FORT WORTH, Texas, Feb. 19, 2015 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today announced its financial
and operating results for the fourth quarter and twelve months
ended December 31, 2014.
FOURTH QUARTER 2014 HIGHLIGHTS
Fourth quarter 2014 revenue increased 2% to $400.9 million from $394.0
million in the third quarter of 2014. Fourth quarter
2014 revenue increased 31% from the adjusted revenue of
$304.9 million generated in the
fourth quarter of 2013, driven by a 65% increase in revenues from
the completion and remedial services segment. All metrics for
2013 and for the first quarter of 2014 were adjusted for the
divestiture of Basic's barge rig operations in March 2014 for comparability purposes.
For the fourth quarter of 2014, Basic reported a net loss of
$18.8 million, or $0.45 per basic and diluted share. The fourth
quarter of 2014 includes a tax-effected, non-cash charge of
$23.5 million ($34.7 million before tax), or $0.56 per basic and diluted share, for impairment
of all the goodwill associated with the well servicing and fluid
services segments. Excluding the special item, Basic reported net
income of $4.7 million, or
$0.11 per basic and diluted share.
This compares to a net income of $9.9
million, or $0.24 per basic
and diluted share, reported in the third quarter of 2014. In
the fourth quarter of 2013, Basic reported a net loss of
$7.1 million, or $0.18 per basic and diluted share.
Roe Patterson, Basic's President and Chief Executive Officer,
stated, "We are pleased with our overall 2014 results as we
experienced robust activity during the great majority of the year.
Despite the more challenging environment that started to emerge in
December, fourth quarter revenue came in about two percent higher
sequentially, led by the performance of our completion and
remedial services segment as stimulation and coil tubing activity
remained steady through year end. Overall, fourth quarter margins
were essentially flat sequentially despite the impact of weather
interruptions in both the Permian Basin and the Mid-Continent and
the pricing discounts given to our customers in response to
competition in oilier markets. These discounts began in early
December across most lines of business.
"During the fourth quarter, we put in place a well-established
operating strategy to deal with this challenging environment, which
included reducing capital spending, scaling back operations to fit
cash flow, protecting our market share and preserving liquidity. We
currently expect to have a significant reduction down to
$100 million or less in our 2015
capital expenditure plan, shifting primarily to a
maintain-and-sustain revenue mode. Reducing input costs with
our vendors and suppliers has also been a top priority as we
continue to reduce our cost structure.
"In order to offset as much of the pricing concessions we have
given to customers, we have worked proactively to control personnel
costs as well. Our headcount has declined by approximately ten
percent since its peak in November
2014. Wages and benefits across our organization have been
adjusted as well.
"We have successfully employed these strategies in previous down
cycles, and combined with the strength of our current financial
position, these strategies should allow us to withstand the effects
of a prolonged downturn in activity.
"Looking ahead, we expect our first quarter revenue to be down
21% to 26% sequentially as declines in activity and winter weather
conditions will combine to reduce utilization. We will continue to
evaluate our 2015 capital plan, costs, and the rate environment as
the years unfolds. We will work to maximize utilization and make
adjustments as the operating landscape dictates."
Adjusted EBITDA decreased 3% to $85.6
million, or 21% of revenues for the fourth quarter of 2014,
from $88.5 million, or 23% of revenue
in the third quarter of 2014. In the fourth quarter of 2013,
Basic generated Adjusted EBITDA of $59.5
million, or 19% of revenue. Adjusted EBITDA is defined
as net income before interest, taxes, depreciation and
amortization, the net gain or loss from the disposal of assets,
loss on goodwill impairment, loss on sales and use tax audits, loss
on severance, and loss on certain legal settlements. 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 benefit for the fourth quarter of 2014 was
$7.3 million. Excluding the
special item, tax expense was $3.9
million, compared to adjusted tax expense of $6.2 million in the third quarter of 2014 and an
adjusted tax benefit of $4.5 million
in the fourth quarter of 2013. The tax expense in the fourth
quarter of 2014 equals an effective tax rate of 45%, up from the
third quarter effective tax rate of 39% and an effective tax
benefit rate in the fourth quarter of 2013 of 39%. The
increase in the effective tax rate from the third quarter is
primarily due to the recording of valuation allowances associated
with the expected inability to use certain state net operating loss
carryforwards.
FULL YEAR 2014 HIGHLIGHTS
Revenues increased 18% to $1.5
billion for the full year 2014 compared to $1.2 billion during the comparable period of
2013.
Adjusted EBITDA for the full year 2014, excluding special items,
increased 35% to $318.0 million, or
21% of revenue, compared to $235.8
million, or 19% of revenue, for the full year 2013.
Adjusted EBITDA excludes the special item discussed above for 2014.
Adjusted EBITDA is reconciled in note 3 under the accompanying
financial tables.
For 2014, Basic reported a net loss of $8.3 million, or $0.20 per basic and diluted share. Excluding the
goodwill impairment charge mentioned above, Basic generated net
income of $18.1 million, or
$0.43 per basic and diluted share,
for the full year 2014. For 2013, Basic reported a net loss of
$35.9 million, or $0.89 per basic and diluted share.
Excluding special items, Basic generated an adjusted net loss of
$28.5 million, or $0.71 per basic and diluted share, for 2013.
Business Segment Results
Completion and Remedial Services
Completion and remedial services revenue increased by 5% to
$203.4 million in the fourth quarter
of 2014 from $193.7 million in the
prior quarter. The sequential increase in revenue was mainly
due to a full quarter's impact from additional equipment deployed
during the third quarter and equipment added in the fourth quarter
of 2014. In the fourth quarter of 2013, this segment generated
$123.4 million in revenue.
As of December 31, 2014, Basic had
approximately 443,000 hydraulic horsepower ("HHP") compared to
approximately 413,000 HHP at the end of the previous quarter and
297,000 HHP as of December 31, 2013.
Weighted average HHP for the fourth quarter of 2014 was 427,000
compared to 385,000 in the prior quarter.
Segment profit in the fourth quarter of 2014 increased 3% to
$77.1 million compared to
$74.6 million in the prior
quarter. Segment margin for the 2014 fourth quarter decreased
60 basis points to 38% compared to the third quarter, due mainly to
the impact of inclement weather during the fourth quarter as well
as pricing discounts given late in the quarter to our customers in
response to weakening demand in competitive markets. During the
fourth quarter of 2013, segment profit was $
43.7 million, or 35% of revenue.
Fluid Services
Fluid services revenue in the fourth quarter of 2014 increased
1% to $93.8 million compared to
$92.9 million in the prior
quarter. The modest sequential increase in revenue was due
primarily to incremental revenues from the full quarter impact of
added trucking capacity to support disposal wells acquired in the
third quarter, offset by lower skim oil revenues, caused by the
drop in the average price of oil. During the fourth quarter
of 2013, this segment generated $87.8
million in revenue.
The weighted average number of fluid services trucks rose 2% to
1,043 during the fourth quarter of 2014, increasing by 18 trucks
from the weighted average truck count of 1,025 during the third
quarter of 2014. The weighted average number of fluid
services trucks was 986 during the fourth quarter of 2013.
Truck hours of 661,900 during the fourth quarter of 2014 increased
2% from the 645,800 generated in the third quarter of 2014, and up
14% compared to 579,400 in the same period in 2013.
The average revenue per fluid service truck decreased to
$90,000 from $91,000 in the third quarter of 2014 mainly due
to the impact of lower skim oil revenues. In the comparable quarter
of 2013, average revenue per fluid truck was $89,000.
Segment profit in the fourth quarter of 2014 was $26.6 million, compared to a profit of
$26.7 million in the prior quarter,
with segment profit margin decreasing by 40 basis points to 28%.
Segment profit in the same period in 2013 was $25.5 million, or 29% of revenue.
Well Servicing
Well servicing revenues decreased 3% to $88.0 million during the fourth quarter of 2014
compared to $91.1 million in the
prior quarter. Revenues from the Taylor manufacturing operations
were $3.0 million in both the fourth
and third quarters of 2014. In the fourth quarter of 2013,
adjusted for the sale of our barge operations in March 2014, well servicing revenues were
$80.9 million. All amounts and
percentages below have been adjusted for the fourth quarter of 2013
as if the sale of our barge rigs had been sold in that period.
At December 31, 2014, the well
servicing rig count was 421, the same as the end of the prior
quarter and at December 31, 2013. Rig
hours were 204,400 in the fourth quarter of 2014, down from 217,500
in the previous quarter and up from 194,200 hours in the comparable
quarter of last year. Rig utilization was 67% in the fourth quarter
of 2014, down from 71% in the prior quarter and up from 65% in the
fourth quarter of 2013.
Excluding revenues associated with the Taylor manufacturing
operations, revenue per well servicing rig hour was $416 in the fourth quarter of 2014, compared to
$405 in the previous quarter and to
$399 reported in the fourth quarter
of 2013, due to changes in the geographic mix of revenues in our
operating areas.
Segment profit in the fourth quarter of 2014 was $19.8 million compared to $23.5 million in the prior quarter and decreased
9% from $21.8 million during the same
period in 2013. Segment profit margin decreased to 23% in the
fourth quarter of 2014 from 26% in the previous quarter. The fourth
quarter profit was negatively impacted by higher payroll expenses,
downhole issues, and margin erosion resulting from pricing
concessions given to customers in the latter part of the
quarter. In the fourth quarter of 2013, adjusted segment
profit was 27% of revenue. Segment profit from the Taylor
manufacturing operations was $432,000
in the fourth quarter of 2014 compared to $472,000 in the prior quarter and $624,000 in the fourth quarter of 2013.
Contract Drilling
Contract drilling revenue decreased 3% to $15.7 million during the fourth quarter of 2014
from $16.3 million in the prior
quarter. During the fourth quarter of 2013, this segment
generated $12.8 million in
revenue. Basic operated 12 drilling rigs during the fourth
quarter of 2014, the same number of rigs as in the previous quarter
and in the fourth quarter of 2013. Revenue per drilling day
in the fourth quarter of 2014 was $16,600, down from $16,800 in the previous quarter and up from
revenue per drilling day of $16,400
in the fourth quarter of 2013.
Rig operating days during the fourth quarter of 2014 decreased
2% to 948 compared to 968 in the prior quarter, resulting in rig
utilization of 86% during the fourth quarter of 2014 compared to
88% during the prior quarter. In the comparable period in
2013, rig operating days were 781, producing a utilization of
71%.
Segment profit in the fourth quarter of 2014 was $5.1 million, flat with the prior quarter and an
increase from $4.5 million in the
fourth quarter of 2013. Segment margin for the fourth quarter
of 2014 was 33% of revenues compared to 31% from the prior
quarter. Last year in the comparable period, segment margin
was 35%.
G&A Expense
General and administrative ("G&A") expense in the fourth
quarter of 2014 was $43.3 million, or
11% of revenue, compared to $41.5
million, also 11% of revenue, for the prior quarter. The
slightly higher G&A expense was mainly due to increased
personnel costs, including salaries and incentive compensation.
G&A expense in the fourth quarter of 2013 was
$37.0 million, or 12% of revenue.
Goodwill Impairment
In the fourth quarter of 2014, Basic concluded that the goodwill
in its well servicing and fluid services segments was impaired in
its entirety, and accordingly, recorded a pre-tax goodwill
impairment charge of $34.7
million.
Cash and Total Liquidity
On December 31, 2014, Basic had
cash and cash equivalents of approximately $79.9 million, up from $57.5 million at September
30, 2014 and down from $111.5
million on December 31,
2013. At December 31, 2014,
total liquidity was approximately $313
million, which included $233
million of availability under Basic's $300 million revolving credit facility.
Capital Expenditures
Total capital expenditures for the full year 2014, including
capital leases of $75.2 million, were
approximately $309.0 million,
comprised of $148.6 million for
expansion projects, $153.2 million
for sustaining and replacement projects and $7.2 million for other projects. Expansion
capital spending included $119.5
million for the completion and remedial services segment,
$16.6 million for the fluid services
segment, $10.7 million for the well
servicing segment, and $1.8 million
for the contract drilling segment. Other capital expenditures
were mainly for facilities and IT infrastructure.
In 2015, Basic currently plans on investing approximately
$100 million on capital expenditures,
with approximately $28 million
expected to be financed through capital leases.
Conference Call
Basic will host a conference call to discuss its fourth quarter
and full year 2014 results on Friday,
February 20, 2015, at 9:00 a.m. Eastern
Time (8:00 a.m.
Central). To access the call, please dial (201) 689-8349 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 March 6, 2015 and may be
accessed by calling (201) 612-7415 and using pass code
13598844#. 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 5,400 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 and
Appalachian regions. Additional information on Basic Energy
Services is available on the Company's website at
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 our services and
any related material impact on our pricing and utilizations rates,
(ii) Basic's ability to execute, manage and integrate acquisitions
successfully and (iii) changes in our expenses, including labor or
fuel costs and financing costs. 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 future 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.
Contacts:
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Alan Krenek, Chief
Financial Officer
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Basic Energy
Services, Inc.
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817-334-4100
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Jack Lascar /
Stephanie Smith
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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
December 31,
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Twelve months
ended December 31,
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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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(Audited)
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Revenues:
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Completion and remedial
services
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$
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203,367
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$
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123,441
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$
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698,917
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$
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501,137
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Fluid
services
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93,772
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87,811
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369,774
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343,863
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Well
servicing
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88,024
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84,007
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361,683
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363,386
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Contract
drilling
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15,748
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12,774
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60,910
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54,518
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Total
revenues
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400,911
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308,033
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1,491,284
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1,262,904
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Expenses:
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Completion and remedial
services
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126,224
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79,727
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434,457
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327,540
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Fluid
services
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67,148
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62,310
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265,105
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239,154
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Well
servicing
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68,201
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61,471
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270,344
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265,058
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Contract
drilling
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10,612
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8,276
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41,513
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36,336
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General and
administrative (1)
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43,272
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36,950
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167,301
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171,439
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Depreciation and
amortization
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59,504
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54,276
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217,480
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209,747
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Goodwill
impairment
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34,703
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-
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34,703
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-
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Loss on disposal of
assets
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758
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583
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1,974
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2,873
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Total
expenses
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410,422
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303,593
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1,432,877
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1,252,147
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Operating income
(loss)
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(9,511)
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4,440
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58,407
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10,757
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Other income
(expense):
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Interest
expense
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(16,788)
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(16,667)
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(67,042)
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(67,207)
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Interest
income
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3
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13
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40
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53
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Other income
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163
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176
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775
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743
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Loss before income
taxes
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(26,133)
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(12,038)
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(7,820)
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(55,654)
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Income tax benefit
(expense)
|
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7,325
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4,639
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(521)
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19,725
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Net loss
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$
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(18,808)
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$
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(7,399)
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$
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(8,341)
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$
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(35,929)
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Earnings (loss) per
share of common stock:
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Basic
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$
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(0.45)
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$
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(0.18)
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$
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(0.20)
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$
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(0.89)
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Diluted
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$
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(0.45)
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$
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(0.18)
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$
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(0.20)
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$
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(0.89)
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Other Financial
Data (unaudited):
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EBITDA (3)
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$
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50,156
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$
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58,892
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$
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276,662
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$
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221,247
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Adjusted EBITDA
(3)
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85,617
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59,475
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317,952
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235,380
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Capital
expenditures:
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Acquisitions, net of
cash acquired
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-
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5,200
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16,090
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21,467
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Property and
equipment
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51,370
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32,921
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236,295
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136,950
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As
of
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December 31,
2014
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December 31,
2013
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(Unaudited)
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(Audited)
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Balance Sheet
Data:
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Cash and cash
equivalents
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$
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79,915
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$
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111,532
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Net property and
equipment
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1,007,969
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928,037
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Total
assets
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1,597,177
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1,543,339
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Total long-term
debt
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882,572
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846,691
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Total stockholders'
equity
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342,653
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345,287
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Three months ended
December 31,
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Twelve months
ended December 31,
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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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37.9%
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35.4%
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37.8%
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34.6%
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Fluid
Services
|
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Weighted average
number of fluid service trucks
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1,043
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986
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1,022
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|
973
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Truck hours
(000's)
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661.9
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579.4
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2,545.8
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2,282.4
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Revenue per fluid
services truck (000's)
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$
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90
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$
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89
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$
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362
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$
|
353
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Segment profits per
fluid services truck (000's)
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$
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26
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$
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26
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$
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102
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$
|
107
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Segment profits as a
percent of revenue
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28.4%
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29.0%
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28.3%
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30.5%
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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)
|
|
204.4
|
|
|
194.2
|
|
|
|
845.8
|
|
|
833.2
|
Rig utilization
rate
|
|
66.9%
|
|
|
64.5%
|
|
|
|
70.2%
|
|
|
69.2%
|
Revenue per rig hour,
excluding manufacturing
|
$
|
416
|
|
$
|
399
|
|
|
$
|
409
|
|
$
|
396
|
Well servicing rig
profit per rig hour
|
$
|
97
|
|
$
|
112
|
|
|
$
|
105
|
|
$
|
110
|
Segment profits as a
percent of revenue
|
|
22.5%
|
|
|
26.9%
|
|
|
|
25.0%
|
|
|
26.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact
Drilling
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of rigs
|
|
12
|
|
|
12
|
|
|
|
12
|
|
|
12
|
Rig operating
days
|
|
948
|
|
|
781
|
|
|
|
3,679
|
|
|
3,310
|
Drilling utilization
rate
|
|
85.9%
|
|
|
70.7%
|
|
|
|
84.0%
|
|
|
75.6%
|
Revenue per
day
|
$
|
16,600
|
|
$
|
16,400
|
|
|
$
|
16,600
|
|
$
|
16,500
|
Drilling rig profit
per day
|
$
|
5,400
|
|
$
|
5,800
|
|
|
$
|
5,300
|
|
$
|
5,500
|
Segment profits as a
percent of revenue
|
|
32.6%
|
|
|
35.2%
|
|
|
|
31.8%
|
|
|
33.4%
|
(1)
|
Includes
approximately $3,968,000 and $3,154,000 of non-cash compensation
expense for the three months ended December 31, 2014 and 2013,
respectively, and $15,440,000 and $13,157,000 for the year ended
December 31, 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 goodwill impairment, the loss on
sales and use tax audits, the loss on severance, and the loss on
certain legal settlements 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 loss on goodwill
impairment;
- Adjusted EBITDA does not reflect Basic's loss on sales and use
tax audits;
- Adjusted EBITDA does not reflect Basic's loss on
severance;
- Adjusted EBITDA does not reflect Basic's loss on certain 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
December 31,
|
|
Twelve months
ended
December 31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Reconciliation of
Net Loss to EBITDA:
|
(Unaudited)
|
|
(Unaudited)
|
Net loss
|
$
|
(18,808)
|
|
$
|
(7,399)
|
|
$
|
(8,341)
|
|
$
|
(35,929)
|
Income
taxes
|
|
(7,325)
|
|
|
(4,639)
|
|
|
521
|
|
|
(19,725)
|
Net
interest expense
|
|
16,785
|
|
|
16,654
|
|
|
67,002
|
|
|
67,154
|
Depreciation and amortization
|
|
59,504
|
|
|
54,276
|
|
|
217,480
|
|
|
209,747
|
EBITDA
|
$
|
50,156
|
|
$
|
58,892
|
|
$
|
276,662
|
|
$
|
221,247
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents a reconciliation of net income to
"Adjusted EBITDA," which means our EBITDA excluding the loss on
disposal of assets, loss on goodwill impairment, loss on sales and
use tax audits, loss on severance, and loss on certain legal
settlements:
|
Three months
ended
December 31,
|
|
Twelve months
ended
December 31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Reconciliation of
Net Loss to Adjusted EBITDA:
|
(Unaudited)
|
|
(Unaudited)
|
Net loss
|
$
|
(18,808)
|
|
$
|
(7,399)
|
|
$
|
(8,341)
|
|
$
|
(35,929)
|
Income
taxes
|
|
(7,325)
|
|
|
(4,639)
|
|
|
521
|
|
|
(19,725)
|
Net
interest expense
|
|
16,785
|
|
|
16,654
|
|
|
67,002
|
|
|
67,154
|
Depreciation and amortization
|
|
59,504
|
|
|
54,276
|
|
|
217,480
|
|
|
209,747
|
Loss on disposal of
assets
|
|
758
|
|
|
583
|
|
|
1,974
|
|
|
2,873
|
Loss on goodwill
impairment
|
|
34,703
|
|
|
-
|
|
|
34,703
|
|
|
-
|
Loss on sales and use
tax audits
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,743
|
Loss on
severance
|
|
-
|
|
|
-
|
|
|
-
|
|
|
517
|
Loss on certain legal
settlements
|
|
-
|
|
|
-
|
|
|
4,613
|
|
|
8,000
|
Adjusted
EBITDA
|
$
|
85,617
|
|
$
|
59,475
|
|
$
|
317,952
|
|
$
|
235,380
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/basic-energy-services-reports-fourth-quarter-and-full-year-2014-results-300038887.html
SOURCE Basic Energy Services, Inc.