Streicher Mobile Fueling, Inc. Reports Results for the Fourth Quarter and Year Ended June 30, 2004
FT. LAUDERDALE, Fla.--Sept. 8, 2004--STREICHER MOBILE FUELING, INC. , an outsourced refueling and fuel management solution for vehicle and equipment fleets, today announced results for the fourth quarter and fiscal year ended June 30, 2004, as follows:
(All amounts in thousands of dollars, except share and volume data)
3 Months Ended (Unaudited)
-----------------------------------------
Increase Increase
--------- ---------
6/30/2004 6/30/2003 (Decrease)(Decrease)
--------- --------- --------- ----------
Total revenues 26,539 18,360 8,179 45 %
Gross profit 1,426 997 429 43 %
Operating profit
(loss)(1) 314 (102) 416 408 %
Net loss (1) (57) (325) 268 82 %
EBITDA (1, 2, 5) 635 249 386 155 %
Basic and diluted net
loss per share (0.01) (0.04) 0.03 75 %
Weighted avg shares
outstanding 7,300,548 7,231,888 68,660 1 %
Depreciation and
amortization (3) 322 349 (27) (8)%
Total assets 20,018 16,011 4,007 25 %
Shareholders' equity 5,348 4,111 1,237 30 %
Volume (gallons in
thousands) 14,261 12,430 1,831 15 %
Avg net margin per
gallon (in cents)(4) 11.9 10.8 1.1 10 %
12 Months Ended
------------------------------------------
Increase Increase
-------- ---------
6/30/2004 6/30/2003 (Decrease) (Decrease)
---------- ---------- --------- ---------
Total revenues 89,997 72,194 17,803 25 %
Gross profit 4,298 4,023 275 7 %
Operating profit
(loss)(1) 661 (693) 1,354 195 %
Net loss (1) (698) (1,581) 883 56 %
EBITDA (1, 2, 5) 1,983 737 1,246 169 %
Basic and diluted net
loss per share (0.10) (0.22) 0.12 59 %
Weighted avg shares
outstanding 7,261,372 7,221,070 40,302 1 %
Depreciation and
amortization (3) 1,320 1,403 (83) (6)%
Total assets 20,018 16,011 4,007 25 %
Shareholders' equity 5,348 4,111 1,237 30 %
Volume (gallons in
thousands) 54,594 47,294 7,300 15 %
Avg net margin per
gallon (in cents)(4) 9.9 11.5 (1.6) (14)%
(1) Includes $757,000 gain on extinguishment of debt during the
first quarter ended September 30, 2003
(2) Earnings before interest,taxes, depreciation and amortization
(3) Depreciation and amortization included in cost of sales was
$277,000, $299,000, $1,130,000 and $1,232,000 for the respective
periods noted
(4) Net margin per gallon equals Gross profit plus cost of sales
depreciation and amortization divided by number of gallons
(5)EBITDA Reconciliation Table:
3 Months Ended 12 Months Ended
----------------- -------------------
6/30/2004 6/30/2003 6/30/2004 6/30/2003
--------- --------- -------- --------
Net loss (57) (325) (698) (1,581)
Add back:
Interest expense 240 199 914 824
Non-cash interest
expense 130 26 447 91
Depreciation and
amortization:
Cost of sales 277 302 1,130 1,232
Sales, general, and
administrative 45 47 190 171
EBITDA 635 249 1,983 737
Quarterly Selected Financial Data for the 12 Months Ended 6/30/04
(Unaudited)
(All amounts in thousands of dollars)
Q1 Q2 Q3 Q4 Totals
----- ---- ---- ---- -----
EBITDA (6, 7) 824 313 211 635 1,983
Revenues 19,417 21,135 22,906 26,539 89,997
Gross profit 822 1,074 976 1,426 4,298
Operating profit (loss) (6) 487 (20) (120) 314 661
Net income (loss) (6) 206 (382) (465) (57) (698)
(6) Q1 includes $757,000 gain on extinguishment of debt
(7) EBITDA Reconciliation Table:
Q1 Q2 Q3 Q4 Totals
----- ---- ---- ---- -----
Net income/(loss) 206 (382) (465) (57) (698)
Add back:
Interest expense 198 231 245 240 914
Non-cash interest
expense 86 131 100 130 447
Depreciation and
amortization:
Cost of sales 285 285 283 277 1,130
Sales, general, and
administrative 49 48 48 45 190
EBITDA 824 313 211 635 1,983
The Company will be filing its Annual Report on Form 10-K on or before the September 28th 2004 due date.
About Streicher Mobile Fueling, Inc. SMF provides mobile fueling and fuel management out-sourced services, primarily to businesses operating fleets of vehicles and equipment. SMF's specialized truck fleet delivers fuel to customers' locations, refueling vehicles and equipment and/or resupplying storage facilities at competitive service fees and fuel prices. The patented, proprietary SMF electronic fuel tracking system is used to measure, record, and track fuel dispensed to each vehicle and tank fueled at a customer location allowing verification of the amount and type of fuel delivered and providing customers with customized fleet fuel data for management analysis and tax reporting. SMF conducts operations in nine states and the District of Columbia.