HII Technologies, an oilfield services company with operations in Texas, Oklahoma, Ohio, and West Virginia, today announced its financial results for the fourth quarter and year ended December 31, 2012.
For the fourth quarter of last year, revenues totaled a record $1.65 million, with Net Profit coming in at $206,000 and Adjusted EBITDA reaching $345,000 (EBITDA defined as earnings before interest, depreciation, amortization, non-cash stock option expenses, and one-time non-operational expense items), a non-GAAP measure.
The company’s audited revenues for the year ended December 31, 2012, were approximately $1.75 million, which include all revenues of the company’s recently acquired subsidiary Apache Energy Services, LLC (AES) since its closing date in September of last year.
“The year 2012 was one of significant transition, performance and growth for our Company,” said Matthew Flemming, CEO of HII Technologies. “Our acquisition of AES Water Solutions, commercialization of South Texas Power, and key additions to the management team provided great value to our stockholders. These milestones generate additional revenues streams and support our growth.”
“We are also pleased with our expanding operational footprint in Texas and Oklahoma,” he continued. “According to the March 2013 Baker Hughes Rig count, Texas and Oklahoma have approximately 57% percent of the total rigs currently operating in the United States. Our geographic footprint in South Texas, West Texas, North Texas, and Oklahoma regions gives the Company significant exposure in high profile shale and unconventional “tight oil” plays. Additionally, the recent launch of our AES Safety Services division has expanded our operations into Ohio and West Virginia.”
For more information, visit www.HIITinc.com
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