Aly Energy Services, Inc. Announces Auditor Changes
Dec 3 14
UHY LLP served as Aly Energy Services, Inc.'s independent registered public accounting firm to audit the financial statements of the company for the fiscal year ended December 31, 2013. The Audit Committee of the Board of Directors selected UHY to serve as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2014. On December 1, 2014, UHY informed the company that effective on that date, its Texas practice had been acquired by BDO USA, LLP. As a result of this transaction, UHY resigned as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2014. As a result of the UHY transaction, the Audit Committee appointed BDO USA, LLP as the successor independent registered public accounting firm on December 1, 2014.
Aly Energy Services, Inc. Enters into an Amendment and Restated Credit Agreement with Wells Fargo Bank, as Administrative Agent
Dec 3 14
On November 26, 2014, Aly Energy Services, Inc. entered into an amendment of the company's amended and restated credit agreement with Wells Fargo Bank, as administrative agent. The amendment increases the size of the credit facility from $30 million to $35 million through the addition of a $5 million capital expenditure term loan facility. Draws under this facility are limited to 80% of the net invoiced cost of capital expenditures and must be made prior to May 24, 2015. Borrowings under this capital expenditure facility are due in quarterly installments, commencing June 30, 2015, equal to 5% of the outstanding advances as of May 24, 2015, with a final balloon payment on April 30, 2017. Borrowings under this facility bear interest, at the company's option, at the base rate or LIBOR. The annual interest rate on each base rate borrowing is the Wells Fargo's Prime Rate, the Federal Funds Rate plus 0.5% and the one-month LIBOR rate on such day plus 1.00%, plus a margin between 2.50% and 3.50% (depending on the then current leverage ratio). The interest rate on each LIBOR loan will be the LIBOR rate for the applicable interest period plus a margin between 3.50% and 4.50% (depending on the then-current leverage ratio).
Aly Energy Services, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Financial Guidance for the Fourth Quarter of 2014
Nov 18 14
Aly Energy Services, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenues of $13,491,000 compared to $4,372,000 a year ago. Operating income was $2,109,000 compared to $390,000 a year ago. Income before income tax was $1,733,000 compared to $208,000 a year ago. Net income available to common stockholders was $1,005,000 or $0.01 per basic and diluted share compared to $39,000 or $0.00 per basic and diluted share a year ago. Adjusted EBITDA increased 230.0% to $3.3 million compared to $1.0 million in the third quarter of 2013. EBITDA was $3,454,000 against $930,000 a year ago.
For the nine months, the company reported revenues of $27,851,000 compared to $13,562,000 a year ago. Operating income was $4,396,000 compared to $1,379,000 a year ago. Income before income tax was $3,505,000 compared to $932,000 a year ago. Net income available to common stockholders was $1,845,000 or $0.02 per basic and diluted share compared to $367,000 or $0.01 per basic and diluted share a year ago. Net cash provided by operating activities was $1,086,000 compared to $3,003,000 a year ago. Purchase of property and equipment was $10,245,000 compared to $8,167,000 a year ago. Adjusted EBITDA increased 132.4% in the first nine months of 2014 to $7.9 million compared to $3.4 million for the first nine months of 2013. EBITDA was $7,805,000 against $3,018,000 a year ago.
In the fourth quarter, the company anticipates that it will see further growth in revenues, cash flow and profitability generated by increased utilization of personnel and equipment.