ENTREC Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Revenue Guidance for the 2017 and 2018
For the six months, revenue was $73.2 million against $55.6 million last year. Adjusted EBITDA was $4.97 million or $0.05 per share against $2.1 million or $0.02 per share last year. Adjusted net loss was $7.56 million or $0.07 per share against $12.03 million or $0.11 per share last year. Net loss was $7.62 million or $0.07 per basic and diluted share against $8.02 million or $0.07 per basic and diluted share last year. Cash used in operating activities was $0.882 million against net cash provided from operating activities of $4.24 million last year. Funds from operations were $1.63 million or $0.01 per share against funds used in operations of $1.98 million or $0.02 per share last year. On a year-to-date basis, revenue increased by 32% also due to higher activity levels in the United States.
The company's outlook for the remainder of 2017 and 2018 continues to improve. Despite the various growth areas, the Company's overall outlook continues to be cautious as there remains significant uncertainty as to the magnitude and timing of any future recovery in activity levels and customer pricing in the oil and gas industry. However, the Company remains cautiously optimistic that it will continue to achieve growth in many of its end markets over the next year and that revenue in fiscal 2017 will be higher than 2016 and revenue in fiscal 2018 will be higher than 2017.