FORT WORTH, Texas, July 24, 2014 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today announced its financial
and operating results for the second quarter and six months ended
June 30, 2014.
SECOND QUARTER HIGHLIGHTS
Second quarter 2014 revenue increased nine percent to
$359.7 million from $331.3 million in the first quarter of 2014,
adjusted for the impact of the sale of Basic's barge rig operations
in March 2014. All metrics for 2013 and for the first quarter
of 2014 were adjusted for this divestiture for comparability
purposes. Second quarter 2014 revenue increased 12% from the
$320.7 million generated in the
second quarter of 2013. Revenues improved sequentially, mainly
driven by the completion and remedial services segment.
For the second quarter of 2014, Basic reported net income of
$2.4 million, or $0.06 per basic and diluted share, compared to an
adjusted net loss of $4.2 million, or
$0.10 per basic and diluted share,
reported in the first quarter of 2014. Excluding a special item,
Basic generated an operating income of $5.4
million, or $0.13 per basic
and diluted share. The special item was related to a
$2.9 million ($4.6 million pre-tax), or $0.07 per diluted share, after-tax amount related
to Basic's participation in a legal settlement associated with a
2013 accident. Last year in the second quarter, Basic
reported a net loss of $12.8 million,
or $0.32 per diluted share. Second
quarter 2013 net loss before a special item was $6.2 million, or $0.15 per basic and diluted share. The special
item was related to a $6.6 million
($8.0 million pre-tax), or
$0.17 per diluted share, after-tax
reserve for an expected settlement associated with an accident that
occurred in 2008.
Adjusted EBITDA, excluding special items, increased 24% to
$78.5 million, or 22% of revenues for
the second quarter of 2014, up from $63.5
million, or 19% of revenue, in the first quarter of
2014. In the second quarter of 2013, Basic generated Adjusted
EBITDA of $62.1 million, or 19% of
revenue. Adjusted EBITDA is defined as net income before
interest, taxes, depreciation and amortization, loss on legal
settlements, and the net gain or loss from the disposal of
assets. EBITDA and Adjusted EBITDA, which are not measures
determined in accordance with United
States generally accepted accounting principles ("GAAP"),
are defined and reconciled in note 3 under the accompanying
financial tables.
Basic's tax expense for the second quarter of 2014 was
$2.2 million, compared to an adjusted
tax benefit of $1.1 million in the
first quarter of 2014 and an adjusted tax benefit of
$2.8 million in the second quarter of
2013. The tax expense in the second quarter of 2014 equals an
effective tax rate of 47%, up from the first quarter effective tax
benefit rate of 24% and an effective tax benefit rate in the second
quarter of 2013 of 18%. The increase from the first quarter
is primarily due to the change from a negative to positive pre-tax
earnings base. Basic expects the full year 2014 effective tax
rate to be in the 40% range.
Roe Patterson, Basic's President and Chief Executive Officer,
stated, "We are pleased with our second quarter results as they
continue to reflect the strong levels of activity that emerged late
last year. Our improved operating performance gained momentum
as the quarter progressed. Strong oil prices and relatively stable
natural gas prices, drove demand for our services across our
footprint. The Permian Basin's oil directed drilling rig count
continues to increase. Because of our strong position there, the
Permian was the lead driver of our performance.
"Our completion and remedial services segment, especially
stimulation services, showed marked improvement as we experienced a
busy calendar of activity during the quarter. Demand for our
pumping services and coil tubing operations increased during the
quarter due to the high level of completion activity. Our calendar
for hydraulic fracturing services remains relatively full through
the remainder of this year. In addition, our well
servicing revenues increased during the quarter, mainly due to the
steadiness of busier well servicing markets like the Permian Basin,
Mid-Continent and Eagle Ford. Our fluid services segment
experienced flat margins and slightly lower revenue due to less
frac heating and hot oiling work during the warmer months of the
second quarter. Our contract drilling fleet experienced higher
utilization during the quarter as we saw an increase in activity
for our 1,000 horsepower rigs in the vertical Wolfberry play in the
Permian Basin.
"Pricing improved slightly in pumping and coil segments while in
our other service lines pricing remained stable during the second
quarter. We were able to offset some wage and cost increases by
raising prices in selected lines of business in our busier markets.
Excess service capacity is still an issue in some areas. We remain
cautiously optimistic that as activity levels continue to improve
throughout 2014 and into 2015, improving utilization rates may
create an environment where prices can move higher.
"We expect our third quarter revenue to be up 4% to 6%
sequentially as we anticipate demand for our services to benefit
from increased customer spending, along with better weather and
longer daylight hours. We also expect additional revenue from new
expansion pumping equipment delivered in the third quarter.
Overall, we currently anticipate a stronger second half of 2014
compared to the first half.
"As previously announced, our revised capital budget for 2014 is
$285 million, with approximately
$114 million dedicated mainly to
expansion of our completion and remedial services business lines.
We received approximately 50,000 hydraulic horse power (HHP) near
the end of the second quarter, finishing the quarter at
351,000 HHP. We expect a full third quarter impact from these
additions. We should receive another 50,000 HHP and one
complete coil tubing spread by the end of the third
quarter. A second expansion coil tubing spread should be
delivered in the latter part of the fourth quarter. We
will continue to evaluate organic growth opportunities across all
business lines and remain confident that we will be able to close
on some acquisitions in the near term."
2014 FIRST SIX MONTHS HIGHLIGHTS
Revenues increased 12% to $696.4
million for the first six months of 2014 compared to
$619.8 million during the comparable
period of 2013.
Adjusted EBITDA for the first six months of 2014, excluding
special items, increased 27% to $143.9
million, or 21% of revenue, compared to $113.6 million, or 18% of revenue, for the first
six months of 2013. Adjusted EBITDA excludes the special item
discussed above for 2014. Adjusted EBITDA is reconciled in note 2
under the accompanying financial tables.
For the first half of 2014, Basic reported net income of
$536,000, or $0.01 per basic and diluted share. Excluding the
special item in the second quarter of 2014 mentioned above, Basic
generated net income of $3.5 million,
or $0.08 per basic and diluted share.
For the first half of 2013, Basic reported a net loss of
$21.6 million, or $0.53 per basic and diluted share.
Excluding the special item in last year's second quarter mentioned
above, Basic generated an adjusted net loss of $15.0 million, or $0.36 per basic and diluted share.
Business Segment Results
Completion and Remedial Services
Completion and remedial services revenue rose 20% to
$164.4 million in the second quarter
of 2014 from $137.5 million in the
prior quarter. The sequential increase in revenue was mainly
due to an increased activity in our pumping and coil tubing
services based on increased activity by our customers and a larger
equipment base due to capital expenditures during the quarter. In
the second quarter of 2013, this segment generated $132.2 million in revenue.
As of June 30, 2014, Basic had
approximately 351,000 HHP compared to approximately 301,000 HHP at
the end of the previous quarter and 292,000 HHP as of June 30, 2013.
Segment profit in the second quarter of 2014 increased to
$61.7 million compared to
$51.0 million in the prior
quarter. Segment margin for the 2013 second quarter rose to
38% from 37% in the prior quarter, due to the higher utilization
for our pumping services as well as slight increases in selected
markets. During the second quarter of 2013, segment profit
was $46.4 million, or 35% of
revenue.
Well Servicing
Adjusted for the sale of our barge operations in March 2014, well servicing revenues increased two
percent to $89.6 million during the
second quarter of 2014 compared to $87.5
million in the prior quarter. Revenues from the Taylor
manufacturing operations were $1.9
million in the second quarter, down from $2.2 million in the first quarter of 2014.
In the second quarter of 2013, adjusted well servicing
revenues were $88.9
million.
At June 30, 2014, the well
servicing rig count was 421, the same as the end of the prior
quarter. The weighted average number of well servicing rigs
during the second quarter of 2014 was also 421. During the second
quarter of 2013, the weighted average well servicing rig count was
421. Rig hours improved to 214,200 in the second quarter of 2014,
up by two percent from 209,600 in the previous quarter and down
three percent from 216,600 in the comparable quarter of last year.
Rig utilization was 71% in the second quarter of 2014, equal to the
prior quarter and 72% in the second quarter of 2013. Lost hours due
to inclement weather in our Texas
and Oklahoma footprint offset
regular seasonal improvements during the second
quarter.
Excluding revenues associated with the Taylor manufacturing
operations, revenue per well servicing rig hour was $410 in the second quarter of 2014, compared to
$407 in the previous quarter and to
$408 reported in the second quarter
of 2013.
Segment profit in the second quarter of 2014 increased to
$24.9 million from $21.0 million in the prior quarter and from
$24.5 million in the same period in
2013. Segment profit margins increased to 28% in the second
quarter of 2014 from 24% in the previous quarter. The sequential
increase in segment margin resulted from increased rig hours, a
decrease in insurance and legal costs and lower unemployment
payroll taxes in the second quarter. In the second quarter of
2013, segment profit was 28% of revenue. Segment profit from the
Taylor manufacturing operations was $241,000 in the second quarter of 2014 compared
to $134,000 in the prior quarter and
$502,000 in the second quarter of
2013.
Fluid Services
Fluid services revenue in the second quarter of 2014 decreased
three percent to $90.3 million
compared to $92.8 million in the
prior quarter. The sequential decrease in revenue was due
primarily to seasonal-based declines in frac heating and hot
oiling, as well as inclement weather during the quarter impacting
operations. During the second quarter of 2013, this segment
generated $85.6 million in
revenue.
The weighted average number of fluid services trucks rose less
than one percent to 1,015 during the second quarter of 2014,
increasing by nine trucks from the weighted average truck count of
1,006 during the first quarter of 2014. The weighted average
number of fluid services trucks was 972 during the second quarter
of 2013. Truck hours of 630,900 during the second quarter of
2014 rose four percent from the 607,200 generated in the first
quarter of 2014, and were up 11% compared to 568,500 in the same
period in 2013.
The average revenue per fluid service truck declined to
$89,000 from $92,000 in the first quarter of 2014 due to
declines in non-trucking revenue streams, such as frac heating, hot
oiling and disposal operations. In the comparable quarter of 2013,
average revenue per fluid truck was $88,000.
Segment profit in the second quarter of 2014 was $25.3 million, compared to a profit of
$26.1 million in the prior quarter,
with profit margin remaining flat at 28%. Segment profit in the
same period in 2013 was $26.3
million, or 31% of revenue.
Contract Drilling
Contract drilling revenue increased 14% to $15.4 million during the second quarter of 2014,
and from $13.5 million in the prior
quarter. During the second quarter of 2013, this segment
generated $14.0 million in
revenue. Basic operated 12 drilling rigs during the second
quarter of 2014, the same number of rigs as in the previous quarter
and in the second quarter of 2013. Revenue per drilling day
in the second quarter of 2014 was $16,300, down slightly from $16,500 in both the previous quarter and in the
second quarter of 2013.
Rig operating days during the second quarter of 2014 increased
15% to 942 compared to 821 days in the prior quarter, resulting in
rig utilization of 86% during the second quarter of 2014 compared
to 76% during the prior quarter. The sequential increase in
drilling rig utilization was mainly due to an increase in demand
for our medium-sized horsepower vertical drilling rigs. In
the comparable period in 2013, rig operating days were 846,
producing a utilization of 77%.
Segment profit in the second quarter of 2014 was $4.8 million, up from $4.4
million in the prior quarter and increasing from
$4.2 million in the second quarter of
2013. Segment margin for both the first and second quarter of
2014 remained flat at 32% of revenues. Last year in the
comparable period, segment margin was 30%.
G&A Expense
General and administrative ("G&A") expense in the second
quarter of 2014 was $43.0 million, or
12% of revenue. Excluding the $4.6
million pre-tax charge taken in the second quarter, G&A
expense for the quarter was $38.4
million, or 11% of revenue. This compares to last
quarter's G&A expense of $39.6
million, or 12% of revenue. G&A expense was $49.3 million, or 15% of revenue, in the second
quarter of 2013, including $8.0
million in charges for the 2012 legal settlement.
Cash and Total Liquidity
On June 30, 2014, Basic had cash
and cash equivalents of approximately $99.0
million, down from $116.6
million at March 31, 2014 and
up from $95.6 million on June 30, 2013. At June 30, 2014, total liquidity was approximately
$311 million, which included
$212 million of availability under
Basic's $250 million revolving credit
facility.
Capital Expenditures
Total capital expenditures during the six months ended
June 30, 2014, including capital
leases of $13.8 million, were
approximately $121.1 million,
comprised of $69.0 million for
expansion projects, $48.3 million for
sustaining and replacement projects and $3.8
million for other projects. Expansion capital spending
included $56.1 million for the
completion and remedial services segment, $8.1 million for the fluid services segment,
$3.6 million for the well servicing
segment, and $1.2 million for the
contract drilling segment. Other capital expenditures are
mainly for facilities and IT infrastructure.
Conference Call
Basic will host a conference call to discuss its second quarter
2014 results on Friday, July 25,
2014, at 9:00 a.m. Eastern
Time (8:00 a.m.
Central). To access the call, please dial (719) 325-2144 and
ask for the "Basic Energy Services" call at least 10 minutes prior
to the start time. The conference call will also be broadcast
live via the Internet and can be accessed through the investor
relations section of Basic's corporate website,
www.basicenergyservices.com.
A telephonic replay of the conference call will be available
until August 8, 2014 and may be
accessed by calling (719) 457-0820 and using pass code
2907271#. A webcast archive will be available at
www.basicenergyservices.com shortly after the call and will be
accessible for approximately 30 days.
About Basic Energy Services
Basic Energy Services provides well site services essential to
maintaining production from the oil and gas wells within its
operating area. The company employs more than 5,600 employees
in more than 100 service points throughout the major oil and gas
producing regions in Texas,
Louisiana, Oklahoma, New
Mexico, Arkansas,
Kansas and the Rocky Mountain
States. Additional information on Basic Energy Services is
available on the Company's website at
http://www.basicenergyservices.com.
Safe Harbor Statement
This release includes forward-looking statements and
projections, made in reliance on the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Basic has
made every reasonable effort to ensure that the information and
assumptions on which these statements and projections are based are
current, reasonable, and complete. However, a variety of
factors could cause actual results to differ materially from the
projections, anticipated results or other expectations expressed in
this release, including (i) changes in demand for Basic's services
and any related material impact on its pricing and utilizations
rates, (ii) Basic's ability to execute, manage and integrate
acquisitions successfully, (iii) changes in Basic's expenses,
including labor or fuel costs and financing costs, and (iv)
regulatory changes. Additional important risk factors that
could cause actual results to differ materially from expectations
are disclosed in Item 1A of Basic's Form 10-K for the year ended
December 31, 2013 and subsequent Form
10-Qs filed with the SEC. While Basic makes these statements
and projections in good faith, neither Basic nor its management can
guarantee that anticipated results will be achieved. Basic
assumes no obligation to publicly update or revise any
forward-looking statements made herein or any other forward-looking
statements made by Basic, whether as a result of new information,
future events, or otherwise.
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Contacts:
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Alan
Krenek,
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Chief Financial
Officer
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Basic Energy
Services, Inc.
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817-334-4100
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Jack
Lascar
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Dennard - Lascar
Associates
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713-529-6600
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-Tables to Follow-
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Basic Energy
Services, Inc.
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Consolidated
Statements of Operations and Other Financial Data
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(in thousands,
except per share amounts)
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Three months ended
June 30,
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Six months ended
June 30,
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2014
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2013
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2014
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2013
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Income Statement
Data:
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(Unaudited)
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(Unaudited)
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Revenues:
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Completion and remedial
services
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$
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164,366
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$
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132,216
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$
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301,851
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$
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250,577
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Well
servicing
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89,629
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93,921
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182,541
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181,596
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Fluid
services
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90,314
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85,601
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183,149
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169,931
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Contract
drilling
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15,353
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13,985
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28,877
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27,970
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Total
revenues
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359,662
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325,723
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696,418
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630,074
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Expenses:
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Completion and remedial
services
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102,617
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85,847
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189,097
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164,854
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Well
servicing
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64,748
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67,600
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134,508
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132,603
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Fluid
services
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65,055
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59,296
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131,837
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117,171
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Contract
drilling
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10,510
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9,769
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19,675
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18,932
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General and
administrative (1)
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42,953
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49,321
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82,512
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91,278
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Depreciation and
amortization
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51,785
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52,067
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103,490
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101,848
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Loss on disposal of
assets
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916
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790
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237
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1,879
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Total
expenses
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338,584
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324,690
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661,356
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628,565
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Operating
income
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21,078
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1,033
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35,062
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1,509
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Other income
(expense):
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Interest
expense
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(16,566)
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(16,806)
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(33,425)
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(33,614)
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Interest
income
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13
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13
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26
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30
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Other income
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107
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173
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473
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335
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Income (loss) from
before income taxes
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4,632
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(15,587)
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2,136
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(31,740)
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Income tax benefit
(expense)
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(2,188)
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2,790
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(1,600)
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10,166
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Net income
(loss)
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$
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2,444
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$
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(12,797)
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$
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536
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$
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(21,574)
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Earnings per share of
common stock:
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Basic
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$
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0.06
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$
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(0.32)
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$
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0.01
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$
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(0.53)
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Diluted
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$
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0.06
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$
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(0.32)
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$
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0.01
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$
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(0.53)
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Other Financial
Data:
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EBITDA (3)
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$
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72,970
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$
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53,273
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$
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139,025
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$
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103,692
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Adjusted EBITDA
(3)
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78,499
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62,063
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143,875
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113,571
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Capital
expenditures:
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Acquisitions, net of
cash acquired
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-
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-
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-
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16,463
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Property and
equipment
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74,278
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37,725
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107,384
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77,599
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As
of
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June 30,
2014
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June 30,
2013
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(Unaudited)
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Balance Sheet
Data:
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Cash and cash
equivalents
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$
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98,994
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$
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95,619
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Net property and
equipment
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923,232
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952,219
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Total
assets
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1,558,856
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1,588,995
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Total long-term
debt
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838,803
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847,644
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Total stockholders'
equity
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350,438
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355,575
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Three months Ended
June 30,
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Six months Ended
June 30,
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2014
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2013
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2014
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2013
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Segment
Data:
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(Unaudited)
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(Unaudited)
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Completion and
Remedial Services
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Segment Profits as a
percent of revenue
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37.6%
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35.1%
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37.3%
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34.4%
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Well Servicing
(2)
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Weighted average
number of rigs
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421
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421
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421
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421
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Rig hours
(000's)
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214.2
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216.6
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423.8
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419.1
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Rig utilization
rate
|
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71.2%
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72.0%
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70.9%
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69.6%
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Revenue per rig hour,
excluding manufacturing
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$
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410
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$
|
398
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$
|
408
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$
|
394
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Well servicing rig
profit per rig hour
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$
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116
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$
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113
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$
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111
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$
|
108
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Segment profits as a
percent of revenue
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27.8%
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|
27.6%
|
|
|
|
25.9%
|
|
|
26.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fluid
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of fluid service trucks
|
|
1,015
|
|
|
972
|
|
|
|
1,011
|
|
|
968
|
Truck hours
(000's)
|
|
630.9
|
|
|
568.5
|
|
|
|
1,238.1
|
|
|
1,124.1
|
Revenue per fluid
services truck (000's)
|
$
|
89
|
|
$
|
88
|
|
|
$
|
181
|
|
$
|
176
|
Segment profits per
fluid services truck (000's)
|
|
25
|
|
|
27
|
|
|
|
51
|
|
|
55
|
Segment profits as a
percent of revenue
|
|
28.0%
|
|
|
30.7%
|
|
|
|
28.0%
|
|
|
31.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact
Drilling
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of rigs
|
|
12
|
|
|
12
|
|
|
|
12
|
|
|
12
|
Rig operating
days
|
|
942
|
|
|
846
|
|
|
|
1,763
|
|
|
1,696
|
Revenue per
day
|
$
|
16,300
|
|
$
|
16,500
|
|
|
$
|
16,400
|
|
$
|
16,500
|
Drilling rig profit
per day
|
$
|
5,100
|
|
$
|
5,000
|
|
|
$
|
5,200
|
|
$
|
5,400
|
Segment profits as a
percent of revenue
|
|
31.5%
|
|
|
30.1%
|
|
|
|
31.8%
|
|
|
32.3%
|
|
|
(1)
|
Includes
approximately $3,911,000 and $3,312,000 of non-cash compensation
expense for the three months ended June 30, 2014 and 2013,
respectively, and $7,480,000 and $6,129,000 for the six months
ended June 30, 2014 and 2013, respectively.
|
|
|
(2)
|
Excludes Basic's
barge rig operations that were sold on March 31, 2014.
|
|
|
(3)
|
This earnings release
contains references to the non-GAAP financial measure of earnings
(net income) before interest, taxes, depreciation and amortization,
or "EBITDA." This earnings release also contains references to the
non-GAAP financial measure of earnings (net income) before
interest, taxes, depreciation, amortization, the gain or loss on
disposal of assets, the loss on sales and use tax audits, the loss
on relocation of the corporate offices, and the loss on expected
accident settlement or "Adjusted EBITDA." EBITDA and Adjusted
EBITDA should not be considered in isolation or as a substitute for
operating income, net income or loss, cash flows provided by
operating, investing and financing activities, or other income or
cash flow statement data prepared in accordance with GAAP. However,
Basic believes EBITDA and Adjusted EBITDA are useful supplemental
financial measures used by its management and directors and by
external users of its financial statements, such as investors, to
assess:
|
|
|
- The financial performance of its assets without regard to
financing methods, capital structure or historical cost basis;
- The ability of its assets to generate cash sufficient to pay
interest on its indebtedness; and
- Its operating performance and return on invested capital as
compared to those of other companies in the well servicing
industry, without regard to financing methods and capital
structure.
EBITDA and Adjusted EBITDA each have limitations as an
analytical tool and should not be considered an alternative to net
income, operating income, cash flow from operating activities or
any other measure of financial performance or liquidity presented
in accordance with GAAP. EBITDA and Adjusted EBITDA exclude some,
but not all, items that affect net income and operating income, and
these measures may vary among other companies. Limitations to using
EBITDA as an analytical tool include:
- EBITDA does not reflect its current or future requirements for
capital expenditures or capital commitments;
- EBITDA does not reflect changes in, or cash requirements
necessary to service interest or principal payments on, its
debt;
- EBITDA does not reflect income taxes;
- Although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced in the future, and EBITDA does not reflect any cash
requirements for such replacements; and
- Other companies in its industry may calculate EBITDA
differently than Basic does, limiting its usefulness as a
comparative measure.
In addition to each of the limitations with respect to EBITDA
noted above, the limitations to using Adjusted EBITDA as an
analytical tool include:
- Adjusted EBITDA does not reflect Basic's gain or loss on
disposal of assets;
- Adjusted EBITDA does not reflect Basic's reserve on legal
settlements; and
- Other companies in our industry may calculate Adjusted EBITDA
differently than Basic does, limiting its usefulness as a
comparative measure.
The following table presents a reconciliation of net income to
EBITDA, which is the most comparable GAAP performance measure, for
each of the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Reconciliation of
Net Income to EBITDA:
|
(Unaudited)
|
|
(Unaudited)
|
Net income /
(loss)
|
$
|
2,444
|
|
$
|
(12,797)
|
|
$
|
536
|
|
$
|
(21,574)
|
Income
taxes
|
|
2,188
|
|
|
(2,790)
|
|
|
1,600
|
|
|
(10,166)
|
Net
interest expense
|
|
16,553
|
|
|
16,793
|
|
|
33,399
|
|
|
33,584
|
Depreciation and amortization
|
|
51,785
|
|
|
52,067
|
|
|
103,490
|
|
|
101,848
|
EBITDA
|
$
|
72,970
|
|
$
|
53,273
|
|
$
|
139,025
|
|
$
|
103,692
|
The following table presents a reconciliation of net income to
"Adjusted EBITDA," which means our EBITDA excluding the loss on
disposal of assets and loss on legal settlements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Reconciliation of
Net Income to Adjusted EBITDA:
|
(Unaudited)
|
|
(Unaudited)
|
Net income /
(loss)
|
$
|
2,444
|
|
$
|
(12,797)
|
-
|
$
|
536
|
|
$
|
(21,574)
|
Income
taxes
|
|
2,188
|
|
|
(2,790)
|
-
|
|
1,600
|
|
|
(10,166)
|
Net
interest expense
|
|
16,553
|
|
|
16,793
|
-
|
|
33,399
|
|
|
33,584
|
Depreciation and amortization
|
|
51,785
|
|
|
52,067
|
-
|
|
103,490
|
|
|
101,848
|
Loss on disposal of
assets
|
|
916
|
|
|
790
|
-
|
|
237
|
|
|
1,879
|
Loss on legal
settlements
|
|
4,613
|
|
|
8,000
|
|
|
4,613
|
|
|
8,000
|
Adjusted
EBITDA
|
$
|
78,499
|
|
$
|
62,063
|
|
$
|
143,875
|
|
$
|
113,571
|
SOURCE Basic Energy Services, Inc.