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HII Technologies, Inc. Announces Second Quarter 2014 Results

Management to Host Conference Call on Thursday, August 14th at 11:00 am ET

HOUSTON, TX--(Marketwired - August 07, 2014) - HII Technologies, Inc. ("HII Technologies" or "the "Company") (OTCQB: HIIT), an oilfield services company headquartered in Houston, Texas, today announced financial results for the second quarter ended June 30, 2014.

Second Quarter 2014 Highlights:

  • Revenues increased 109% to $6.8 million compared to Q2, 2013 due to strong sales from all three divisions
  • Gross Profit increased 112% to $1.8 million compared to Q2, 2013
  • Adjusted EBITDA was $0.04 million and $0.57 million for the quarter and six months ended June 30, 2014, respectively
  • Water division grew its operations to include new activity in the Barnett Shale
  • Signed 7 Master Service Agreements ("MSAs") with new customers

HII Technologies' oilfield services operations are in Texas, Oklahoma, Ohio and West Virginia. The Company is focused on commercializing technologies and providing services in the Water, Safety and Power market segments for exploration and production ("E&P") customers in the domestic United States.

The Company's frac water management services division conducts business through its wholly-owned subsidiaries AES Water Solutions and AquaTex. The water division provides total frac water management solutions associated with the millions of gallons of water typically used during hydraulic fracturing and completions of horizontally drilled oil and gas wells. Frac water management services include water transfer, flow back systems, above-ground tank storage, as well as onsite frac water recycling and evaporation services without the need of trucking or disposal wells. AES Safety Services is the Company's oilfield safety consultancy that provides experienced, trained safety personnel including contract safety engineers during oilfield operations from drilling to completion for E&P customers. Additional services provided under our Safety Services division include training, inspection and environmental remediation services. The Company's oilfield mobile power subsidiary does business as South Texas Power (STP) and operates a fleet of mobile generators, light towers and related equipment for in-field power rental where remote locations provide little or no existing power infrastructure.

                                                                            
Second Quarter 2014 Results (ending June 30)                                
                                    Q2 2014          Q2 2013          CHANGE
Revenues                            $6.8 million     $3.2 million      +109%
Gross Profit                        $1.8 million     $0.9 million      +112%
Gross Margin                        27.1%            26.8%             +.3% 
Income (loss) from Operations       ($0.40 million)  ($0.10 million)   -287%
Adjusted EBITDA(1)                  $0.04 million    $0.17 million     -79% 
Net Income (Loss)                   ($0.64 million)  ($0.37 million)   -72% 
                                                                            

(1) A reconciliation table of the Adjusted EBITDA for second quarter 2014 is provided below

Revenues for the three months ended June 30, 2014 were $6.8 million, up 109% from $3.2 million in the comparable 2013 period. This increase was primarily attributable to the continued growth within the water division from AES Water Solutions and AquaTex's frac water management services. Additionally, increased revenues came from the organic growth of AES Safety Services, including its new environmental remediation service line and the organic growth of STP's business in mobile oilfield power. The Water division totaled approximately 58% of the quarterly revenues while the Safety and Power divisions totaled about 30% and 12%, respectively, for the second quarter 2014.

"Activity levels in the second quarter continued to be robust in the markets where we operate despite utilization of some of our frac water transfer and flow back equipment being affected by delays from certain customers. While the revenues generated from the second quarter of 2014 increased by more than 100% from the comparable 2013 period, we anticipate accelerated growth in the second half of this year in all divisions," stated Brent Mulliniks, President of AES Water Solutions. "AquaTex's expansion into new areas of Texas where drilling activity is increasing contributed to the improvement in revenue. Existing customers are continuing to rely on our frac water management systems and new Master Services Agreements (MSAs) are being acquired, which provide for more work from new customers in the Permian Basin and West Texas." 

Cost of revenues increased approximately 108% to $4.9 million in the three months end June 30, 2014, or 73% of revenues, compared to cost of revenues of $2.4 million, or 73% of revenues for comparable 2013 period. The Company's gross profit and gross margin were $1.8 million and 27.1%, respectively, in the three months ended June 30, 2014 compared to $0.9 million and 26.8%, respectively, in the three months ended June 30, 2013.

Operating expenses were approximately $2.2 million, or 33% of revenues, for the three months ended June 30, 2014 as compared to $1.0 million, or 30.0% of revenues, in the comparable 2013 period. The increase was primarily attributable to new employees, higher technology testing and development costs and public company expenses. The Company generated an operating loss of $0.40 million in the three months ended 2014 compared to an operating loss of $0.10 million in the comparable 2013 period.

For the three months ended June 30, 2014, the Company had non-GAAP adjusted EBITDA of approximately $0.04 million, (EBITDA defined as earnings before interest, depreciation, amortization, non-cash stock option expenses, and one-time non-operational expense items). A reconciliation table of the adjusted EBITDA is provided below. The net loss for the three months ended June 30 2014 was $0.64 million compared to $0.37 million in the comparable 2013 period. HII Technologies had approximately 49.62 million shares outstanding at July 31, 2014.

                                                                            
First Half 2014 Results (ending June 30)                                    
                                    1H 2014          1H 2013          CHANGE
Revenues                            $14.3 million    $5.8 million      +144%
Gross Profit                        $4.0 million     $1.4 million      +183%
Gross Margin                        27.7%            23.9%             +16% 
Income (loss) from Operations       ($0.26 million)  ($0.12 million)   -116%
Adjusted EBITDA(1)                  $0.57 million    $0.23 million     +141%
Net Income (Loss)                   ($0.67 million)  ($0.49 million)   -36% 
                                                                            

Balance Sheet and Liquidity

Total assets increased from $10.2 million at December 31, 2013 to $20.6 million at June 30, 2014. The Company had $4.1 million outstanding under its existing $5 million revolving line of credit facility compared to $2.7 million at December 31, 2013. The Company had approximately $5.4 million in other indebtedness at June 30, 2014 as compared to $2.4 million at December 31, 2013. The increase is primarily attributable to conditional sales contracts related to additional equipment purchased.

Cash and cash equivalents were $1.7 million and total current assets were $10.7 million at June 30, 2014 compared to $0.9 million and $5.0 million at December 31, 2013, respectively. Net cash provided by operations improved $0.8 million for the six months ended June 30, 2014 as compared to net cash used in operating activities of $0.4 million for the comparable 2013 period.

From June 21, 2014 through July 8, 2014, the Company sold 4,000 shares of Series A Convertible Preferred Stock at a price of $1,000 per unit ("Units") for gross proceeds of $4,000,000. Each share of preferred stock received common stock warrants to purchase 500 shares of common stock with an exercise price of $1.00 per whole share exercisable for three years after issuance. At June 30, 2014, the Company had received $1,400,000 in gross proceeds. It received the remaining gross proceeds by July 8, 2014. Approximately $0.5 million of the proceeds were used to repay outstanding indebtedness under 10% promissory notes while $0.2 million were paid to registered broker-dealers involved with the Series A Preferred financing. The remaining proceeds will be used for general working capital purposes and to fund future growth opportunities.

Operational Updates

AES Water Solutions & AquaTex

  • The water division added 5 new customers during the quarter and grew its operations to include new activity in the Barnett Shale. Additionally, new sales and field management personnel were added during the quarter to accommodate growth in North Texas.

AES Safety Services

  • The Safety division benefited early in the quarter from additional spill remediation service revenues carried over from the first quarter of 2014. The Safety Engineering consulting business in Ohio and West Virginia continued to enjoy strong activity.

South Texas Power (STP)

  • STP added 2 new key customers and increased revenues during the second quarter from additional rentals business. The Power division initiated some cost cutting measures to improve margins, reduce overhead and developed a long term plan for expansion focused on a total oilfield power management strategy.

"We continued to invest in growth in each of our divisions during the quarter," said Matthew Flemming, CEO of HII Technologies. "The addition of experienced people and recent increases in equipment utilization should continue to fuel organic growth. The Company continues to evaluate new technologies and potential acquisitions in areas where it would be beneficial for the Company's future growth."

For more information and management's discussion and analysis of the quarter results, please see the Company's Quarter Report on Form 10-Q filed August 7, 2014 with the Securities and Exchange Commission.

Investor Conference Call

The Company will host a webcast and conference call with investors at 11:00 am ET on Thursday, August 14th, 2014. CEO Matthew Flemming and President Brent Mulliniks will discuss the company's milestones, growth strategy and financial position.

Date: Thursday, August 14, 2014
Time: 11:00 am ET
Dial-in (US): 1-888-430-8694
Dial-in (International): 1-719-325-2323
Conference ID: 8576336
Webcast: http://public.viavid.com/index.php?id=110424

A replay of the call will be available from August 14, 2014 at 6 PM ET until Sept 14, 2014. To access the replay, use 1 877-870-5176 for U.S. callers and 1 858-384-5517 for international callers. The PIN number is 8576336.

About HII Technologies, Inc.

HII Technologies, Inc. is a Houston, Texas based oilfield services company with operations in Texas, Oklahoma, Ohio and West Virginia. By focusing on the critical service areas of Water, Safety and Power, 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. The Company's frac water management division does business as AquaTex and 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). The holding company, HII Technologies' objective is to bring proven technologies to these operating divisions to build a long-term competitive advantage for its stakeholders. Read more at www.HIITinc.com, www.AquaTexUSA.com, www.AESWaterSolutions.com, www.AESSafetySolutions.com and www.Oilfield-Generators.com.

Non-GAAP Adjusted EBITDA Reconciliation Table

Following is a reconciliation of income from continuing operations attributable to the Company for the three and six months ended June 30, 2014 as presented in accordance with United States generally accepted accounting principles (GAAP) to EBITDA.

                                                                            
Q2 2014:    Net Loss                                              ($640,554)
            Add back:                                                       
              Interest                                          $   176,035 
              Taxes                                             $    57,579 
              Depreciation                                      $   170,400 
              Non-cash stock expense                            $   188,981 
              One-time non-operational items                    $    84,315 
                                                                ----------- 
            Adjusted EBITDA                                     $   36,756  
                                                                =========== 
                                                                            
1H 2014:    Net Loss                                              ($665,405)
            Add back:                                                       
              Interest                                          $   315,845 
              Taxes                                             $    77,383 
              Depreciation                                      $   293,980 
              Non-cash stock expense                            $   243,420 
              One-time non-operational items                    $   300,926 
                                                                ----------- 
            Adjusted EBITDA                                     $  566,149  
                                                                =========== 
                                                                            

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 2014. 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.

                                                                            
                                                                            
                           HII TECHNOLOGIES, INC.                           
                        CONSOLIDATED BALANCE SHEETS                         
                                (unaudited)                                 
                                                                            
                                                    June 30     December 31 
                                                     2014          2013     
                                                 ------------  ------------ 
                                                                            
                     ASSETS                                                 
Current assets:                                                             
  Cash and cash equivalents                      $  1,727,514  $    866,035 
  Accounts receivable, net of allowance of                                  
   $79,116 and $79,116                              6,270,933     3,708,012 
  Stock subscriptions receivable                    2,000,000             - 
  Note receivable                                     291,790       294,755 
  Current portion of deferred financing costs         181,772        33,541 
  Prepaid expense and other current assets            267,017       111,147 
                                                 ------------  ------------ 
                                                                            
    Total current assets                           10,739,026     5,013,490 
                                                                            
Property and equipment, net of accumulated                                  
 depreciation of $332,415 and $133,081              3,179,367     2,076,512 
Assets under capital lease, net                     3,195,397             - 
Deposits                                               33,960        33,960 
Deferred financing costs, net of current portion       16,173        19,949 
Intangible assets, net of accumulated                                       
 amortization of $40,197 and $0                       556,803       227,000 
Goodwill                                            2,852,107     2,852,107 
                                                 ------------  ------------ 
                                                                            
    Total assets                                 $ 20,572,833  $ 10,223,018 
                                                 ============  ============ 
                                                                            
      LIABILITIES AND STOCKHOLDERS' EQUITY                                  
Current liabilities:                                                        
  Accounts payable                               $  5,293,984  $  3,421,153 
  Accounts payable and other liabilities,                                   
   related parties                                    183,000       158,000 
  Accrued expenses and other liabilities            1,638,268       703,302 
  Line of credit                                    4,082,669     2,678,992 
  Current portion of capital lease obligation       1,054,280             - 
  Current portion of notes payable - related                                
   parties                                            515,000       545,926 
  Current portion of unsecured notes payable          559,655             - 
  Current portion of secured notes payable            261,997        85,000 
                                                 ------------  ------------ 
                                                                            
    Total current liabilities                      13,588,853     7,592,373 
                                                                            
Long term liabilities:                                                      
  Capital lease obligation, net of current                                  
   portion                                          1,533,453             - 
  Notes payable - unsecured                         1,000,000     1,000,000 
  Notes payable - secured                             116,355       158,855 
  Notes payable - related parties net of current                            
   portion                                            328,459       585,958 
                                                 ------------  ------------ 
                                                                            
    Total liabilities                              16,567,120     9,337,186 
                                                 ------------  ------------ 
                                                                            
Commitments and contingencies                               -             - 
                                                                            
Stockholders' equity                                                        
  Preferred stock, $.001 par value, 10,000,000                              
   shares authorized,                                                       
    Series A Convertible Preferred stock, $1,000                            
     stated value, 4,000 shares authorized,                                 
     3,410 and 0 shares issued and outstanding      2,786,981             - 
  Common stock, $.001 par value, 250,000,000                                
   shares authorized, 49,618,556 and 48,424,712                             
   shares issued and outstanding                       49,618        48,424 
  Additional paid-in-capital                       29,118,134    28,121,023 
  Accumulated deficit                             (27,949,020)  (27,283,615)
                                                 ------------  ------------ 
                                                                            
    Total stockholders' equity                      4,005,713       885,832 
                                                 ------------  ------------ 
                                                                            
    Total liabilities and stockholders' equity   $ 20,572,833  $ 10,223,018 
                                                 ============  ============ 
                                                                            
                                                                            
   See accompanying notes to unaudited consolidated financial statements    
                                                                            
                                                                            
                                                                            
                           HII TECHNOLOGIES, INC.                           
                   CONSOLIDATED STATEMENTS OF OPERATIONS                    
         For the three and six months ended June 30, 2014 and 2013          
                                (unaudited)                                 
                                                                            
                      For the three months ended   For the six months ended 
                                June 30                    June 30          
                                                                            
                          2014          2013          2014          2013    
                      ------------  ------------  ------------  ----------- 
                                                                            
REVENUES              $  6,752,384  $  3,226,437  $ 14,257,445  $ 5,836,210 
                                                                            
COST OF REVENUES         4,919,973     2,361,309    10,303,201    4,438,790 
                      ------------  ------------  ------------  ----------- 
                                                                            
GROSS PROFIT             1,832,411       865,128     3,954,244    1,397,420 
                      ------------  ------------  ------------  ----------- 
                                                                            
OPERATING EXPENSES:                                                         
  Selling, general                                                          
   and administrative    2,228,288       913,467     4,215,358    1,464,198 
  Bad debt expense               -        54,000             -       54,000 
                      ------------  ------------  ------------  ----------- 
                                                                            
  Total operating                                                           
   expenses              2,228,288       967,467     4,215,358    1,518,198 
                      ------------  ------------  ------------  ----------- 
                                                                            
LOSS FROM OPERATIONS      (395,877)     (102,339)     (261,114)    (120,778)
                                                                            
OTHER INCOME                                                                
 (EXPENSE)                                                                  
  Loss on debt                                                              
   conversion              (11,063)            -       (11,063)           - 
  Loss on                                                                   
   extinguishment of                                                        
   liability                     -       (96,297)            -      (96,297)
  Interest expense,                                                         
   net                    (176,035)     (144,123)     (315,845)    (222,574)
                      ------------  ------------  ------------  ----------- 
                                                                            
NET LOSS BEFORE                                                             
 INCOME TAXES             (582,975)     (342,759)     (588,022)    (439,649)
                                                                            
PROVISION FOR INCOME                                                        
 TAXES                     (57,579)      (30,768)      (77,383)     (48,267)
                      ------------  ------------  ------------  ----------- 
                                                                            
NET LOSS              $   (640,554) $   (373,527) $   (665,405) $  (487,916)
                      ------------  ------------  ------------  ----------- 
                                                                            
DEEMED DIVIDEND           (623,019)            -      (623,019)           - 
                                                                            
CUMULATIVE DIVIDEND         (1,343)            -        (1,343)           - 
                                                                            
NET LOSS ATTRIBUTABLE                                                       
 TO COMMON                                                                  
 SHAREHOLDERS         $ (1,264,916) $   (373,527) $ (1,289,767) $  (487,916)
                      ============  ============  ============  =========== 
                                                                            
Basic and diluted net                                                       
 loss per share       $      (0.03) $      (0.01) $      (0.03) $     (0.01)
                                                                            
Weighted average                                                            
 shares outstanding-                                                        
 Basic and diluted      49,134,513    44,429,551    48,847,902   44,087,324 
                                                                            
                                                                            
   See accompanying notes to unaudited consolidated financial statements    
                                                                            
                                                                            
                                                                            
                           HII TECHNOLOGIES, INC.                           
                   CONSOLIDATED STATEMENTS OF CASH FLOWS                    
              For the six months ended June 30, 2014 and 2013               
                                (unaudited)                                 
                                                                            
                                                       2014         2013    
                                                   -----------  ----------- 
                                                                            
CASH FLOWS FROM OPERATING ACTIVITIES:                                       
  Net loss                                         $  (665,405) $  (487,916)
  Adjustments to reconcile net loss to net                                  
    cash used in operating activities:                                      
    Amortization of note payable discount                    -       72,582 
    Amortization of deferred finance costs              37,718            - 
    Stock-based compensation                           110,420      269,369 
    Stock issued for services                          133,000            - 
    Depreciation and amortization                      293,980       50,899 
    Loss on extinguishment of liability                      -       96,297 
    Loss on debt conversion to common shares            11,063            - 
    Warrants issued for extension of secured note            -       55,154 
    Bad debt recovery                                        -       54,000 
    Loss on asset disposal                              10,581        4,029 
    Changes in:                                                             
      Accounts receivable                           (2,562,921)  (1,390,746)
      Prepaid expense and other current assets         (70,492)      40,323 
      Other assets                                     (82,954)     (31,500)
      Accounts payable                               2,722,656      778,256 
      Accounts payable and other liabilities -                              
       related parties                                  25,000     (162,248)
      Accrued expenses and other liabilities           841,821      229,867 
                                                   -----------  ----------- 
  Net cash provided by (used in) operating                                  
   activities                                          804,467     (421,634)
                                                   -----------  ----------- 
                                                                            
CASH FLOWS FROM INVESTING ACTIVITIES:                                       
  Cash received from the sale of property and                               
   equipment                                                 -       71,754 
  Cash paid for purchase of property and equipment  (1,851,292)     (48,702)
                                                   -----------  ----------- 
  Net cash provided by (used in) investing                                  
   activities                                       (1,851,292)      23,052 
                                                   -----------  ----------- 
                                                                            
CASH FLOWS FROM FINANCING ACTIVITIES:                                       
  Proceeds from exercise of warrants and options        87,500       50,000 
  Proceeds from sale of preferred shares             1,410,000            - 
  Proceeds from sale-leaseback transaction                   -       87,375 
  Payments for deferred financing costs               (182,173)     (14,500)
  Proceeds from notes payable                          130,000            - 
  Proceeds from line of credit, net                  1,403,676      372,400 
  Payments on notes payable                           (283,456)    (354,067)
  Payments on capital lease obligation                (657,243)           - 
                                                   -----------  ----------- 
  Net cash provided by (used in) financing                                  
   activities                                        1,908,304      141,208 
                                                   -----------  ----------- 
                                                                            
NET INCREASE (DECREASE) IN CASH AND CASH                                    
 EQUIVALENTS                                           861,479     (257,374)
                                                                            
CASH AND CASH EQUIVALENTS, beginning of period         866,035      379,336 
                                                   -----------  ----------- 
                                                                            
CASH AND CASH EQUIVALENTS, end of period           $ 1,727,514  $   121,962 
                                                   ===========  =========== 
                                                                            
Supplemental disclosures:                                                   
  Cash paid for income taxes                       $    36,774  $         - 
  Cash paid for interest                               237,405       62,846 
                                                                            
Noncash investing and financing activities                                  
  Notes issued in consideration for property and                            
   equipment                                           229,032            - 
  Notes issued in consideration for intangible                              
   assets                                              370,000            - 
  Notes issued for financing of insurance premium       88,900            - 
  Cashless exercise of warrants                            117            - 
  Payment on secured note paid directly from line                           
   of credit                                                 -      512,600 
  Deferred financing costs paid directly from line                          
   of credit                                                 -       49,200 
  Common stock issued for lease deposit                      -       31,500 
  Common stock issued for debt                         138,303            - 
  Capital lease obligation incurred in                                      
   consideration for property and equipment          3,244,976            - 
  Accrued issuance costs for preferred stock                                
   offering                                            105,000            - 
  Deemed dividend for preferred stock beneficial                            
   conversion feature                                  623,019            - 
                                                                            
   See accompanying notes to unaudited consolidated financial statements    

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