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Sep 30, 2020
Enservco Q3 2020 Earnings Report
Reported net income of $8.4 million due to $11.9 million gain on restructured debt and revenue of $1.8 million versus $3.8 million year over year.
Key Takeaways
Enservco reported third quarter results with revenue of $1.8 million and a net income of $8.4 million, driven by a gain on debt restructuring. The company has focused on cost reductions and strengthening its balance sheet.
Refinancing reduced debt by $16.0 million and added $12.5 million to stockholders’ equity.
Implemented $4.0 million in cost reductions.
Raised $1.3 million of equity in October to support working capital needs.
Net income of $8.4 million resulted from $11.9 million gain on restructured debt.
Revenue by Segment
Forward Guidance
Enservco anticipates an uptick in activity as the heating season progresses and is excited about long-term prospects for growth and delivering improved shareholder value.
Positive Outlook
- Anticipating an uptick in activity as the heating season progresses.
- Optimized the location of fleet to take advantage of any industry recovery in the near term.
- Entering 2020/21 heating season, typically most prolific period.
- Expanded blue-chip customer base.
- Leaner, more nimble organization.
Challenges Ahead
- Lower commodity prices.
- COVID-19 impact.
- Oilfield services market became more competitive.
- Reduced pricing and gross margins.
- Dependence on weather conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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