GreenHunter Energy, Inc. (NYSE MKT: GRH) (NYSE MKT: GRH.PRC), a diversified water resource, waste management and environmental services company specializing in the unconventional oil and natural gas shale resource plays, announced today financial and operating results for the three and six months ended June 30, 2012.
FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2012
Revenues for the three months ended June 30, 2012 were $4.2 million, compared to zero revenues during the second quarter of 2011. The operating loss for the three months ended June 30, 2012 was $429 thousand, compared to an operating loss of $1.037 million during the second quarter of 2011. Net loss to common shareholders was $1.0 million, ($(0.04) loss per common share basic and diluted) for the three months ended June 30, 2012 compared to a net loss of $1.655 million, ($(0.07) loss per common share basic and diluted), during the second quarter of 2011. The increase in revenues and decrease in both the operating loss and loss to common shareholders was due to the strategic shift in the Company’s business plan to our water management products and services business activities which were initiated in late 2011.
For the three months ended June 30, 2012, GreenHunter Energy’s adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization’ (“Adjusted EBITDA”) was $573 thousand or $0.02 per basic and diluted common shares outstanding. This represents a 138% increase over the Adjusted EBITDA of $240 thousand or $0.01 per basic and diluted common shares outstanding for the three months ended March 31, 2012. Adjusted EBITDA for the three months ended June 30, 2011 was negative $1.059 million or ($(0.04) loss per common share basic and diluted–a reconciliation of adjusted EBITDA to net loss is included in the tables attached). Second quarter financial numbers reflect a full quarter of revenues from the Hunter Disposal facilities which were acquired in mid-February 2012. Improvements in operational efficiencies, equipment utilization and revenue mix resulted in a 200 basis point sequential improvement in gross margins during the second quarter to 43.5% as compared to what was realized in the first quarter of 2012.
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