Florida | 000-24575 | 59-3410234 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
10375 Richmond Ave. Suite 700 Houston, Texas | 77042 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Common Stock, $.001 par value | SLNG | The OTCQX Best Market |
Exhibit No. | Description | |
99.1 |
STABILIS ENERGY, INC. | ||
By: /s/James Reddinger | ||
James Reddinger | ||
President and Chief Executive Officer | ||
Date: November 13, 2019 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue | |||||||||||||||
LNG product | $ | 7,919 | $ | 6,914 | $ | 26,872 | $ | 21,812 | |||||||
Rental, service and other | 2,595 | 1,087 | 7,712 | 4,754 | |||||||||||
Total revenues | 10,514 | 8,001 | 34,584 | 26,566 | |||||||||||
Operating expenses: | |||||||||||||||
Cost of LNG product | 5,191 | 5,098 | 18,289 | 17,046 | |||||||||||
Cost of rental, service and other | 2,436 | 1,121 | 5,546 | 3,476 | |||||||||||
Selling, general and administrative expenses | 3,834 | 1,607 | 8,037 | 4,667 | |||||||||||
Depreciation expense | 2,307 | 2,190 | 6,892 | 6,573 | |||||||||||
Total operating expenses | 13,768 | 10,016 | 38,764 | 31,762 | |||||||||||
Loss from operations before equity income | (3,254 | ) | (2,015 | ) | (4,180 | ) | (5,196 | ) | |||||||
Net equity income from foreign joint ventures' operations: | |||||||||||||||
Income from equity investments in foreign joint ventures | 187 | — | 187 | — | |||||||||||
Foreign joint ventures' operations related expenses | (52 | ) | — | (52 | ) | — | |||||||||
Net equity income from foreign joint ventures' operations | 135 | — | 135 | — | |||||||||||
Loss from operations | (3,119 | ) | (2,015 | ) | (4,045 | ) | (5,196 | ) | |||||||
Other income (expense): | |||||||||||||||
Interest expense, net | (339 | ) | (1,202 | ) | (947 | ) | (3,482 | ) | |||||||
Other income | 124 | — | 61 | 352 | |||||||||||
Gain from disposal of fixed assets | 17 | — | 17 | 162 | |||||||||||
Total other income (expense) | (198 | ) | (1,202 | ) | (869 | ) | (2,968 | ) | |||||||
Loss before income tax expense | (3,317 | ) | (3,217 | ) | (4,914 | ) | (8,164 | ) | |||||||
Income tax expense | 38 | — | 38 | — | |||||||||||
Net loss | (3,355 | ) | (3,217 | ) | (4,952 | ) | (8,164 | ) | |||||||
Net income (loss) attributable to noncontrolling interests | — | (130 | ) | 207 | (84 | ) | |||||||||
Net loss attributable to controlling interests | $ | (3,355 | ) | $ | (3,087 | ) | $ | (5,159 | ) | $ | (8,080 | ) | |||
Common Stock Data: | |||||||||||||||
Net loss per common share: | |||||||||||||||
Basic and diluted | $ | (0.22 | ) | $ | (0.82 | ) | $ | (0.37 | ) | $ | (2.14 | ) | |||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic and diluted | 15,070,733 | 3,767,674 | 13,816,341 | 3,767,674 | |||||||||||
EBITDA | $ | (709 | ) | $ | 175 | $ | 2,887 | $ | 1,891 | ||||||
Adjusted EBITDA | 346 | 175 | 4,369 | 1,891 |
Revenues by Segment | |||||||||||||||
(unaudited in thousands) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue | |||||||||||||||
LNG | $ | 9,143 | $ | 8,001 | $ | 33,213 | $ | 26,566 | |||||||
Power Delivery | 1,371 | — | 1,371 | — | |||||||||||
Total Revenue | $ | 10,514 | $ | 8,001 | $ | 34,584 | $ | 26,566 |
Gallons Delivered | |||||||||||
(unaudited in thousands) | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
George West | 7,509 | 5,084 | 19,632 | 12,886 | |||||||
3rd Party | 3,209 | 3,734 | 13,462 | 13,726 | |||||||
Total Gallons Delivered | 10,718 | 8,818 | 33,094 | 26,612 |
September 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 4,516 | $ | 1,247 | |||
Accounts receivable, net | 4,707 | 4,359 | |||||
Inventories, net | 107 | 106 | |||||
Prepaid expenses and other current assets | 3,868 | 2,115 | |||||
Due from related parties | 1 | 22 | |||||
Total current assets | 13,199 | 7,849 | |||||
Property, plant and equipment, net | 62,617 | 66,606 | |||||
Right-of-use assets | 1,002 | — | |||||
Goodwill | 4,960 | — | |||||
Investments in foreign joint ventures | 9,268 | — | |||||
Other noncurrent assets | 402 | 250 | |||||
Total assets | $ | 91,448 | $ | 74,705 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Current portion of long-term notes payable | $ | 1,000 | $ | 2,500 | |||
Current portion of finance lease obligation - related parties | 4,662 | 3,879 | |||||
Current portion of operating lease obligations | 340 | — | |||||
Short-term notes payable | 831 | 121 | |||||
Accrued liabilities | 5,395 | 2,913 | |||||
Accounts payable and other accrued expenses | 4,298 | 2,684 | |||||
Total current liabilities | 16,526 | 12,097 | |||||
Long-term notes payable, net of current portion | 1,077 | 6,577 | |||||
Long-term notes payable, net of current portion - related parties | 5,000 | — | |||||
Finance lease obligations, net of current portion - related parties | 3 | 3,367 | |||||
Long-term portion of operating lease obligations | 682 | — | |||||
Total liabilities | 23,288 | 22,041 | |||||
Commitments and contingencies (Note 14) | |||||||
Equity: | |||||||
Preferred Stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively (Note 17) | — | — | |||||
Stockholders’ equity: | |||||||
Common stock; $0.001 par value, 37,250,000 shares authorized, 16,800,612 and 13,178,750 shares issued and 16,800,612 and 13,178,750 shares outstanding at September 30, 2019 and December 31, 2018, respectively (Note 15) | 17 | 13 | |||||
Additional paid-in capital | 90,748 | 68,244 | |||||
Accumulated other comprehensive loss | (530 | ) | — | ||||
Accumulated deficit | (22,075 | ) | (16,916 | ) | |||
Total stockholders’ equity | 68,160 | 51,341 | |||||
Noncontrolling interest | — | 1,323 | |||||
Total Equity | 68,160 | 52,664 | |||||
Total liabilities and equity | $ | 91,448 | $ | 74,705 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net Loss | $ | (3,355 | ) | $ | (3,217 | ) | $ | (4,952 | ) | $ | (8,164 | ) | |||
Depreciation | 2,307 | 2,190 | 6,892 | 6,573 | |||||||||||
Net Interest Expense | 339 | 1,202 | 947 | 3,482 | |||||||||||
EBITDA | (709 | ) | 175 | 2,887 | 1,891 | ||||||||||
Special Items(1) | 1,055 | — | 1,482 | — | |||||||||||
Adjusted EBITDA | $ | 346 | $ | 175 | $ | 4,369 | $ | 1,891 |
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