Texcom Results for 201607-Apr-2017
HOUSTON, TX – April 4, 2017 - Texcom, Inc. (the "Company" or "Texcom"), an environmental services company serving the oil and gas industry, today announced financial results for the quarter and year ended December 31, 2016. Results for 2016 were as follows:
- Revenues totaled $2,398,000.
- Asset impairment expense was $7,965,000.
- Operating loss was $9,578,000.
- Income tax expense was $6,740,000.
- Net loss was $17,387,000.
- Total liabilities were $8.5 million at the end of the year.
- Total equity was negative $5 million at the end of the year.
“The year 2016 was all about survival” stated Bob May, CEO. “During the year, we made some difficult decisions and took actions to preserve our liquidity and improve our cash flow. We discontinued our NORM consulting activities at Texcom Environmental Services and abandoned our Eagle Ford Environmental Services assets.;