Energy Field Services business
HII Technologies, Inc., an energy field services company, focuses on pursuing technologies for use in drilling and production of hydrocarbons through licensing, acquiring, and/or developing products and services, including down hole tools. The company intends to develop and/or commercialize new measurement while drilling (MWD) down hole tools. MWD is a system developed to perform drilling related measurements downhole and transmit information to the surface while drilling a well. MWD tools are conveyed downhole as part of bottom hole assembly. MWD systems can take various measurements, such as natural gamma ray, directional survey, tool face, borehole pressure, temperature, vibration, shock, and torque. The MWD also provides the telemetry for operating rotary steering tools. Certain MWD systems have the capability of receiving encoded control commands, which are sent by turning on and off mud pumps and/or changing the rotation speed of drill pipe or by other advanced telemetry technology, such as wired pipe. In November 2012, HII Technologies, Inc. announced the launch of its second operating division South Texas Power, or STP. This division would be focused on providing onsite portable power to exploration and production (E&P) companies where power grid connectivity is lacking. Significant Events In February 2013, HII Technologies, Inc. announced that it has established an oilfield safety consulting business unit called AES Safety Services within its AES Water Solutions subsidiary by consolidating several experienced independent oilfield safety engineers. AES Safety Services works directly with oilfield operators to assist in establishing and developing Health, Safety and Environmental programs that are customized to client companies' specific needs. History The company was founded in 1997. It was formerly known as Shumate Industries, Inc. and changed its name to Hemiwedge Industries, Inc. in 2009. Further, the company changed its name to HII Technologies, Inc. in 2011.
--Oilfield Services company HII Technologies reporting preliminary consolidated revenues of $2.2 Million for the quarter ended March 31, 2013 representing an increase of over 300% from the comparable 2012 period and an increase of approximately 45% from the quarter ended December 31, 2012. --HII Technologies also reports consolidated revenue guidance of $2.6 million for the second quarter 2013.
HOUSTON, April 10, 2013 /PRNewswire via COMTEX/ -- HII Technologies, Inc. (the "Company"), symbol HIIT (OTCBB/OTCQB), an oilfield services company head quartered in Houston, Texas, with operations in Texas, Oklahoma, Ohio and West Virginia today announced that its preliminary unaudited results for consolidated revenue from operations for the quarter ended March 31, 2013 exceeded $2.2 million.
On a consolidated basis, the Company's revenues for the quarter ended March 31, 2013 was approximately $2.2 million, an increase of over 300% compared to the first quarter 2012 consolidated revenues of approximately $536,000. Further, the Company's first quarter 2013 represented a 45% increase over the Company's fourth quarter 2012 revenues of approximately $1.65 million.
Mr. Flemming, CEO HII Technologies, stated "All three divisions, Water, Power and Safety exceeded budgeted revenue plans for the quarter and met several milestones. AES Water Solutions had significant revenue gains in the quarter as it expanded further into West Texas and South Texas, adding several new customers to its mix. Likewise, both South Texas Power (STP) and AES Safety Services grew revenues and added customers. STP built out its operations in the Eagle Ford Shale market, deploying both generator and light tower rental equipment. AES Safety Services also performed well achieving several goals including establishing operations in Ohio where the State requires safety personnel on site 24/7 from the initial site prep to final completion of the oil or gas well."
The Company anticipates filing its Quarterly Report on Form 10-Q for the period ended March 31, 2013 and announcing earnings and related financial results for the period by May 15, 2013.
Guidance for the Company's second quarter ended June 30, 2013 revenues are estimated at least $2.6 million. This guidance does not include any joint ventures, acquisitions or technology opportunities.
About HII Technologies, Inc.
HII Technologies, Inc. is a Houston, Texas based oilfield services company with operations in Texas, Oklahoma, Ohio and West Virginia. The Company is positioned to take advantage of the significant anticipated growth in horizontal drilling and hydraulic fracturing within the United States' active shale and unconventional "tight oil" plays by deploying new oilfield related technologies to enhance the value of services to its customers. The Company's frac water supply services subsidiary does business as AES Water Solutions, its onsite oilfield contract safety consultancy does business as AES Safety Services, and its mobile oilfield power subsidiary does business as South Texas Power (STP). Read more at www.HIITinc.com , www.AESwatersolutions.com and www.oilfield-generators.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. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, 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; as well as those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 201, 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.
SOURCE HII Technologies, Inc.
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KEYWORD: Texas
INDUSTRY KEYWORD: OIL
UTI
SUBJECT CODE: ERN
