Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Stabilis Solutions Reports First Quarter 2022 Results By: Stabilis Solutions via AccessWire May 04, 2022 at 18:30 PM EDT HOUSTON, TX / ACCESSWIRE / May 4, 2022 / Stabilis Solutions, Inc., ("Stabilis" or the "Company") (NASDAQ:SLNG), an energy transition company that provides turnkey clean energy production, storage, transportation and fueling solutions primarily using liquefied natural gas ("LNG") to multiple end markets across North America, today reported its financial results for its first quarter ended March 31, 2022.For the first quarter ended March 31, 2022, Stabilis reported revenues of $23.0 million. Revenues from the Company's LNG segment and power delivery segments were $20.3 million and $2.8 million respectively.Westy Ballard, President and CEO, commented "Revenue in the quarter was strong across multiple end markets including distributed power, mining, and oil & gas. Our Mexico business was also strong, and we began seeing an increase in demand from the aerospace industry, one of our key growth drivers."Net loss for the quarter was $0.4 million compared to a net loss of $2.3 million in the fourth quarter of 2021.Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") a non-GAAP measure, was $2.0 million for the quarter, compared to $0.9 million in the fourth quarter of 2021.Net cash provided by operating activities was $2.2 million during the quarter and total liquidity at March 31, 2022 was $4.5 million consisting of cash and available credit under the Company's loan facility.Ballard continued, "We are beginning to see the results of our business optimization initiative which we implemented in the fourth quarter of last year. Our focus on creating efficiencies and improving the performance of our core LNG business resulted in better customer pricing, improved project execution and more efficient management of labor and capital. As a result, we saw improved profitability in Q1 compared to the second half of 2021 in spite of significant inflationary pressures. In addition to the optimization of our existing business, we continue to work on a number of exciting growth opportunities including marine bunkering and aerospace and we look forward to providing additional updates soon."Conference Call:Management will host a conference call on Thursday, May 5, 202 at 10:00 a.m. eastern time (9:00 a.m. central).Dial-in InformationUnited States & Canada:+1 888-506-0062; passcode 473100International:+1 973-528-0011; passcode 473100Webcast: https://www.webcaster4.com/Webcast/Page/2256/45299Replay InformationUnited States & Canada:+1 877-481-4010; passcode 45299International:+1 919-882-2331; passcode 45299About StabilisStabilis Solutions, Inc. is an energy transition company that provides turnkey clean energy production, storage, transportation and fueling solutions primarily using liquefied natural gas ("LNG") to multiple end markets across North America. To learn more, visit www.stabilis-solutions.com.Cautionary Statement Regarding Forward-Looking StatementsThis press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. Any actual results may differ from expectations, estimates and projections presented or implied and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "can," "believes," "anticipates," "expects," "could," "will," "plan," "may," "should," "predicts," "potential" and similar expressions are intended to identify such forward-looking statements.Such forward-looking statements relate to future events or future performance, but reflect the parties' current beliefs, based on information currently available. Most of these factors are outside the parties' control and are difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include, among other things: the future performance of Stabilis, future demand for and price of LNG, availability and price of natural gas, unexpected costs, and general economic conditions.The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in the Risk Factors in Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2022 which is available on the SEC's website at www.sec.gov or on the Investors section of our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.Stabilis Solutions, Inc. and SubsidiariesSelected Consolidated Operating Results(Unaudited, in thousands, except share and per share data) Three Months Ended March 31,2022 December 31, 2021 March 31,2021 Revenue LNG product $16,785 $17,772 $11,695 Rental, service and other 3,482 3,108 4,425 Power delivery 2,766 2,865 1,544 Total revenues 23,033 23,745 17,664 Operating expenses: Costs of LNG product 12,744 15,031 8,812 Costs of rental, service and other 2,760 2,884 2,751 Costs of power delivery 2,113 2,144 1,160 Selling, general and administrative expenses 3,566 3,750 2,715 Gain from disposal of fixed assets (80) - - Depreciation expense 2,322 2,292 2,225 Total operating expenses 23,425 26,101 17,663 Income (loss) from operations before equity income (392) (2,356) 1 Net equity income from foreign joint ventures' operations: Income from equity investments in foreign joint ventures 161 879 421 Foreign joint ventures' operations related expenses (74) (171) (67)Net equity income from foreign joint ventures' operations 87 708 354 Income (loss) from operations (305) (1,648) 355 Other income (expense): Interest expense, net (154) (149) (17)Interest expense, net - related parties (31) (136) (173)Other income (expense) (45) 41 90 Total other income (expense) (230) (244) (100)Income (loss) before income tax expense (535) (1,892) 255 Income tax expense (benefit) (129) 452 80 Net income (loss) $(406) $(2,344) $175 Net income (loss) per common share: Basic and diluted $(0.02) $(0.13) $0.01 Weighted average number of common shares outstanding: Basic and diluted 18,191,446 18,191,268 16,896,626 EBITDA $1,972 $685 $2,670 Adjusted EBITDA $1,972 $935 $2,670 Revenues by Segment(Unaudited, in thousands) Three Months Ended March 31,2022 December 31,2021 March 31,2021 Revenue LNG $20,267 $20,880 $16,120 Power Delivery 2,766 2,865 1,544 Total Revenue $23,033 $23,745 $17,664 Stabilis Solutions, Inc. and SubsidiariesCondensed Consolidated Balance Sheets(Unaudited, in thousands, except share and per share data) March 31,2022 December 31,2021 Assets Current assets: Cash and cash equivalents $2,541 $2,060 Accounts receivable, net 8,890 10,323 Inventories, net 327 386 Prepaid expenses and other current assets 3,623 2,764 Total current assets 15,381 15,533 Property, plant and equipment: Cost 103,407 101,827 Less accumulated depreciation (49,515) (47,140)Property, plant and equipment, net 53,892 54,687 Goodwill 4,453 4,453 Investments in foreign joint ventures 12,524 12,325 Right-of-use assets and other noncurrent assets 353 338 Total assets $86,603 $87,336 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $5,228 $5,556 Accrued liabilities 7,411 7,613 Current portion of long-term notes payable 883 963 Current portion of long-term notes payable - related parties 1,103 1,168 Current portion of finance and operating lease obligations 310 327 Total current liabilities 14,935 15,627 Long-term notes payable, net of current portion 7,788 7,753 Long-term notes payable, net of current portion - related parties 1,839 2,435 Long-term portion of finance and operating lease obligations 390 393 Other noncurrent liabilities 90 69 Total liabilities 25,042 26,277 Commitments and contingencies Stockholders' Equity: Common stock; $0.001 par value, 37,500,000 shares authorized, 18,192,602 and 17,691,268 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively 18 18 Additional paid-in capital 98,406 97,875 Accumulated other comprehensive income 728 351 Accumulated deficit (37,591) (37,185)Total stockholders' equity 61,561 61,059 Total liabilities and stockholders' equity $86,603 $87,336 Stabilis Solutions, Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows(Unaudited, in thousands) Three Months Ended March 31,2022 December 31,2021 March 31,2021 Cash flows from operating activities: Net income (loss) $(406) $(2,344) $175 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation 2,322 2,292 2,225 Stock-based compensation expense 531 502 162 Bad debt expense 32 80 - Gain on disposal of fixed assets (80) - - Income from equity investment in joint venture (161) (879) (421)Distributions from equity investment in joint venture - 702 - Change in operating assets and liabilities: Accounts receivable 1,616 (2,772) (707)Due to related parties - - 15 Inventories 89 38 68 Prepaid expenses and other current assets (667) 1,231 (200)Accounts payable and accrued liabilities (1,038) 366 1,268 Other - 212 (22)Net cash provided by (used in) operating activities 2,238 (572) 2,563 Cash flows from investing activities: Acquisition of fixed assets (918) (865) (298)Proceeds on sales of fixed assets 100 35 - Net cash used in investing activities (818) (830) (298)Cash flows from financing activities: Proceeds from borrowings on short- and long-term notes payable - 992 - Payments on short- and long-term notes payable (463) (425) (296)Payments on notes payable and finance leases from related parties (669) (7) (783)Net cash provided by (used in) financing activities (1,132) 560 (1,079)Effect of exchange rate changes on cash 193 (36) 62 Net increase (decrease) in cash and cash equivalents 481 (878) 1,248 Cash and cash equivalents, beginning of period 2,060 2,938 1,814 Cash and cash equivalents, end of period $2,541 $2,060 $3,062 Supplemental disclosure of cash flow information: Interest paid $198 $243 $162 Income taxes paid (refunds received) (14) 94 5 Non-cash investing and financing activities: Acquisitions of fixed assets included within accounts payable $170 $314 $- Deferred interest expense reclassified to notes payable - 136 - Equipment acquired from issuance of note payable 359 - - Equipment acquired under finance leases - - 104 Non-GAAP MeasuresOur management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of our business. EBITDA is defined as Earnings before Interest (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occur during the reporting period, as noted below. We include EBITDA and adjusted EBITDA to provide investors with a supplemental measure of our operating performance. Neither EBITDA nor Adjusted EBITDA is a recognized term under generally accepted accounting principles in the U.S. ("GAAP"). Accordingly, they should not be used as an indicator of, or an alternative to, net income as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management's discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definition of EBITDA and Adjusted EBITDA may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands). Three Months Ended March 31,2022 December 31,2021 March 31,2021 Net income (loss) $(406) $(2,344) $175 Depreciation 2,322 2,292 2,225 Interest expense, net 185 285 190 Income tax expense (benefit) (129) 452 80 EBITDA 1,972 685 2,670 Special items* - 250 - Adjusted EBITDA $1,972 $935 $2,670 * There were no special items for the three months ended March 31, 2022 and 2021, respectively. Special items in Q4 of 2021 consist of non-cash charges related to the write-off of engineering designs.# # # # #Investor Contact:Andrew PuhalaChief Financial Officer832-456-6502ir@stabilis-solutions.comSOURCE: Stabilis SolutionsView source version on accesswire.com: https://www.accesswire.com/700168/Stabilis-Solutions-Reports-First-Quarter-2022-Results Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Stabilis Solutions Reports First Quarter 2022 Results By: Stabilis Solutions via AccessWire May 04, 2022 at 18:30 PM EDT HOUSTON, TX / ACCESSWIRE / May 4, 2022 / Stabilis Solutions, Inc., ("Stabilis" or the "Company") (NASDAQ:SLNG), an energy transition company that provides turnkey clean energy production, storage, transportation and fueling solutions primarily using liquefied natural gas ("LNG") to multiple end markets across North America, today reported its financial results for its first quarter ended March 31, 2022.For the first quarter ended March 31, 2022, Stabilis reported revenues of $23.0 million. Revenues from the Company's LNG segment and power delivery segments were $20.3 million and $2.8 million respectively.Westy Ballard, President and CEO, commented "Revenue in the quarter was strong across multiple end markets including distributed power, mining, and oil & gas. Our Mexico business was also strong, and we began seeing an increase in demand from the aerospace industry, one of our key growth drivers."Net loss for the quarter was $0.4 million compared to a net loss of $2.3 million in the fourth quarter of 2021.Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") a non-GAAP measure, was $2.0 million for the quarter, compared to $0.9 million in the fourth quarter of 2021.Net cash provided by operating activities was $2.2 million during the quarter and total liquidity at March 31, 2022 was $4.5 million consisting of cash and available credit under the Company's loan facility.Ballard continued, "We are beginning to see the results of our business optimization initiative which we implemented in the fourth quarter of last year. Our focus on creating efficiencies and improving the performance of our core LNG business resulted in better customer pricing, improved project execution and more efficient management of labor and capital. As a result, we saw improved profitability in Q1 compared to the second half of 2021 in spite of significant inflationary pressures. In addition to the optimization of our existing business, we continue to work on a number of exciting growth opportunities including marine bunkering and aerospace and we look forward to providing additional updates soon."Conference Call:Management will host a conference call on Thursday, May 5, 202 at 10:00 a.m. eastern time (9:00 a.m. central).Dial-in InformationUnited States & Canada:+1 888-506-0062; passcode 473100International:+1 973-528-0011; passcode 473100Webcast: https://www.webcaster4.com/Webcast/Page/2256/45299Replay InformationUnited States & Canada:+1 877-481-4010; passcode 45299International:+1 919-882-2331; passcode 45299About StabilisStabilis Solutions, Inc. is an energy transition company that provides turnkey clean energy production, storage, transportation and fueling solutions primarily using liquefied natural gas ("LNG") to multiple end markets across North America. To learn more, visit www.stabilis-solutions.com.Cautionary Statement Regarding Forward-Looking StatementsThis press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. Any actual results may differ from expectations, estimates and projections presented or implied and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "can," "believes," "anticipates," "expects," "could," "will," "plan," "may," "should," "predicts," "potential" and similar expressions are intended to identify such forward-looking statements.Such forward-looking statements relate to future events or future performance, but reflect the parties' current beliefs, based on information currently available. Most of these factors are outside the parties' control and are difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include, among other things: the future performance of Stabilis, future demand for and price of LNG, availability and price of natural gas, unexpected costs, and general economic conditions.The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in the Risk Factors in Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2022 which is available on the SEC's website at www.sec.gov or on the Investors section of our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.Stabilis Solutions, Inc. and SubsidiariesSelected Consolidated Operating Results(Unaudited, in thousands, except share and per share data) Three Months Ended March 31,2022 December 31, 2021 March 31,2021 Revenue LNG product $16,785 $17,772 $11,695 Rental, service and other 3,482 3,108 4,425 Power delivery 2,766 2,865 1,544 Total revenues 23,033 23,745 17,664 Operating expenses: Costs of LNG product 12,744 15,031 8,812 Costs of rental, service and other 2,760 2,884 2,751 Costs of power delivery 2,113 2,144 1,160 Selling, general and administrative expenses 3,566 3,750 2,715 Gain from disposal of fixed assets (80) - - Depreciation expense 2,322 2,292 2,225 Total operating expenses 23,425 26,101 17,663 Income (loss) from operations before equity income (392) (2,356) 1 Net equity income from foreign joint ventures' operations: Income from equity investments in foreign joint ventures 161 879 421 Foreign joint ventures' operations related expenses (74) (171) (67)Net equity income from foreign joint ventures' operations 87 708 354 Income (loss) from operations (305) (1,648) 355 Other income (expense): Interest expense, net (154) (149) (17)Interest expense, net - related parties (31) (136) (173)Other income (expense) (45) 41 90 Total other income (expense) (230) (244) (100)Income (loss) before income tax expense (535) (1,892) 255 Income tax expense (benefit) (129) 452 80 Net income (loss) $(406) $(2,344) $175 Net income (loss) per common share: Basic and diluted $(0.02) $(0.13) $0.01 Weighted average number of common shares outstanding: Basic and diluted 18,191,446 18,191,268 16,896,626 EBITDA $1,972 $685 $2,670 Adjusted EBITDA $1,972 $935 $2,670 Revenues by Segment(Unaudited, in thousands) Three Months Ended March 31,2022 December 31,2021 March 31,2021 Revenue LNG $20,267 $20,880 $16,120 Power Delivery 2,766 2,865 1,544 Total Revenue $23,033 $23,745 $17,664 Stabilis Solutions, Inc. and SubsidiariesCondensed Consolidated Balance Sheets(Unaudited, in thousands, except share and per share data) March 31,2022 December 31,2021 Assets Current assets: Cash and cash equivalents $2,541 $2,060 Accounts receivable, net 8,890 10,323 Inventories, net 327 386 Prepaid expenses and other current assets 3,623 2,764 Total current assets 15,381 15,533 Property, plant and equipment: Cost 103,407 101,827 Less accumulated depreciation (49,515) (47,140)Property, plant and equipment, net 53,892 54,687 Goodwill 4,453 4,453 Investments in foreign joint ventures 12,524 12,325 Right-of-use assets and other noncurrent assets 353 338 Total assets $86,603 $87,336 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $5,228 $5,556 Accrued liabilities 7,411 7,613 Current portion of long-term notes payable 883 963 Current portion of long-term notes payable - related parties 1,103 1,168 Current portion of finance and operating lease obligations 310 327 Total current liabilities 14,935 15,627 Long-term notes payable, net of current portion 7,788 7,753 Long-term notes payable, net of current portion - related parties 1,839 2,435 Long-term portion of finance and operating lease obligations 390 393 Other noncurrent liabilities 90 69 Total liabilities 25,042 26,277 Commitments and contingencies Stockholders' Equity: Common stock; $0.001 par value, 37,500,000 shares authorized, 18,192,602 and 17,691,268 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively 18 18 Additional paid-in capital 98,406 97,875 Accumulated other comprehensive income 728 351 Accumulated deficit (37,591) (37,185)Total stockholders' equity 61,561 61,059 Total liabilities and stockholders' equity $86,603 $87,336 Stabilis Solutions, Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows(Unaudited, in thousands) Three Months Ended March 31,2022 December 31,2021 March 31,2021 Cash flows from operating activities: Net income (loss) $(406) $(2,344) $175 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation 2,322 2,292 2,225 Stock-based compensation expense 531 502 162 Bad debt expense 32 80 - Gain on disposal of fixed assets (80) - - Income from equity investment in joint venture (161) (879) (421)Distributions from equity investment in joint venture - 702 - Change in operating assets and liabilities: Accounts receivable 1,616 (2,772) (707)Due to related parties - - 15 Inventories 89 38 68 Prepaid expenses and other current assets (667) 1,231 (200)Accounts payable and accrued liabilities (1,038) 366 1,268 Other - 212 (22)Net cash provided by (used in) operating activities 2,238 (572) 2,563 Cash flows from investing activities: Acquisition of fixed assets (918) (865) (298)Proceeds on sales of fixed assets 100 35 - Net cash used in investing activities (818) (830) (298)Cash flows from financing activities: Proceeds from borrowings on short- and long-term notes payable - 992 - Payments on short- and long-term notes payable (463) (425) (296)Payments on notes payable and finance leases from related parties (669) (7) (783)Net cash provided by (used in) financing activities (1,132) 560 (1,079)Effect of exchange rate changes on cash 193 (36) 62 Net increase (decrease) in cash and cash equivalents 481 (878) 1,248 Cash and cash equivalents, beginning of period 2,060 2,938 1,814 Cash and cash equivalents, end of period $2,541 $2,060 $3,062 Supplemental disclosure of cash flow information: Interest paid $198 $243 $162 Income taxes paid (refunds received) (14) 94 5 Non-cash investing and financing activities: Acquisitions of fixed assets included within accounts payable $170 $314 $- Deferred interest expense reclassified to notes payable - 136 - Equipment acquired from issuance of note payable 359 - - Equipment acquired under finance leases - - 104 Non-GAAP MeasuresOur management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of our business. EBITDA is defined as Earnings before Interest (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occur during the reporting period, as noted below. We include EBITDA and adjusted EBITDA to provide investors with a supplemental measure of our operating performance. Neither EBITDA nor Adjusted EBITDA is a recognized term under generally accepted accounting principles in the U.S. ("GAAP"). Accordingly, they should not be used as an indicator of, or an alternative to, net income as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management's discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definition of EBITDA and Adjusted EBITDA may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands). Three Months Ended March 31,2022 December 31,2021 March 31,2021 Net income (loss) $(406) $(2,344) $175 Depreciation 2,322 2,292 2,225 Interest expense, net 185 285 190 Income tax expense (benefit) (129) 452 80 EBITDA 1,972 685 2,670 Special items* - 250 - Adjusted EBITDA $1,972 $935 $2,670 * There were no special items for the three months ended March 31, 2022 and 2021, respectively. Special items in Q4 of 2021 consist of non-cash charges related to the write-off of engineering designs.# # # # #Investor Contact:Andrew PuhalaChief Financial Officer832-456-6502ir@stabilis-solutions.comSOURCE: Stabilis SolutionsView source version on accesswire.com: https://www.accesswire.com/700168/Stabilis-Solutions-Reports-First-Quarter-2022-Results
HOUSTON, TX / ACCESSWIRE / May 4, 2022 / Stabilis Solutions, Inc., ("Stabilis" or the "Company") (NASDAQ:SLNG), an energy transition company that provides turnkey clean energy production, storage, transportation and fueling solutions primarily using liquefied natural gas ("LNG") to multiple end markets across North America, today reported its financial results for its first quarter ended March 31, 2022.For the first quarter ended March 31, 2022, Stabilis reported revenues of $23.0 million. Revenues from the Company's LNG segment and power delivery segments were $20.3 million and $2.8 million respectively.Westy Ballard, President and CEO, commented "Revenue in the quarter was strong across multiple end markets including distributed power, mining, and oil & gas. Our Mexico business was also strong, and we began seeing an increase in demand from the aerospace industry, one of our key growth drivers."Net loss for the quarter was $0.4 million compared to a net loss of $2.3 million in the fourth quarter of 2021.Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") a non-GAAP measure, was $2.0 million for the quarter, compared to $0.9 million in the fourth quarter of 2021.Net cash provided by operating activities was $2.2 million during the quarter and total liquidity at March 31, 2022 was $4.5 million consisting of cash and available credit under the Company's loan facility.Ballard continued, "We are beginning to see the results of our business optimization initiative which we implemented in the fourth quarter of last year. Our focus on creating efficiencies and improving the performance of our core LNG business resulted in better customer pricing, improved project execution and more efficient management of labor and capital. As a result, we saw improved profitability in Q1 compared to the second half of 2021 in spite of significant inflationary pressures. In addition to the optimization of our existing business, we continue to work on a number of exciting growth opportunities including marine bunkering and aerospace and we look forward to providing additional updates soon."Conference Call:Management will host a conference call on Thursday, May 5, 202 at 10:00 a.m. eastern time (9:00 a.m. central).Dial-in InformationUnited States & Canada:+1 888-506-0062; passcode 473100International:+1 973-528-0011; passcode 473100Webcast: https://www.webcaster4.com/Webcast/Page/2256/45299Replay InformationUnited States & Canada:+1 877-481-4010; passcode 45299International:+1 919-882-2331; passcode 45299About StabilisStabilis Solutions, Inc. is an energy transition company that provides turnkey clean energy production, storage, transportation and fueling solutions primarily using liquefied natural gas ("LNG") to multiple end markets across North America. To learn more, visit www.stabilis-solutions.com.Cautionary Statement Regarding Forward-Looking StatementsThis press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. Any actual results may differ from expectations, estimates and projections presented or implied and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "can," "believes," "anticipates," "expects," "could," "will," "plan," "may," "should," "predicts," "potential" and similar expressions are intended to identify such forward-looking statements.Such forward-looking statements relate to future events or future performance, but reflect the parties' current beliefs, based on information currently available. Most of these factors are outside the parties' control and are difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include, among other things: the future performance of Stabilis, future demand for and price of LNG, availability and price of natural gas, unexpected costs, and general economic conditions.The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in the Risk Factors in Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2022 which is available on the SEC's website at www.sec.gov or on the Investors section of our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.Stabilis Solutions, Inc. and SubsidiariesSelected Consolidated Operating Results(Unaudited, in thousands, except share and per share data) Three Months Ended March 31,2022 December 31, 2021 March 31,2021 Revenue LNG product $16,785 $17,772 $11,695 Rental, service and other 3,482 3,108 4,425 Power delivery 2,766 2,865 1,544 Total revenues 23,033 23,745 17,664 Operating expenses: Costs of LNG product 12,744 15,031 8,812 Costs of rental, service and other 2,760 2,884 2,751 Costs of power delivery 2,113 2,144 1,160 Selling, general and administrative expenses 3,566 3,750 2,715 Gain from disposal of fixed assets (80) - - Depreciation expense 2,322 2,292 2,225 Total operating expenses 23,425 26,101 17,663 Income (loss) from operations before equity income (392) (2,356) 1 Net equity income from foreign joint ventures' operations: Income from equity investments in foreign joint ventures 161 879 421 Foreign joint ventures' operations related expenses (74) (171) (67)Net equity income from foreign joint ventures' operations 87 708 354 Income (loss) from operations (305) (1,648) 355 Other income (expense): Interest expense, net (154) (149) (17)Interest expense, net - related parties (31) (136) (173)Other income (expense) (45) 41 90 Total other income (expense) (230) (244) (100)Income (loss) before income tax expense (535) (1,892) 255 Income tax expense (benefit) (129) 452 80 Net income (loss) $(406) $(2,344) $175 Net income (loss) per common share: Basic and diluted $(0.02) $(0.13) $0.01 Weighted average number of common shares outstanding: Basic and diluted 18,191,446 18,191,268 16,896,626 EBITDA $1,972 $685 $2,670 Adjusted EBITDA $1,972 $935 $2,670 Revenues by Segment(Unaudited, in thousands) Three Months Ended March 31,2022 December 31,2021 March 31,2021 Revenue LNG $20,267 $20,880 $16,120 Power Delivery 2,766 2,865 1,544 Total Revenue $23,033 $23,745 $17,664 Stabilis Solutions, Inc. and SubsidiariesCondensed Consolidated Balance Sheets(Unaudited, in thousands, except share and per share data) March 31,2022 December 31,2021 Assets Current assets: Cash and cash equivalents $2,541 $2,060 Accounts receivable, net 8,890 10,323 Inventories, net 327 386 Prepaid expenses and other current assets 3,623 2,764 Total current assets 15,381 15,533 Property, plant and equipment: Cost 103,407 101,827 Less accumulated depreciation (49,515) (47,140)Property, plant and equipment, net 53,892 54,687 Goodwill 4,453 4,453 Investments in foreign joint ventures 12,524 12,325 Right-of-use assets and other noncurrent assets 353 338 Total assets $86,603 $87,336 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $5,228 $5,556 Accrued liabilities 7,411 7,613 Current portion of long-term notes payable 883 963 Current portion of long-term notes payable - related parties 1,103 1,168 Current portion of finance and operating lease obligations 310 327 Total current liabilities 14,935 15,627 Long-term notes payable, net of current portion 7,788 7,753 Long-term notes payable, net of current portion - related parties 1,839 2,435 Long-term portion of finance and operating lease obligations 390 393 Other noncurrent liabilities 90 69 Total liabilities 25,042 26,277 Commitments and contingencies Stockholders' Equity: Common stock; $0.001 par value, 37,500,000 shares authorized, 18,192,602 and 17,691,268 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively 18 18 Additional paid-in capital 98,406 97,875 Accumulated other comprehensive income 728 351 Accumulated deficit (37,591) (37,185)Total stockholders' equity 61,561 61,059 Total liabilities and stockholders' equity $86,603 $87,336 Stabilis Solutions, Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows(Unaudited, in thousands) Three Months Ended March 31,2022 December 31,2021 March 31,2021 Cash flows from operating activities: Net income (loss) $(406) $(2,344) $175 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation 2,322 2,292 2,225 Stock-based compensation expense 531 502 162 Bad debt expense 32 80 - Gain on disposal of fixed assets (80) - - Income from equity investment in joint venture (161) (879) (421)Distributions from equity investment in joint venture - 702 - Change in operating assets and liabilities: Accounts receivable 1,616 (2,772) (707)Due to related parties - - 15 Inventories 89 38 68 Prepaid expenses and other current assets (667) 1,231 (200)Accounts payable and accrued liabilities (1,038) 366 1,268 Other - 212 (22)Net cash provided by (used in) operating activities 2,238 (572) 2,563 Cash flows from investing activities: Acquisition of fixed assets (918) (865) (298)Proceeds on sales of fixed assets 100 35 - Net cash used in investing activities (818) (830) (298)Cash flows from financing activities: Proceeds from borrowings on short- and long-term notes payable - 992 - Payments on short- and long-term notes payable (463) (425) (296)Payments on notes payable and finance leases from related parties (669) (7) (783)Net cash provided by (used in) financing activities (1,132) 560 (1,079)Effect of exchange rate changes on cash 193 (36) 62 Net increase (decrease) in cash and cash equivalents 481 (878) 1,248 Cash and cash equivalents, beginning of period 2,060 2,938 1,814 Cash and cash equivalents, end of period $2,541 $2,060 $3,062 Supplemental disclosure of cash flow information: Interest paid $198 $243 $162 Income taxes paid (refunds received) (14) 94 5 Non-cash investing and financing activities: Acquisitions of fixed assets included within accounts payable $170 $314 $- Deferred interest expense reclassified to notes payable - 136 - Equipment acquired from issuance of note payable 359 - - Equipment acquired under finance leases - - 104 Non-GAAP MeasuresOur management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of our business. EBITDA is defined as Earnings before Interest (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occur during the reporting period, as noted below. We include EBITDA and adjusted EBITDA to provide investors with a supplemental measure of our operating performance. Neither EBITDA nor Adjusted EBITDA is a recognized term under generally accepted accounting principles in the U.S. ("GAAP"). Accordingly, they should not be used as an indicator of, or an alternative to, net income as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management's discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definition of EBITDA and Adjusted EBITDA may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands). Three Months Ended March 31,2022 December 31,2021 March 31,2021 Net income (loss) $(406) $(2,344) $175 Depreciation 2,322 2,292 2,225 Interest expense, net 185 285 190 Income tax expense (benefit) (129) 452 80 EBITDA 1,972 685 2,670 Special items* - 250 - Adjusted EBITDA $1,972 $935 $2,670 * There were no special items for the three months ended March 31, 2022 and 2021, respectively. Special items in Q4 of 2021 consist of non-cash charges related to the write-off of engineering designs.# # # # #Investor Contact:Andrew PuhalaChief Financial Officer832-456-6502ir@stabilis-solutions.comSOURCE: Stabilis SolutionsView source version on accesswire.com: https://www.accesswire.com/700168/Stabilis-Solutions-Reports-First-Quarter-2022-Results
