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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) reported its financial results for Q2 2020, showing a net income of $165,000 ($0.01 per diluted share). Adjusted EBITDA increased 13% from Q1 2020 to $6.5 million, while rental revenue rose 11.5% year-over-year to $15.1 million. However, total revenue decreased to $17.4 million, down from $19.9 million last year, primarily due to a significant drop in sales revenue. The company maintains a strong liquidity position with $15.5 million in cash and low debt. Management forecasts capital expenditures between $8-$10 million for H2 2020.
Natural Gas Services Group (NGS) filed Form 12b-25 to extend the due date for its Quarterly Report on Form 10-Q for the period ending June 30, 2020. Citing challenges due to COVID-19, the company was unable to finalize financial results timely, with its headquarters closed since June 29, 2020, following positive virus tests among staff. NGS plans to file the report soon and will hold an earnings call on August 18, 2020. The ongoing pandemic has impacted the company’s operations, necessitating these extensions.
Natural Gas Services Group, Inc. (NYSE: NGS) announced the retirement of Charles G. Curtis from its Board of Directors effective June 10, 2020. Curtis, who served as Lead Director, played a vital role in the Company's growth and stability. The Company appointed Leslie Shockley Beyer to the Board, bringing extensive experience in oilfield services and public affairs. CEO Stephen C. Taylor noted Beyer’s expertise will enhance strategic decision-making as NGS seeks future success.
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