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ENERGY NEWS

 
     
 

Natural Gas Services Group Q2 results

Posted: 6 August 2003

33 per cent revenue increase for the three months to $3.2 Million
9 per cent revenue increase for the six months to $5.6 Million

Natural Gas Services Group, Inc, a leading provider of equipment and services to the natural gas and oil industry, announces its financial results for the second quarter and six months ended June 30, 2003.

Revenue for the second quarter ended June 30, 2003, increased 33 per cent to $3,220,815 as compared to $2,429,160 for the same period in 2002. Revenues for the six months ended June 30, 2003, increased 9 per cent to $5,564,560, as compared to $5,119,556 for the same period in 2002.

The increase in revenue during the second quarter and six months reflects an increase in revenue from the rental of natural gas compressor units and also additional revenue recognized from the sale of our irrigation pump engines.

Net income for the three months ended June 30, 2003, increased 30 per cent to $ 315,152 or $.06 per share (diluted), as compared to net income of $242,933 or $.05 per share (diluted) for the same period in 2002. Net income for the six months ended June 30, 2003, increased 28 per cent to $433,035 or $.07 per share (diluted), as compared to net income of $339,109 or $.06 per share (diluted) for same period in 2002.

EBITDA (see discussion of EBITDA at the end of this release) increased 16 per cent to $1,146,194 for the three months ended June 30, 2003, versus $982,609 for the same period in 2002. EBITDA increased 11 per cent to $1,863,982 for six months ended June 30, 2003, versus $1,679,112 for the same period in 2002.

NGS’s rental fleet grew by 15 per cent during the six months ended June 30, 2003. The Company ended the quarter with 353 compressor packages in its rental fleet, up from 254 units at June 30, 2002, and 308 units at December 31, 2002.

Wayne Vinson, President and CEO of Natural Gas Services Group, Inc. said, “We are extremely pleased with our quarter-to-quarter growth. With a 67 per cent increase in revenue for the three months and 53 per cent increase in revenue for the six months in our core leasing business, the second quarter and six months were significant accomplishments for Natural Gas Services Group. As the second quarter financial results show, our core leasing business remains quite profitable. We have been able to do this by delivering a high-value product to the small to mid-sized compressor market that meets their critical needs. Historically, our equipment utilization rate remains around 90 per cent and our operating margins are well above the industry norms. As we move into our third quarter we will continue with our strategic initiatives. While the economy continues to firm up, our goal is to continue to meet the market demand for our products.”

About Natural Gas Services Group
NGS manufactures, fabricates, sells, leases and services natural gas compressors that enhance the production of oil and gas wells. The Company also manufactures and sells flare systems and flare ignition systems for plant and production facilities.

For more information see www.ngsgi.com.

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Posted by Richard Price, Editor EnergyME.com

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