Natural Gas Services Group, Inc. Announces Preliminary Second Quarter Reporting Date and Earnings Call

Rhea-AI Summary

Natural Gas Services Group (NGS) filed Form 12b-25 to extend the due date for its Quarterly Report on Form 10-Q for the period ending June 30, 2020. Citing challenges due to COVID-19, the company was unable to finalize financial results timely, with its headquarters closed since June 29, 2020, following positive virus tests among staff. NGS plans to file the report soon and will hold an earnings call on August 18, 2020. The ongoing pandemic has impacted the company’s operations, necessitating these extensions.

Positive

• Expectations to file Form 10-Q soon.
• Scheduled earnings call on August 18, 2020.

Negative

• Headquarters closed due to COVID-19, affecting operations.
• Delays in finalizing financial results due to staffing challenges.

Midland, TX, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. (NGS:NYSE), a leading provider of gas compression equipment and services to the energy industry, announced today that it has filed Form 12b-25 with the Securities and Exchange Commission in order to extend the due date of its Quarterly Report on Form 10-Q for the period ended June 30, 2020 (the “Quarterly Report”) for five calendar days, as permitted by Rule 12b-25 under the Securities Exchange Act. The Company intends to file its Form 10-Q as soon as practicable and expects to hold its earnings call on August 18, 2020 at 10:00 am CDT (11:00 a.m. EDT). All attendees can join the call by dialing 877-358-7306, pass code "Natural Gas Services".

In its Form 12b-25 filing the company explained that the Quarterly Report could not be filed within the prescribed time period due to the fact that the Company was unable to finalize its financial results without unreasonable expense or effort, which resulted primarily from circumstances related to the coronavirus disease 2019 (“COVID-19”) pandemic outbreak.

Due to an acceleration of positive COVID-19 cases in the Midland, Texas area, including a verified positive test among the Company’s professional staff, the Company was forced to close its corporate headquarters for a second time on June 29, 2020.   The Company’s corporate headquarters remains closed as of the date of the filing. The office closure - which was dictated by positive testing and subsequent quarantines - and staffing challenges resulted in delays in our collection and assimilation of financial data related to the completion of our interim financial statements required for our Quarterly Report.

About Natural Gas Services Group, Inc. (NGS)

NGS is a leading provider of gas compression services and equipment to the energy industry. The Company manufactures, fabricates, rents, sells and maintains natural gas compressors and flare systems for oil and natural gas production and plant facilities. NGS is headquartered in Midland, Texas, with fabrication facilities located in Tulsa, Oklahoma and Midland, Texas, and service facilities located in major oil and natural gas producing regions in the U.S. Additional information can be found at www.ngsgi.com.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause NGS's actual results in future periods to differ materially from forecasted results.  Those risks include, among other things: the potential impacts of the COVID-19 pandemic on the Company’s business; a prolonged, substantial reduction in oil and natural gas prices which could cause a decline in the demand for NGS's products and services; the loss of market share through competition or otherwise; the introduction of competing technologies by other companies; and new governmental safety, health and environmental regulations which could require NGS to make significant capital expenditures. The forward-looking statements included in this press release are only made as of the date of this press release, and NGS undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. A discussion of these factors is included in the Company's most recent Annual Report on Form 10-K, as well as the Company’s Form 10-Q for the quarterly period ended March 31, 2020, as filed with the Securities and Exchange Commission.

For Additional Information

Alicia Dada
Investor Relations
(432) 262-2700
Alicia.Dada@ngsgi.com
www.ngsgi.com

FAQ

Why did NGS file Form 12b-25?

NGS filed Form 12b-25 to extend the due date for its Quarterly Report due to challenges in finalizing financial results amid the COVID-19 pandemic.

What is the new date for NGS's earnings call?

NGS's earnings call is scheduled for August 18, 2020, at 10:00 am CDT.

What are the reasons for NGS's report delay?

The report delay was primarily due to the COVID-19 pandemic, which forced the closure of NGS's headquarters and resulted in staffing challenges.

How has COVID-19 affected NGS operations?

COVID-19 has led to office closures and staffing issues, delaying the collection of financial data necessary for reports.