Enservco Reports 2020 Third Quarter and Nine-Month Financial Results

Nachrichtenquelle: globenewswire
12.11.2020, 22:01  |  78   |   |   

  • Refinancing reduces debt by $16.0 million and adds $12.5 million to stockholders’ equity, significantly strengthening balance sheet
  • $4.0 million in cost reductions align expense structure with lower revenue environment caused by industry downturn and pandemic impact
     
  • $1.3 million of equity raised in October to support working capital needs for heating season now underway
     
  • 1-for-15 reverse stock split scheduled for November 20, 2020, expected to meet requirements to maintain NYSE American exchange listing
     
  • Third quarter revenue of $1.8 million vs. $3.8 million year over year but segment profitability improves due to cost cutting measures
     
  • Third quarter net income of $8.4 million results from $11.9 million gain on restructured debt

LONGMONT, Colo., Nov. 12, 2020 (GLOBE NEWSWIRE) -- Enservco Corporation (NYSE American: ENSV), a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries, today reported financial results for its third quarter and nine-month period ended September 30, 2020.

“Before addressing third quarter financial results, I want to highlight a number of important achievements we have accomplished through the first 10 months of 2020 as I believe they set the stage for an improving performance going forward,” said Rich Murphy, executive chairman.  “Early in the year, Enservco faced significant challenges around lower commodity prices and growing impact of the pandemic, burdensome debt, an oversized cost structure, the need for additional capital, and the prospect of losing our NYSE American exchange listing.  Today, I am pleased and proud to say the entire Enservco team came together to answer those challenges with actions that have better positioned the Company to take advantage of profitable growth opportunities as the energy industry recovers.  Enservco today is a leaner, more nimble organization with an expanded blue-chip customer base and a stronger balance sheet.”

Marjorie Hargrave, president and CFO, added, “During the downturn this year we have added to our customer base and optimized the location of our fleet to take advantage of any industry recovery in the near term. The Company is now entering its 2020/21 heating season – typically our most prolific period of the year in terms of revenue and profitability.  Based on customer feedback, we are anticipating an uptick in activity as the heating season progresses and we are excited about long-term prospects for growth and delivering improved shareholder value.”

Management highlighted Enservco’s year-to-date achievements as follows:

Refinancing eliminates $16.0 million in debt and adds $12.5 million to stockholders’ equity.
In September, Enservco closed a refinancing that cut its total debt by $16.0 million, increased stockholders’ equity by $12.5 million and resulted in $8.4 million in net income in the third quarter of 2020.  In return for the lender eliminating $16.0 million in debt, Enservco issued the lender eight million shares of common stock and warrants to purchase an additional 15 million shares at $0.25 per share.  The refinancing not only substantially strengthened the Company’s balance sheet, but it also improved cash flow while adding its senior secured lender as a major shareholder.  Concurrent with the bank refinancing, the investment firm Cross River Partners, which is Enservco’s largest shareholder and is managed by Enservco’s executive chairman Rich Murphy, converted $1.5 million in subordinated debt and accrued interest into Enservco restricted common stock.  The revised bank facility includes a $17.0 million term loan and a $1.0 million working capital revolving line of credit – both of which have October 15, 2021, maturity dates. The term loan is interest only with potential for principal payments in the event Enservco reaches certain profit metrics. 

Right sizing initiatives result in $4.0 million in annualized cost reductions year to date.
When lower commodity prices and the pandemic resulted in a substantial reduction in drilling and completion activity early in 2020, the oilfield services market became more competitive, which led to reduced pricing and gross margins.  Enservco responded by realigning its cost structure to fit these new realities.  The Company has cut more than $4.0 million in annualized costs out of the business, which significantly lowered Enservco’s break-even point and increased the potential to deliver positive financial results in a lower revenue environment. The cost reductions were nearly evenly distributed between costs of providing services (wages and benefits due to headcount reductions and implementation of more strategic hiring practices) and corporate level costs (mainly consolidation of physical locations, reduction of corporate staff from 17 to 9 since the first of the year, and a reduction in the size of the Company’s Board of Directors).

Annualized cost reductions (in $ millions):      
Variable operating costs 2.57  
Administrative costs    1.07  
Rent reductions   .22  
Utility reductions   .11  
Financing costs   .24   
Total reductions  $ 4.21   

Equity cash infusion supports increased activity in Q4/Q1 heating season.
Enservco recently raised $1.3 million in an equity offering to complement its revolving line of credit and support increased activity during the Company’s first- and fourth-quarter heating season, now underway, in which Enservco generates the majority of its annual revenue and profit.  The Company may seek to raise additional equity as the season progresses depending upon its cash needs and the magnitude of increased demand for its services.

Reverse stock split addresses NYSE American exchange continued listing requirement.
Enservco has set a 1-for-15 reverse stock split to be effective after the stock market closes on November 20, 2020.  The reverse split, which was approved by stockholders at the Company’s June 2020 Annual Meeting, is being done with the intent of increasing Enservco’s share price to a level that ensures continued listing on the NYSE American exchange.  Such continued listing is a valuable asset for Enservco and management believes the reverse split can also help attract new investors that may have been prohibited from purchasing Enservco shares due to certain restrictions on trading in lower priced stocks.

Third Quarter Results

Total revenue in the third quarter ended September 30, 2020, was $1.8 million versus $3.8 million in the same quarter last year.  The decline reflected lower commodity prices and the COVID-19 impact.

Production services revenue was $1.4 million compared to $3.3 million year over year and generated a segment profit of $16,000 compared to a segment loss of $17,000 in the third quarter a year ago.  The transition to profitability on significantly lower revenue in the third quarter illustrates the Company’s success in reducing costs. 

Completion services revenue declined to $401,000 from $510,000 year over year and generated a segment loss of $725,000 in the third quarter, a substantial improvement over the prior year segment loss of $1.2 million – again a reflection of cost reduction initiatives.

Sales, general and administrative expense declined to $1.0 million from $1.7 million year over year, reflecting additional cost-cutting measures at the corporate level involving personnel and Board size reductions and consolidation of physical locations.

Total operating expenses in the third quarter declined to $4.8 million from $8.2 million year over year due primarily to the aforementioned cost reductions as well as lower severance and transition costs, lower depreciation and amortization and reduced activity.  In total, the Company has taken more than $4.0 million in annualized costs out of the business since the first of the year.   With a much lower break-even point, the Company is positioned for improved profitability as the industry recovers and the impact of the pandemic subsides.

The Company reported net income of $8.4 million, or $0.14 per share, in the third quarter compared to a net loss of $5.4 million, or $0.10 per share, in the same quarter last year.  The transition to profitability was due to an $11.9 million gain on debt restructuring.
                                                                                                        
Adjusted EBITDA in the third quarter improved to a negative $1.7 million compared to a negative $2.7 million in the same quarter last year.

Nine Month Results

Total revenue for the nine-month period ended September 30, 2020, was $13.3 million versus $35.0 million in the same period a year ago.  The decline reflected lower commodity prices, COVID-19 impact and warmer than normal temperatures during the 2020 first quarter heating season.

Production services revenue declined to $5.9 million from $11.2 million year over year and had a
segment loss of $707,000 in the third quarter compared to a segment profit of $1.2 million in the prior year third quarter.

Completion services revenue through nine months declined to $7.3 million from $23.7 million in the same period last year and generated a segment loss of $270,000 versus a segment profit of $6.9 million year over year.

The segment losses were attributable to a 69% reduction in the Company’s higher margin frac water heating service due to a sharp decline in drilling and completion activity resulting from lower commodity prices and the pandemic.

Total operating expenses in the first nine months of 2020 were reduced to $22.5 million from $36.1 million in the same period last year due to lower costs of providing services combined with lower corporate overhead expense.  Sales, general and administrative expenses improved to $4.1 million from $4.8 million year over year. Depreciation and amortization expense decreased to $4.0 million from $4.2 million due to disposal of assets in the second quarter of 2020.

Net income for the nine-month period, which reflected impact of the third-quarter gain on debt restructuring, was $1.2 million, or $0.02 per diluted share, compared to a net loss of $4.3 million, or $0.04 per diluted share, in the same period a year ago.

Adjusted EBITDA through nine months was a negative $4.3 million versus a positive $3.7 million in the comparable prior year period.

Enservco used $2.3 million in cash from operations through nine months compared to $8.5 million net cash provided by operations in the same period in 2019.

Conference Call Information
Management will hold a conference call today to discuss these results.  The call will begin at 2:30 p.m. Mountain Time (4:30 p.m. Eastern) and will be accessible by dialing 833-492-0064 (973-528-0076 for international callers).  Entry code: 662655.  A telephonic replay will be available through November 19, 2020, by calling 877-481-4010 (919-882-2331 for international callers) and entering the Conference ID #38801. To listen to the webcast, participants should go to the Enservco website at www.enservco.com and link to the “Investors” page at least 15 minutes early to register and download any necessary audio software. A replay of the webcast will be available until December 12, 2020.  The webcast also is available at the following link: https://www.webcaster4.com/Webcast/Page/2228/38801

About Enservco
Through its various operating subsidiaries, Enservco provides a wide range of oilfield services, including hot oiling, acidizing, frac water heating and related services.  The Company has a broad geographic footprint covering seven major domestic oil and gas basins and serves customers in Colorado, Montana, New Mexico, North Dakota, Oklahoma, Pennsylvania, Ohio, Texas, Wyoming and West Virginia. Additional information is available at www.enservco.com

*Note on non-GAAP Financial Measures
This press release and the accompanying tables include a discussion of EBITDA and Adjusted EBITDA, which are non-GAAP financial measures provided as a complement to the results provided in accordance with generally accepted accounting principles ("GAAP"). The term "EBITDA" refers to a financial measure that we define as earnings (net income or loss) plus or minus net interest plus taxes, depreciation and amortization. Adjusted EBITDA excludes from EBITDA stock-based compensation and, when appropriate, other items that management does not utilize in assessing Enservco’s operating performance (as further described in the attached financial schedules). None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure. We have reconciled Adjusted EBITDA to GAAP net income in the Consolidated Statements of Operations table at the end of this release.  We intend to continue to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting.

Cautionary Note Regarding Forward-Looking Statements
This news release contains information that is "forward-looking" in that it describes events and conditions Enservco reasonably expects to occur in the future. Expectations for the future performance of Enservco are dependent upon a number of factors, and there can be no assurance that Enservco will achieve the results as contemplated herein. Certain statements contained in this release using the terms "may," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond Enservco's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. Among these risks are those set forth in Enservco’s annual report on Form 10-K for the year ended December 31, 2019, and subsequently filed documents with the SEC.  Forward looking statements in this news release that are subject to risk include the Company’s ability to comply with its bank covenants and refinance its bank debt prior to maturity; expectations for an increase in customer activity and an improved financial performance; the ability to deliver improved shareholder value; ability to raise additional capital and attract new investors; the anticipated industry recovery; and the maintenance of the Company’s stock price above exchange de-listing levels.  It is important that each person reviewing this release understand the significant risks attendant to the operations of Enservco.  Enservco disclaims any obligation to update any forward-looking statement made herein.

Contact:

Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
Phone: 303-880-9000
Email: jay@pfeifferhigh.com

Marjorie Hargrave
President and CFO
Enservco Corporation
mhargrave@enservco.com 


ENSERVCO CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands)
  For the Three Months Ended   For the Nine Months Ended
  September 30,   September 30,
    2020       2019       2020       2019  
               
Revenues              
Production services $ 1,363     $ 3,288     $ 5,948     $ 11,239  
Completion services   401       510       7,343       23,711  
    1,764       3,798       13,291       34,950  
               
Expenses              
Production services   1,347       3,305       6,655       9,994  
Completion services   1,126       1,710       7,613       16,829  
Sales, general and administrative expenses   1,049       1,712       4,058       4,772  
Patent litigation and defense costs   -       -       -       10  
Severance and transition costs   -       83       139       83  
Loss (gain) on disposal of assets   21       -       59       (4 )
Impairment loss   -       -       -       127  
Depreciation and amortization   1,271       1,404       3,977       4,246  
Total operating expenses   4,814       8,214       22,501       36,057  
               
Loss from operations   (3,050 )     (4,416 )     (9,210 )     (1,107 )
               
Other income (expense)              
Interest expense   (477 )     (695 )     (1,665 )     (2,235 )
Gain on restructuring of senior revolving credit facilty   11,916       -       11,916       -  
Other income (expense)   29       (67 )     125       1,070  
Total other income (expense)   11,468       (762 )     10,376       (1,165 )
               
Income (loss) from continuing operations before tax expense   8,418       (5,178 )     1,166       (2,272 )
Income tax expense   (6 )     -       (15 )     (32 )
Income (loss) from continuing operations $ 8,412     $ (5,178 )   $ 1,151     $ (2,304 )
               
(Loss) income from discontinued operations   (7 )     (226 )     60       (2,006 )
Net income (loss) $ 8,405     $ (5,404 )   $ 1,211     $ (4,310 )
               
Earnings (loss) from continuing operations per common share - basic $ 0.14     $ (0.09 )   $ 0.02     $ (0.04 )
Loss from discontinued operations per common share - basic   -       (0.01 )     -       (0.04 )
Net income (loss) per share - basic $ 0.14     $ (0.10 )   $ 0.02     $ (0.08 )
               
Earnings (loss) from continuing operations per common share - diltued $ 0.14     $ (0.09 )   $ 0.02     $ (0.04 )
Loss from discontinued operations per common share - diltued   -       (0.01 )     -       (0.04 )
Net income (loss) per share - diltued $ 0.14     $ (0.10 )   $ 0.02     $ (0.08 )
               
Basic weighted average number of common shares outstanding   58,649       55,457       56,514       54,925  
Diluted weighted average number of common shares outstanding   58,649       55,457       56,514       54,925  
               



ENSERVCO CORPORATION AND SUBSIDIARIES
Calculation of Adjusted EBITDA *
               
  For the Three Months Ended   For the Nine Months Ended
  September 30,   September 30,
    2020       2019       2020       2019  
               
EBITDA*              
Net income (loss) $ 8,405     $ (5,404 )   $ 1,211     $ (4,310 )
Add back              
Interest expense   478       695       1,667       2,235  
Provision for income tax expense   6       -       15       32  
Depreciation and amortization (including discontinued operations)   1,277       1,703       3,996       5,122  
EBITDA*   10,166       (3,006 )     6,889       3,079  
Add Back (Deduct)              
Stock-based compensation   16       52       377       221  
Severance and transition costs   -       83       139       83  
Patent litigation and defense costs   -       -       -       10  
Loss (gain) on disposal of equipment (including discontinued operations)   20       (14 )     (34 )     (2 )
Gain on debt restructuring   (11,916 )     -       (11,916 )     -  
Impairment loss   -       -       -       127  
One-time software expense   -       -       -       25  
Other expense (income) (including discontinued operations)   1       223       282       (944 )
EBITDA related to discontinued operations   -       (59 )     11       1,133  
Adjusted EBITDA* $ (1,713 )   $ (2,721 )   $ (4,252 )   $ 3,732  
*Note: See below for discussion of the use of non-GAAP financial measurements.              
               
               
Use of Non-GAAP Financial Measures: Non-GAAP results are presented only as a supplement to the financial statements and for use within management’s discussion and analysis based on U.S. generally accepted accounting principles (GAAP). The non-GAAP financial information is provided to enhance the reader's understanding of the Company’s financial performance, but no non-GAAP measure should be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of the most directly comparable GAAP measures to non-GAAP measures are provided herein.
               
EBITDA is defined as net (loss) income (earnings), before interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA excludes stock-based compensation from EBITDA and, when appropriate, other items that management does not utilize in assessing the Company’s ongoing operating performance as set forth in the next paragraph. None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure.
               
All of the items included in the reconciliation from net income to EBITDA and from EBITDA to Adjusted EBITDA are either (i) non-cash items (e.g., depreciation, amortization of purchased intangibles, stock-based compensation, impairment losses, etc.) or (ii) items that management does not consider to be useful in assessing the Company’s ongoing operating performance (e.g., income taxes,  gain or losses on sale of equipment, severance and transition costs, gain on settlement, expenses to consolidate former Adler facilities, patent litigation and defense costs, other expense (income), EBITDA related to discontinued operations, etc.). In the case of the non-cash items, management believes that investors can better assess the company’s operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect the Company’s ability to generate free cash flow or invest in its business.
               
We use, and we believe investors benefit from the presentation of, EBITDA and Adjusted EBITDA in evaluating our operating performance because it provides us and our investors with an additional tool to compare our operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our core operations. We believe that EBITDA is useful to investors and other external users of our financial statements in evaluating our operating performance because EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, and depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired. Additionally, our fixed charge coverage ratio covenant associated with our Loan and Security Agreement with East West Bank require the use of Adjusted EBITDA in specific calculations.
               
Because not all companies use identical calculations, the Company’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. However, these measures can still be useful in evaluating the Company’s performance against its peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures.
               



ENSERVCO CORPORATION
Condensed Consolidated Balance Sheets
(In thousands)
       
  September 30,   December 31, 
ASSETS   2020       2019  
       
Current Assets      
Cash and cash equivalents $ -     $ 663  
Accounts receivable, net   1,012       6,424  
Prepaid expenses and other current assets   1,609       1,016  
Inventories   310       398  
Income tax receivable, current   57       43  
Current assets of discontinued operations   -       187  
Total current assets   2,988       8,731  
       
Property and equipment, net   22,590       26,620  
Goodwill   546       546  
Intangible assets, net   672       828  
Income taxes receivable, noncurrent   -       14  
Right-of-use asset - financing, net   148       569  
Right-of-use asset - operating, net   3,124       3,793  
Other assets   349       445  
Non-current assets of discontinued operations   809       1,430  
TOTAL ASSETS $ 31,226     $ 42,976  
       
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)      
Current Liabilities      
Accounts payable and accrued liabilities $ 2,540     $ 4,470  
Senior revolving credit facility, related party (including future interest payable of $950 and $0, respectively)   950       33,994  
Subordinated debt, related party   -       2,381  
Lease liability - financing, current   64       207  
Lease liability - operating, current   836       848  
Current portion of long-term debt   110       147  
Current liabilities of discontinued operations   31       72  
Total current liabilities   4,531       42,119  
       
Long-Term Liabilities      
Senior revolving credit facility, related party (including future interest payable of $822 and $0, respectively)   17,931       -  
Subordinated debt, related party   1,168      
Long-term debt, less current portion   2,066       198  
Lease liability - Financing   72       259  
Lease liability - Operating   2,406       3,009  
Other liability   33       33  
Long-term liability of discontinued operations   15       34  
Total long-term liabilities   23,691       3,533  
Total liabilities   28,222       45,652  
       
Commitments and Contingencies      
       
Stockholders' Equity (Deficit)      
Preferred stock, $.005 par value, 10,000,000 shares authorized, no shares issued or outstanding   -       -  
Common stock. $.005 par value, 100,000,000 shares authorized, 70,088,783 and 55,642,829 shares issued, respectively; 103,600 shares of treasury stock; and 69,985,183 and 55,539,229 shares outstanding, respectively   352       278  
Additional paid-in capital   26,461       22,066  
Accumulated deficit   (23,809 )     (25,020 )
Total stockholders' equity (deficit)   3,004       (2,676 )
       
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 31,226     $ 42,976  
       



ENSERVCO CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
       
  For the Nine Months Ended
  September 30,
    2020       2019  
OPERATING ACTIVITIES      
Net income (loss) $ 1,211     $ (4,310 )
Net income (loss) from discontinued operations   60       (2,006 )
Net income (loss) from continuing operations   1,151       (2,304 )
Adjustments to reconcile net (loss) income to net cash      
used in operating activities      
Depreciation and amortization   3,977       4,245  
Loss (gain) loss on disposal of equipment   59       (4 )
Gain on Adler settlement   -       (1,252 )
Impairment loss   -       127  
Stock-based compensation   377       221  
Amortization of debt issuance costs and discount   119       273  
Gain on restructuring of senior revolving credit facility   (11,916 )     -  
Lease termination expense   -       62  
Provision for bad debt expense   362       171  
Changes in operating assets and liabilities      
Accounts receivable   5,048       7,213  
Inventories   88       176  
Prepaid expense and other current assets   (593 )     281  
Income taxes receivable   (14 )     -  
Amortization of operating lease assets   635       599  
Other assets   363       239  
Accounts payable and accrued liabilities   (1,469 )     (342 )
Operating lease liabilities   (615 )     (546 )
Other liabilities   -       104  
Net cash (used in) provided by operating activities - continuing operations   (2,428 )     9,263  
Net cash provided by (used in) operating activities - discontinued operations   133       (775 )
Net cash (used in) provided by operating activities   (2,295 )     8,488  
       
       
INVESTING ACTIVITIES       
Purchases of property and equipment   (344 )     (859 )
Proceeds from insurance claims   294       27  
Proceeds from disposal of equipment   341       219  
Net cash provided by (used in) investing activities - continuing operations   291       (613 )
Net cash provided by investing activities - discontinued operations   675       413  
Net cash provided by (used in) investing activities   966       (200 )
       
       
FINANCING ACTIVITIES      
Gross proceeds from stock issuance   205       -  
Stock issuance costs and registration fees   (165 )     -  
Net line of credit payments   (855 )     (4,474 )
Proceeds from PPP loan   1,940       -  
Repayment of long-term debt   (109 )     (92 )
Payments of finance leases   (350 )     (279 )
Repayment of note   -       (3,700 )
Other financing activities   -       (1 )
Net cash provided by (used in) financing activities - continuing operations   666       (8,546 )
Net cash provided by financing activities - discontinued operations   -       1  
Net cash provided by (used in) financing activities   666       (8,545 )
       
Net Decrease in Cash and Cash Equivalents   (663 )     (257 )
       
Cash and Cash Equivalents, beginning of period   663       257  
       
Cash and Cash Equivalents, end of period $ -     $ -  
       
       
Supplemental Cash Flow Information:      
Cash paid for interest $ 1,415     $ 1,794  
Cash paid for taxes   2       32  
Supplemental Disclosure of Non-cash Investing and Financing Activities:      
Non-cash reduction of debt in connection with restructuring of senior revolving credit facility $ 16,000     $ -  
Non-cash issuance of common stock and warrants in connection with restructuring of senior revolving credit facility   2,532       -  
Non-cash conversion of subordinated debt and accrued interest to common stock   1,515       -  
Non-cash conversion of accrued interest to senior revolving credit facility   219       -  
Non-cash proceeds from revolving credit facilities   -       125  

Enservco Registered (Old) Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de



Diesen Artikel teilen

0 Kommentare

Schreibe Deinen Kommentar

Bitte melden Sie sich an, um zu kommentieren. Anmelden | Registrieren

 

Disclaimer

Enservco Reports 2020 Third Quarter and Nine-Month Financial Results Refinancing reduces debt by $16.0 million and adds $12.5 million to stockholders’ equity, significantly strengthening balance sheet $4.0 million in cost reductions align expense structure with lower revenue environment caused by industry downturn …

Nachrichten des Autors

Titel
Titel
Titel
Titel