HOUSTON, Nov. 16, 2015 /PRNewswire/ --TexCom, Inc. (OTC Pink: TEXC)(the "Company" or "TexCom"), an environmental services company serving the oil and gas industry, today announced financial results for the third quarter of 2015. Financial Highlights for the third quarter 2015 compared to the third quarter 2014:
- Revenues totaled $1.10 million, decreasing from $2.70 million.
- Operating loss was $863,000, decreasing from income $114,000.
- Net loss was $757,000, increasing from a net loss of $41,000.
- Loss per share on a fully diluted basis was $0.07, increasing from $0.01.
Financial highlights for the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014:
- Revenues totaled $4.14 million, decreasing from $9.91 million.
- Operating loss was $1.85 million, compared to income of $1.09 million.
- Net loss was $1.13 million, compared to net income of $7.06 million (2014 results included an $11.24 million gain on the sale of the MBES, LLC assets).
- Loss per share on a fully diluted basis was $0.10, decreasing from income of $0.87.
"The Company continues to deal with the challenges created by the downturn in oil and gas drilling activity and depressed operating results for all oil and gas companies," stated Bob May, CEO. "Fortunately, we have good liquidity that has allowed us to pay all operating expenditures and make our debt service payments on a timely basis. We continue to look at all options to increase revenues and decrease operating costs."
About TexCom, Inc.
TexCom, headquartered in Houston, Texas, is a growth-oriented environmental services company with a primary focus on the disposal of nonhazardous wastes generated by the oil & gas industry. For more information, please visit www.texcomresources.com.
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.
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SOURCE TexCom, Inc.