ERF Wireless Reports Second Quarter 2013 Financial Results
August 21, 2013 --
LEAGUE CITY, Texas, Aug. 21, 2013 (GLOBE NEWSWIRE) -- ERF Wireless, Inc. (OTCBB:ERFB) (the "Company"), a leading provider of enterprise-class wireless and broadband products and services, announced today that the Company has filed its Form 10-Q with the Securities and Exchange Commission reporting results for the quarter ended June 30, 2013.
The Company's financial results reflect the Company's continued investment in our networks and communications services to the oil and gas industry. The following reflects the three- and six-month activity ended June 30, 2013.
The Company reported overall consolidated revenues of $1,563,000 for the quarter ended June 30, 2013, as compared to $1,687,000 for the same prior year quarter ended June 30, 2012; a decrease of $124,000 or 7%. The overall decrease was comprised of a $213,000 decrease in revenues in our oil and gas operations subsidiary, Energy Broadband, due to a short-term seasonal drop in U.S. rig count, offset with an increase due to customer growth of $18,000 from our wireless bundled services and a $71,000 increase in our enterprise network services due to additional bank branch installations.
The Company's Energy Broadband subsidiary reported revenues of $2,014,000 for the six months ended June 30, 2013, as compared to revenues of $2,035,000 for the same prior-year six months ended June 30, 2012; a decrease of $21,000 or 1%.
The Company reported Gross Profit of $564,000 for the quarter ended June 30, 2013, as compared to $639,000 for the same prior-year quarter ended June 30, 2012; a decrease of $75,000 or 12%.
The Gross Profit for the six months ended June 30, 2013, as compared to June 30, 2012, showed no change in the margins.
The Company reported a Consolidated Net Loss of $2,256,000 for the quarter ended June 30, 2013, as compared to a Consolidated Net Loss of $1,355,000 for the same prior quarter ended June 30, 2012, partly due to one-time expenses associated with the arbitration with Schlumberger.
The Company reported an increase of $222,000 or 13% increase in Operating Expenses in the quarter ended June 30, 2013, as compared to the same prior-year quarter ended June 30, 2012, to support the continued aggressive strategy to grow our Energy Broadband business unit.
The Company has received an additional $1,500,000 of debt financing to fund the expansion of the wireless networks and related oil and gas assets.
About ERF Wireless
ERF Wireless Inc. is a fully reporting public corporation located in League City, Texas, and is the parent company of Energy Broadband Inc., ERF Enterprise Network Services, ERF Bundled Wireless Services, ERF Wireless Messaging Services and ERF Network Services. The company specializes in providing wireless and broadband product and service solutions to enterprise, commercial and residential clients on a regional, national and international basis. Its principals have been in the wireless broadband, network integration, triple-play FTTH, IPTV and content delivery business for more than 40 years. For more information, please visit our websites at www.erfwireless.com, www.energybroadband.com and www.erfwireless.net or call 281-538-2101. (ERFBG)
The information in this release may contain forward-looking statements relating to anticipated or expected events, activities, trends or results. Forward-looking statements can be identified by the use of forward looking terminology such as "believes," "suggests," "expects," "may," "goal," "estimates," "should," "likelihood," "plans," "targets," "intends," "could," or "anticipates," or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy or objectives. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Forward-looking statements in this release include, without limitation, the Company's expectations of continued expansion into oil and gas markets and of our terrestrial broadband networks, along with other performance results. These statements are made to provide the public with management's current assessment of our business, and it should not be assumed that that the forward looking statements will prove to be correct. Security holders are cautioned that such forward- looking statements involve risks and uncertainties. The forward-looking statements contained in this release are only as of the date hereof, and we expressly disclaim any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in management's expectations or any change in events, conditions or circumstances on which any such statement is based. Certain factors may cause results to differ materially from those anticipated by some of the statements made in this release. Please carefully review our filings with the Securities and Exchange Commission as we have identified many risk factors that impact our business plan.
CONTACT: ERF Wireless Inc.
281-538-2101 ext. 113
Email Contact firstname.lastname@example.org