Streicher Mobile Fueling, Inc., Reports Results for the First Quarter Ended September 30, 2005 and Conference Call for Tuesday,
November 08 2005 - 8:00AM
Business Wire
Streicher Mobile Fueling, Inc. (NASDAQ:FUEL) (NASDAQ:FUELW) (the
"Company"), a leading provider of petroleum product distribution
services, transportation logistics and emergency response services
to the trucking, construction, utility, energy, chemical,
manufacturing and government service industries, today announced
results for the first quarter ended September 30, 2005, as follows:
-0- *T SELECTED INCOME STATEMENT AND FINANCIAL DATA (1)
------------------------------------------------ (All amounts in
thousands of dollars, except share and volume data) Three-Month
Periods Increase Ended (Unaudited) 9/30/2005 9/30/2004 $ %
------------------------------------- Total revenues $ 53,639 $
28,909 $ 24,730 86% Gross profit 3,813 1,800 2,013 112% Operating
income 1,279 677 602 89% Net income 615 295 320 108% EBITDA (2,5)
1,784 992 792 80% Basic net income per share $ 0.07 $ 0.04 $ 0.03
75% Diluted net income per share $ 0.06 $ 0.04 $ 0.02 50% Basic
weighted average shares outstanding 9,339,196 7,331,945 2,007,251
27% Diluted weighted average shares outstanding 10,197,828
7,869,780 2,328,048 30% Depreciation and amortization (3) $ 402 $
315 $ 87 28% Gallons sold (in thousands) 20,819 15,153 5,666 37%
Average net margin per gallon (in cents) (4) 19.9 13.7 6.2 45% *T
(1) Reflects the Company's September 1, 2005 issuance of $3,000,000
in Five Year 10% Senior Subordinated Notes (the "Notes") and
360,000 four year stock purchase warrants at $2.28 per share but
does not reflect the October 1, 2005 acquisition of H & W
Petroleum Company, Inc., certain assets of which secure the payment
of the Notes. (2) Earnings before interest, taxes, depreciation and
amortization and amortization of stock compensation expense (3)
Depreciation and amortization included in cost of sales was
$336,000 and $271,000 for the respective periods (4) Net margin per
gallon equals gross profit plus cost of sales depreciation and
amortization divided by number of gallons sold (5) See non-GAAP
measure EBITDA Reconciliation Table as follows: -0- *T Non-GAAP
Measure Reconciliation - EBITDA Reconciliation Table 3 Months Ended
-------------- 9/30/2005 9/30/2004 Increase Increase ---------
--------- -------- -------- Net income $ 615 $ 295 $ 320 108% Add
back: Interest, net 675 382 293 77% Depreciation and amortization:
Cost of sales 336 271 65 24% Sales, general, and administrative 66
44 22 50% Amortization of stock compensation expense 92 -- 92 --
------------------------------- EBITDA $ 1,784 $ 992 $ 792 80% *T
-0- *T CONDENSED CONSOLIDATED BALANCE SHEET (1)
---------------------------------------- (All amounts in thousands
of dollars) Sept. 30, June 30, Increase(Decrease) 2005 2005
---------- ---------- ------------------ ASSETS Current assets $
25,028 $ 19,392 $ 5,636 29% Property, plant and equipment, net
9,325 9,555 (230) (2%) Other assets, net 1,226 1,178 48 4%
---------- ---------- ----------- $ 35,579 $ 30,125 $ 5,454 18%
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 14,646 $
13,531 $ 1,115 8% Long-term debt, net 11,628 9,756 1,872 19%
Stockholders' equity 9,305 6,838 2,467 36% ---------- ----------
----------- $ 35,579 $ 30,125 $ 5,454 18% WORKING CAPITAL $ 10,382
$ 5,861 $ 4,521 77% *T The Company will be filing its Quarterly
Report on SEC Form 10-Q on or before the November 14, 2005 due
date. Conference Call Management will host a conference call on
Tuesday, November 15, 2005 at 2:00 PM ET, to discuss the Company's
results for the three months ended September 30, 2005. The
conference call will be available via teleconference by dialing
866-700-7477 (domestic) or 617-213-8840 (international), using Pass
Code 40494694. There will also be a web-cast over the Internet at
http://www.mobilefueling.com. An audio digital replay of the call
will be available November 15, 2005, 4:00 PM ET until November 22,
2005, 11:59 PM ET by dialing 888-286-8010 (domestic) or
617-801-6888 (international), using Pass Code 35963693. A web
archive will be available for 30 days at
http://www.mobilefueling.com. About Streicher Mobile Fueling, Inc.
The Company provides commercial mobile and bulk fueling; the
packaging, distribution and sale of lubricants; integrated
out-sourced fuel management; transportation logistics and emergency
response services. Our fleet of custom specialized tank wagons,
tractor-trailer transports, box trucks and customized flatbed
vehicles deliver diesel fuel and gasoline to customers' locations
on a regularly scheduled or as needed basis, refueling vehicles and
equipment, re-supplying fixed-site and temporary bulk storage
tanks, and emergency power generation systems; and distribute a
wide variety of specialized petroleum products, lubricants and
chemicals to refineries, manufacturers and other industrial
customers. In addition, our fleet of special duty tractor-trailer
units provides heavy and ultra-heavy haul transportation services
over short and long distances to customers requiring the movement
of over-sized or over-weight equipment and manufactured products.
The Company conducts operations from 27 locations serving
metropolitan markets in California, Florida, Georgia, Maryland,
North Carolina, Pennsylvania, Tennessee, Texas, Virginia and
Washington, D.C. More information on the Company is available at
http://www.mobilefueling.com.
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