UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) September 8, 2004
STREICHER MOBILE FUELING, INC.
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(Exact name of registrant as specified in its charter)
FLORIDA 000-21825 65-0707824
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
800 W. CYPRESS CREEK RD., SUITE 580 FORT LAUDERDALE, FLORIDA 33309
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (954) 308-4200
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
Streicher Mobile Fueling, Inc., the Registrant, issued a press release on
September 8, 2004, reporting operating results for the fourth quarter and fiscal
year ended June 30, 2004. The text of that press release is as follows:
SMFStreicher Mobile Fueling, Inc.
800 WEST CYPRESS CREEK ROAD, SUITE 580
FORT LAUDERDALE, FLORIDA 33309
NEWS RELEASE
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CONTACT: RICHARD E. GATHRIGHT PETER SELTZBERG
CHAIRMAN AND CHIEF EXECUTIVE OFFICER CAMERON ASSOCIATES, INC.
954-308-4200 212-245-8800
STREICHER MOBILE FUELING, INC. REPORTS RESULTS
FOR THE FOURTH QUARTER AND YEAR ENDED JUNE 30, 2004
FT. LAUDERDALE, FL, SEPTEMBER 8, 2004 - STREICHER MOBILE FUELING, INC. (NASDAQ:
FUEL and FUELW), an outsourced refueling and fuel management solution for
vehicle and equipment fleets, today announced results for the fourth quarter and
fiscal year ended June 30, 2004, as follows:
(All Amounts in Thousands of Dollars, Except Share and Volume Data)
3 Months Ended (Unaudited) 12 Months Ended
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Increase Increase Increase Increase
-------- -------- -------- --------
6/30/2004 6/30/2003 (Decrease) (Decrease) 6/30/2004 6/30/2003 (Decrease) (Decrease)
Total revenues 26,539 18,360 8,179 45 % 89,997 72,194 17,803 25 %
Gross profit 1,426 997 429 43 % 4,298 4,023 275 7 %
Operating profit (loss) 1 314 (102) 416 408 % 661 (693) 1,354 195 %
Net loss 1 (57) (325) 268 82 % (698) (1,581) 883 56 %
EBITDA 1, 2, 5 635 249 386 155 % 1,983 737 1,246 169 %
Basic and diluted net loss per
share (0.01) (0.04) 0.03 75 % (0.10) (0.22) 0.12 59 %
Weighted avg shares outstanding 7,300,548 7,231,888 68,660 1 % 7,261,372 7,221,070 40,302 1 %
Depreciation and amortization 3 322 349 (27) (8)% 1,320 1,403 (83) (6)%
Total assets 20,018 16,011 4,007 25 % 20,018 16,011 4,007 25 %
Shareholders' equity 5,348 4,111 1,237 30 % 5,348 4,111 1,237 30 %
Volume (gallons in thousands) 14,261 12,430 1,831 15 % 54,594 47,294 7,300 15 %
Avg net margin per gallon (in
cents)4 11.9 10.8 1.1 10 % 9.9 11.5 (1.6) (14)%
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1 Includes $757,000 gain on extinguishment of debt during the first quarter
ended September 30, 2003
2 Earnings before interest, taxes, depreciation and amortization
3 Depreciation and amortization included in cost of sales was $277,000,
$299,000, $1,130,000 and $1,232,000 for the respective periods noted
4 Net margin per gallon equals Gross profit plus cost of sales depreciation
and amortization divided by number of gallons
5 EBITDA Reconciliation Table:
2
3 MONTHS ENDED 12 MONTHS ENDED
6/30/2004 6/30/2003 6/30/2004 6/30/2003
Net loss (57) (325) (698) (1,581)
Add back:
Interest expense 240 199 914 824
Non-cash interest expense 130 26 447 91
Depreciation and amortization:
Cost of sales 277 302 1,130 1,232
Sales, general, and administrative 45 47 190 171
EBITDA 635 249 1,983 737
QUARTERLY SELECTED FINANCIAL DATA FOR THE 12 MONTHS ENDED 6/30/04 (UNAUDITED)
(ALL AMOUNTS IN THOUSANDS OF DOLLARS)
Q1 Q2 Q3 Q4 TOTALS
EBITDA 6, 7 824 313 211 635 1,983
Revenues 19,417 21,135 22,906 26,539 89,997
Gross profit 822 1,074 976 1,426 4,298
Operating profit (loss) 6 487 (20) (120) 314 661
Net income (loss) 6 206 (382) (465) (57) (698)
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6 Q1 includes $757,000 gain on extinguishment of debt
7 EBITDA Reconciliation Table:
Q1 Q2 Q3 Q4 TOTALS
Net income/(loss) 206 (382) (465) (57) (698)
Add back:
Interest expense 198 231 245 240 914
Non-cash interest expense 86 131 100 130 447
Depreciation and amortization:
Cost of sales 285 285 283 277 1,130
Sales, general, and administrative 49 48 48 45 190
EBITDA 824 313 211 635 1,983
The Company will be filing its Annual Report on Form 10-K on or before the
September 28th 2004 due date.
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ABOUT STREICHER MOBILE FUELING, INC.
SMF provides mobile fueling and fuel management out-sourced services, primarily
to businesses operating fleets of vehicles and equipment. SMF's specialized
truck fleet delivers fuel to customers' locations, refueling vehicles and
equipment and/or resupplying storage facilities at competitive service fees and
fuel prices. The patented, proprietary SMF electronic fuel tracking system is
used to measure, record, and track fuel dispensed to each vehicle and tank
fueled at a customer location allowing verification of the amount and type of
fuel delivered and providing customers with customized fleet fuel data for
management analysis and tax reporting. SMF conducts operations in nine states
and the District of Columbia.
* * * * * *
In accordance with General Instruction B.6 of Form 8-K, the information in
this Current Report on Form 8-K is being furnished under Item 12 and shall not
be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act
of 1934 ("Exchange Act") or otherwise subject to the liability of that section,
nor shall such information be deemed incorporated by reference in any filing
under the Securities Act of 1933 or the Exchange Act, regardless of the general
incorporation language of such filing, except as shall be expressly set forth by
specific reference in such filing.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: September 9, 2004 STREICHER MOBILE FUELING, INC.
By:/S/RICHARD E. GATHRIGHT
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Richard E. Gathright, President