SMG Reports Preliminary Unaudited Revenues of Approximately $17.7 Million for the Second Quarter Ended June 30, 2022, an Increase of Approximately 44.5% From the Second Quarter 2021
HOUSTON, TX, July 29, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – SMG Industries, Inc. (“SMG” or the "Company") (OTCQB:SMGI), a growth-oriented transportation services company focused on the domestic infrastructure logistics market today announced that its preliminary unaudited results of consolidated revenues from operations for the second quarter ended June 30, 2022 was approximately $17.71 million, representing an increase of about 44.5% from $12.24 million reported in the comparable quarter in 2021. For the six months ended June 30, 2022, preliminary unaudited results of consolidated revenues from operations were approximately $34.13 million, up about 70% from the comparable first half of fiscal year 2021.
This increase in revenues for the second quarter ended June 30, 2022 resulted from increased volume and pricing in our industrial division activity, continued improvement and build-up of Heavy Haul revenues and increased 5J Logistics Services’ brokerage revenues not present during the 2021 comparable period.
Mr. Matt Flemming, Chairman of SMG, stated, "The substantial revenue growth in our business is reflective of increased activity from our customers, engineered and specialized solutions in super heavy haul and added business lines diversifying our transportation services offering. We believe we will continue to benefit from high growth in our “asset-light” brokerage business which enjoys experienced leadership. Additionally, improved pricing and volumes in our industrial division contributed to the results in 2022. Finally, we continue to aggressively pursue a disciplined approach to evaluating additional accretive acquisitions.”
The Company currently anticipates announcing its full financial results along with management’s discussion and analysis within its Second Quarter 2022 Quarterly Report on Form 10-Q estimated to be filed on or before August 15, 2022.
About SMG Industries, Inc.: SMG Industries is a growth-oriented transportation services company focused on the domestic infrastructure logistics market. Through several of the Company’s wholly-owned subsidiaries branded as the “5J Transportation Group,” it offers permitted and specialized heavy haul, super heavy haul, flatbed, brokerage, and drilling rig mobilization services. 5J’s dimensional permitted jobs can support up to 500-thousand-pound loads which include cargo associated with wind energy, power generation components, bridge beams, compressors, and refinery and construction equipment. SMG Industries, Inc. headquartered in Houston, Texas has facilities in Floresville, Hempstead, Henderson, Houston, Odessa, Palestine, Victoria, Texas and Fort Mill, South Carolina. Read more at www.SMGIndustries.com and www.5J-Group.com.
Source: SMG Industries, Inc. +1-713-955-3497