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GASFRAC Talks 2012 Successes, Progress
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GASFRAC reported fourth quarter 2012 revenues of $46.9 million resulting in EBITDA of $7.7 million, including $1.9 million of insurance proceeds.
Sequentially this represented an increase from $40.9 million of revenue and $1.0 million of EBITDA in the third quarter of 2012. In the fourth quarter of 2011 EBITDA was $7.9 million on revenues of $59.3 million.
James Hill, Chief Financial Officer commented "I am proud of what our team accomplished during the fourth quarter. The impact of decisions made late in the third quarter are reflected in our fourth quarter results. Sequentially we have achieved a reduction in fixed costs of more than $3.5 million in the quarter and are on track to driving our breakeven quarterly revenue to $30 million from its $40 million level in the third quarter…
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