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Natural Gas Services Group, Inc. reports developments in natural gas compression equipment, technology and services for the energy industry. The company rents, designs, installs, sells, services and maintains compressors, related equipment and parts used in oil and natural gas production and processing facilities, generally using OEM equipment and limited in-house assembly.
Recurring news for NGS includes quarterly and annual operating results, rental revenue trends, gross margin and adjusted EBITDA commentary, fleet growth, guidance updates, dividends, share repurchase authorization, capital allocation, leverage and governance matters.
Natural Gas Services Group, Inc. (NGS) announced its Q1 2021 results, highlighting a 6.1% increase in cash balance to $30.7 million. Total revenue rose to $18.4 million, up 8.2% sequentially, driven by increased compressor sales. However, rental revenue dipped 4.7% year-over-year to $15.3 million. Adjusted EBITDA grew 3.5% to $6.5 million. The company reported a net loss of $394,000, a significant decrease from the prior year, influenced by a prior tax benefit. NGS also secured a new $20 million credit agreement and improved its gross margin by 19.1% year-on-year.
Natural Gas Services Group, Inc. (NGS) has secured a new $20 million senior secured revolving credit facility with Texas Capital Bank. This facility includes an option to increase commitments by up to an additional $30 million. The credit facility aims to strengthen NGS's liquidity and support its working capital and strategic initiatives. NGS benefits from competitive interest rates, with loans secured by a first lien on its assets and guaranteed by subsidiaries. The facility has a five-year term, maturing in May 2026.
Natural Gas Services Group, Inc. (NYSE:NGS) has appointed Micah C. Foster as Vice President and Chief Financial Officer, effective immediately. Foster brings over 17 years of experience in the energy sector, previously serving as Chief Accounting Officer at Legacy Reserves. He replaces G. Larry Lawrence, who held the interim CFO role since January. The leadership change aims to strengthen NGS’s financial operations as the company continues to provide gas compression solutions. A Current Report detailing Foster’s appointment will be filed with the SEC.
Natural Gas Services Group, Inc. (NYSE:NGS) has announced its first quarter 2021 earnings release scheduled for Thursday, May 13, 2021, before market opens. The earnings will be distributed via Nasdaq OMX and the company's website. A conference call to discuss these results will occur on the same day at 10:00 a.m. Central. Stephen Taylor, the CEO, will lead the discussion. NGS specializes in manufacturing and maintaining gas compression equipment for the natural gas industry, focusing on non-conventional gas and oil sectors.
Natural Gas Services Group, Inc. (NGS) announces the appointment of Nigel Jenvey to its Board of Directors, filling the vacancy left by retiring director William F. “Frank” Hughes, Jr. Jenvey, an expert in carbon management, will chair the newly established Environmental, Social, and Governance (ESG) Committee. This committee will focus on developing company policies addressing ESG issues. Additionally, director Leslie Beyer received recognition as an influential leader in the energy sector.
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Natural Gas Services Group (NGS) reported its 2020 financial results showing a 13.2% drop in total revenue to $68.1 million. Despite a challenging market, the company experienced a cash balance increase of 150% to $28.9 million, driven by strong operating cash flow of $32.6 million. Rental revenue rose 7.3% to $60.8 million, but sales revenue plummeted 71% to $5.7 million. Net income for 2020 was $1.8 million per share, an improvement from a $13.9 million loss in 2019. The company also posted an adjusted EBITDA of $22.7 million, down 5.5% from 2019.
Natural Gas Services Group, Inc. (NYSE:NGS) will release its fourth quarter and full year 2020 earnings on March 30, 2021, before market opens. The earnings distribution will be available via Nasdaq OMX and on the company's website. A conference call is scheduled for 10:00 a.m. Central on the same day, led by CEO Stephen Taylor, to discuss financial results. A replay of the call will be accessible on their website shortly after the event. NGS specializes in gas compression equipment, focusing on non-conventional gas and oil sectors.
Natural Gas Services Group, Inc. (NGS) reported Q3 2020 results with total revenue of $15.8 million, down from $20.9 million in Q3 2019, primarily due to a drop in compressor sales. Despite a net loss of $562,000 ($0.04 per diluted share), cash flow from operations increased by 31% to $27.9 million year-over-year. Cash balance surged 78% to $27.6 million due to strong cash flow and reduced CAPEX. Although rental revenue rose 3% to $14.9 million, total gross margins fell to $1.7 million from $3.8 million in the prior year, emphasizing challenges in sales but solid rental performance.
Natural Gas Services Group, Inc. (NYSE:NGS) announced it will file its Form 10-Q after market close on November 16, 2020, with an earnings call scheduled for November 17, 2020, at 10:00 am CST. The company filed Form 12b-25 to extend the filing deadline for its Quarterly Report due to challenges related to the COVID-19 pandemic. Staff exposure and positive cases led to office closures and staffing constraints, delaying financial data collection necessary for the report.