Tuesday, November 29, 2011

NYTEX Energy (NYTE) Q3, Nine Months Revenue Exceeds Previous Forecasts

Energy holding company NYTEX Holdings Inc. today announced its unaudited financial results for the three and nine-month periods ended September 30, 2011.

The company reported revenue for the third quarter and nine months ended Sept. 30, 2011, at $23.61 million and $64.06 million, respectively, compared to revenue of $440,509 and $682,379, respectively, impacted by the acquisition of Francis Drilling Fluids Ltd. (FDF) in November 2010.

Net loss for the quarter ended Sept. 30, 2011, was $1.46 million, or $(0.06) per share, compared to a net loss of $2.04 million, or $(0.10) per share, for the comparable quarter of 2010. For the nine months ended Sept. 30, 2011, NYTEX reported a net loss of $6.87 million, or $(0.27) per share, compared to a net loss of $2.61 million, or $(0.13) per share, for the prior year nine-month period.

Michael Galvis, NYTEX president and CEO, said the company exceeded its initial projection of revenue of $23.4 million and EBITDA of $2.2 million for the third quarter of 2011 with record quarterly revenues of $23.6 million and EBITDA of $2.4 million. The performance reflects the current and potential strength of the company’s subsidiary, FDF.

“We believe our FDF subsidiary offers the potential to drive continued revenue growth as shale oil plays in North America continue to rely on our products and services to operate their growing portfolio of active rigs,” Galvis stated in the press release. “Given the strength of today’s oil market, the increase of discoverable technically recoverable shale oil resources, and our already strong operational results, we believe we are in a strong position to achieve ongoing top and bottom-line growth.”

NYTEX revised its fourth quarter and 2011 year-end revenue guidance of $24.1 million and $88 million to $21.7 million and $85.8 million, respectively. The company also updated its initial EBITDA projections of $3.5 million for the fourth quarter of 2011 and $8.8 million for the 2011 year-end to $2.4 million and $7.8 million, respectively, based on a decrease in drilling fluid sales and downward pricing pressure in the pneumatic transportation business in South Texas.

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