{"id":8335,"date":"2020-04-30T11:10:00","date_gmt":"2020-04-30T11:10:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2537173"},"modified":"2020-04-30T11:10:00","modified_gmt":"2020-04-30T11:10:00","slug":"divergent-energy-services-announces-the-release-of-2019-year-end-results","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/04\/30\/divergent-energy-services-announces-the-release-of-2019-year-end-results\/","title":{"rendered":"DIVERGENT Energy Services Announces the Release of 2019 Year End Results"},"content":{"rendered":"

DIVERGENT Energy Services Corp<\/strong>. <\/strong>announces the release of its financial results for the year ended December 31, 2019.<\/p>\n

FINANCIAL AND OPERATING HIGHLIGHTS – YEAR ENDED DECEMBER 31, 2019<\/strong><\/p>\n

Demand for artificial lift services across the United States remained strong throughout 2019 and the Company was able to secure work in adjacent geographic areas within the region that delivered higher revenues per job.  As a result, revenues increased in both the three and twelve month periods of 2019 as compared to 2018.<\/p>\n

A significant majority of the Company’s sales are generated from one customer who is focused solely on coal bed methane (“CBM”) wells in the Powder River Basin.  The level of activity with this customer has remained relatively consistent over the past three years, and effective October 1, 2019, the customer agreed to amend the master services contract with a cost recovery price increase of 13 percent.<\/p>\n

Select Financial Information for the three and twelve-month periods ending December 31, 2019 have been summarized as follows:<\/p>\n

RESULTS OF OPERATIONS<\/strong>
Select Financial Information – Tables contain fourth quarter and year-end results for 2019 and 2018.  Refer to the Company’s consolidated audited financial statements and related management’s discussion and analysis (“MD&A”) for a full description.<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in 000’s of USD $ unless otherwise stated)<\/em><\/td>\nThree Months Ended<\/p>\n

 Dec 31<\/td>\n

Year Ended<\/p>\n

 Dec 31<\/td>\n

 <\/td>\n<\/tr>\n
 <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
 <\/td>\n <\/td>\n2019<\/strong><\/td>\n <\/td>\n <\/td>\n2018<\/td>\n <\/td>\n <\/td>\n2019<\/strong><\/td>\n <\/td>\n <\/td>\n2018<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Revenue<\/td>\n$<\/strong>2,264<\/strong><\/td>\n <\/td>\n$1,925<\/td>\n <\/td>\n$<\/strong>8,178<\/strong>
<\/strong><\/td>\n		 <\/td>\n$7,535<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
 <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Cost of sales<\/td>\n <\/td>\n  (1,463<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n(1,420<\/td>\n)<\/td>\n <\/td>\n(5,897<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n(5,257<\/td>\n)<\/td>\n <\/td>\n<\/tr>\n
Provision for slow moving inventory<\/td>\n <\/td>\n(1,325<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n(225<\/td>\n)<\/td>\n <\/td>\n(1,325<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n(225<\/td>\n)<\/td>\n <\/td>\n<\/tr>\n
Gross Profit<\/td>\n <\/td>\n(524<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n280<\/td>\n <\/td>\n <\/td>\n956<\/strong><\/td>\n <\/td>\n <\/td>\n2,053<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
 <\/td>\n <\/strong><\/td>\n <\/td>\n <\/strong><\/td>\n <\/td>\n <\/td>\n<\/tr>\n
General and administration<\/td>\n <\/td>\n(575<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n(591<\/td>\n)<\/td>\n <\/td>\n(2,140<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n(2,545<\/td>\n)<\/td>\n <\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n <\/td>\n(237<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n(54<\/td>\n)<\/td>\n <\/td>\n(408<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n(129<\/td>\n)<\/td>\n <\/td>\n<\/tr>\n
Stock based compensation<\/td>\n <\/td>\n(6<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n(18<\/td>\n)<\/td>\n <\/td>\n(37<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n(89<\/td>\n)<\/td>\n <\/td>\n<\/tr>\n
Results from operating activities<\/strong><\/td>\n <\/td>\n(1,342<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n(383<\/td>\n)<\/td>\n <\/td>\n(1,629<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n(710<\/td>\n)<\/td>\n <\/td>\n<\/tr>\n
 <\/td>\n <\/strong><\/td>\n <\/td>\n <\/strong><\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Product development credit (expense)<\/td>\n <\/td>\n326<\/strong><\/td>\n <\/td>\n <\/td>\n(5<\/td>\n)<\/td>\n <\/td>\n270<\/strong><\/td>\n <\/td>\n <\/td>\n(9<\/td>\n)<\/td>\n <\/td>\n<\/tr>\n
Finance (expense) income<\/td>\n <\/td>\n(401<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n700<\/td>\n <\/td>\n <\/td>\n(1,285<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n730<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Gain on disposal of assets<\/td>\n <\/td>\n–<\/strong><\/td>\n <\/td>\n <\/td>\n7<\/td>\n <\/td>\n <\/td>\n–<\/strong><\/td>\n <\/td>\n <\/td>\n7<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
(Loss) income from continuing operations before income taxes<\/strong><\/td>\n <\/td>\n(1,417<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n319<\/td>\n <\/td>\n <\/td>\n(2,644<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n18<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Deferred tax recovery<\/td>\n <\/td>\n–<\/strong><\/td>\n <\/td>\n <\/td>\n–<\/td>\n <\/td>\n <\/td>\n–<\/strong><\/td>\n <\/td>\n <\/td>\n53<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
(Loss) income from continuing operations<\/strong><\/td>\n <\/td>\n(1,417<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n319<\/td>\n <\/td>\n <\/td>\n(2,644<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n71<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Income from discontinued operations<\/td>\n <\/td>\n–<\/strong><\/td>\n <\/td>\n <\/td>\n–<\/td>\n <\/td>\n <\/td>\n–<\/strong><\/td>\n <\/td>\n <\/td>\n1,179<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Net (loss) income<\/strong><\/td>\n($<\/strong>1,417<\/strong><\/td>\n)<\/strong><\/td>\n$319<\/td>\n <\/td>\n($<\/strong>2,644<\/strong>
<\/strong><\/td>\n		)<\/strong><\/td>\n$<\/strong>1,250<\/strong><\/td>\n <\/td>\n <\/td>\n<\/tr>\n
(Loss) income per share – basic and dilutive (cents per share)<\/strong><\/td>\n($<\/strong>0.01<\/strong><\/td>\n)<\/strong><\/td>\n$0.00<\/td>\n <\/td>\n($<\/strong>0.02<\/strong>
<\/strong><\/td>\n		)<\/strong><\/td>\n$<\/strong>0.01<\/strong><\/td>\n <\/td>\n <\/td>\n<\/tr>\n
 <\/strong><\/td>\n <\/strong><\/td>\n <\/strong><\/td>\n <\/strong><\/td>\n <\/strong><\/td>\n <\/td>\n<\/tr>\n
As at December 31<\/td>\n <\/td>\n2019<\/strong><\/td>\n <\/td>\n <\/td>\n2018<\/td>\n <\/td>\n<\/tr>\n
Assets<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
  Current assets<\/td>\n$<\/strong>2,555<\/strong>
<\/strong><\/td>\n		 <\/td>\n$2,272<\/td>\n <\/td>\n<\/tr>\n
  Long-term assets<\/td>\n <\/td>\n739<\/strong><\/td>\n <\/td>\n <\/td>\n529<\/td>\n <\/td>\n<\/tr>\n
 <\/td>\n$<\/strong>3,294<\/strong>
<\/strong><\/td>\n		 <\/td>\n$2,801<\/td>\n <\/td>\n<\/tr>\n
Liabilities<\/td>\n <\/strong><\/td>\n <\/td>\n<\/tr>\n
  Current liabilities<\/td>\n$<\/strong>5,605<\/strong>
<\/strong><\/td>\n		 <\/td>\n$3,400<\/td>\n <\/td>\n<\/tr>\n
  Long-term liabilities<\/td>\n <\/td>\n4,344<\/strong><\/td>\n <\/td>\n <\/td>\n3,947<\/td>\n <\/td>\n<\/tr>\n
 <\/td>\n <\/td>\n9,949<\/strong><\/td>\n <\/td>\n <\/td>\n7,347<\/td>\n <\/td>\n<\/tr>\n
Shareholders’ deficit<\/td>\n <\/td>\n(6,655<\/strong><\/td>\n)<\/strong><\/td>\n <\/td>\n(4,546<\/td>\n)<\/td>\n<\/tr>\n
Liabilities and shareholders’ deficit<\/td>\n$<\/strong>3,294<\/strong>
<\/strong><\/td>\n		 <\/td>\n$2,801<\/td>\n <\/td>\n<\/tr>\n
Working capital ratio<\/td>\n <\/td>\n0.46<\/strong><\/td>\n <\/td>\n <\/td>\n0.67<\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The Company’s complete set of 2019 year end filings have been filed on the SEDAR website at www.sedar.com and are also available on the Company’s website at www.divergentenergyservices.com.<\/p>\n

OUTLOOK<\/strong><\/p>\n

As of the date of this MD&A the oil and gas market has been negatively impacted by major international supply competition and the COVID 19 pandemic. On March 30, 2020 the Company issued a press release clearly outlining the direct impact of these events on the Company and the steps it has taken to work with customers, suppliers, creditors and other stakeholders to work through this unprecedented situation.<\/p>\n

The Company has significantly reduced its workforce by temporarily laying off staff and is pursuing all government wage subsidy programs that may apply in both Canada and the United States.  Senior executive staff have taken salary reductions and the Board of Directors has waived the current payment of fees.  The Company continues discussions with major customers and suppliers to enable collection of receivables and to meet extended payables terms as we manage through these unprecedented challenges. In response to the COVID-19 pandemic, the Company has also committed to a “work from home” protocol, where practical, and has limited access to our facilities by non-essential and third-party personnel.<\/p>\n

The slowdown in activity is expected to remain until oil and gas prices improve. <\/p>\n

The Company’s largest client has indicated that it intends to perform workovers on only its best producing wells to preserve its own cash reserves. While this will result in some sales during the second quarter, collection is expected to be delayed.  A full return to work is contingent on the price of natural gas rising to meet the clients lifting costs, but is also stabilized by the necessity of DVG’s client to manage the reservoir to maintain the long term viability of the field.<\/p>\n

There is currently a Senate bill proposed in Colorado as part of the government’s renewable energy strategy which would include methane from coal as part of the renewable energy mix.  The bill, when passed, will require large natural gas utilities to source some of their supply from sources other than conventional natural gas.  DVG’s client anticipates this bill, if passed, will create a demand for their methane gas at premium pricing which in turn provides DVG with more stable cash flow.<\/p>\n

During the second quarter of 2020, DVG continues to be called upon for occasional service work for other clients and has been awarded a number of jobs which are to be scheduled pending commodity prices rising above each client’s lifting costs. <\/p>\n

For Further Information:<\/strong><\/p>\n

Ken Berg, President and Chief Executive Officer, kberg@divergentenergyservices.com<\/p>\n

Lance Mierendorf, Interim Chief Financial Officer, lmierendorf@divergentenergyservices.com<\/p>\n

ABOUT DIVERGENT ENERGY SERVICES CORP.<\/strong><\/p>\n

Headquartered in Calgary, Alberta, Divergent provides Artificial Lift products and services that are used in the oil and gas industry.  Product lines including Electric Submersible Pumps, Electric Submersible Progressing Cavity Pumps, and the future development of an Electromagnetic Pump technology.<\/p>\n

DIVERGENT Energy Services Corp., 2020, 715 – 5th<\/sup> Ave SW, Calgary, AB T2P 2X6, (403) 543-0060, (403) 543-0069 (fax), www.divergentenergyservices.com<\/p>\n

\n

See Campaign: <\/strong>http:\/\/www.divergentenergyservices.com<\/a>
Contact Information:<\/b>
Ken Berg, President and Chief Executive Officer,kberg@divergentenergyservices.com<\/p>\n

Lance Mierendorf, Interim Chief Financial Officer,lmierendorf@divergentenergyservices.com<\/p>\n

Tags:<\/b>
<\/a>, Wire<\/a>, Disclosure Newswire<\/a>, United States<\/a>, English<\/a><\/p>\n

\"image\"<\/div>\n

\n

Contact Information:<\/h3>\n

Ken Berg, President and Chief Executive Officer,\u00a0kberg@divergentenergyservices.com<\/p>\n

Lance Mierendorf, Interim Chief Financial Officer,\u00a0lmierendorf@divergentenergyservices.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

DIVERGENT Energy Services Corp. announces the release of its financial results for the year ended December 31, 2019. FINANCIAL AND OPERATING HIGHLIGHTS – YEAR ENDED DECEMBER 31, 2019 Demand for artificial lift services across the United States remained strong throughout 2019 and the Company was able to secure work in adjacent geographic areas within the region … Continue reading DIVERGENT Energy Services Announces the Release of 2019 Year End Results<\/span><\/a> Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":46,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56,3,22,54],"tags":[],"class_list":["post-8335","post","type-post","status-publish","format-standard","hentry","category-disclosure-newswire","category-english","category-united-states","category-wire"],"yoast_head":"\nDIVERGENT Energy Services Announces the Release of 2019 Year End Results - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ipsnews.net\/business\/2020\/04\/30\/divergent-energy-services-announces-the-release-of-2019-year-end-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DIVERGENT Energy Services Announces the Release of 2019 Year End Results - Business\" \/>\n<meta property=\"og:description\" content=\"DIVERGENT Energy Services Corp. announces the release of its financial results for the year ended December 31, 2019. 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FINANCIAL AND OPERATING HIGHLIGHTS – YEAR ENDED DECEMBER 31, 2019 Demand for artificial lift services across the United States remained strong throughout 2019 and the Company was able to secure work in adjacent geographic areas within the region … Continue reading DIVERGENT Energy Services Announces the Release of 2019 Year End Results Continue Reading →","og_url":"https:\/\/ipsnews.net\/business\/2020\/04\/30\/divergent-energy-services-announces-the-release-of-2019-year-end-results\/","og_site_name":"Business","article_published_time":"2020-04-30T11:10:00+00:00","author":"Asiya","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Asiya","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/ipsnews.net\/business\/2020\/04\/30\/divergent-energy-services-announces-the-release-of-2019-year-end-results\/","url":"https:\/\/ipsnews.net\/business\/2020\/04\/30\/divergent-energy-services-announces-the-release-of-2019-year-end-results\/","name":"DIVERGENT Energy Services Announces the Release of 2019 Year End Results - Business","isPartOf":{"@id":"https:\/\/ipsnews.net\/business\/#website"},"datePublished":"2020-04-30T11:10:00+00:00","author":{"@id":"https:\/\/ipsnews.net\/business\/#\/schema\/person\/3a37b5ed16b9ebaf70290330c45a2e37"},"breadcrumb":{"@id":"https:\/\/ipsnews.net\/business\/2020\/04\/30\/divergent-energy-services-announces-the-release-of-2019-year-end-results\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ipsnews.net\/business\/2020\/04\/30\/divergent-energy-services-announces-the-release-of-2019-year-end-results\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ipsnews.net\/business\/2020\/04\/30\/divergent-energy-services-announces-the-release-of-2019-year-end-results\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ipsnews.net\/business\/"},{"@type":"ListItem","position":2,"name":"DIVERGENT Energy Services Announces the Release of 2019 Year End Results"}]},{"@type":"WebSite","@id":"https:\/\/ipsnews.net\/business\/#website","url":"https:\/\/ipsnews.net\/business\/","name":"Business","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ipsnews.net\/business\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/ipsnews.net\/business\/#\/schema\/person\/3a37b5ed16b9ebaf70290330c45a2e37","name":"Asiya","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ipsnews.net\/business\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/d4d7dcc41e3f5a5cad4cf78eca935d2f4c65cc9a91e376789d357e29806bcb91?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d4d7dcc41e3f5a5cad4cf78eca935d2f4c65cc9a91e376789d357e29806bcb91?s=96&d=mm&r=g","caption":"Asiya"},"sameAs":["https:\/\/icrowdnewswire.com\/fc"],"url":"https:\/\/ipsnews.net\/business\/author\/asiya\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/posts\/8335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/comments?post=8335"}],"version-history":[{"count":0,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/posts\/8335\/revisions"}],"wp:attachment":[{"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/media?parent=8335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/categories?post=8335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/tags?post=8335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}