NATIONAL ENERGY SERVICES INC
LAS VEGAS, NV--(Marketwired - Apr 16, 2015) - National Automation Services, Inc. ("NAS" or "Company") (
2014 Highlights Include:
- Revenue of $17,614,000
- Gross margin of $3,130,000
- Net income of $312,100
- Earnings per basic of $0.08 /diluted share of $0.06
- Customer mix in 2014 was approximately 60% natural gas and 40% oil producers
- Diversified oil producing customers are flexible, lower overhead operators that continue to operate while oil prices fluctuate
- Immediate and long term outlook for natural gas production is very promising
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NAS is evaluating strategic acquisition opportunities emerging in the current market of relatively lower oil prices
"We are very pleased to have concluded our first year of operating an acquired oil and gas services business, and more importantly we have done so profitably. We believe this exemplifies NAS's ability to identify, acquire, and integrate subsidiaries that are both a strong strategic fit and add to our bottom line. In management's opinion, and based on standard industry valuation metrics, NAS has delivered superior operating and profit performance relative to the Company's current market capitalization," stated NAS CFO Jeremy Briggs.
The following table reconciles these financial results reported in accordance with generally accepted accounting principles ("GAAP"). All growth comparisons relate to the corresponding period in the last fiscal year ended December 31, 2013. Noted that in prior year the Company had no existing revenues and that for the current period represented (2014), our subsidiary provides the only revenue sources for the Company's growth at this time.
| Fiscal Year Ended December 31, | ||||||||||||||||||
| ($ in thousands - rounded, except per share amounts) | Revenue | Gross Margin | Net Income (loss) | Basic EPS | Diluted EPS | |||||||||||||
| 2014 As Reported (GAAP)1 | $ | 17,614,000 | $ | 3,130,000 | $ | 312,100 | $ | 0.08 | $ | 0.06 | ||||||||
| 2013 As Reported (GAAP) | $ | 0 | $ | 0 | $ | (206,000 | ) | $ | (0.13 | ) | $ | (0.13 | ) | |||||
1Fiscal year 2014 includes the results of JD Field Services for the period beginning on March 1, 2014.
For further information about the Company please visit National Automation Services, read our SEC filings at NASV SEC Filings and subscribe to Email Alerts at Subscribe Today (bottom of the web-page) to receive company news and shareholder updates.
About National Automation Services, Inc.
National Automation Services is building a portfolio of complementary oil and gas services through acquisitions. Through its subsidiary, JD Field Services, Inc., the Company provides oilfield services to the oil and gas industry in the United States. It primarily focuses on drilling services, operation services, and maintenance services of the well-site activities.
SAFE HARBOR AND INFORMATIONAL STATEMENT This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial conditions or results of operations; (iii): the Company's growth strategy and operating strategy; and (iv) the effects of global, national and local economic and market conditions. The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", "project" and similar expressions and variations thereof are intend to identify forward-looking statements. Investors are cautioned that any such forward-looking statement are not guarantee of future of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company's reports filed with the SEC. The foregoing list of important factors is not complete and the Company does not undertake to update any forward-looking statements that it may make except as required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements referenced above.
