Edmond-based Energy and Environmental Services reported this week back-to-back yearly losses as the 2017 earnings turned into a loss of $2.39 million.
It came on top of the $2.1 million loss recorded in 2016. The 2017 loss amounted to 5 cents a share.
With 22 employees, the oil-field chemicals and coatings company stated its sales revenue for 2017 were up 90 percent and totaled $3.8 million for the year. hat’s an increase of $1.99 million compared to a year earlier.
“With the closing of our 2017 fiscal year, we achieved a more than 90 percent increase in sales over 2016 which shows our progress in the overall operation of our business,” said CEO Leon Joyce.
He indicated margins are increasing and the firm expects to return to profitability this year.
“Our chemical sales should grow as the oil and gas industry gradually recovers with oil prices recently reaching three-year highs.”