|By Marketwired .||
|May 15, 2014 07:00 AM EDT||
GOLDEN, CO -- (Marketwired) -- 05/15/14 -- Strategic Environmental & Energy Resources, Inc. (SEER) (PINKSHEETS: SENR), a provider of next-generation clean technologies, renewable fuel and waste management innovations, today announced results for its first quarter ended March 31, 2014.
First quarter revenue increased 8% to $2.8 million from revenue of $2.6 million in the first quarter last year. Services revenue grew 36% year over year to $2.3 million from $1.7 million, more than offsetting a decrease in product revenue from $0.9 million to $0.5 million for the comparative first quarters.
Services revenue includes industrial and rail car cleaning services performed by the Company's REGS and Tactical Cleaning subsidiaries, both of which carried growth momentum from 2013 into the first quarter of 2014. Product revenue, which is comprised of air quality, fugitive emissions and renewable fuel solutions provided by the Company's MV Technologies subsidiary, declined primarily due to timing issues involving project revenue recognition. MV is, however, expected to show solid growth in 2014 over 2013. Paragon Waste Solutions continues to win new business and is expected to begin contributing more significantly to revenue as its CoronaLux systems are placed into service later this year.
SEER continued to implement its aggressive growth initiatives during the first quarter and, as a result, total operating expenses increased to $3.9 million from $2.8 million year over year. Of the $1.1 million increase, $700,000 was attributable to non-cash stock-based compensation expense. The remaining increase was primarily due to increased staffing at the executive level to support current and future growth and also to costs associated with the commercial implementation of Paragon's waste destruction technology.
As a result of increased expenses, 64% of which were non-cash, SEER reported a net loss attributable to SEER common stockholders of $1.0 million, or $0.02 per share, versus a net loss of $0.2 million, or less than $0.01 per share, in the first quarter last year. Modified EBITDA for the first quarter was a loss of $305,100.
"We are pleased the Company has continued its growth momentum into the first quarter," said J. John Combs III, chairman and CEO. "Despite exceptionally cold weather that reduced activity at several operating locations, our environmental and industrial services businesses performed very well, growing revenue by 36%. This growth more than offset lower product revenue from our MV Technologies division. We saw this coming since MV uses a project revenue recognition model based on percent of completion accounting and revenue can vary on a quarter-to-quarter basis independent of new orders and cash received. In the first quarter, we attended several industry conferences and saw increased interest in MV's products for odor control, fugitive emissions management and renewable fuels so we are confident this level of activity, combined with MV's existing project pipeline, will position the business for solid full-year revenue growth in 2014.
"We are also pleased that SEER's Paragon Waste Solutions business continued to secure prepaid customer commitments for its CoronaLux waste destruction systems," Combs added. "In the first quarter, approximately $436,000 of cash from these customers was received but deferred and will be amortized under our accounting practices. SEER invested approximately $0.7 million in the manufacture of CoronaLux systems during the first quarter and now has a total of five units either deployed or in transit for installation in the medical waste and oil and gas refining markets. As of March 31, 2014, Paragon secured customer commitments totaling approximately $1.0 million in up-front license fees and in the third quarter of 2014 expects to begin receiving on-going revenue-split royalties or monthly licensing payments from units already placed. Accordingly, we expect Paragon to contribute to revenue and overall profitability in 2014 and beyond."
About Strategic Environmental & Energy Resources, Inc.
Strategic Environmental & Energy Resources, Inc. (SEER) identifies, secures, and commercializes patented and proprietary environmental clean technologies in several multibillion dollar sectors (including oil & gas, renewable fuels, and all types of waste management, both solid and gaseous) for the purpose of either destroying/minimizing hazardous waste streams more safely and at lower cost than any competitive alternative, and/or processing the waste for use as a renewable fuel for the benefit of the customers and the environment. SEER has three wholly-owned operating subsidiaries: REGS, LLC; Tactical Cleaning Company, LLC; MV Technologies, LLC; and two majority-owned subsidiaries: Paragon Waste Solutions, LLC; and ReaCH4biogas ("Reach").
For more information about the Company visit: www.seer-corp.com
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of various provisions of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates," and other terms with similar meaning. Specifically, statements about demand for, and effectiveness of, the Company's products and services, and expectations for revenue growth and profitability are forward looking statements. Although the company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Such forward-looking statements should not be construed as fact. Statements in this press release regarding the impact and ability of the Company's products to handle the future needs of customers, the potential for additional orders for the Company's products, and expectations for growth and profitability are forward-looking statements. The information contained in such statements is beyond the ability of the Company to control, and in many cases the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements in the press release are expressly qualified by these cautionary statements and by reference to the underlying assumptions.
Strategic Environmental & Energy Resources, Inc. Consolidated Statements of Operations Three Months Ended March 31, 2014 2013 ------------- ------------- Revenue: Products $ 520,100 $ 901,600 Services 2,262,900 1,667,300 ------------- ------------- Total revenue $ 2,783,000 $ 2,568,900 ------------- ------------- Operating Expenses: Products costs 380,200 583,600 Services costs 1,581,400 1,190,600 Selling, general and administrative expenses 1,908,700 1,000,700 ------------- ------------- Total operating expenses 3,870,300 2,774,900 ------------- ------------- Loss from operations (1,087,300) (206,000) ------------- ------------- Other income (expense): Interest income - 2,000 Interest expense (23,600) (34,500) Penalties and late fees (1,100) (1,400) Gain on debt settlements 24,400 - Other (15,700) - ------------- ------------- Total non-operating expense, net (16,000) (33,900) ------------- ------------- Net loss $ (1,103,300) $ (239,900) Less: Net loss attributable to non-controlling Interest (68,100) (68,400) ------------- ------------- Net loss attributable to SEER common stockholders $ (1,035,200) $ (171,500) ============= ============= Net loss per share, basic and diluted $ (0.03) $ * ============= ============= Weighted average shares outstanding - basic and diluted 49,348,566 41,281,000 ============= ============= * Less than $(0.01) per share Strategic Environmental & Energy Resources, Inc. Consolidated Balance Sheets March 31, December 31, ASSETS 2014 2013 ------------- ------------- Unaudited Current assets: Cash $ 2,166,100 $ 2,419,100 Cash - restricted 250,000 250,000 Accounts receivable, net 1,447,600 1,170,000 Cost and estimated earnings in excess billings on uncompleted contracts 102,000 78,500 Inventory 22,400 22,400 Prepaid expenses and other assets 171,000 253,000 ------------- ------------- Total current assets 4,159,100 4,193,000 Property and equipment, net 2,476,000 1,762,900 Intangible assets, net 364,100 379,500 Other assets 36,800 36,800 ------------- ------------- Total assets $ 7,036,000 $ 6,372,200 ============= ============= LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Accounts payable $ 1,286,800 $ 1,506,800 Accrued liabilities 954,300 924,200 Billings in excess of costs and estimated earnings on uncompleted contracts 178,200 170,300 Current portion of payroll taxes payable 264,900 250,600 Customer deposits - 118,000 Deferred revenue 435,600 - Current portion of notes payable and capital lease obligations 405,300 504,700 Notes payable - related parties, including accrued interest 138,800 136,900 ------------- ------------- Total current liabilities 3,663,900 3,611,500 Payroll taxes payable, net of current portion 727,600 720,800 Notes payable and capital lease obligations, net of current portion 26,300 48,100 ------------- ------------- Total liabilities 4,417,800 4,380,400 ------------- ------------- Stockholders' equity: Common stock 50,600 47,900 Common stock subscribed 50,000 50,000 Additional paid-in capital 16,324,700 14,597,700 Stock subscription receivable (50,000) (50,000) Accumulated deficit (13,250,400) (12,215,200) Non-controlling interest (506,700) (438,600) ------------- ------------- Total stockholders' equity 2,618,200 1,991,800 ------------- ------------- Total liabilities and stockholders' equity $ 7,036,000 $ 6,372,200 ============= =============
J. John Combs III
Chief Executive Officer
Pfeiffer High Investor Relations, Inc.
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aug. 28, 2016 10:30 AM EDT Reads: 859
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 28, 2016 10:30 AM EDT Reads: 4,011
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Aug. 28, 2016 09:30 AM EDT Reads: 758
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
Aug. 28, 2016 09:30 AM EDT Reads: 695
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Aug. 28, 2016 07:30 AM EDT Reads: 772
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 28, 2016 07:00 AM EDT Reads: 2,395
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Aug. 28, 2016 03:30 AM EDT Reads: 2,358
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 28, 2016 02:00 AM EDT Reads: 1,780
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Aug. 28, 2016 01:45 AM EDT Reads: 2,161
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 28, 2016 01:30 AM EDT Reads: 2,100
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Aug. 28, 2016 01:00 AM EDT Reads: 2,969
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 28, 2016 12:15 AM EDT Reads: 1,839
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Aug. 27, 2016 08:45 PM EDT Reads: 2,364
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Aug. 27, 2016 08:45 PM EDT Reads: 1,784
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Aug. 27, 2016 06:00 PM EDT Reads: 3,108