Results for Six Months - June 2017

26-Jul-2017

OKLAHOMA CITY, OK – July 26, 2017 - Texcom, Inc. (the "Company" or "Texcom"), an environmental services company serving the oil and gas industry, today announced financial results for the six months ended June 30, 2017. Results for the six months ended June 30, 2017 were as follows:

  • Revenues totaled $817,000.
  • Operating loss was $116,000.
  • Interest expense was $225,000.
  • EBITDA was $185,000.
  • Net loss was $340,000.
  • Loss per share was 2.95 cents
  • Total liabilities were $8.5 million at June 30, 2017.
  • Total equity was negative $5.3 million at June 30, 2017.
  • “Texcom’s operations currently provide sufficient cash flow to cover substantially all of our interest expense” stated Bob May, CEO. “However, some significant repairs will be necessary to our Peak SWD facility in the third quarter. These repairs will require a substantial portion of our current liquidity. 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.”

    About Texcom, Inc.  

    Texcom, headquartered in Oklahoma City, Oklahoma, is an environmental services company with a primary focus on the disposal of nonhazardous wastes generated by the oil & gas industry.

    Forward-Looking Statements 

    This press release and the presentation 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 presentation 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 presentation 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.