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

Rhea-AI Summary

Natural Gas Services Group, Inc. (NYSE:NGS) announced it will file its Form 10-Q after market close on November 16, 2020, with an earnings call scheduled for November 17, 2020, at 10:00 am CST. The company filed Form 12b-25 to extend the filing deadline for its Quarterly Report due to challenges related to the COVID-19 pandemic. Staff exposure and positive cases led to office closures and staffing constraints, delaying financial data collection necessary for the report.

Positive

• None.

Negative

• Delay in filing the Quarterly Report due to COVID-19 impacts.
• Office closures and minimum staffing affecting financial data collection.

Midland, TX, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. (NYSE:NGS), a leading provider of gas compression equipment and services to the energy industry, announced today that the Company intends to file its Form 10-Q after the market close on Monday, November 16, 2020 and expects to hold its earnings call on November 17, 2020 at 10:00 am CST (11:00 a.m. EST). All attendees can join the call by dialing 877-358-7306, pass code "Natural Gas Services".

Today, the Company 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 September 30, 2020 (the “Quarterly Report”) for five calendar days, as permitted by Rule 12b-25 under the Securities Exchange Act.

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 continued and resurgent positive COVID-19 cases in the Midland, Texas area, including exposure and positive tests among the Company’s professional staff and immediate families, the Company’s corporate headquarters has remained closed and staffed at minimum levels throughout the past and present quarter and is closed currently. The office closure 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

When will Natural Gas Services Group release its Q3 2020 earnings?

Natural Gas Services Group plans to release its Q3 2020 earnings on November 16, 2020.

What challenges did NGS face in filing its quarterly report?

Natural Gas Services Group faced challenges due to COVID-19, including office closures and staffing issues.

What is the impact of COVID-19 on NGS?

The COVID-19 pandemic has caused delays in financial reporting and operational disruptions for Natural Gas Services Group.