Strategic Environmental & Energy Resources, Inc. Reports Results for Fourth Quarter and Full Year Ended December 31, 2013
24 Mars 2014 - 1:00PM
Marketwired
Strategic Environmental & Energy Resources, Inc. Reports
Results for Fourth Quarter and Full Year Ended December 31, 2013
GOLDEN, CO--(Marketwired - Mar 24, 2014) - Strategic
Environmental & Energy Resources, Inc. (PINKSHEETS: SENR)
- Revenue up 70% to $11.6 million from $6.8 million
- Net loss reduced by 49% year over year
- Company closes $4.0 million private placement to fund growth
initiatives
- Current assets up 164%, total assets up 128%, long-term
liabilities reduced 25%
Strategic Environmental & Energy Resources, Inc. (SEER)
(PINKSHEETS: SENR), a leading provider of patented and proprietary
technologies and services to the renewable fuels, waste management
and oil and gas industries, today announced results for its fourth
quarter and year ended December 31, 2013.
Fourth Quarter Results Fourth quarter revenue increased 49% to
$3.1 million from revenue of $2.1 million in the fourth quarter
last year. Product revenue increased 80% to $0.83 million from
$0.46 million year over year. Services revenue increased 40%
to $2.3 million from $1.6 million for the comparative fourth
quarters. The higher revenue was attributable primarily to
growing demand for the Company's waste stream renewable fuels
technology in landfills and general industrial services in the
refineries. SEER reported a net loss attributable to
stockholders of $0.4 million, or $0.01 per share, versus a net loss
of $0.3 million, or $0.01 per share, in the fourth quarter last
year. Fourth quarter consolidated net loss was attributable to
costs related to the manufacturing and rollout of CoronaLux™ units
by the Company's Paragon Waste Solutions subsidiary.
Full Year Results For 2013, total revenue increased 70% to $11.6
million from $6.8 million as demand for SEER's environmental
technologies and services increased across the board. Product
revenue, comprised of MV Technologies' waste stream management and
renewable fuels solutions, increased 134% to $3.4 million from $1.4
million year over year. Services revenue, comprised of
industrial and railcar cleaning solutions, increased 53% to $8.2
million from $5.4 million.
Total operating expenses increased 47% year over year as growth
in costs of products and services tracked higher
revenue. Selling, general and administrative expenses,
however, increased only 9% relative to the Company's 70% revenue
growth rate. This was attributable to SEER's nimble and
scalable business model combined with ongoing efforts to control
costs and operate more efficiently. Overall, the Company
achieved a 53% reduction in operating loss to $0.7 million versus
$1.6 million in 2012. The consolidated operating expense
increase and operating loss were attributable to expenditures and
costs incurred in the Paragon division to facilitate
growth. Net loss attributable to SEER stockholders improved by
58% to $0.6 million, or $0.01 per share, from $1.5 million, or
$0.05 per share, a year ago.
Balance Sheet Highlights SEER's cash balance at year-end was
$2.4 million, up from $0.1 million a year ago. Total current
assets increased 164% year over year to $4.2 million from $1.6
million. Total assets increased 128% year over year to $6.4
million from $2.8 million. In 2013 the Company reduced its
long-term liabilities by 25% to $0.8 million from $1.0 million.
"From a financial performance perspective, SEER's existing
technology and environmental businesses significantly increased
revenues in 2013 and otherwise performed very well," said J. John
Combs III, chairman and CEO. "Our MV Technologies subsidiary grew
revenue by 134%, our REGS services revenue increased by 89%, and
our rail division revenue remained solid and
profitable. During 2013, we continued to invest aggressively
in our Paragon Waste Solutions division as we finalized product
development and conducted several successful pilot test programs
with potential customers. Since Paragon had not yet begun
contributing to revenue in 2013, these budgeted investments
impacted our bottom line for the year as expected. In the
fourth quarter of 2013 and first quarter of 2014, however, Paragon
secured multiple customer commitments totaling approximately $1.0
million in up-front license fees and on-going revenue-split
royalties or monthly licensing payments commencing in
2014. Accordingly, we expect Paragon to contribute to revenue
and overall profitability in 2014 and beyond. With a corporate
overhead structure relatively fixed in relation to our anticipated
revenue growth, we are confident we will achieve increasing and
sustainable profitability over the long term and add value for our
shareholders."
About Strategic Environmental & Energy Resources, Inc.
Strategic Environmental & Energy Resources, Inc. (SEER)
identifies, secures, and commercializes patented and proprietary
environmental technologies in several multibillion dollar sectors
(including oil & gas, renewable fuels, and all types of waste
management, both solid and gaseous) for the purpose of either
destroying/minimizing hazardous waste streams more safely and at
lower cost than any competitive alternative, and/or processing the
waste for use as a renewable fuel for the benefit of the customers
and the environment. SEER has three wholly-owned operating
subsidiaries: REGS, LLC; Tactical Cleaning Company, LLC; MV
Technologies, LLC; and a majority-owned subsidiary, Paragon Waste
Solutions, LLC.
For more information about the Company visit:
www.seer-corp.com
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of various provisions of the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995,
commonly identified by such terms as "believes," "looking ahead,"
"anticipates," "estimates," and other terms with similar
meaning. Specifically, statements about demand for, and
effectiveness of, the Company's products and services are forward
looking statements. Although the company believes that the
assumptions upon which its forward-looking statements are based are
reasonable, it can give no assurance that these assumptions will
prove to be correct. Such forward-looking statements should not be
construed as fact. Statements in this press release regarding the
impact and ability of the Company's products to handle the future
needs of customers, the potential for additional orders for the
Company's products, and expectations for growth and profitability
are forward-looking statements. The information contained in
such statements is beyond the ability of the Company to control,
and in many cases the Company cannot predict what factors would
cause results to differ materially from those indicated in such
statements. All forward-looking statements in the press release are
expressly qualified by these cautionary statements and by reference
to the underlying assumptions.
|
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Strategic Environmental & Energy Resources,
Inc. |
|
Consolidated Statements of Operations |
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
$ |
832,300 |
|
|
$ |
462,300 |
|
|
$ |
3,375,600 |
|
|
$ |
1,439,800 |
|
|
Services |
|
|
2,284,100 |
|
|
|
1,626,200 |
|
|
|
8,238,400 |
|
|
|
5,401,600 |
|
|
Total revenue |
|
$ |
3,116,400 |
|
|
$ |
2,088,500 |
|
|
$ |
11,614,000 |
|
|
$ |
6,841,400 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products costs |
|
|
653,300 |
|
|
|
300,500 |
|
|
|
2,288,200 |
|
|
|
1,037,800 |
|
|
Services costs |
|
|
1,720,200 |
|
|
|
1,145,200 |
|
|
|
6,183,900 |
|
|
|
3,832,500 |
|
|
Selling, general and administrative expenses |
|
|
1,111,000 |
|
|
|
907,100 |
|
|
|
3,889,900 |
|
|
|
3,548,900 |
|
|
|
Total
operating expenses |
|
|
3,484,500 |
|
|
|
2,352,800 |
|
|
|
12,362,000 |
|
|
|
8,419,200 |
|
Loss from operations |
|
|
(368,100 |
) |
|
|
(264,300 |
) |
|
|
(748,000 |
) |
|
|
(1,577,800 |
) |
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
0 |
|
|
|
1,300 |
|
|
|
4,000 |
|
|
|
1,300 |
|
|
Interest Expense |
|
|
(59,600 |
) |
|
|
(77,200 |
) |
|
|
(147,500 |
) |
|
|
(347,400 |
) |
|
Penalties and late fees |
|
|
(8,200 |
) |
|
|
(7,700 |
) |
|
|
(13,100 |
) |
|
|
(26,200 |
) |
|
Gain (loss) on conversion of debt to equity |
|
|
300 |
|
|
|
- |
|
|
|
- |
|
|
|
305,800 |
|
|
Gain on debt settlements |
|
|
2,900 |
|
|
|
- |
|
|
|
11,400 |
|
|
|
- |
|
|
Other |
|
|
100 |
|
|
|
(44,800 |
) |
|
|
34,600 |
|
|
|
(44,800 |
) |
|
|
Total
non-operating expenses, net |
|
|
(64,500 |
) |
|
|
(128,400 |
) |
|
|
(110,600 |
) |
|
|
(111,300 |
) |
Net loss |
|
$ |
(432,600 |
) |
|
$ |
(392,700 |
) |
|
$ |
(858,600 |
) |
|
$ |
(1,689,100 |
) |
Less: Net loss attributable to
non-controlling Interest |
|
|
(72,300 |
) |
|
|
(97,400 |
) |
|
|
(238,900 |
) |
|
|
(199,700 |
) |
Net loss attributable to SEER common stockholders |
|
$ |
(360,300 |
) |
|
$ |
(295,300 |
) |
|
$ |
(619,700 |
) |
|
$ |
(1,489,400 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
Weighted average shares outstanding - basic and
diluted |
|
|
45,665,623 |
|
|
|
39,441,936 |
|
|
|
43,251,500 |
|
|
|
32,963,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic Environmental & Energy Resources,
Inc. |
|
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
ASSETS |
|
2013 |
|
|
2012 |
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
2,419,100 |
|
|
$ |
70,400 |
|
|
Cash - restricted |
|
|
250,000 |
|
|
|
220,000 |
|
|
Accounts receivable, net |
|
|
1,170,000 |
|
|
|
1,173,800 |
|
|
Cost and estimated earnings in excess billings on
uncompleted contracts |
|
|
78,500 |
|
|
|
35,500 |
|
|
Inventory |
|
|
22,400 |
|
|
|
46,000 |
|
|
Prepaid expenses and other assets |
|
|
253,000 |
|
|
|
41,600 |
|
|
|
Total
current assets |
|
|
4,193,000 |
|
|
|
1,587,300 |
|
Property and equipment, net |
|
|
1,762,900 |
|
|
|
752,100 |
|
Intangible assets, net |
|
|
379,500 |
|
|
|
450,900 |
|
Other assets |
|
|
36,800 |
|
|
|
9,400 |
|
Total assets |
|
$ |
6,372,200 |
|
|
$ |
2,799,700 |
|
LIABILITIES AND SHAREHOLDERS' DEFICIT |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,506,800 |
|
|
$ |
1,323,300 |
|
|
Accrued liabilities |
|
|
924,200 |
|
|
|
499,100 |
|
|
Billings in excess of costs and estimated earnings on
uncompleted contracts |
|
|
170,300 |
|
|
|
327,400 |
|
|
Current portion of payroll taxes payable |
|
|
250,600 |
|
|
|
335,400 |
|
|
Customer deposit |
|
|
118,000 |
|
|
|
- |
|
|
Current portion of notes payable and capital lease
obligations |
|
|
504,700 |
|
|
|
319,800 |
|
|
Notes payable - related parties, including accrued
interest |
|
|
136,900 |
|
|
|
190,400 |
|
|
|
Total
current liabilities |
|
|
3,611,500 |
|
|
|
2,995,400 |
|
Payroll taxes payable, net of current portion |
|
|
720,800 |
|
|
|
745,400 |
|
Notes payable and capital lease obligations, net of
current portion |
|
|
48,100 |
|
|
|
281,600 |
|
Total liabilities |
|
|
4,380,400 |
|
|
|
4,022,400 |
|
Stockholders' deficit: |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
47,900 |
|
|
|
40,300 |
|
|
Common stock subscribed |
|
|
50,000 |
|
|
|
100,000 |
|
|
Additional paid-in capital |
|
|
14,597,700 |
|
|
|
10,532,200 |
|
|
Stock subscription receivable |
|
|
(50,000 |
) |
|
|
(100,000 |
) |
|
Accumulated deficit |
|
|
(12,215,200 |
) |
|
|
(11,595,500 |
) |
|
Non-controlling interest |
|
|
(438,600 |
) |
|
|
(199,700 |
) |
Total stockholders' equity (deficit) |
|
|
1,991,800 |
|
|
|
(1,222,700 |
) |
Total liabilities and stockholders' deficit |
|
$ |
6,372,200 |
|
|
$ |
2,799,700 |
|
|
|
|
|
|
|
|
|
|
Contacts: J. John Combs III Chief Executive Officer 303-295-6297
Jay Pfeiffer Pfeiffer High Investor Relations, Inc. Email Contact
303-393-7044
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