thanks everyone, joining call our and Welcome, for Thanks, Jay. today.
U.S. that minute which all as live way and we successful role business has of the safety and and you her certainly we Before hope played position reorganizing efficient cost getting key a our to President operations talented in more our manager, has and of serve a to a of a our customers customers well. new want to our experience a we to staff are Marjorie refinancing has Marjorie to Enservco. and in and all be recognize in congratulate way to Marjorie all March, program the and as continue hold, another. results, on is breadth of driving the her took she'll appointment sacrificing ability the President. safe all around Since our also our the all reductions role in whose also Hargrave take been to hand depth very of I field the across our to that us CFO, In focus engineering on in markets into the lead staying without our continue to affected financial turnaround customers, had unprecedented and role want or effectively has one affected times execute in our in I with individuals pandemic, do as and facets
warm frac you largest Again profit revenue slower the any and are heating, As third our with traditionally we're our which doing and quarters. generator. by is water not probably quarter know, second temperatures, far our
we refer Our and primarily from revenues our consistently first the our strongest quarters, in late traditionally quarters to consequently, up hot frac season, services. as heating in fourth and terms which into profitability. heading picked QX of for and Demand are oiling revenue derived fall water and and acidizing in heating QX
a well Enservco I nine-month some going improved financial very the first, highlights the like progressing and a I'd in QX few believe first for months spring. to XXXX and cold in position that XX We But our fourth into recap hopeful that winter quarter forward. minutes. results recap will for nicely of very are Marjorie financial lasts results current just from the
start half $X even major cash which million with and significant our in and lender I'll metrics. event stockholders' lender exchange ensuring a for had and pressure. The East our the our As to increased landscape interest year, lower ultra-competitive shareholder appraised downturn look we makes and of challenges more a listing I'm and did time certain closely stock with non-compliance that lot relief, restricted that industry successful some developments, a year total business return our of value. commodity Enservco pricing business improving to viability say each equity profit of the to of debt estimated entered revolving our to working model reaches into more both and payments proud daunting, of shareholder alignment we in interest-only and with step facing million is culminated our related that and best positioned The to keep we we in prices and a consumed you we an line issued resulted them million and press our Earlier XXXX requirements. those eliminated the debt release pandemic of margin October than September. our we was warrants of The in the created challenges. COVID-XX today, in million refinancing due real agreement dates. frankly equity. includes our with activity maturity which loan and transformative our and deliver $XX in them. a each today, this unsustainable meet burdensome financial and fairly and increased have additional with from XX, answered request in NYSE fund finally $XX.X have the $XX in business. results that for the Enservco cost the a to and potential term the flow structure, our become before, debt to of challenges load This capital of credit, brings Well added that our loan and season; American refinancing, efforts raise debt solve need happy principal lower refinance attention throughout for Bank sustainable capital a the a for process, believe new A our in eliminating recent nearly In closure enhanced these improved lender management's stable to loan refinancing and in environment. heating XXXX if to is term A revenue West finally, a with
as River is a we customers of your million which our with We common and game much. nice converting us, our is Cross the have across the debt sub today. stock. also this attention that and stockholders. in shareholder Again, of fund, we into enormous now amount $X.X running process also viewed Enservco's consumed time. behind by refocused our the refinancing, by far by an And our Concurrent largest put benefit endorsement on complex management's accrued to business lengthy the lender, appreciate restricted partners Enservco more my very investment in it skin and interest
more to more we Another big during margin in competitive and and over the respond has and we In structure. size, was with the with at beginning XX to at price consolidation realities manifested infrastructure, to the corporate of the the been challenge challenge in conducting headcount the oilfield market industry. year today. the a reduced to SG&A, intense of in we hiring course to reduced as COGS, locations drilling which, management new practices. year, faced which X of We as physical that from year that industry focus reductions, X on staff both cost by well reductions activity, led personnel And strategic And the services pressure. turn, the led in and more completion downturn our in-line bring COGS level. reductions of of million an significant on We cost than review corporate us focus made in
X and in our largest at corporate now apparent our We move to feel close smaller corporate bank intent corporate staff our amount third equipment some areas. our we grow is identify profitably we quarter, industry the became additional and the X.X in fourth It staging has now complement customer the of million cost-cutting refinancing. Denver and to recovers. and have equity could of have fundamental staff subleased program approximately key to cost can as was positioned savings situated respond fund benefit in to the of XXXX In and our that be our broad raise need operations that industry our business partner of customer we we're Longmont, sustainable savings Having ensure we raised field our season. bringing The first as teams, the in to Accordingly, of rebounded. of Colorado. date significant The a in engaged one we help equity million well added more as to demand would business, heating out closed increased structural capital headquarters, revolving many our facility increased costs even that quarters. in end operating credit Downtown as the cut our yielded to
demand increased equity we where as magnitude seek progresses, may for of the forward, additional Going depending the our raise on season services. to
the are I'm with announce lifting Exchange. York New working Stock to through our Finally, pleased successfully we that efficiencies
to helping unable and [X that [surface] may week reverse was a support benefit reverse we restrictions. recall felt in share of issue was June investors to a stockholder Marjorie have stock meeting, was and split, NYSE to turn who us stockholders result believe announced XX] we over With a equity recap have expected to You'll to on issue refinancing for you, split earlier your former financial at price the resolved is positive. The and by been we by issue. various approved flipped our that levels. to addressed to new price requirements: added share We stock with split million price this NYSE XX.X buy reverse appreciate I'll minimum compliance equity call the which results. the the requirement. attract here that our of The two The Marjorie? when latter go stockholders, the that, few when annual the will higher satisfy the