|
(11,916 |
) |
|
|
- |
|
|
|
Gain on settlement |
|
|
- |
|
|
|
(1,252 |
) |
|
|
- |
|
|
|
(1,252 |
) |
|
|
Adler consolidation |
|
|
- |
|
|
|
|
|
|
|
55 |
|
|
|
156 |
|
|
|
Other expense |
|
|
19 |
|
|
|
1,253 |
|
|
|
246 |
|
|
|
153 |
|
|
|
EBITDA related to discontinued operations |
|
|
- |
|
|
|
39 |
|
|
|
11 |
|
|
|
1,172 |
|
|
Adjusted EBITDA |
|
$ |
(1,458 |
) |
|
$ |
(966 |
) |
|
$ |
(5,710 |
) |
|
$ |
2,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial Measures: Non-GAAP results are presented
only as a supplement to the financial statements and for use within
management’s discussion and analysis based on U.S. generally
accepted accounting principles (GAAP). The non-GAAP financial
information is provided to enhance the reader's understanding of
the Company’s financial performance, but no non-GAAP measure should
be considered in isolation or as a substitute for financial
measures calculated in accordance with GAAP. Reconciliations of the
most directly comparable GAAP measures to non-GAAP measures are
provided herein. |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA is defined as net (loss) income (earnings), before interest
expense, income taxes, and depreciation and amortization. Adjusted
EBITDA excludes stock-based compensation from EBITDA and, when
appropriate, other items that management does not utilize in
assessing the Company’s ongoing operating performance as set forth
in the next paragraph. None of these non-GAAP financial measures
are recognized terms under GAAP and do not purport to be an
alternative to net income as an indicator of operating performance
or any other GAAP measure. |
|
|
|
|
|
|
|
|
|
|
|
|
|
All of the items included in the reconciliation from net income to
EBITDA and from EBITDA to Adjusted EBITDA are either (i) non-cash
items (e.g., depreciation, amortization of purchased intangibles,
stock-based compensation, impairment losses, etc.) or (ii) items
that management does not consider to be useful in assessing the
Company’s ongoing operating performance (e.g., income taxes, gain
or losses on sale of equipment, severance and transition
costs, gain on settlement, expenses to consolidate former Adler
facilities, patent litigation and defense costs, other expense
(income), EBITDA related to discontinued operations, etc.). In the
case of the non-cash items, management believes that investors can
better assess the company’s operating performance if the measures
are presented without such items because, unlike cash expenses,
these adjustments do not affect the Company’s ability to generate
free cash flow or invest in its business. |
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We use, and we believe investors benefit from the presentation of,
EBITDA and Adjusted EBITDA in evaluating our operating performance
because it provides us and our investors with an additional tool to
compare our operating performance on a consistent basis by removing
the impact of certain items that management believes do not
directly reflect our core operations. We believe that EBITDA is
useful to investors and other external users of our financial
statements in evaluating our operating performance because EBITDA
is widely used by investors to measure a company’s operating
performance without regard to items such as interest expense,
taxes, and depreciation and amortization, which can vary
substantially from company to company depending upon accounting
methods and book value of assets, capital structure and the method
by which assets were acquired. Additionally, our fixed charge
coverage ratio covenant associated with our Loan and Security
Agreement with East West Bank require the use of Adjusted
EBITDA in specific calculations. |
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Because not all companies use identical calculations, the Company’s
presentation of non-GAAP financial measures may not be comparable
to other similarly titled measures of other companies. However,
these measures can still be useful in evaluating the Company’s
performance against its peer companies because management believes
the measures provide users with valuable insight into key
components of GAAP financial disclosures. |
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ENSERVCO CORPORATION |
Condensed Consolidated Balance Sheets |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
ASSETS |
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,467 |
|
|
$ |
663 |
|
|
Accounts receivable, net |
|
|
1,733 |
|
|
|
6,424 |
|
|
Prepaid expenses and other current assets |
|
|
858 |
|
|
|
1,016 |
|
|
Inventories |
|
|
295 |
|
|
|
398 |
|
|
Income tax receivable, current |
|
|
- |
|
|
|
43 |
|
|
Assets for held for sale |
|
|
527 |
|
|
|
- |
|
|
Current assets of discontinued operations |
|
|
- |
|
|
|
187 |
|
|
|
Total current assets |
|
$ |
4,880 |
|
|
$ |
8,731 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
20,317 |
|
|
|
26,620 |
|
Goodwill |
|
|
546 |
|
|
|
546 |
|
Intangible assets, net |
|
|
617 |
|
|
|
828 |
|
Income tax receivable, noncurrent |
|
|
- |
|
|
|
14 |
|
Right-of-use asset - finance, net |
|
|
129 |
|
|
|
569 |
|
Right-of-use asset - operating, net |
|
|
2,918 |
|
|
|
3,793 |
|
Other assets |
|
|
423 |
|
|
|
445 |
|
Non-current assets of discontinued operations |
|
|
353 |
|
|
|
1,430 |
|
TOTAL ASSETS |
|
$ |
30,183 |
|
|
$ |
42,976 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT) |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
1,931 |
|
|
$ |
4,470 |
|
|
Senior revolving credit facility, related party (including future
interest payable of $892 and $0, respectively - see Note 2 and Note
7) |
|
|
1,593 |
|
|
|
33,994 |
|
|
Subordinated debt, related party (Note 2) |
|
|
- |
|
|
|
2,381 |
|
|
Lease liability - finance, current |
|
|
65 |
|
|
|
207 |
|
|
Lease liability - operating, current |
|
|
854 |
|
|
|
848 |
|
|
Current portion of long-term debt |
|
|
100 |
|
|
|
147 |
|
|
Current liabilities of discontinued operations |
|
|
31 |
|
|
|
72 |
|
|
|
Total current liabilities |
|
$ |
4,574 |
|
|
$ |
42,119 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Liabilities |
|
|
|
|
|
|
|
|
|
Senior revolving credit facility, related party (including future
interest payable of $485 and $0, respectively - see Note 2 and Note
7) |
|
$ |
17,485 |
|
|
|
- |
|
|
Subordinated debt, related party (Note 2) |
|
|
1,180 |
|
|
|
- |
|
|
Long-term debt, less current portion |
|
|
2,052 |
|
|
|
198 |
|
|
Lease liability - finance, less current portion |
|
|
55 |
|
|
|
259 |
|
|
Lease liability - operating, less current portion |
|
|
2,185 |
|
|
|
3,009 |
|
|
Other liabilies |
|
|
88 |
|
|
|
33 |
|
|
Long-term liabilities of discontinued operations |
|
|
9 |
|
|
|
34 |
|
|
|
Total long-term liabilities |
|
$ |
23,054 |
|
|
$ |
3,533 |
|
|
|
Total liabilities |
|
$ |
27,628 |
|
|
$ |
45,652 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies (Note 12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity (Deficit) |
|
|
|
|
|
|
|
|
|
Preferred stock, $.005 par value, 10,000,000 shares authorized, no
shares issued or outstanding |
|
|
- |
|
|
|
- |
|
|
Common stock. $0.005 par value, 100,000,000 shares authorized,
6,307,868 and 3,709,522 shares issued as of December 31, 2020 and
December 31, 2019, respectively; 6,907 shares of treasury stock as
of December 31, 2020 and 2019; and 6,300,961 and 3,702,615 shares
outstanding December 31, 2020 and December 31, 2019,
respectively |
|
|
32 |
|
|
|
19 |
|
|
Additional paid-in capital |
|
|
30,052 |
|
|
|
22,325 |
|
|
Accumulated deficit |
|
|
(27,529 |
) |
|
|
(25,020 |
) |
|
|
Total stockholders' equity (deficit) |
|
$ |
2,555 |
|
|
|
(2,676 |
) |
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
|
$ |
30,183 |
|
|
$ |
42,976 |
|
|
|
|
|
|
|
|
|
|
|
|
ENSERVCO
CORPORATION |
CONSOLIDATED
STATEMENT OF CASH FLOWS (UNAUDITED) |
|
|
|
|
|
|
|
|
For the Year
Ended |
|
|
|
|
December 31, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(2,509 |
) |
|
$ |
(7,652 |
) |
|
Net income (loss) from discontinued operations |
|
|
(107 |
) |
|
|
(2,332 |
) |
|
Net income (loss) from continuing operations |
|
|
(2,402 |
) |
|
|
(5,320 |
) |
|
Adjustments to reconcile net (loss) income to net cash |
|
|
|
|
|
|
|
|
|
used in operating activities |
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
5,282 |
|
|
|
5,692 |
|
|
|
Loss (gain)
loss on disposal of property and equipment |
|
|
47 |
|
|
|
(73 |
) |
|
|
Impairment
loss |
|
|
733 |
|
|
|
127 |
|
|
|
Gain on
settlement |
|
|
- |
|
|
|
(1,252 |
) |
|
|
Stock-based
compensation |
|
|
392 |
|
|
|
275 |
|
|
|
Amortization
of debt issuance costs and discount |
|
|
131 |
|
|
|
321 |
|
|
|
Gain on
restructuring of senior revolving credit facility |
|
|
(11,916 |
) |
|
|
- |
|
|
|
Gain on
early termination of finance leases |
|
|
(3 |
) |
|
|
- |
|
|
|
Interest
paid-in-kind on line of credit |
|
|
326 |
|
|
|
- |
|
|
|
Lease
termination expense |
|
|
- |
|
|
|
62 |
|
|
|
Provision
for bad debt expense |
|
|
140 |
|
|
|
160 |
|
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
4,551 |
|
|
|
3,257 |
|
|
|
Inventories |
|
|
103 |
|
|
|
116 |
|
|
|
Prepaid
expense and other current assets |
|
|
157 |
|
|
|
17 |
|
|
|
Income taxes
receivable |
|
|
43 |
|
|
|
43 |
|
|
|
Amortization
of operating lease assets |
|
|
829 |
|
|
|
736 |
|
|
|
Other
assets |
|
|
1 |
|
|
|
274 |
|
|
|
Accounts
payable and accrued liabilities |
|
|
(2,272 |
) |
|
|
1,328 |
|
|
|
Operating
lease liabilities |
|
|
(771 |
) |
|
|
(727 |
) |
|
|
Other
liabilities |
|
|
54 |
|
|
|
44 |
|
|
|
Net cash
(used in) provided by operating activities - continuing
operations |
|
|
(4,575 |
) |
|
|
5,080 |
|
|
|
Net cash
provided by (used in) operating activities - discontinued
operations |
|
|
132 |
|
|
|
(613 |
) |
|
|
Net cash
(used in) provided by operating activities |
|
|
(4,443 |
) |
|
|
4,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(361 |
) |
|
|
(1,191 |
) |
|
Proceeds from insurance claims |
|
|
294 |
|
|
|
49 |
|
|
Proceeds from disposal of property and equipment |
|
|
329 |
|
|
|
284 |
|
|
|
Net cash
provided by (used in) investing activities - continuing
operations |
|
|
262 |
|
|
|
(858 |
) |
|
|
Net cash
provided by investing activities - discontinued operations |
|
|
765 |
|
|
|
400 |
|
|
|
Net cash
provided by (used in) investing activities |
|
|
1,027 |
|
|
|
(458 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Gross proceeds from stock issuance |
|
|
3,597 |
|
|
|
- |
|
|
Stock issuance costs and registration fees |
|
|
(296 |
) |
|
|
- |
|
|
Net line of credit (repayments) borrowings |
|
|
(795 |
) |
|
|
61 |
|
|
Proceeds from issuance of long-term debt |
|
|
1,940 |
|
|
|
500 |
|
|
Repayment of long-term debt |
|
|
(134 |
) |
|
|
(115 |
) |
|
Repayment of note |
|
|
- |
|
|
|
(3,700 |
) |
|
Payments of finance leases |
|
|
(159 |
) |
|
|
(326 |
) |
|
Proceeds from sale of finance lease assets |
|
|
67 |
|
|
|
- |
|
|
Other financing |
|
|
- |
|
|
|
(1 |
) |
|
|
Net cash
provided by (used in) financing activities - continuing
operations |
|
|
4,220 |
|
|
|
(3,581 |
) |
|
|
Net cash
provided by financing activities - discontinued operations |
|
|
- |
|
|
|
(22 |
) |
|
|
Net cash
provided by (used in) financing activities |
|
|
4,220 |
|
|
|
(3,603 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net increase in Cash and Cash Equivalents |
|
|
804 |
|
|
|
406 |
|
Cash and Cash Equivalents, beginning of
period |
|
|
663 |
|
|
|
257 |
|
Cash and Cash Equivalents, end of period |
|
$ |
1,467 |
|
|
$ |
663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information: |
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
1,414 |
|
|
$ |
1,794 |
|
|
Cash paid for taxes |
|
|
2 |
|
|
|
32 |
|
Supplemental Disclosure of Non-cash Investing and Financing
Activities: |
|
|
|
|
|
|
|
|
|
Non-cash reduction of senior revolving credit facility |
|
$ |
16,000 |
|
|
$ |
- |
|
|
Non-cash issuance of common stock and warrants in connection with
restructuring of senior revolving credit facility |
|
|
2,532 |
|
|
|
- |
|
|
Non-cash conversion of subordinated debt and accrued interest to
common stock |
|
|
1,515 |
|
|
|
- |
|
|
Non-cash conversion of accrued interest to senior revolving credit
facility debt |
|
|
326 |
|
|
|
- |
|
|
Non-cash proceeds from senior revolving credit facility debt |
|
|
- |
|
|
|
125 |
|
ENSERVCO (AMEX:ENSV)
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ENSERVCO (AMEX:ENSV)
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