- Revenues of
$5.8 million increased 56% year-over-year - Gross profit of
$2.0 million increased 24% year-over-year - Net income of
$0.6 million increased$0.7 million year-over-year - Adjusted EBITDA of
$0.7 million increased$0.6 million year-over-year - First delivery of our new 20,000 psi multi-quick-connect plate for application in deepwater
Gulf of Mexico
KOIL at a Glance:
Share Price†: | Cash*: | ||
52-Week Range†: | Book Value*: | ||
Shares Out.†: | 12.0M | Price / Book Value: | 0.9x |
Market Cap†: | TTM Revenue: | ||
*As of 03/31/24; †As of |
“The team achieved significant revenue and gross profit growth during the first quarter,” said
”Our growth strategy is delivering results, and we remain committed to further expanding our capacity as well as increasing our presence in faster-growing, international markets.
“We are a focused subsea controls technology provider. We manufacture engineer-to-order products, combined with highly responsive service support, to solve our customers’ deepwater challenges and keep their wells producing. This is mission-critical technology with high barriers to entry.
“While most of our growth can be attributed to repeat orders from satisfied customers, we have also increased the number of key accounts. I am confident that our continued progress will enable us to create long-term value for our customers, shareholders, and employees.”
Operating Results
KOIL’s revenues for the three months ended
Gross profit for Q1 2024 was
Selling, general and administrative expenses (“SG&A”) were
Due to the factors discussed above, KOIL reported Q1 2024 net income of
KOIL reported adjusted EBITDA of
Financial Position
At
Conference Call
KOIL will not be hosting an investor conference call to review its Q1 2024 results. However, we will post an investor presentation on our webpage following this press release. We encourage investors to make contact and will arrange individual meetings as appropriate.
About
KOIL is a leading energy services company offering subsea equipment and support services to the world’s energy and offshore industries. We provide innovative solutions to complex customer challenges presented between the production facility and the energy source. Our core services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, and related services. Additionally, KOIL’s experienced team can support subsea engineering, manufacturing, installation, commissioning, and maintenance projects located anywhere in the world.
Forward-Looking Statements
Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the
Investor Relations:
ir@koilenergy.com
281-862-2201
SUMMARY FINANCIAL DATA (UNAUDITED) |
Comparative Condensed Consolidated Income Statement
Three Months Ended | |||||||
(In thousands, except per share amounts) | 2024 | 2023 | |||||
Revenues | $ | 5,791 | $ | 3,724 | |||
Cost of sales | 3,761 | 2,081 | |||||
Selling, general and administrative | 1,460 | 1,738 | |||||
Operating income (loss) | 570 | (95 | ) | ||||
Total other (income) expense | (9 | ) | 1 | ||||
Income (loss) before income tax expense | 579 | (96 | ) | ||||
Income tax expense | 3 | 1 | |||||
Net income (loss) | $ | 576 | $ | (97 | ) | ||
Net income (loss) per share, basic | $ | 0.05 | $ | (0.01 | ) | ||
Weighted-average shares outstanding, basic | 11,971 | 11,888 | |||||
Comparative Condensed Consolidated Balance Sheets
(In thousands) | 2024 | 2023 | |||||
Assets: | |||||||
Cash | $ | 1,978 | $ | 2,030 | |||
Other current assets | 7,163 | 5,819 | |||||
PP&E, net | 2,849 | 2,968 | |||||
Other non-current assets | 6,094 | 6,245 | |||||
Total assets | $ | 18,084 | $ | 17,062 | |||
Liabilities: | |||||||
Current liabilities | 5,841 | 5,284 | |||||
Other long-term liabilities | 6,030 | 6,160 | |||||
Total liabilities | 11,871 | 11,444 | |||||
Stockholders' equity | 6,213 | 5,618 | |||||
Total liabilities and stockholders' equity | $ | 18,084 | $ | 17,062 | |||
SUMMARY FINANCIAL DATA, CONTINUED (UNAUDITED) |
Adjusted EBITDA
Three Months Ended | |||||||
(In thousands) | 2024 | 2023 | |||||
Net income (loss) | $ | 576 | $ | (97 | ) | ||
(Deduct) Add: Interest (income) expense, net | (8 | ) | 2 | ||||
Add: Income tax expense | 3 | 1 | |||||
Add: Depreciation and amortization | 144 | 152 | |||||
Add: Share-based compensation | 19 | 24 | |||||
Deduct: Gain on sale of asset | - | (1 | ) | ||||
Add: Relocation costs | - | 9 | |||||
Adjusted EBITDA | $ | 734 | $ | 90 | |||
Cash Flow Data
Three Months Ended | |||||||
(In thousands) | 2024 | 2023 | |||||
Cash provided by (used in): | |||||||
Operating activities | $ | (307 | ) | $ | (674 | ) | |
Investing activities | (10 | ) | (78 | ) | |||
Financing activities | 265 | (82 | ) | ||||
Change in cash | $ | (52 | ) | $ | (834 | ) | |
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