Emerge Energy Services LP Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Capital Expenditure Guidance for the Year 2016
For the six months, the company's revenues were $54,495,000 against $164,362,000 a year ago. Operating loss was $52,696,000 against income of $14,846,000 a year ago. Loss from continuing operations before provision for income tax was $62,570,000 against income of $9,710,000 a year ago. Net loss from continuing operations was $62,591,000 against income of $9,442,000 a year ago. Net loss was $57,112,000 against income of $12,375,000 a year ago. Basic and diluted loss per common unit was $2.36 against basic and diluted earnings per common unit of $0.51 a year ago. Adjusted LBITDA was $20,196,000 against adjusted EBITDA of $45,382,000 a year ago. LBITDA was $33,789,000 against EBITDA of $32,394,000 a year ago. Cash flows used in operating activities was $13,032,000 against cash flows from operating activities of $39,913,000 a year ago. Basic and diluted loss per common unit from continuing operations were $2.59 against basic and diluted earnings per common unit from continuing operations of $0.39 earnings per share a year ago.
The company has significantly cut back its capital expenditure plans for 2016 to include only those projects that are necessary for current operations and/or for which are contractually obligated, such as its hydrotreaters and payments on Self Suspending Proppant patents. The company currently expects its total capital expenditures for 2016 to be below $15 million.