Solaris Oilfield Infrastructure Announces Preliminary Second Quarter 2019 Financial and Operational Results
July 19 2019 - 3:09PM
Business Wire
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris” or
the “Company”), a leading independent provider of supply chain
management and logistics solutions designed to drive efficiencies
and reduce costs for the oil and natural gas industry, today
reported preliminary financial and operating results for the second
quarter 2019 in conjunction with a restatement of certain balance
sheet accounts for the reporting periods ended December 31, 2018
and 2017 and March 31, 2019, as well as the provision for income
taxes in the year ended December 31, 2017. The restatement was
technically required under generally accepted accounting principles
and had no impact on the calculations of EBITDA or Adjusted EBITDA,
or on the Net cash from operating activities and Net cash used in
investing activities on the Consolidated Statement of Operations or
Cash Flows for any of the restated periods. Additional detail is
available on the Company’s Current Report on Form 8-K filed
today.
Preliminary and Unaudited Second Quarter 2019 Financial and
Operating Results
- Fully utilized mobile proppant management systems averaged 123
systems
- Total revenue expected to be approximately $63-65 million
- Total operating expenses expected to be approximately $36-37
million, including depreciation and amortization expense of $6.5
million and salaries, benefits and payroll taxes and selling,
general and administrative expenses of approximately $5 million,
including approximately $1 million of non-cash stock-based
compensation expense
- Cash balance of approximately $30 million and no debt
outstanding at June 30, 2019
Note: These preliminary and unaudited results are subject to the
completion of the customary quarter-end closing and review
process.
“Our second quarter performance is a direct result of our focus
on operational excellence and continued innovation to drive
additional savings, efficiencies and safety for our customers.
During the second quarter, we averaged 123 proppant systems on a
fully utilized basis, which was slightly above the expectations we
set on our last call and reflected the addition of roughly 9 mobile
proppant systems despite a relatively flat frac market backdrop,”
Solaris’ Chairman and Chief Executive Officer Bill Zartler
commented. “I’m also pleased that our team’s execution combined
with our internal operational efficiency and conservative balance
sheet has led to another quarter of significant free cash flow
generation that resulted in a cash balance of approximately $30
million at quarter end, after distributing approximately $5 million
in dividends to shareholders.”
Full Earnings Release and Conference Call Information
The Company will host a conference call to discuss its second
quarter 2019 results on Wednesday, July 31, 2019 at 7:30 a.m.
Central Time (8:30 a.m. Eastern Time). Solaris will issue its
second quarter 2019 earnings release after market close on July 30,
2019. To join the second quarter 2019 conference call from within
the United States, participants may dial (844) 413-3978. To join
the conference call from outside of the United States, participants
may dial (412) 317-6594. When instructed, please ask the operator
to be joined to the Solaris Oilfield Infrastructure, Inc. call.
Participants are encouraged to log in to the webcast or dial in to
the conference call approximately ten minutes prior to the start
time. To listen via live webcast, please visit the Investor
Relations section of the Company’s website,
www.solarisoilfield.com.
An audio replay of the conference call will be available shortly
after the conclusion of the call and will remain available for
approximately seven days. It can be accessed by dialing (877)
344-7529 within the United States or (412) 317-0088 outside of the
United States. The conference call replay access code is 10132232.
The replay will also be available in the Investor Relations section
of the Company’s website shortly after the conclusion of the call
and will remain available for approximately seven days.
About Solaris Oilfield Infrastructure, Inc.
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) manufactures
and rents mobile equipment that drives supply chain and execution
efficiencies in the completion of oil and natural gas wells.
Solaris’ patented mobile proppant management systems and [patent
pending] mobile chemical management systems are deployed in many of
the most active oil and natural gas basins in the United States,
including the Permian Basin, Eagle Ford Shale, STACK/SCOOP
formation, Marcellus and Utica Shales, Haynesville Shale, Rockies
and the Bakken formation. Additional information is available on
the Solaris website, www.solarisoilfield.com.
Website Disclosure
We use our website (www.solarisoilfield.com) as a routine
channel of distribution of company information, including news
releases, analyst presentations, and supplemental financial
information, as a means of disclosing material non-public
information and for complying with our disclosure obligations under
the Securities and Exchange Commission’s (the “SEC”) Regulation FD.
Accordingly, investors should monitor our website in addition to
following press releases, SEC filings and public conference calls
and webcasts. Additionally, we provide notifications of news or
announcements on our investor relations website. Investors and
others can receive notifications of new information posted on our
investor relations website in real time by signing up for email
alerts.
None of the information provided on our website, in our press
releases, public conference calls and webcasts, or through social
media channels is incorporated by reference into, or deemed to be a
part of, this Current Report on Form 8-K or will be incorporated by
reference into any other report or document we file with the SEC
unless we expressly incorporate any such information by reference,
and any references to our website are intended to be inactive
textual references only.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Examples of
forward-looking statements include, but are not limited to,
statements we make regarding management changes, the outlook for
the operation of our Kingfisher Facility, current and potential
future long-term contracts and our future business and financial
performance. Forward-looking statements are based on our current
expectations and assumptions regarding our business, the economy
and other future conditions. Because forward-looking statements
relate to the future, by their nature, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. As a result, our actual results may differ
materially from those contemplated by the forward-looking
statements. Factors that could cause our actual results to differ
materially from the results contemplated by such forward-looking
statements include, but are not limited to the factors discussed or
referenced in our filings made from time to time with the SEC.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict
all of them. We undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190719005407/en/
Yvonne Fletcher Senior Vice President, Finance and Investor
Relations (281) 501-3070 IR@solarisoilfield.com
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