Colorado
|
1-31398
|
75-2811855
|
||
(State or Other Jurisdiction
of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Exhibit No.
|
Description
|
99
|
Press release issued May 10, 2011
|
NATURAL GAS SERVICES GROUP, INC.
|
||||
Dated: May 10, 2011
|
||||
By:
|
/s/ Stephen C. Taylor
|
|||
Stephen C. Taylor
|
||||
President & Chief Executive Officer
|
FOR IMMEDIATE RELEASE
|
NEWS
|
May 10, 2011
|
NYSE: NGS
|
Exhibit 99
|
Revenue
|
Gross Margin, Exclusive of Depreciation(1)
|
||||||||||||||
Three months ended March 31,
|
Three months ended March 31,
|
||||||||||||||
2010
|
2011
|
2010
|
2011
|
||||||||||||
(dollars in thousands)
|
|||||||||||||||
Sales
|
$1,461
|
13%
|
$3,877
|
26%
|
$470
|
32%
|
$1,329
|
34%
|
|||||||
Rental
|
9,876
|
85%
|
10,881
|
72%
|
6,073
|
62%
|
6,519
|
60%
|
|||||||
Service & Maintenance
|
212
|
2%
|
296
|
2%
|
58
|
27%
|
158
|
54%
|
|||||||
Total
|
$11,549
|
$15,054
|
$6,601
|
57%
|
$8,006
|
53%
|
Three months ended
March 31,
|
||||||||
(dollars in thousands)
|
||||||||
2010
|
2011
|
|||||||
Net income
|
$1,364
|
$2,497
|
||||||
Interest expense
|
74
|
9
|
||||||
Provision for income taxes
|
767
|
1,531
|
||||||
Depreciation and amortization
|
2,874
|
3,292
|
||||||
EBITDA
|
$5,079
|
$7,329
|
||||||
Other operating expenses
|
1,499
|
1,385
|
||||||
Other income
|
23
|
(708)
|
||||||
Gross margin
|
$6,601
|
$8,006
|
For More Information, Contact:
|
Modesta Idiaquez, Investor Relations
|
(432) 262-2700
modesta.idiaquez@ngsgi.com
|
|
www.ngsgi.com
|
|
December 31,
|
March 31,
|
||||
|
2010
|
2011
|
||||
ASSETS
|
||||||
Current Assets:
|
||||||
Cash and cash equivalents
|
$
|
19,137
|
$
|
19,157
|
||
Trade accounts receivable, net of doubtful accounts of $171 and $246, respectively
|
5,279
|
7,203
|
||||
Inventory, net of allowance for obsolescence of $250 and $499, respectively
|
21,489
|
19,827
|
||||
Prepaid income taxes
|
2,103
|
233
|
||||
Prepaid expenses and other
|
330
|
897
|
||||
Total current assets
|
48,338
|
47,317
|
||||
|
||||||
Rental equipment, net of accumulated depreciation of $44,245 and $47,129, respectively
|
120,755
|
127,839
|
||||
Property and equipment, net of accumulated depreciation of $7,899 and $7,647, respectively
|
7,149
|
6,671
|
||||
Goodwill, net of accumulated amortization of $325, both periods
|
10,039
|
10,039
|
||||
Intangibles, net of accumulated amortization of $1,757 and $1,802, respectively
|
2,461
|
2,416
|
||||
Other assets
|
27
|
27
|
||||
Total assets
|
$
|
188,769
|
$
|
194,309
|
||
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||
|
||||||
Current Liabilities:
|
||||||
Line of credit
|
2,000
|
2,000
|
||||
Accounts payable
|
3,364
|
3,268
|
||||
Accrued liabilities
|
2,151
|
2,554
|
||||
Current income tax liability
|
—
|
29
|
||||
Deferred revenue
|
389
|
1,213
|
||||
Total current liabilities
|
7,904
|
9,064
|
||||
|
||||||
Deferred income tax payable
|
29,746
|
31,247
|
||||
Other long term liabilities
|
528
|
528
|
||||
Total liabilities
|
38,178
|
40,839
|
||||
|
||||||
Commitments and contingencies
|
||||||
Stockholders’ equity:
|
||||||
Preferred stock, 5,000 shares authorized, no shares issued or outstanding
|
—
|
—
|
||||
Common stock, 30,000 shares authorized, par value $0.01; 12,148 and 12,179 shares issued and outstanding, respectively
|
122
|
122
|
||||
Additional paid-in capital
|
86,034
|
86,415
|
||||
Retained earnings
|
64,435
|
66,933
|
||||
Total stockholders' equity
|
150,591
|
153,470
|
||||
Total liabilities and stockholders' equity
|
$
|
188,769
|
$
|
194,309
|
||
|
Three months ended March 31,
|
||||||||
2010
|
2011
|
|||||||
Revenue:
|
||||||||
Sales, net
|
$
|
1,461
|
$
|
3,877
|
||||
Rental income
|
9,876
|
10,881
|
||||||
Service and maintenance income
|
212
|
296
|
||||||
Total revenue
|
11,549
|
15,054
|
||||||
Operating costs and expenses:
|
||||||||
Cost of sales, exclusive of depreciation stated separately below
|
991
|
2,548
|
||||||
Cost of rentals, exclusive of depreciation stated separately below
|
3,803
|
4,362
|
||||||
Cost of service and maintenance, exclusive of depreciation stated
|
||||||||
separately below
|
154
|
137
|
||||||
Selling, general and administrative expense
|
1,499
|
1,386
|
||||||
Depreciation and amortization
|
2,874
|
3,292
|
||||||
Total operating costs and expenses
|
9,321
|
11,725
|
||||||
|
||||||||
Operating income
|
2,228
|
3,329
|
||||||
|
||||||||
Other income (expense):
|
||||||||
Interest expense
|
(74
|
)
|
(9
|
)
|
||||
Other income
|
(23
|
)
|
708
|
|||||
Total other income (expense)
|
(97
|
)
|
699
|
|||||
|
||||||||
Income before provision for income taxes
|
2,131
|
4,028
|
||||||
|
||||||||
Provision for income taxes:
|
||||||||
Current
|
(557
|
)
|
(29
|
)
|
||||
Deferred
|
(210
|
)
|
(1,502
|
)
|
||||
Total income tax expense
|
(767
|
)
|
(1,531
|
)
|
||||
Net income
|
$
|
1,364
|
$
|
2,497
|
||||
|
||||||||
Earnings per common share:
|
||||||||
Basic
|
$
|
0.11
|
$
|
0.21
|
||||
Diluted
|
$
|
0.11
|
$
|
0.20
|
||||
Weighted average common shares outstanding:
|
||||||||
Basic
|
12,102
|
12,175
|
||||||
Diluted
|
12,185
|
12,285
|
Three months ended March 31,
|
||||||||
2010
|
2011
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
1,364
|
$
|
2,497
|
||||
Adjustments to reconcile net income to net cash provided by
operating activities:
|
||||||||
Depreciation and amortization
|
2,874
|
3,292
|
||||||
Deferred taxes
|
210
|
1,502
|
||||||
Employee stock options expense
|
306
|
183
|
||||||
Gain on disposal of assets
|
—
|
(675
|
)
|
|||||
Changes in current assets:
|
||||||||
Trade accounts receivables, net
|
3,534
|
(1,924
|
)
|
|||||
Inventory, net
|
754
|
1,662
|
||||||
Prepaid expenses and other
|
(214
|
)
|
1,302
|
|||||
Changes in current liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
(1,115
|
)
|
306
|
|||||
Current income tax liability
|
557
|
29
|
||||||
Deferred income
|
23
|
825
|
||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
8,293
|
8,999
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of property and equipment
|
(2,383
|
)
|
(10,129
|
)
|
||||
Proceeds from sale of property and equipment
|
—
|
952
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(2,383
|
)
|
(9,177
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from other long term liabilities, net
|
(1
|
)
|
—
|
|||||
Repayments of long-term debt
|
(845
|
)
|
—
|
|||||
Repayment of line of credit
|
(6,500
|
)
|
—
|
|||||
Proceeds from exercise of stock options
|
37
|
198
|
||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
|
(7,309
|
)
|
198
|
|||||
|
||||||||
NET CHANGE IN CASH
|
(1,399
|
)
|
20
|
|||||
CASH AT BEGINNING OF PERIOD
|
23,017
|
19,137
|
||||||
CASH AT END OF PERIOD
|
$
|
21,618
|
$
|
19,157
|
||||
|
||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
|
||||||||
Interest paid
|
$
|
100
|
$
|
10
|
||||
Income taxes paid
|
$
|
200
|
$
|
—
|
||||
|
||||||||
NON-CASH TRANSACTIONS
|
||||||||
Rental equipment transferred to inventory
|
$
|
225
|
$
|
—
|