Q3 2016 Press Release

05-Jan-2017

HOUSTON, TX – November 18, 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 nine months ended September 30, 2016. Results for the third quarter were as follows:

  • Revenues totaled $569,000.
  • EBITDA was a loss of $717,000
  • Operating loss was $1,010,000..
  • Net loss was $1,237,000
Results for the nine months ending September 30, 2016 were as follows:
  • Revenues totaled $1,962,000.
  • EBITDA was a loss of $1,107,000
  • Operating loss was $1,993,000
  • Net loss was $2,425,000
  • Total liabilities were $8.7 million at the end of the quarter
  • Total equity was $10 million at the end of the quarter.
  • “We continue to struggle in this environment of minimal drilling activity” stated Bob May, CEO. “During this quarter, we have discontinued our NORM consulting activities at Texcom Environment Services as we have been unable to generate positive cash flow at this business. We also fully impaired our Eagle Ford Environmental Services assets as we have been unable to find a buyer for this property. 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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