SMG Reports Preliminary Unaudited Revenues of approximately $14.4 million for the Third Quarter Ended September 30, 2021, an Increase of approximately 90% From the Third Quarter 2020
HOUSTON, TX, Oct. 28, 2021 (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 third quarter ended September 30, 2021 was approximately $14.4 million, representing an increase of about 90% from its comparable quarter ended September 30, 2020 of $7.56 million. This increase in revenues for Q3, 2021 is a result of the additional revenues generated from the Company’s heavy haul and flatbed freight and brokerage businesses that were not present in the year ago period. Additionally, compared to last year, the company continued to benefit from the return of general economic activity as Covid-19 restrictions were eased and infrastructure and manufacturing customer activity increased. Higher commodity prices also helped drive increased customer activity and pricing on our drilling rig relocation business.
Mr. Allen Parrott, CFO of SMG, stated, "The Company continued to benefit from higher commodity prices generating more activity with our customers and improved pricing. SMG’s growth plan continues to focus on expanding and diversifying our logistics business segments and the Company anticipates further heavy haul and infrastructure activity compared to earlier this year as customers initiate more infrastructure related projects.”
The Company currently anticipates announcing its full financial results along with management’s discussion and analysis within its Third Quarter 2021 Quarterly Report on Form 10-Q estimated to be filed on or about November 15, 2021.
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 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, and Victoria, Texas. Read more at www.SMGIndustries.com.
Source: SMG Industries, Inc. +1-713-955-3497
