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Exhibit No. 99

 

FOR IMMEDIATE RELEASE	NEWS
March 4, 2009	NYSE: NGS

 

(in thousands of dollars)		Three months ended December 31,								Twelve months ended December 31,
		2007				2008				2007				2008
Net income		$	3,614			$	3,932			$	12,278			$	15,593
Interest expense			276				224				1,155				742
Provision for income taxes			1,367				2,365				6,455				8,627
Depreciation and amortization			2,022				2,828				7,470				9,925
EBITDA		$	7,279			$	9,349			$	27,358			$	34,887
Other operating expenses			1,551				1,468				5,324				5,842
Other expense (income)			(237	)			8				(1,299	)			(387	)
Gross margin		$	8,593			$	10,825			$	31,383			$	40,342

For More Information, Contact:	Kimberly Huckaba, Investor Relations
	(432) 262-2700 Kim.Huckaba@ngsgi.com
	www.ngsgi.com

		December 31,
		2007				2008
ASSETS
Current Assets:
Cash and cash equivalents		$	245			$	1,149
Short-term investments			18,661				2,300
Trade accounts receivable, net of doubtful accounts of $110 and $177, respectively			11,322				11,321
Inventory, net of allowance for obsolescence of $273 and $500, respectively			20,769				31,931
Prepaid income taxes			3,584				244
Prepaid expenses and other			641				87
Total current assets			55,222				47,032
Rental equipment, net of accumulated depreciation of $16,810 and $24,624, respectively			76,025				111,967
Property and equipment, net of accumulated depreciation of $4,792 and $6,065, respectively			8,580				8,973
Goodwill, net of accumulated amortization of $325, both periods			10,039				10,039
Intangibles, net of accumulated amortization of $1,145 and $1,198, respectively			3,324				3,020
Other assets			43				19
Total assets		$	153,233			$	181,050
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt and subordinated notes		$	4,378			$	3,378
Current portion of line of credit			600				—
Accounts payable			4,072				8,410
Accrued liabilities			3,990				3,987
Current income tax liability			3,525				110
Deferred income			81				38
Total current liabilities			16,646				15,923
Long term debt, less current portion			9,572				6,194
Line of credit, less current portion			—				7,000
Deferred income tax payable			12,635				21,042
Other long term liabilities			—				441
Total liabilities			38,853				50,600
Stockholders’ equity:
Preferred stock, 5,000 shares authorized, no shares issued or outstanding			—				—
Common stock, 30,000 shares authorized, par value $0.01; 12,085 and 12,094 shares issued and outstanding, respectively			121				121
Additional paid-in capital			83,460				83,937
Retained earnings			30,799				46,392
Total stockholders' equity			114,380				130,450
Total liabilities and stockholders' equity		$	153,233			$	181,050

 

 

	For the Year Ended December 31,
	2007					2008
Revenue:
Sales, net		$	41,088			$	41,380
Rental income			30,437				42,864
Service and maintenance income			964				1,092
Total revenue			72,489				85,336
Operating costs and expenses:
Cost of sales, exclusive of depreciation stated separately below			28,124				28,052
Cost of rentals, exclusive of depreciation stated separately below			12,382				16,193
Cost of service and maintenance, exclusive of depreciation stated
separately below			600				749
Selling, general and administrative expense			5,324				5,842
Depreciation and amortization			7,470				9,925
Total operating costs and expenses			53,900				60,761
Operating income			18,589				24,575
Other income (expense):
Interest expense			(1,155	)			(742	)
Other income			1,299				387
Total other income (expense)			144				(355	)
Income before provision for income taxes			18,733				24,220
Provision for income taxes:
Current			3,525				220
Deferred			2,930				8,407
Total income tax expense			6,455				8,627
Net income			12,278				15,593
Earnings per common share:
Basic		$	1.02			$	1.29
Diluted		$	1.01			$	1.28
Weighted average common shares outstanding:
Basic			12,071				12,090
Diluted			12,114				12,143