Cyprus Energy Partners, L.P. in Tulsa reported a third quarter 2019 increase in revenue and net income as well as adjusted earnings.
Revenues reached $108.9 million which was a 28 percent increase over a year ago . Net income for the quarter was $5.5 million, an increase of 11 percent compared to the third quarter 2018 Adjusted EBITDA attributable to limited partners grew 21 percent, reaching $8.7 million.
Cash flow for the just-completed quarter was $5.8 million, a slight increase from the $5.7 million reported at the end of the third quarter 2018.
“We are pleased to report a strong third quarter,” said Peter C. Boylan III, Chairman and CEO. “During the third quarter, we reduced our long-term debt and increased our cash on hand.”
Mr. Boylan continued, “Revenues of our Pipeline Inspection segment increased 28% during the three months ended September 30, 2019 and gross margins in this segment increased 20% compared to the three months ended September 30, 2018.
But the company reported an 8 percent drop in revenue from its Environmental Services segment, blaming lower volumes, lower crude oil prices and a planned reduction on pipeline transport fees.
Its liabilities increased from $99 million in the third quarter of 2018 to $115 million in the just-completed quarter.
Click here to read Cypress Energy report.
