Aug 7, 2021

Share this: | UPDATED: August 6, 2021 at 5:14 p.m. Oil and gas well-site service provider Enservco Corp. (NYSE: ENSV) said revenue rose and losses narrowed in its second quarter compared to the same period last year with “return to year-over-year revenue growth” on higher “commodity prices and rig counts” company wide, said Executive Chairman Rich Murphy. Total quarterly revenue rose to $3.1 million from $2.1 million, year-over-year. Several company metrics improved including EBITDA, working capital, cash and cash equivalents, and stockholders’ equity. Enservco lost money, though less than in the same period last year: $1.6 million versus $4.4 million. The company said it cut costs, spent $536,000 less on interest, and received $1.3 million in payroll tax credits from the March 2020 Coronavirus Aid, Relief, and Economic Security Act stimulus package. A $1.9 million Paycheck Protection Program loan has been completely forgiven and will be shown in Q3 results. Enservco’s second quarter ended June 30. © 2021 BizWest Media LLC