Oil and natural gas services company ESP Resources Inc. (OTC: ESPI) detailed its year-end 2013 financial results, the company said April 25.
Year-end revenue was lower by 38% than year-end 2012’s, the company said, noting that it was 10,591,111, down from 2012’s $16,987,213.The decreased revenue was due to reduced sales to companies involved in hydraulic fracturing, as well as reduced sales in completed petrochemicals, ESP Resources said.
Profits from operations, as a percentage of yearly revenue, were higher at year-end 2013 than they were at year-end 2012, the company said. They were 51%, up from 45%, ESP Resources said, noting that this was a 6% increase.
General and administrative expenses went down by 26% year-over-year, and stood at $2,760,666 at year-end 2013, ESP Resources said. This decrease was due to a reduction in the number of employees, the company added. The decrease was also due to lower international business development costs, the company said.
Regarding net losses, at year-end the amount was $5,237,777, the company said, noting that this was higher than the amount at year-end 2012. This was due to discontinued operations, the company said.
Working internationally and domestically, ESP Resources Inc. is based in Lafayette, La.