MIDLAND, Texas, Oct. 22, 2014 /PRNewswire/ -- STW Resources Holding Corp. (OTC QB: STWS) announced today that its financial results for the three and six months ended June 30, 2014 have been filed on its Form 10-Q Quarterly Report with the Securities and Exchange Commission (SEC). A detailed Form 10-Q is available on the company web site.
STWS revenues increased to $5,613,348 in the second quarter of 2014 up from $3,600,779 in revenues in the first quarter of 2014, an increase of 56%. Total revenues for the six months ended June 30, 2014, were $9,214,127, which is net of approximately $600,000 of deferred revenues that will be recognized during the quarter ended September 30, 2014.
During the six months ended June 30, 2014, we reduced our long term debt and accrued interest by approximately $1.7 million, of which $1.6 million was by converting the debt and accrued interest to common stock. During the six months ended June 30, 2014, we also raised $663,000 of equity capital from accredited investors.
Our continuing rapid growth during the six months ended June 30, 2014, resulted in increased operating expenses of approximately $4.8 million during the six months ended June 30, 2014 over the first six months of 2013, which contributed to our reported net loss of $6,467,593 for the six months ended June 30, 2014.
Robert Miranda, STW Resources' CFO stated, "We are pleased to have filed our quarterly 2014 quarterly report with the SEC, which was completed approximately 30 days from the filing of our first quarterly report. With this filing the Company is now current with its SEC filing requirements. We plan to file our third quarter 2014 report on our Form 10-Q with the SEC by the due date of November 14, 2014. We are continuing to improve our accounting, internal controls, and financial reporting process to ensure that our filings in the future are timely."
Stanley Weiner, STW Resources' CEO stated, "We are pleased with our operating results for the six months and second quarter of 2014 and look forward to reporting our financial results for the third quarter of 2014."
About STW Resources Holding Corp.
STW Resources Holdings Corp. consults and provides customized water analysis, reclamation and remediation services to a variety of complex oil and gas produced and flowback water, brackish water, industrial, and municipal applications throughout several geographic locations. As an independent solutions provider, STW utilizes proven technologies from various well-known manufacturers. These technologies are available as fixed or mobile units with varying capabilities. STW's process ensures that the most effective and efficient technologies are implemented. Current potential project locations include the Eagle Ford Shale (TX), the west Texas Delaware and Permian Basins (TX), and eastern New Mexico. STW is also involved in the oilfield dirt construction business providing roads, pits, locations, and water pond construction. It also offers evaporation covers for the elimination of evaporation on frac ponds used throughout the oilfield. Evaporation causes the operators millions of dollars in losses annually. Covering the ponds is a conservational and economic method of preserving one of our natural resources and can be floated on to existing ponds or installed during construction. It also eliminates algae growth, doubles as a bird net, and reduces erosion of pond infrastructure. High quality liners with fusion-welded seams, quality control testing including air tests of seams and destruction testing are also standard. STW Energy, a subsidiary of STW Holding Corp., offers a turnkey rig washing service and STW Holdings offers the ability and technology to process drilling waste fluids, tank bottoms, and oil based cuttings that will completely eliminate any potential future liabilities (Cradle-to-Grave) to the operators after they dispose of them. STW services include roustabout services for several major oil and gas producers too. STW's Pipeline Maintenance & Construction division aids oil & gas companies in connecting new wells so the oil & gas can be sold to market and helps maintain the integrity of their existing pipeline infrastructure.
Forward-Looking Statements
This news release contains forward-looking statements about our business, or financial condition and prospects that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. There may be other risks and circumstances that we are unable to predict. When used in this news release, words such as "believes," "expects," "intends," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain forward-looking statements not accompanied by such expressions. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including risks discussed in the company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/stw-resources-holding-corp-releases-second-quarterly-report-for-2014-posts-92-million-in-revenues-for-six-months-892519987.html
SOURCE STW Resources Holding Corp.
