Marlin Oil & Gas Services offer mobile & on-site natural gas services to pipeline companies, utility companies and industrial sectors across the United States. At more than 50 years experience in the drilling, pumping and development of gas and oil resources, Marlin is a full service supplier with a strong commitment to continuing to exceed customer expectations. A full-service provider, Marlin offers customized turnkey services and uses a highly skilled team of professionals to meet each client's unique needs. The company has operations in all areas of the US, with headquarters in Houston, Texas. It also serves pipeline companies in several key states including Alabama, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, New York, North Dakota, Oregon, Pennsylvania, Texas, and Washington.
One of Marlin's most important partners is Continental Products Corporation (CP), one of the largest manufacturers of natural gas equipment. CP manufactures everything from heating and cooling systems to well drilling machines. Many of the gas services in the northeast are installed by CP. Other major customers include Eureka Coleman Inc., Gulf Coast Marine Solutions Inc., and Dunnage Services Inc. Among other gas and oil exploration and development companies, Continental also works with clients in the southwest and western parts of the country. Some of these companies utilize its equipment in the horizontal and vertical environments, while others need it for more specialized applications.
Today's modern world demands more from gas and oil companies. These companies are looking for cost-effective ways to maximize productivity and reduce expenses. The gas and oil industry has responded with innovation, planning and investments in order to be competitive in the marketplace. This growth has resulted in an increased need for high-quality gas and oil services as well as specialized repair services Best Contractors in New Mexico.
The gas and oil industry's success has also led to greater specialization within certain segments of the industry. There are now a wide range of specialty tools and equipment required to perform tasks that used to be handled by one tool or type of machine. For example, instead of performing oil and gas field repairs using manual labor, today's operators require more sophisticated tools, such as robotic arms, concrete hammers, and angle grinders. A comprehensive gas and oil service plan include all of these necessary tools in order to perform quality repairs in a timely fashion.
According to Continental, the plan includes five main areas to focus on for the first quarter of 2021: optimizing fleet efficiency, optimizing air transportation, protecting natural gas infrastructure, and improving customer relations. Continental expects these strategies to be implemented across its entire operations by the end of the 2021 period. In optimizing fleet efficiency, the company will make every vehicle, including trucks, buses, coaches, locomotives, trailers, and even cars, run more efficiently and at lower costs. Specifically, Continental wants to reduce fleet downtime, improve on speed and acceleration, increase fuel economy, and implement fleet maintenance scheduling programs.
For the three months ended March 31, 2021, the Company plans to implement the above strategies in six different service areas. These areas include: Customer Services for Residential Customers, Fleet and Operational Services, Sales & Marketing, Finance, and Customer Service for Commercial Customers. With these efforts, Continental hopes to improve customer satisfaction and boost sales. The improvement of operational and fleet efficiency will lead to increased productivity and lower logistics costs.
In the third quarter of the fiscal year ended March 31, 2021, the Company experienced an increase in revenue due to the successful execution of its marketing plan, which resulted in a record number of new customers. The increase was driven by the opening of two new processing centers in Kentucky and North Carolina. Both locations processed more than thirteen thousand credit card transactions in the quarter. The success of the sales strategy resulted in over nine hundred jobs being added to the Continental parent company's workforce. The successful execution of the marketing plan and reduction of expenses is expected to allow the Company to realize a profit in the second half of the fiscal year and possibly substantially higher.
During the first quarter of the fiscal year ended March 31, 2021, the Company incurred an operating loss of six hundred thousand dollars. As compared to the six hundred thousand that the Company closed its last fiscal year, the loss is relatively small. This loss is primarily due to the liquidation of its fifty seventy-two thousand dollar interest bearing revolving accounts, as well as the cancellation of its fifteen four hundred thousand dollar credit facility. The reduction in credit facility resulted in a reduction in assets, inventory, and operating leases. The increase in revenue was mainly due to an increase in business services revenues and an increase in vehicle dealer fees.
