2017 First Quarter Press Release

16-May-2017

HOUSTON, TX – May 15, 2017 - Texcom, Inc. (the "Company" or "Texcom"), an environmental services company serving the oil and gas industry, today announced financial results for the quarter ended March 31, 2017. Results for the quarter were as follows:

  • Revenues totaled $428,000.
  • Operating loss was $74,000.
  • Interest expense was $110,000.
  • EBITDA was $76,000.
  • Net loss was $184,000.
  • Loss per share was 1.59 cents.
  • Total liabilities were $8.5 million at the end of the quarter.
  • Total equity was negative $5.2 million at the end of the quarter.
  • ““Many changes were made in the first quarter of 2017 that narrowed the gap between EBITDA and interest expense” stated Bob May, CEO. “With additional changes that have been made, it is possible that second quarter EBITDA will be sufficient to cover interest expense. We were successful in negotiating the termination of our office lease agreement, which was our single largest monthly expense. As we noted in our review of 2016 results, our bank has extended our loan maturity until January 31, 2018, and we are current on all of our loan obligations.”

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