Oilfield Services Company SMG Reports Preliminary Unaudited Revenues of $2,030,000 for the Third Quarter Ended September 30, 2019, Representing an Increase of approximately 97% From the Third Quarter Ended 2018
HOUSTON, TX / ACCESSWIRE / October 21, 2019 / SMG Industries, Inc. (the "Company") (OTCQB:SMGI), a growth-oriented oilfield services company operating in the Southwest United States today announced that its preliminary unaudited results for consolidated revenues from operations for the third quarter ended September 30, 2019 was approximately $2,030,000, representing an increase of approximately 97% from the comparable third quarter 2018 and an increase of approximately 85% sequentially from the previous second quarter 2019.
The Company currently anticipates continued growth for the remainder of the fiscal year 2019 resulting from the June 27, 2019 acquisition of Trinity Services LLC and its strategic acquisition program.
Mr. Matt Flemming, CEO of SMG, stated, "SMG Industries continued to execute on its ‘buy and build' strategy during the third quarter 2019. The Company has completed its integration with the recent Trinity Services acquisition and is pleased that Trinity is performing to expectations. SMG is currently pursuing additional accretive acquisitions during the remainder of 2019 with a goal of building out our line of services offering more value to active shale play oil and gas customers."
Operational Update
Mr. Stephen Christian, EVP of Operations for SMG Industries stated, "While the domestic rig count softened in 2019 compared to the year ago period, we continue to see moderate activity in the areas of the Permian Basin, Haynesville shale and other parts of Texas and adjacent states in 2019. Capacity constraints for customers with West Texas production have eased as new pipelines commenced operations. Recently acquired Trinity Services continues to build multi-well pad locations for its customers as well as production-related well site workover activities in the Haynesville shale and Cotton Valley plays contributing to the Company's increased consolidated revenues."
The Company currently anticipates announcing its full financial results along with management's discussion and analysis within its Quarterly Report for the third quarter ended September 30, 2019 on Form 10-Q estimated to be filed on or before November 14, 2019.
About SMG Industries, Inc.: SMG Industries is a rapidly growing oilfield services company that operates throughout the Southwest United States. Through its wholly-owned operating subsidiaries, the Company offers an expanding suite of oilfield services across the market segments of drilling, completions and production. MG Cleaners LLC, serves the drilling market segment with proprietary branded products including detergents, surfactants and degreasers (such as Miracle Blue®) as well as equipment and service crews that perform on-site repairs, maintenance and drilling rig wash services. SMG's rental division includes an inventory of 800 bottom hole assembly (BHA) oil tools such as stabilizers, drill collars, crossovers and bit subs rented to oil companies and their directional drillers. SMG's frac water management division, known as Momentum Water Transfer, focuses in the completion or fracing market segment providing high volume above ground equipment and temporary infrastructure to route water used on location for fracing. SMG's Trinity Services focuses on the drilling market segment related location construction, road and pad development and production workover services. SMG Industries, Inc. headquartered in Houston, Texas has facilities in Carthage, Odessa, Waskom and Alice, Texas. Read more at www.SMGindustries.com and www.MGCleanersllc.com and www.MomentumWTS.com
Matthew Flemming, SMG Industries, Inc.
+1-713-821-3153
SOURCE: SMG Industries, Inc.