Streicher Mobile Fueling 12/27 (MM) (NASDAQ:FUELW)
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Streicher Mobile Fueling, Inc. (NASDAQ:FUEL)
(NASDAQ:FUELW) (the "Company"), a leading provider of petroleum
product distribution services, transportation logistics and emergency
response services to the trucking, construction, utility, energy,
chemical, manufacturing and government service industries, today
announced results for the first quarter ended September 30, 2005, as
follows:
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*T
SELECTED INCOME STATEMENT AND FINANCIAL DATA (1)
------------------------------------------------
(All amounts in thousands of dollars, except share and volume data)
Three-Month Periods Increase
Ended
(Unaudited)
9/30/2005 9/30/2004 $ %
-------------------------------------
Total revenues $ 53,639 $ 28,909 $ 24,730 86%
Gross profit 3,813 1,800 2,013 112%
Operating income 1,279 677 602 89%
Net income 615 295 320 108%
EBITDA (2,5) 1,784 992 792 80%
Basic net income per share $ 0.07 $ 0.04 $ 0.03 75%
Diluted net income per share $ 0.06 $ 0.04 $ 0.02 50%
Basic weighted average shares
outstanding 9,339,196 7,331,945 2,007,251 27%
Diluted weighted average shares
outstanding 10,197,828 7,869,780 2,328,048 30%
Depreciation and amortization
(3) $ 402 $ 315 $ 87 28%
Gallons sold (in thousands) 20,819 15,153 5,666 37%
Average net margin per gallon
(in cents) (4) 19.9 13.7 6.2 45%
*T
(1) Reflects the Company's September 1, 2005 issuance of
$3,000,000 in Five Year 10% Senior Subordinated Notes (the
"Notes") and 360,000 four year stock purchase warrants at
$2.28 per share but does not reflect the October 1, 2005
acquisition of H & W Petroleum Company, Inc., certain assets
of which secure the payment of the Notes.
(2) Earnings before interest, taxes, depreciation and amortization
and amortization of stock compensation expense
(3) Depreciation and amortization included in cost of sales was
$336,000 and $271,000 for the respective periods
(4) Net margin per gallon equals gross profit plus cost of sales
depreciation and amortization divided by number of gallons
sold
(5) See non-GAAP measure EBITDA Reconciliation Table as follows:
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Non-GAAP Measure Reconciliation - EBITDA Reconciliation Table
3 Months Ended
--------------
9/30/2005 9/30/2004 Increase Increase
--------- --------- -------- --------
Net income $ 615 $ 295 $ 320 108%
Add back:
Interest, net 675 382 293 77%
Depreciation and amortization:
Cost of sales 336 271 65 24%
Sales, general,
and administrative 66 44 22 50%
Amortization of stock
compensation expense 92 -- 92 --
-------------------------------
EBITDA $ 1,784 $ 992 $ 792 80%
*T
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CONDENSED CONSOLIDATED BALANCE SHEET (1)
----------------------------------------
(All amounts in thousands of dollars)
Sept. 30, June 30, Increase(Decrease)
2005 2005
---------- ---------- ------------------
ASSETS
Current assets $ 25,028 $ 19,392 $ 5,636 29%
Property, plant and
equipment, net 9,325 9,555 (230) (2%)
Other assets, net 1,226 1,178 48 4%
---------- ---------- -----------
$ 35,579 $ 30,125 $ 5,454 18%
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities $ 14,646 $ 13,531 $ 1,115 8%
Long-term debt, net 11,628 9,756 1,872 19%
Stockholders' equity 9,305 6,838 2,467 36%
---------- ---------- -----------
$ 35,579 $ 30,125 $ 5,454 18%
WORKING CAPITAL $ 10,382 $ 5,861 $ 4,521 77%
*T
The Company will be filing its Quarterly Report on SEC Form 10-Q
on or before the November 14, 2005 due date.
Conference Call
Management will host a conference call on Tuesday, November 15,
2005 at 2:00 PM ET, to discuss the Company's results for the three
months ended September 30, 2005. The conference call will be available
via teleconference by dialing 866-700-7477 (domestic) or 617-213-8840
(international), using Pass Code 40494694. There will also be a
web-cast over the Internet at http://www.mobilefueling.com. An audio
digital replay of the call will be available November 15, 2005, 4:00
PM ET until November 22, 2005, 11:59 PM ET by dialing 888-286-8010
(domestic) or 617-801-6888 (international), using Pass Code 35963693.
A web archive will be available for 30 days at
http://www.mobilefueling.com.
About Streicher Mobile Fueling, Inc.
The Company provides commercial mobile and bulk fueling; the
packaging, distribution and sale of lubricants; integrated out-sourced
fuel management; transportation logistics and emergency response
services. Our fleet of custom specialized tank wagons, tractor-trailer
transports, box trucks and customized flatbed vehicles deliver diesel
fuel and gasoline to customers' locations on a regularly scheduled or
as needed basis, refueling vehicles and equipment, re-supplying
fixed-site and temporary bulk storage tanks, and emergency power
generation systems; and distribute a wide variety of specialized
petroleum products, lubricants and chemicals to refineries,
manufacturers and other industrial customers. In addition, our fleet
of special duty tractor-trailer units provides heavy and ultra-heavy
haul transportation services over short and long distances to
customers requiring the movement of over-sized or over-weight
equipment and manufactured products. The Company conducts operations
from 27 locations serving metropolitan markets in California, Florida,
Georgia, Maryland, North Carolina, Pennsylvania, Tennessee, Texas,
Virginia and Washington, D.C. More information on the Company is
available at http://www.mobilefueling.com.