Production Enhancement Group Inc., Annual General Meeting, Nov 05, 2009

Production Enhancement Group Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, net income and comprehensive income was $9,218,429 or $0.09 basic and dilutive income per share on revenue of $997,760 compared to net loss and comprehensive loss of $9,080,877 or $0.12 basic and dilutive loss per share on revenue of $10,073,460 for the same period last year. Income before income taxes was $9,218,414 against loss before income taxes of $8,967,289 of previous year period. Net income from continuing operations was $9,218,429 or $0.09 basic and diluted income per share compared to loss from continuing operations of $9,044,556 or $0.12 basic and diluted loss per share for the same period last year. Cash flows used in continuing operating activities were $1,282,817 against cash flows provided by operating activities of $32,411,650 previous year period. Additions property and equipment amounted to $54,262 against $2,685,953 last year. EBITDAS was $9,984,289. Total adjusted EBITDAS was $9,984,289. For the six months ended June 30, 2009, net income and comprehensive income was $2,622,571 or $0.02 basic and dilutive income per share on revenue of $5,727,602 compared to net loss and comprehensive loss of $13,337,570 or $0.19 basic and dilutive loss per share on revenue of $18,190,173 for the same period last year. Net income from continuing operations was $2,622,571 or $0.02 basic and diluted income per share compared to loss from continuing operations of $13,179,506 or $0.19 basic and diluted loss per share for the same period last year. Income before income taxes was $2,629,112 against loss before income taxes of $13,102,239 previous year period. Cash flows used in continuing operating activities were $1,496,590 against cash flows provided by operating activities of $27,171,575 previous year period. Additions property and equipment amounted to $164,216 against $4,544,261 last year. EBITDAS was $6,942,760. Total adjusted EBITDAS was $6,942,760.

Production Enhancement Group Inc. announced financial results for the first quarter ended March 31, 2009. For the period, the company's LBITDAS was $3,041,529 compared to $613,569 a year ago. The decrease from the first quarter last year was primarily attributable to lower equipment utilization.