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27.02.2017 20:44
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Key Energy Services Reports Fourth Quarter and Full-Year 2016 Earnings
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PR Newswire
HOUSTON, Feb. 27, 2017
HOUSTON, Feb. 27, 2017 /PRNewswire/ -- Key Energy Services, Inc. (NYSE: KEG) today reported a net loss of $131.7 million, or $0.82 per diluted share, on revenue of $399.4 million for the period from January 1, 2016 to December 15, 2016 for the Predecessor Company, and a net loss of $10.2 million, or $0.51 per diluted share, on revenue of $17.8 million for the period from December 16, 2016 to December 31, 2016 for the Successor Company. Upon emergence from Chapter 11 bankruptcy on December 15, 2016, the Company adopted fresh start accounting, which resulted in the Company becoming a new entity for financial reporting purposes. References to "Successor" relate to the financial position of the reorganized Key as of and subsequent to December 16, 2016; references to "Predecessor" refer to the financial position of Key as of and prior to December 15, 2016 and the results of operations through December 15, 2016. As a result of the application of fresh start accounting and the effects of the implementation of the Prepackaged Plan of Reorganization, the financial statements on or after December 16, 2016 are not comparable with the financial statements prior to that date.
For the period October 1, 2016 to December 15, 2016, the Predecessor reported net income of $173.4 million, or $1.08 per diluted share, on revenue of $90.9 million. Predecessor results for the period from October 1, 2016 to December 15, 2016 include a net gain associated with the Company's restructuring of $245.6 million, or $1.53 per diluted share, a charge related to settlement accruals of $16.7 million, or $0.10 per diluted share, an impairment charge of $4.6 million, or $0.03 per diluted share, professional fees incurred in connection with our emergence from voluntary reorganization of $3.1 million, or $0.02 per diluted share, a charge related to a vacation policy accrual change of $3.4 million, or $0.02 per diluted share, a financing-related and insurance policy tail expense of $2.4 million, or $0.02 per diluted share, an expense related to the vesting of equity compensation in bankruptcy of $2.0 million, or $0.01 per diluted share, severance costs of $0.7 million, or $0.00 per diluted share and a loss on sale of assets of $0.1 million, or $0.00 per diluted share. Excluding these items, the Predecessor reported a normalized net loss of $39.0, or $0.24 per diluted share. For the period December 16, 2016 to December 31, 2016, the Successor reported a net loss of $10.2 million, or $0.51 per diluted share, on revenue of $17.8 million. Successor results for the period from December 16, 2016 to December 31, 2016 included a loss on sale of assets of $0.4 million, or $0.02 per diluted share. Excluding this item, the Successor reported a normalized net loss of $9.8 million, or $0.49 per diluted share. For the period July 1, 2016 to September 30, 2016, Predecessor reported a net loss of $130.8 million, or $0.81 per diluted share, on revenue of $102.4 million. Predecessor results for the period July 1, 2016 to September 30, 2016 included a charge of $40.0 million, or $0.25 per share, for asset impairments associated with the sale of Key's business in Mexico, costs of $13.2 million, or $0.08 per share, in professional and other fees related to Key's restructuring, costs of $6.3 million, or $0.04 per share, related to certain legal settlements the Company is pursuing and a charge of $2.2 million, or $0.01 per share, related to the loss on sale of certain obsolete assets.
| | Successor | | | Predecessor | ||||||||||||
| |
| | | Period from | | Quarter ended | | Quarter ended | ||||||||
| Revenues | $ | 17.8 | | | | $ | 90.9 | | | $ | 102.4 | | | $ | 150.2 | |
| Net income (loss) | (10.2) | | | | 173.4 | | | (130.8) | | | (152.5) | | ||||
| Diluted income (loss) per share | (0.51) | | | | 1.08 | | | (0.81) | | | (0.97) | | ||||
| Adjusted EBITDA* | (4.9) | | | | 0.8 | | | (14.4) | | | (6.7) | | ||||
| | |
| * | Adjusted EBITDA does not exclude costs incurred in connection with the Company's completed FCPA investigations. |
For the period from January 1, 2016 to December 15, 2016, the Predecessor reported a net loss of $131.7 million, or $0.82 per diluted share, on revenue of $399.4 million. Predecessor results for the period from January 1, 2016 to December 15, 2016 included a net gain associated with the Company's restructuring of $245.6 million, or $1.53 per diluted share, an impairment charge of $44.6 million, or $0.28 per diluted share, professional fees incurred in connection with our emergence from voluntary reorganization of $25.8 million, or $0.16 per diluted share, severance costs of $9.0 million, or $0.06 per diluted share, a charge for certain legal settlements the Company is pursuing of $16.7 million, or $0.10 per diluted share, a loss on sale of assets of $5.2 million, or $0.03 per diluted share, a charge associated with the completed FCPA investigation settlement of $5.0 million, or $0.03 per diluted share, a charge related to a vacation policy accrual change of $3.4 million, or $0.02 per diluted share, a financing-related and insurance policy tail expense of $2.4 million, or $0.02 per diluted share, and an expense related to the vesting of equity compensation in bankruptcy of $2.0 million, or $0.01 per diluted share. Excluding these items, the Company reported a normalized net loss of $256.7 million, or $1.60 per diluted share. For the period December 16, 2016 to December 31, 2016, the Successor reported a net loss of $10.2 million, or $0.51 per diluted share, on revenue of $17.8 million. Successor results for the period from December 16, 2016 to December 31, 2016 included a loss on sale of assets of $0.4 million, or $0.02 per diluted share. Excluding this item, the Successor reported a normalized net loss of $9.8 million, or $0.49 per diluted share. For the twelve-month period ending December 31, 2015, the Predecessor reported a net loss of $917.7 million, or $5.86 per diluted share, on revenue of $792.3 million.
| | Successor | | | Predecessor | ||||||||
| |
| | | Period from | | Year Ended | ||||||
| |
| | |
| | | ||||||
| Revenues | $ | 17.8 | | | | $ | 399.4 | | | $ | 792.3 | |
| Net loss | (10.2) | | | | (131.7) | | | (917.7) | | |||
| Diluted loss per share | (0.51) | | | | (0.82) | | | (5.86) | | |||
| Adjusted EBITDA* | (4.9) | | | | (48.7) | | | (28.1) | | |||
| | |
| * | Adjusted EBITDA does not exclude costs incurred in connection with the Company's completed FCPA investigations. |
The following discussion and table sets forth financial information by operating segment and other selected information for the periods indicated. Except as otherwise indicated, the financial measures discussed in these results of operations combine the Successor and Predecessor results for the quarter ended December 31, 2016 in order to provide some comparability of such information to the quarter ended September 30, 2016. While this combined presentation is not presented according to generally accepted accounting principles in the United States ("GAAP"), management believes that providing this financial information is the most relevant and useful method for making comparisons to the prior periods.
| | Successor | | Predecessor | | Combined | |||
| |
| | Period from October 1, | | Period from October 1, | |||
| | | | | | | |||
| | a | | b | | a+b | |||
| | | | | | | |||
| U.S. Rig Services | | | | | | |||
| Revenue | 8,549 | | | 53,250 | | | 61,799 | |
| Operating Income | (1,930) | | | (10,416) | | | (12,346) | |
| Adjusted EBITDA | (802) | | | 9,682 | | | 8,880 | |
| Fluid Management Services | | | | | | |||
| Revenue | 3,208 | | | 14,778 | | | 17,986 | |
| Operating Income | (1,138) | | | (10,884) | | | (12,022) | |
| Adjusted EBITDA Werbung Mehr Nachrichten zur Key Energy Services Aktie kostenlos abonnieren
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