FORT WORTH, Texas, Oct. 23, 2014 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today announced its financial
and operating results for the third quarter and nine months ended
September 30, 2014.
THIRD QUARTER HIGHLIGHTS
Third quarter 2014 revenue increased ten percent to $394.0 million from $359.7
million in the second quarter of 2014. Third quarter
2014 revenue increased 23% from the adjusted revenue of
$319.9 million generated in the third
quarter of 2013, driven by a 52% 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 third quarter of 2014, Basic reported net income of
$9.9 million, or $0.24 per basic and diluted share, compared to a
net income of $2.4 million, or
$0.06 per basic and diluted share,
reported in the second quarter of 2014. Excluding a special item,
Basic generated an operating income of $5.4
million, or $0.13 per basic
and diluted share in the second quarter of 2014. The special
item was related to a $2.9 million
($4.6 million pre-tax), or
$0.07 per basic and diluted share,
after-tax amount related to Basic's participation in a legal
settlement associated with a 2013 accident.
In the third quarter of 2013, Basic reported a net loss, before
special items, of $7.0 million, or
$0.17 per basic and diluted share.
Excluding special items and the divested barge rig operations,
Basic generated third quarter 2013 net loss of $5.9 million, or $0.14 per basic and diluted share. The
special items included a $329,000
after-tax ($517,000 pre-tax) charge
associated with severance and non-compete benefits awarded to the
retired President and Chief Executive Officer and $1.7 million of after-tax ($2.7 million pre-tax) expenses associated with
the settlement of a Texas sales
and use tax audit.
Adjusted EBITDA increased 13% to $88.5
million, or 23% of revenues for the third quarter of 2014,
up from $78.5 million, or 22% of
revenue, excluding special items, in the second quarter of
2014. In the third quarter of 2013, Basic generated Adjusted
EBITDA of $60.5 million, or 19% of
revenue. Adjusted EBITDA is defined as net income before
interest, taxes, depreciation and amortization, loss on sales and
use tax audits, loss on severance, loss on certain 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 third quarter of 2014 was
$6.2 million, compared to adjusted
tax expense of $2.2 million in the
second quarter of 2014 and a tax benefit of $4.9 million in the third quarter of 2013.
The tax expense in the third quarter of 2014 equals an effective
tax rate of 39%, down from the second quarter effective tax benefit
rate of 47% and an effective tax benefit rate in the third quarter
of 2013 of 41%. The decrease in the effective tax rate from
the second quarter is primarily due to the increase in the 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 were pleased with our third quarter results as our
activity levels came in better than we expected. Revenue in
the third quarter came in about ten percent higher sequentially,
led by our completion and remedial services segment which increased
revenue by 18% from the second quarter. We added 62,000 hydraulic
horsepower ("HHP") during the third quarter. Frac services were
running at near record utilization rates and we were able to
increase frac pricing in the three to five percent range during the
quarter, which more than offset cost increases. Activity
levels and pricing for our other three business segments were
generally in-line with our expectations.
"Segment profit margin in our completion and remedial services
segment increased marginally during the third quarter driven by
better pricing. The frac pricing increases that we implemented in
the third quarter were offset slightly by start-up expenses that
were incurred in connection with the HHP additions. We have
experienced very few logistical issues in our stimulation business
as a whole. Pricing in our other service lines remains highly
competitive as there is still more capacity than demand for those
services in most markets. Margins in our fluid services segment
were higher on strong utilization. While utilization also remains
strong in our well servicing segment, margins declined somewhat as
we faced interruptions from severe rainy weather in the Permian
Basin and our Mid-Continent markets. Additionally, we've
experienced higher personnel costs in the busy, but competitive,
Permian Basin well servicing market.
"Completion activity continues to drive demand for our pumping
services and coil tubing service lines. Frac calendars are full
through the first quarter of 2015. In the fourth quarter, we will
realize a full quarter impact from the 62,000 HHP we added in the
third quarter plus the addition of two 2" coil tubing units that
are being deployed in October. We expect the normal seasonal
conditions, including less daylight hours, holidays and weather, to
apply to all of our business segments. Based on these
conditions, we anticipate that our fourth quarter revenue will be
relatively flat sequentially.
"We have not seen a reduction of activity by our customers due
to the recent decline in oil prices, and none have indicated
reductions in their 2015 growth plans. Early indications of these
capital spending programs look to be slightly higher than 2014
levels. We will monitor utilization rates closely and should we see
any meaningful pullback, we will react quickly as we have
historically. "
2014 FIRST NINE MONTHS HIGHLIGHTS
Revenues increased 14% to $1.1
billion for the first nine months of 2014 compared to
$954.9 million during the comparable
period of 2013.
Adjusted EBITDA for the first nine months of 2014, excluding
special items, increased 32% to $232.3
million, or 21% of revenue, compared to $175.9 million, or 18% of revenue, for the first
nine months of 2013. Adjusted EBITDA excludes the special
item discussed above for 2014. Adjusted EBITDA is reconciled in
note 3 under the accompanying financial tables.
For the first nine months of 2014, Basic reported net income of
$10.5 million, or $0.25 per basic and diluted share. Excluding the
special item in the second quarter of 2014 mentioned above, Basic
generated net income of $13.4
million, or $0.32 per basic
and diluted share. For the first nine months of 2013, Basic
reported a net loss of $28.5 million,
or $0.70 per basic and diluted
share. Excluding the special item in last year's third
quarter mentioned above, Basic generated an adjusted net loss of
$21.4 million, or $0.53 per basic and diluted share.
Business Segment Results
Completion and Remedial Services
Completion and remedial services revenue increased by 18% to
$193.7 million in the third quarter
of 2014 from $164.4 million in the
prior quarter. The sequential increase in revenue was mainly
due to increased activity for our pumping and coiled tubing
services and from additional equipment deployed during the third
quarter. In the third quarter of 2013, this segment generated
$127.1 million in revenue.
As of September 30, 2014, Basic
had approximately 413,000 HHP compared to approximately 351,000 HHP
at the end of the previous quarter and 292,000 HHP as of
September 30, 2013. Weighted average
HHP for the third quarter of 2014 was 385,000 compared to 317,000
in the prior quarter.
Segment profit in the third quarter of 2014 increased to
$74.6 million compared to
$61.7 million in the prior
quarter. Segment margin for the 2014 third quarter increased
90 basis points to 38.5% compared to the second quarter, with a
slightly higher utilization rate for our coiled tubing units during
the third quarter. Improved pricing achieved in the third
quarter of 2014 for our frac services was offset by start-up costs
associated with the additional 62,000 HHP added during the quarter.
During the third quarter of 2013, segment profit was $44.2 million, or 35% of revenue.
Well Servicing
Well servicing revenues increased two percent to $91.1 million during the third quarter of 2014
compared to $89.6 million in the
prior quarter. Revenues from the Taylor manufacturing operations
were $3.0 million in the third
quarter, up from $1.9 million in the
second quarter of 2014. In the third quarter of 2013,
adjusted for the sale of our barge operations in March 2014, well servicing revenues were
$92.9 million. All amounts and
percentages below have been adjusted for the third quarter of 2013
as if the sale of our barge rigs had been sold in that period.
At September 30, 2014, the well
servicing rig count was 421, the same as the end of the prior
quarter and at September 30, 2013.
Rig hours improved to 217,500 in the third quarter of 2014, up from
214,200 in the previous quarter and down from 219,900 hours in the
comparable quarter of last year. Rig utilization was 71% in the
third quarter of 2014, flat with the prior quarter and down from
73% in the third quarter of 2013.
Excluding revenues associated with the Taylor manufacturing
operations, revenue per well servicing rig hour was $405 in the third quarter of 2014, compared to
$410 in the previous quarter and to
$395 reported in the third quarter of
2013.
Segment profit in the third quarter of 2014 decreased to
$23.5 million from $24.9 million in the prior quarter and from
$25.0 million during the same period
in 2013. Segment profit margins decreased to 26% in the third
quarter of 2014 from 28% in the previous quarter. The sequential
decline in segment margin resulted from higher personnel costs that
could not be recouped through rate increases for our services due
to highly competitive market environments, especially in the
Permian Basin. In the third quarter of 2013, adjusted segment
profit was 27% of revenue. Segment profit from the Taylor
manufacturing operations was $472,000
in the third quarter of 2014 compared to $241,000 in the prior quarter and $780,000 in the third quarter of 2013.
Fluid Services
Fluid services revenue in the third quarter of 2014 increased
three percent to $92.9 million
compared to $90.3 million in the
prior quarter. The sequential increase in revenue was due
primarily to improved disposal activity, including disposal
revenues and incremental revenues from added trucking capacity to
support added disposal wells. Two salt water disposal wells
were added during the third quarter, bringing the total number of
disposals to 85 as of September 30,
2014. During the third quarter of 2013, this segment
generated $86.1 million in
revenue.
The weighted average number of fluid services trucks rose
slightly to 1,025 during the third quarter of 2014, increasing by
ten trucks from the weighted average truck count of 1,015 during
the second quarter of 2014. The weighted average number of
fluid services trucks was 970 during the third quarter of
2013. Truck hours of 645,800 during the third quarter of 2014
increased slightly from the 630,900 generated in the second quarter
of 2014, and up 12% compared to 578,900 in the same period in
2013.
The average revenue per fluid service truck increased to
$91,000 from $89,000 in the second quarter of 2014 mainly due
to the increased disposal capacity. In the comparable quarter of
2013, average revenue per fluid truck was $89,000.
Segment profit in the third quarter of 2014 was $26.7 million, compared to a profit of
$25.3 million in the prior quarter,
with segment profit margin increasing by one percent to 29%.
Segment profit in the same period in 2013 was $26.4 million, or 31% of revenue.
Contract Drilling
Contract drilling revenue increased 6% to $16.3 million during the third quarter of 2014
from $15.4 million in the prior
quarter. During the third quarter of 2013, this segment
generated $13.8 million in
revenue. Basic operated 12 drilling rigs during the third
quarter of 2014, the same number of rigs as in the previous quarter
and in the third quarter of 2013. Revenue per drilling day in
the third quarter of 2014 was $16,800, up from $16,300 in the previous quarter and $16,500 in the third quarter of 2013.
Rig operating days during the third quarter of 2014 increased to
968 compared to 942 in the prior quarter, resulting in rig
utilization of 88% during the third quarter of 2014 compared to 86%
during the prior quarter. In the comparable period in 2013,
rig operating days were 833, producing a utilization of 76%.
Segment profit in the third quarter of 2014 was $5.1 million, up from $4.8
million in the prior quarter and increased from $4.6 million in the third quarter of 2013.
Segment margin for the third quarter of 2014 was 31% of revenues
compared to 32% from the prior quarter. Last year in the
comparable period, segment margin was 34%.
G&A Expense
General and administrative ("G&A") expense in the third
quarter of 2014 was $41.5 million, or
10% of revenue, compared to $38.4
million (excluding a $4.6
million pre-tax charge), or 11% of revenue, for the prior
quarter. The higher G&A expense was mainly due to increased
personnel costs, particularly incentive compensation expenses.
G&A expense in the second quarter of 2014, including the
$4.6 million pre-tax charge, was
$43.0 million, or 12% of revenue.
G&A expense in the third quarter of 2013 was $43.2 million, or 13% of revenue, which included
$3.2 million in severance payments
and prior years' sales and use tax audit assessments.
Cash and Total Liquidity
On September 30, 2014, Basic had
cash and cash equivalents of approximately $57.5 million, down from $99.0 million at June 30,
2014 and $100 million on
September 30, 2013. At
September 30, 2014, total liquidity
was approximately $240 million, which
included $183 million of availability
under Basic's $250 million revolving
credit facility.
Capital Expenditures
Total capital expenditures during the first nine months of 2014,
including capital leases of $39.9
million, were approximately $224.9
million, comprised of $122.2
million for expansion projects, $99.4
million for sustaining and replacement projects and
$3.3 million for other
projects. Expansion capital spending included $100.6 million for the completion and remedial
services segment, $15.0 million for
the fluid services segment, $4.9
million for the well servicing segment, and $1.7 million for the contract drilling
segment. Other capital expenditures were mainly for
facilities and IT infrastructure.
Conference Call
Basic will host a conference call to discuss its third quarter
2014 results on Friday,
October 24, 2014, at 9:00 a.m. Eastern
Time (8:00 a.m.
Central). To access the call, please dial (719) 325-2323 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 November 7, 2014 and may be
accessed by calling (719) 457-0820 and using pass code
8276639#. 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 5,700 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
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 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.
-Tables to Follow-
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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 /
Stephanie Smith
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Dennard ▪ Lascar
Associates
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713-529-6600
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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
September 30,
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Nine months
ended
September 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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193,699
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$
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127,119
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$
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495,550
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$
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377,696
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Well
servicing
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91,119
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97,783
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273,660
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279,379
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Fluid
services
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92,852
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86,121
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276,001
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256,052
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Contract
drilling
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16,285
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13,774
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45,162
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41,744
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Total
revenues
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393,955
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324,797
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1,090,373
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954,871
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Expenses:
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Completion and remedial
services
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119,138
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82,959
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308,235
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247,813
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Well
servicing
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67,636
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70,983
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202,144
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203,586
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Fluid
services
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66,121
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59,673
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197,958
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176,844
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Contract
drilling
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11,225
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9,128
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30,900
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28,060
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General and
administrative (1)
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41,516
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43,179
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124,028
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134,457
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Depreciation and
amortization
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54,485
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53,623
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157,975
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155,471
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Loss on disposal of
assets
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979
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411
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1,216
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2,290
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Total
expenses
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361,100
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319,956
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1,022,456
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948,521
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Operating
income
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32,855
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4,841
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67,917
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6,350
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Other income
(expense):
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Interest
expense
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(16,828)
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(16,927)
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(50,253)
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(50,541)
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Interest
income
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11
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10
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37
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40
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Other income
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139
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232
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612
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567
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Income (loss) before
income taxes
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16,177
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(11,844)
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18,313
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(43,584)
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Income tax benefit
(expense)
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(6,246)
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4,888
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(7,846)
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15,054
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Net income
(loss)
|
$
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9,931
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$
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(6,956)
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$
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10,467
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$
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(28,530)
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Earnings per share of
common stock:
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Basic
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$
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0.24
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$
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(0.17)
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$
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0.25
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$
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(0.70)
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Diluted
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$
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0.24
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$
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(0.17)
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$
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0.25
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$
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(0.70)
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Other Financial
Data:
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EBITDA (3)
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$
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87,479
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$
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58,696
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$
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226,504
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$
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162,388
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Adjusted EBITDA
(3)
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88,458
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62,367
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232,333
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175,938
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Capital
expenditures:
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Acquisitions, net of
cash acquired
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16,090
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(196)
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16,090
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16,267
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Property and
equipment
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77,541
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26,430
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184,925
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104,029
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As
of
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September 30,
2014
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September 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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57,450
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$
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100,169
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Net property and
equipment
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981,910
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932,505
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Total
assets
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1,605,849
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1,562,082
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Total long-term
debt
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865,708
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845,053
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Total stockholders'
equity
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364,108
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349,586
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Three months ended
September 30,
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Nine months ended
September 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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38.5%
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34.7%
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37.8%
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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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217.5
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|
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219.9
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649.1
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639.0
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Rig utilization
rate
|
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71.2%
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73.1%
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71.9%
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70.8%
|
Revenue per rig hour,
excluding manufacturing
|
$
|
405
|
|
$
|
395
|
|
|
$
|
411
|
|
$
|
386
|
Well servicing rig
profit per rig hour
|
$
|
108
|
|
$
|
114
|
|
|
$
|
110
|
|
$
|
110
|
Segment profits as a
percent of revenue
|
|
25.8%
|
|
|
26.9%
|
|
|
|
26.1%
|
|
|
27.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fluid
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of fluid service trucks
|
|
1,025
|
|
|
970
|
|
|
|
1,015
|
|
|
968
|
Truck hours
(000's)
|
|
645.8
|
|
|
578.9
|
|
|
|
1,883.9
|
|
|
1,703.0
|
Revenue per fluid
services truck (000's)
|
$
|
91
|
|
$
|
89
|
|
|
$
|
272
|
|
$
|
265
|
Segment profits per
fluid services truck (000's)
|
$
|
26
|
|
$
|
27
|
|
|
$
|
77
|
|
$
|
82
|
Segment profits as a
percent of revenue
|
|
28.8%
|
|
|
30.7%
|
|
|
|
28.3%
|
|
|
30.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact
Drilling
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of rigs
|
|
12
|
|
|
12
|
|
|
|
12
|
|
|
12
|
Rig operating
days
|
|
968
|
|
|
833
|
|
|
|
2,731
|
|
|
2,529
|
Revenue per
day
|
$
|
16,800
|
|
$
|
16,500
|
|
|
$
|
16,500
|
|
$
|
16,500
|
Drilling rig profit
per day
|
$
|
5,200
|
|
$
|
5,500
|
|
|
$
|
5,200
|
|
$
|
5,400
|
Segment profits as a
percent of revenue
|
|
31.1%
|
|
|
33.7%
|
|
|
|
31.6%
|
|
|
32.8%
|
(1)
|
Includes
approximately $3,991,000 and $3,874,000 of non-cash compensation
expense for the three months ended September 30, 2014 and 2013,
respectively, and $11,472,000 and $10,003,000 for the nine months
ended September 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, 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 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
September 30,
|
|
Nine months
ended
September 30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income to EBITDA:
|
(Unaudited)
|
|
(Unaudited)
|
Net income /
(loss)
|
$
|
9,931
|
|
$
|
(6,956)
|
|
$
|
10,467
|
|
$
|
(28,530)
|
Income
taxes
|
|
6,246
|
|
|
(4,888)
|
|
|
7,846
|
|
|
(15,054)
|
Net
interest expense
|
|
16,817
|
|
|
16,917
|
|
|
50,216
|
|
|
50,501
|
Depreciation and amortization
|
|
54,485
|
|
|
53,623
|
|
|
157,975
|
|
|
155,471
|
EBITDA
|
$
|
87,479
|
|
$
|
58,696
|
|
$
|
226,504
|
|
$
|
162,388
|
|
|
|
|
|
|
|
|
|
|
|
|
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 sales and use tax audits, loss on
severance, and loss on certain legal settlements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
September 30,
|
|
Nine months
ended
September 30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income to Adjusted EBITDA:
|
(Unaudited)
|
|
(Unaudited)
|
Net income /
(loss)
|
$
|
9,931
|
|
$
|
(6,956)
|
|
$
|
10,467
|
|
$
|
(28,530)
|
Income
taxes
|
|
6,246
|
|
|
(4,888)
|
|
|
7,846
|
|
|
(15,054)
|
Net
interest expense
|
|
16,817
|
|
|
16,917
|
|
|
50,216
|
|
|
50,501
|
Depreciation and amortization
|
|
54,485
|
|
|
53,623
|
|
|
157,975
|
|
|
155,471
|
Loss on disposal of
assets
|
|
979
|
|
|
411
|
|
|
1,216
|
|
|
2,290
|
Loss on sales and use
tax audits
|
|
-
|
|
|
2,743
|
|
|
-
|
|
|
2,743
|
Loss on
severance
|
|
-
|
|
|
517
|
|
|
-
|
|
|
517
|
Loss on certain legal
settlements
|
|
-
|
|
|
-
|
|
|
4,613
|
|
|
8,000
|
Adjusted
EBITDA
|
$
|
88,458
|
|
$
|
62,367
|
|
$
|
232,333
|
|
$
|
175,938
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/basic-energy-services-reports-third-quarter-2014-results-777499807.html
SOURCE Basic Energy Services, Inc.