HOUSTON - March 25, 2013 - (Investorideas.com Newswire) HII Technologies, Inc. (the "Company") (
OTCBB: HIIT),
an oilfield services company head-quartered in Houston, Texas, today
announced financial results for the fourth quarter and year ended
December 31, 2012.
As stated in the Company's 2012 Annual Report on Form 10-K filed on
March 25, 2013, the fourth quarter 2012 revenues were approximately
$1.65 million. For the fourth quarter ended December 31, 2012, the
Company had Net Profit of approximately $206,000,and Adjusted EBITDA of
approximately $345,000, (EBITDA defined as earnings before interest,
depreciation, amortization, non-cash stock option expenses, and one-time
non-operational expense items), a non-GAAP measure.
The Company's audited revenues for the year ended December 31, 2012
were approximately $1.75 million, which include all revenues of the
Company's recently acquired subsidiary Apache Energy Services, LLC (AES)
since its September 26, 2012 closing date.
"The year 2012 was one of significant transition, performance and
growth for our Company," said Matthew Flemming, CEO of HII Technologies.
"Our acquisition of AES Water Solutions, commercialization of South
Texas Power, and key additions to the management team provided great
value to our stockholders. These milestones generate additional revenues
streams and support our growth. We are also pleased with our expanding
operational footprint in Texas and Oklahoma. According to the March
2013 Baker Hughes Rig count, Texas and Oklahoma have approximately 57%
percent of the total rigs currently operating in the United States. Our
geographic footprint in South Texas, West Texas, North Texas and
Oklahoma regions gives the Company significant exposure in high profile
shale and unconventional "tight oil" plays. Additionally, the recent
launch of our AES Safety Services division has expanded our operations
into Ohio and West Virginia."
As reported in the Company's 2012 Annual Report on Form 10-K
audited results, Current Assets increased by approximately $1.06 million
to approximately $1.74 million from the previous quarter ended
September 30, 2012. The Company's Stockholder's Equity (Total Assets
minus Total Liabilities) increased by approximately $258,000 to
approximately $871,000, sequentially from the previous quarter ended
September 30, 2012. These increases were directly attributable to the
Company's acquisition of AES on September 26, 2012 and its operational
performance in the fourth quarter 2012.
Fourth Quarter 2012 Income Statement
The table below sets forth the Company's Statement of Operations, for the fourth quarter ended December 31, 2012;
The Company believes the fourth quarter Statement of Operations is
more meaningful than the full fiscal year 2012 results as AES was
purchased on September 26, 2012. The fiscal year 2012 audited financial
statements and pro forma income statement, illustrating the Company's
Statement of Operations as if it owned AES for the entire fiscal year
2012, is available within the Company's 2012 Annual Report on Form 10-K.
Adjusted EBITDA Reconciliation Table
Following is a reconciliation of income from continuing operations
attributable to the Company as presented in accordance with United
States generally accepted accounting principles (GAAP) to EBITDA.
The Company anticipates releasing further corporate updates and
information including initial 2013 revenue guidance by April 2013.
For more information, managements analysis of its financial
information and the Company's risk factors, please read the Company's
2012 Annual Report on Form 10-K at the Edgar web site at
www.SEC.gov and
www.HIITinc.com
About HII Technologies, Inc.
HII Technologies, Inc. is a Houston, Texas based oilfield services
company with operations in Texas, Oklahoma, Ohio and West Virginia
focused on commercializing technologies in water management, safety
services and portable power used by exploration and production companies
in the United States. The Company's total water management services
subsidiary does business as AES Water Solutions, AES Safety Services is
its onsite oilfield contract safety consultancy, and its mobile oilfield
power subsidiary does business as South Texas Power (STP). Read more at
www.HIITinc.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Any
statements as to matters that are not of historic fact are
forward-looking statements. These forward-looking statements are based
on HII's current expectations, estimates and projections about HII, its
industry, its management's beliefs and certain assumptions made by
management, and include statements regarding estimated capital
expenditures, future operational and activity expectations,
international growth, and anticipated financial performance in 2013. No
assurance can be given that such expectations, estimates or projections
will prove to have been correct. Whenever possible, these
"forward-looking statements" are identified by words such as "expects,"
"believes," "anticipates" and similar phrases.
Readers are cautioned that any such forward-looking statements are
not guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict, including,
but not limited to: risks that HII will be unable to achieve its
financial, capital expenditure and operational projections, including
quarterly and annual projections of revenue and/or operating income and
risks that HII's expectations regarding future activity levels, customer
demand, and pricing stability may not materialize (whether for HII as a
whole or for geographic regions and/or business segments individually);
risks that fundamentals in the U.S. oil and gas markets may not yield
anticipated future growth in HII's businesses, or could further
deteriorate or worsen from the recent market declines, and/or that HII
could experience further unexpected declines in activity and demand for
its hydraulic frac related water transfer business, its safety
consultancy business or its generator and related equipment rental
service businesses; risks relating to HII's ability to implement
technological developments and enhancements; risks relating to
compliance with environmental, health and safety laws and regulations,
as well as actions by governmental and regulatory authorities; risks
that HII may be unable to achieve the benefits expected from acquisition
and disposition transactions, and risks associated with integration of
the acquired operations into HII's operations; risks, in responding to
changing or declining market conditions, that HII may not be able to
reduce, and could even experience increases in, the costs of labor,
fuel, equipment and supplies employed and used in HII's businesses;
risks relating to changes in the demand for or the price of oil and
natural gas; risks that HII may not be able to execute its capital
expenditure program and/or that any such capital expenditure
investments, if made, will not generate adequate returns; and other
risks affecting HII's ability to maintain or improve operations,
including its ability to maintain prices for services under market
pricing pressures, weather risks, and the impact of potential increases
in general and administrative expenses.
Because such statements involve risks and uncertainties, many of
which are outside of HII's control, HII's actual results and performance
may differ materially from the results expressed or implied by such
forward-looking statements. Given these risks and uncertainties, readers
are cautioned not to place undue reliance on such forward-looking
statements. Other important risk factors that may affect HII's business,
results of operations and financial position are discussed in its most
recently filed Annual Report on Form 10-K, recent Quarterly Reports on
Form 10-Q, recent Current Reports on Form 8-K and in other Securities
and Exchange Commission filings. Unless otherwise required by law, HII
also disclaims any obligation to update its view of any such risks or
uncertainties or to announce publicly the result of any revisions to the
forward-looking statements made here. However, readers should review
carefully reports and documents that HII files periodically with the
Securities and Exchange Commission.
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Disclosure: HII Technologies, Inc.: one month profile and news
distribution effective March 20, 2013 with option to renew: two thousand
per month
BC Residents and Investor Disclaimer: Effective September
15 2008 - all BC investors should review all OTC and Pink sheet listed
companies for adherence in new disclosure filings and filing appropriate
documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894
About HII Technologies, Inc. (OTCBB: HIIT) 
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