Second Quarter 2016 Results

25-Jul-2016

HOUSTON, TX – July 26, 2016 - Texcom, Inc. (the "Company" or "Texcom"), an environmental services company serving the oil and gas industry, today announced financial results for the quarter ended and six months ended June 30, 2016. Results for the second quarter were as follows:

  • Revenues totaled $722,000.
  • EBITDA was a loss of $123,000
  • Operating loss was $431,000.
  • Net loss was $526,000.
Results for the six months ending June 30, 2016 were as follows:
  • Revenues totaled $1,393,000.
  • EBITDA was a loss of $390,000
  • Operating loss was $983,000.
  • Net loss was $1,186,000.
  • Total liabilities were $8.6 million at the end of the quarter.
  • Total equity was $11.2 million at the end of the quarter.
  • “We continue to struggle in this environment of minimal drilling activity” stated Bob May, CEO. “We continue to look at ways to increase revenues and reduce operating expenses. All required payments to the bank are current. Our notes payable to the bank now mature in January 2017. We do not expect to be in positon to retire the notes at that time, so we will need to work with the bank to extend the maturity at that time.”

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