HOUSTON, May 18, 2015 /PRNewswire/ -- Texcom, Inc. (OTC Pink: TEXC) (the "Company" or "Texcom"), an environmental services company serving the oil and gas industry, today announced its financial results for the first quarter of 2015. Financial Highlights for the first quarter 2015 compared to the first quarter 2014:
- Revenues totaled $1.61 million, decreasing from $5.03 million.
- Net loss was $426,000, decreasing from net income of $1.13 million.
- Loss per share on a fully diluted basis was $0.04 compared to earnings per share of $0.14.
- Total equity decreased to $20.65 million from $21.08 million at December 31, 2014.
"As we reported last week in our report of our financial results for 2014 and the current status of our operations, the first quarter of 2015 was very challenging, due primarily to the decreased oil and gas drilling and completion activity in our operating areas," stated Bob May, CEO. "Nevertheless, we continue to believe that our balance sheet is strong and we have sufficient cash resources and projected cash flow to meet our debt service requirements and our capital expenditure budget through 2015."
Also as reported last week, the Company was not in compliance with its debt coverage ratio as required by its bank loan covenants for the first quarter of 2015. The bank has waived the debt coverage ratio requirement for the first quarter of 2015 but has required a $500,000 cash collateral account. The Company has sufficient liquidity to post this cash collateral without any negative impact on its operations or planned capital expenditures.
About Texcom, Inc.
Texcom, headquartered in Houston, Texas, is a growth-oriented environmental services company with a primary focus on the disposal of nonhazardous wastes generated by the oil and gas industry, and the remediation and disposal of NORM. For more information, please visit www.texcomresources.com.
Forward-Looking Statements
This press release and the financial statements referenced above may contain forward-looking statements, including information about management's view of Texcom, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release or such financial statements other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Texcom, Inc., its divisions and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on Texcom's future results. The forward-looking statements included in this press release and the financial statements are made only as of the date hereof. Texcom cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Texcom undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Texcom.
SOURCE Texcom, Inc.
Related Links
http://www.texcomresources.com
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article