Streicher Mobile Fueling, Inc. Completes the Acquisition of Houston-Based H & W Petroleum; Becomes a Marketing Force in the Lubr
07 10월 2005 - 12:41PM
Business Wire
STREICHER MOBILE FUELING, INC. (NASDAQ: FUEL and FUELW) ( the
"Company"), a leading provider of petroleum product distribution
services, transportation logistics and emergency response services
to the trucking, construction, utility, energy, chemical and
government service industries, today announced that it has
completed the acquisition of Houston, Texas-based H & W
Petroleum Company, Inc. ("H & W") a marketer and distributor of
lubricants, fuels and petroleum products with operations in
Houston, Lufkin, Freeport, Waco, Waxahachie and Longview, Texas.
Immediately prior to the closing, H & W purchased the operating
assets and limited inventory of a related company, Harkrider
Distributing Company, Incorporated ("Harkrider"), a Houston-based
company engaged in the marketing and distribution of dry cleaning
solvents, chemicals and petroleum products. The acquisition closed
on October 1, 2005. The Company acquired all of the capital stock
of H & W and substantially all of the operating assets,
inventory, accounts receivable and related business of Harkrider.
The original purchase price of approximately $6.3 million, which
was based on a multiple of 4.5 times projected annualized EBITDA
(earnings before interest, taxes, depreciation and amortization - a
non-GAAP financial measure) of approximately $1.4 million, was
adjusted to $5.964 million at closing by working capital and other
closing adjustments. The purchase price was paid with a combination
of cash, the assumption of specified liabilities and the issuance
of $2.463 million of contingent two year 10% deferred payment
promissory notes, which are subject to an earn-out provision based
on the performance of H & W after the acquisition. Also, on
October 1, 2005, in connection with the acquisition of H &W,
the Company amended its credit facility with its primary lender,
Wachovia Bank, National Association, increasing the facility to $20
million, obtaining more favorable terms and extending the maturity
to September 26, 2007. As previously announced, the Company issued
$3.0 million in 10% five-year redeemable Senior Secured Notes with
a two year moratorium on principal payments. Installments of six
semi-annual principal payments of $300,000 will commence on August
31, 2007, with a balloon payment of $1.2 million at maturity on
August 31, 2010. A portion of the proceeds of these notes was used
by the Company to fund the approximately $1.5 million of the
purchase price paid in cash at closing. The balance of the proceeds
will be used to develop the operations of H & W, including its
integration with the operations of Shank Services, the Houston,
Texas-based provider of commercial fueling, lubricants distribution
and heavy haul transportation services that was acquired by the
Company in February 2005, and for other general working capital
purposes. The Company also issued 360,000 four-year warrants to
purchase shares of common stock at $2.28 per share in connection
with the financing. Richard E. Gathright, Chairman and CEO
commented, "Completing the H & W acquisition is an integral
step in the execution of the Company's strategic plan to expand and
diversify its services and product lines in current and new
geographic markets. H & W is a major petroleum products
marketer and distributor, delivering nearly 5 million gallons of
lubricants and 18 million gallons of fuel to over 3,800 customers
and generating approximately $50 million in revenues during its
most recent fiscal year ended June 30, 2005. H & W has recently
become one of the largest distributors in North America of Texaco
lubricants and specialty oils for ChevronTexaco USA." Gathright
concluded, "The H & W and Shank Services acquisitions have
positioned the Company to become a dominant player in the
lubricants distribution industry as we continue the growth of our
commercial fueling, heavy haul transportation and other services.
We believe that these acquisitions will enable us to leverage our
combined strengths in customer service, product marketing and
operating efficiency, and provide a solid platform for future
growth in revenues, earnings and cash flows." About Streicher
Mobile Fueling, Inc. The Company provides commercial mobile and
bulk fueling; the packaging, distribution and sale of lubricants;
integrated out-sourced fuel management; transportation logistics
and emergency response services. Our fleet of custom specialized
tank wagons, tractor-trailer transports, box trucks and customized
flatbed vehicles deliver diesel fuel and gasoline to customers'
locations on a regularly scheduled or as needed basis, refueling
vehicles and equipment, re-supplying fixed-site and temporary bulk
storage tanks, and emergency power generation systems; and
distribute a wide variety of specialized petroleum products,
lubricants and chemicals to refineries, manufacturers and other
industrial customers. In addition, our fleet of special duty
tractor-trailer units provides heavy and ultra-heavy haul
transportation services over short and long distances to customers
requiring the movement of over-sized or over-weight equipment and
manufactured products. The Company conducts operations from 27
locations serving metropolitan markets in California, Florida,
Georgia, Maryland, North Carolina, Pennsylvania, Tennessee, Texas,
Virginia and Washington, D.C. More information on the Company is
available at www.mobilefueling.com. Forward Looking Statements This
press release includes "forward-looking statements" within the
meaning of the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. For example, predictions or
statements of belief or expectation concerning the future
performance of the acquired businesses, the planned diversification
or expansion plans of the Company, the anticipated cost savings or
operating efficiencies from integration of the acquired businesses
and the potential for further growth of the Company, by acquisition
or otherwise, are all "forward looking statements" which should not
be relied upon. Such forward-looking statements are based on the
current beliefs of the Company and its management based on
information known to them at this time. Because these statements
depend on various assumptions as to future events, they should not
be relied on by shareholders or other persons in evaluating the
Company. Although management believes that the assumptions
reflected in such forward-looking statements are reasonable, actual
results could differ materially from those projected. There are
numerous risks and uncertainties which could cause actual results
to differ from those anticipated by the Company, including those
cited in the "Certain Factors Affecting Future Operating Results"
section of the Company's Form 10-K for the year ended June 30, 2004
and 2005.
Streicher Mobile Fueling 12/27 (MM) (NASDAQ:FUELW)
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