For the six month period ended June 30, 2011, ERF Wireless recently reported Positive Adjusted EBITDA of $1,136,000. The Company’s Energy Broadband subsidiary expanded significantly during the period, with revenues increasing by $800,000, or 212%. As a result of this growth, ERF Wireless was able to retire some $0.7 million in certain debt and capital leases, resulting in an overall $1.4 million decrease in current liabilities.
CFO Richard Royall commented, “We continued to lay the foundation for future growth by partnering with other large wireless network operators to provide wireless broadband connectivity in regions where ERF Wireless does not currently own networks and thus expand our operational footprint in active oil and gas drilling regions in preparation for the dramatic increases being experienced in the oil and gas industry. Given the foundation that we have put in place during the last two years along with recent new contract wins with major oil and gas producers, we expect to begin realizing substantially more recurring wireless circuit, construction and services revenues from all of our oil and gas contracts for the balance of calendar year 2011.”
Also notable, the Company reported a $1.5 million improvement in Shareholders’ Equity for the quarter, as compared to the most recent balance sheet at fiscal year ended December 31, 2010. During the first half of this year, the Company invested $1,300,000 in cash, mainly for the purchase of assets in its Energy Broadband subsidiary for continued expansion of networks and infrastructure, including increasing its Mobile Broadband Trailer fleet associated with the increased oil and gas business growth.
Specializing in providing wireless and broadband product and service solutions to enterprise, commercial and residential clients, ERF Wireless’ principals have accumulated more than forty years of experience in the wireless broadband, network integration, triple-play FTTH, IPTV and content delivery business. Leveraging the strength of its team, ERF Wireless continues to secure contracts with industry leading customers while increasing its product and service offerings for maximum growth potential.
For more information on ERF Wireless, visit the Company’s website at http://www.erfwireless.com
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