-
Achieved EBITDA, as adjusted, of $126 million in the quarter, up
28 percent over year-ago levels
-
Sold previously nationalized Venezuelan assets in the quarter
HOUSTON--(BUSINESS WIRE)--Nov. 1, 2012--
Exterran Holdings, Inc. (NYSE: EXH) today reported financial results for
the third quarter 2012. These results of operations are presented on a
consolidated basis including the results of Exterran Partners, L.P.
EBITDA, as adjusted (as defined below), was $126.4 million for the third
quarter 2012, compared to $101.5 million for the second quarter 2012 and
$98.8 million for the third quarter 2011. Revenue was $718.7 million for
the third quarter 2012, compared to $630.7 million for the second
quarter 2012 and $689.8 million for the third quarter 2011. EBITDA, as
adjusted, excludes the benefit of the two previously announced sales of
Exterran Holdings’ Venezuelan assets described below.
Fabrication backlog was $1,239.5 million at the end of September 2012,
compared to $1,286.4 million at the end of June 2012 and $600.1 million
at the end of September 2011. Fabrication bookings were $313.9 million
for the third quarter 2012, compared to $598.7 million for the second
quarter 2012 and $196.6 million for the third quarter 2011.
“We achieved improved financial results in the third quarter 2012,
highlighted by better performance in our fabrication operations,” said
Brad Childers, Exterran Holdings’ President and Chief Executive Officer.
“And the sales of our Venezuelan assets increase our financial
flexibility as a result of cash proceeds already received and cash
payments due through the third quarter 2016.”
As previously announced, in August 2012, Exterran Holdings’ Venezuelan
subsidiary completed the sale of assets nationalized in 2009 to PDVSA
Gas, S.A. The net proceeds from this sale, when combined with the net
proceeds from the previously announced March 2012 sale of Exterran
Holdings’ Venezuelan joint venture assets that also were nationalized in
2009, total approximately $504 million. To date, Exterran Holdings has
received $174 million of the net proceeds from these sales and is due to
receive the remaining approximately $330 million in periodic cash
payments through the third quarter of 2016.
Net income from continuing operations attributable to Exterran
stockholders for the third quarter 2012 was $1.4 million, or $0.02 per
diluted share, excluding pretax charges totaling $4.7 million. Net loss
from continuing operations attributable to Exterran stockholders,
excluding charges, for the second quarter 2012 was $30.5 million, or
$0.48 per diluted share, and net loss from continuing operations
attributable to Exterran stockholders, excluding charges, for the third
quarter 2011 was $29.0 million, or $0.46 per diluted share. Net income
from continuing operations attributable to Exterran stockholders,
excluding charges, excludes the benefit of the two previously announced
sales of Exterran Holdings’ Venezuelan assets.
Exterran Holdings reported net income attributable to Exterran
stockholders for the third quarter 2012 of $113.4 million, or $1.74 per
diluted share, compared to a net loss attributable to Exterran
stockholders for the second quarter 2012 of $152.6 million, or $2.40 per
diluted share, and a net loss attributable to Exterran stockholders for
the third quarter 2011 of $216.0 million, or $3.44 per diluted share.
The cash distribution to be received by Exterran Holdings based upon its
limited partner and general partner interests in Exterran Partners is
$7.9 million for the third quarter 2012, compared to $7.8 million for
the second quarter 2012 and $7.2 million for the third quarter 2011.
Conference Call Details
Exterran Holdings and Exterran Partners, L.P. will host a joint
conference call regarding third-quarter 2012 results:
-
Teleconference: Thursday, Nov. 1, 2012 at 11:00 a.m. Eastern
Time, 10:00 a.m. Central Time. To access the call, United States and
Canadian participants should dial 800-446-2782. International
participants should dial +1-847-413-3235 at least 10 minutes before
the scheduled start time. Please reference Exterran conference call
number 33535569.
-
Live Webcast: The webcast will be available in listen-only mode
via the companies’ website: www.exterran.com.
-
Webcast Replay: For those unable to participate, a replay will
be available from 2:00 p.m. Eastern Time on Thursday, Nov. 1, 2012,
until 2:00 p.m. Eastern Time on Thursday, Nov. 8, 2012. To listen to
the replay, please dial 888-843-7419 in the United States and Canada,
or +1-630-652-3042 internationally, and enter access code 33535569#.
EBITDA, as adjusted, a non-GAAP measure, is defined as net income (loss)
excluding income (loss) from discontinued operations (net of tax),
cumulative effect of accounting changes (net of tax), income taxes,
interest expense (including debt extinguishment costs and gain or loss
on termination of interest rate swaps), depreciation and amortization
expense, impairment charges, merger and integration expenses,
restructuring charges, non-cash gains or losses from foreign currency
exchange rate changes recorded on intercompany obligations and other
charges.
Gross Margin, a non-GAAP measure, is defined as total revenue less cost
of sales (excluding depreciation and amortization expense).
About Exterran Holdings
Exterran Holdings, Inc. is a global market leader in full service
natural gas compression and a premier provider of operations,
maintenance, service and equipment for oil and gas production,
processing and transportation applications. Exterran Holdings serves
customers across the energy spectrum—from producers to transporters to
processors to storage owners. Headquartered in Houston, Texas, Exterran
has approximately 10,000 employees and operates in approximately 30
countries. Exterran Holdings owns an equity interest, including all of
the general partner interest, in Exterran Partners, L.P. (NASDAQ: EXLP),
a leading provider of natural gas contract operations services to
customers throughout the United States. For more information, visit www.exterran.com.
Forward-Looking Statements
All statements in this release (and oral statements made regarding the
subjects of this release) other than historical facts are
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements rely on a number of assumptions concerning future events and
are subject to a number of uncertainties and factors, many of which are
outside Exterran Holdings’ control, which could cause actual results to
differ materially from such statements. Forward-looking information
includes, but is not limited to: Exterran Holdings’ operational and
financial strategies and ability to successfully effect those
strategies; Exterran Holdings’ expectations regarding future economic
and market conditions; Exterran Holdings’ financial and operational
outlook and ability to fulfill that outlook; statements relating to the
remaining expected proceeds from the Venezuelan asset sales; and demand
for Exterran Holdings’ products and services and growth opportunities
for those products and services.
While Exterran Holdings believes that the assumptions concerning future
events are reasonable, it cautions that there are inherent difficulties
in predicting certain important factors that could impact the future
performance or results of its business. Among the factors that could
cause results to differ materially from those indicated by such
forward-looking statements are: local, regional, national and
international economic conditions and the impact they may have on
Exterran Holdings and their customers; changes in tax laws that impact
master limited partnerships; conditions in the oil and gas industry,
including a sustained decrease in the level of supply or demand for oil
or natural gas or a sustained decrease in the price of oil or natural
gas; Exterran Holdings’ ability to timely and cost-effectively execute
larger projects; changes in political or economic conditions in key
operating markets, including international markets; any non-performance
by third parties of their contractual obligations; changes in safety,
health, environmental and other regulations; and the performance of
Exterran Partners.
These forward-looking statements are also affected by the risk factors,
forward-looking statements and challenges and uncertainties described in
Exterran Holdings’ Annual Report on Form 10-K for the year ended
December 31, 2011, and those set forth from time to time in Exterran
Holdings’ filings with the Securities and Exchange Commission, which are
currently available at www.exterran.com.
Except as required by law, Exterran Holdings expressly disclaims any
intention or obligation to revise or update any forward-looking
statements whether as a result of new information, future events or
otherwise.
(Tables Follow)
|
|
|
|
|
|
|
|
|
EXTERRAN HOLDINGS, INC.
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
|
|
|
2012
|
|
2012
|
|
2011
|
|
Revenues:
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
$
|
151,532
|
|
|
$
|
148,564
|
|
|
$
|
147,737
|
|
|
|
International contract operations
|
|
|
110,632
|
|
|
|
112,628
|
|
|
|
113,759
|
|
|
|
Aftermarket services
|
|
|
95,854
|
|
|
|
101,902
|
|
|
|
95,673
|
|
|
|
Fabrication
|
|
|
360,686
|
|
|
|
267,641
|
|
|
|
332,651
|
|
|
|
|
|
|
718,704
|
|
|
|
630,735
|
|
|
|
689,820
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
Cost of sales (excluding depreciation and amortization expense):
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
75,217
|
|
|
|
70,423
|
|
|
|
75,879
|
|
|
|
International contract operations
|
|
|
46,260
|
|
|
|
47,092
|
|
|
|
48,227
|
|
|
|
Aftermarket services
|
|
|
75,793
|
|
|
|
77,528
|
|
|
|
75,802
|
|
|
|
Fabrication
|
|
|
310,754
|
|
|
|
241,357
|
|
|
|
303,259
|
|
|
|
Selling, general and administrative
|
|
|
85,536
|
|
|
|
94,134
|
|
|
|
89,257
|
|
|
|
Depreciation and amortization
|
|
|
85,248
|
|
|
|
88,909
|
|
|
|
88,762
|
|
|
|
Long-lived asset impairment
|
|
|
3,204
|
|
|
|
128,543
|
|
|
|
1,823
|
|
|
|
Restructuring charges
|
|
|
1,515
|
|
|
|
1,266
|
|
|
|
2,941
|
|
|
|
Goodwill impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
196,142
|
|
|
|
Interest expense
|
|
|
31,723
|
|
|
|
36,968
|
|
|
|
38,672
|
|
|
|
Equity in (income) loss of non-consolidated affiliates
|
|
|
(4,793
|
)
|
|
|
(4,728
|
)
|
|
|
262
|
|
|
|
Other (income) expense, net
|
|
|
(1,450
|
)
|
|
|
8,752
|
|
|
|
12,745
|
|
|
|
|
|
|
709,007
|
|
|
|
790,244
|
|
|
|
933,771
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
9,697
|
|
|
|
(159,509
|
)
|
|
|
(243,951
|
)
|
|
Provision for (benefit from) income taxes
|
|
|
1,267
|
|
|
|
(35,502
|
)
|
|
|
(32,640
|
)
|
|
Income (loss) from continuing operations
|
|
|
8,430
|
|
|
|
(124,007
|
)
|
|
|
(211,311
|
)
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
110,916
|
|
|
|
(42,891
|
)
|
|
|
(3,236
|
)
|
|
Net income (loss)
|
|
|
119,346
|
|
|
|
(166,898
|
)
|
|
|
(214,547
|
)
|
|
|
Less: net (income) loss attributable to the noncontrolling interest
|
|
|
(5,980
|
)
|
|
|
14,290
|
|
|
|
(1,427
|
)
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
113,366
|
|
|
$
|
(152,608
|
)
|
|
$
|
(215,974
|
)
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per common share:
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to Exterran
stockholders
|
|
$
|
0.04
|
|
|
$
|
(1.73
|
)
|
|
$
|
(3.39
|
)
|
|
|
Income (loss) from discontinued operations attributable to Exterran
stockholders
|
|
|
1.71
|
|
|
|
(0.67
|
)
|
|
|
(0.05
|
)
|
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
1.75
|
|
|
$
|
(2.40
|
)
|
|
$
|
(3.44
|
)
|
|
Diluted income (loss) per common share:
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to Exterran
stockholders
|
|
$
|
0.04
|
|
|
$
|
(1.73
|
)
|
|
$
|
(3.39
|
)
|
|
|
Income (loss) from discontinued operations attributable to Exterran
stockholders
|
|
|
1.70
|
|
|
|
(0.67
|
)
|
|
|
(0.05
|
)
|
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
1.74
|
|
|
$
|
(2.40
|
)
|
|
$
|
(3.44
|
)
|
|
Weighted average common and equivalent shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
64,847
|
|
|
|
63,478
|
|
|
|
62,728
|
|
|
|
Diluted
|
|
|
65,094
|
|
|
|
63,478
|
|
|
|
62,728
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to Exterran stockholders:
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
2,450
|
|
|
$
|
(109,717
|
)
|
|
$
|
(212,738
|
)
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
110,916
|
|
|
|
(42,891
|
)
|
|
|
(3,236
|
)
|
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
113,366
|
|
|
$
|
(152,608
|
)
|
|
$
|
(215,974
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXTERRAN HOLDINGS, INC.
|
|
UNAUDITED SUPPLEMENTAL INFORMATION
|
|
(In thousands, except percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
|
|
|
2012
|
|
2012
|
|
2011
|
|
Revenues:
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
$
|
151,532
|
|
|
$
|
148,564
|
|
|
$
|
147,737
|
|
|
|
International contract operations
|
|
|
110,632
|
|
|
|
112,628
|
|
|
|
113,759
|
|
|
|
Aftermarket services
|
|
|
95,854
|
|
|
|
101,902
|
|
|
|
95,673
|
|
|
|
Fabrication
|
|
|
360,686
|
|
|
|
267,641
|
|
|
|
332,651
|
|
|
|
Total
|
|
$
|
718,704
|
|
|
$
|
630,735
|
|
|
$
|
689,820
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin (1):
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
$
|
76,315
|
|
|
$
|
78,141
|
|
|
$
|
71,858
|
|
|
|
International contract operations
|
|
|
64,372
|
|
|
|
65,536
|
|
|
|
65,532
|
|
|
|
Aftermarket services
|
|
|
20,061
|
|
|
|
24,374
|
|
|
|
19,871
|
|
|
|
Fabrication
|
|
|
49,932
|
|
|
|
26,284
|
|
|
|
29,392
|
|
|
|
Total
|
|
$
|
210,680
|
|
|
$
|
194,335
|
|
|
$
|
186,653
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General and Administrative
|
|
$
|
85,536
|
|
|
$
|
94,134
|
|
|
$
|
89,257
|
|
|
% of Revenues
|
|
|
12
|
%
|
|
|
15
|
%
|
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted (1)
|
|
$
|
126,431
|
|
|
$
|
101,457
|
|
|
$
|
98,792
|
|
|
% of Revenues
|
|
|
18
|
%
|
|
|
16
|
%
|
|
|
14
|
%
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
|
$
|
100,871
|
|
|
$
|
112,382
|
|
|
$
|
66,989
|
|
|
Less: Proceeds from Sale of PP&E
|
|
|
(1,963
|
)
|
|
|
(16,248
|
)
|
|
|
(6,453
|
)
|
|
Net Capital Expenditures
|
|
$
|
98,908
|
|
|
$
|
96,134
|
|
|
$
|
60,536
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin Percentage:
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
50
|
%
|
|
|
53
|
%
|
|
|
49
|
%
|
|
|
International contract operations
|
|
|
58
|
%
|
|
|
58
|
%
|
|
|
58
|
%
|
|
|
Aftermarket services
|
|
|
21
|
%
|
|
|
24
|
%
|
|
|
21
|
%
|
|
|
Fabrication
|
|
|
14
|
%
|
|
|
10
|
%
|
|
|
9
|
%
|
|
|
Total
|
|
|
29
|
%
|
|
|
31
|
%
|
|
|
27
|
%
|
|
|
|
|
|
|
|
|
|
|
Total Available Horsepower (at period end):
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
3,341
|
|
|
|
3,285
|
|
|
|
3,564
|
|
|
|
International contract operations
|
|
|
1,254
|
|
|
|
1,254
|
|
|
|
1,236
|
|
|
|
Total
|
|
|
4,595
|
|
|
|
4,539
|
|
|
|
4,800
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Horsepower (at period end):
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
2,849
|
|
|
|
2,811
|
|
|
|
2,784
|
|
|
|
International contract operations
|
|
|
1,001
|
|
|
|
996
|
|
|
|
977
|
|
|
|
Total
|
|
|
3,850
|
|
|
|
3,807
|
|
|
|
3,761
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Horsepower (average):
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
2,830
|
|
|
|
2,820
|
|
|
|
2,776
|
|
|
|
International contract operations
|
|
|
1,003
|
|
|
|
989
|
|
|
|
978
|
|
|
|
Total
|
|
|
3,833
|
|
|
|
3,809
|
|
|
|
3,754
|
|
|
|
|
|
|
|
|
|
|
|
Horsepower Utilization (at period end):
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
85
|
%
|
|
|
86
|
%
|
|
|
78
|
%
|
|
|
International contract operations
|
|
|
80
|
%
|
|
|
79
|
%
|
|
|
79
|
%
|
|
|
Total
|
|
|
84
|
%
|
|
|
84
|
%
|
|
|
78
|
%
|
|
|
|
|
|
|
|
|
|
|
Fabrication Backlog:
|
|
|
|
|
|
|
|
|
Compression & accessory
|
|
$
|
231,027
|
|
|
$
|
297,012
|
|
|
$
|
166,072
|
|
|
|
Production & processing equipment
|
|
|
687,174
|
|
|
|
677,629
|
|
|
|
406,634
|
|
|
|
Installation
|
|
|
321,345
|
|
|
|
311,737
|
|
|
|
27,410
|
|
|
|
Total
|
|
$
|
1,239,546
|
|
|
$
|
1,286,378
|
|
|
$
|
600,116
|
|
|
|
|
|
|
|
|
|
|
|
Debt to Capitalization:
|
|
|
|
|
|
|
|
|
Debt
|
|
$
|
1,705,638
|
|
|
$
|
1,803,906
|
|
|
$
|
1,709,024
|
|
|
|
Exterran stockholders' equity
|
|
|
1,476,314
|
|
|
|
1,351,212
|
|
|
|
1,490,396
|
|
|
|
Capitalization
|
|
$
|
3,181,952
|
|
|
$
|
3,155,118
|
|
|
$
|
3,199,420
|
|
|
|
Total Debt to Capitalization
|
|
|
54
|
%
|
|
|
57
|
%
|
|
|
53
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Management believes disclosure of EBITDA, as adjusted, and Gross
Margin, both non-GAAP measures, provides useful information to
investors because, when viewed with our GAAP results and
accompanying reconciliations, they provide a more complete
understanding of our performance than GAAP results alone. Management
uses these non-GAAP measures as supplemental measures to review
current period operating performance, comparability measures and
performance measures for period to period comparisons. In addition,
EBITDA, as adjusted, is used by management as a valuation measure.
|
|
|
|
|
|
|
|
|
|
|
EXTERRAN HOLDINGS, INC.
|
|
UNAUDITED SUPPLEMENTAL INFORMATION
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
September 30,
|
|
|
|
|
2012
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
119,346
|
|
|
$
|
(166,898
|
)
|
|
$
|
(214,547
|
)
|
|
|
(Income) loss from discontinued operations, net of tax
|
|
|
(110,916
|
)
|
|
|
42,891
|
|
|
|
3,236
|
|
|
|
Income (loss) from continuing operations
|
|
|
8,430
|
|
|
|
(124,007
|
)
|
|
|
(211,311
|
)
|
|
|
Depreciation and amortization
|
|
|
85,248
|
|
|
|
88,909
|
|
|
|
88,762
|
|
|
|
Long-lived asset impairment
|
|
|
3,204
|
|
|
|
128,543
|
|
|
|
1,823
|
|
|
|
Restructuring charges
|
|
|
1,515
|
|
|
|
1,266
|
|
|
|
2,941
|
|
|
|
Investment in non-consolidated affiliates impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
262
|
|
|
|
Proceeds from sale of joint venture assets
|
|
|
(4,793
|
)
|
|
|
(4,728
|
)
|
|
|
-
|
|
|
|
Goodwill impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
196,142
|
|
|
|
Interest expense
|
|
|
31,723
|
|
|
|
36,968
|
|
|
|
38,672
|
|
|
|
(Gain) loss on currency exchange rate remeasurement of intercompany
balances
|
|
|
(163
|
)
|
|
|
10,008
|
|
|
|
14,141
|
|
|
|
Provision for (benefit from) income taxes
|
|
|
1,267
|
|
|
|
(35,502
|
)
|
|
|
(32,640
|
)
|
|
|
EBITDA, as adjusted (1)
|
|
|
126,431
|
|
|
|
101,457
|
|
|
|
98,792
|
|
|
|
Selling, general and administrative
|
|
|
85,536
|
|
|
|
94,134
|
|
|
|
89,257
|
|
|
|
Equity in (income) loss of non-consolidated affiliates
|
|
|
(4,793
|
)
|
|
|
(4,728
|
)
|
|
|
262
|
|
|
|
Investment in non-consolidated affiliates impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
(262
|
)
|
|
|
Proceeds from sale of joint venture assets
|
|
|
4,793
|
|
|
|
4,728
|
|
|
|
-
|
|
|
|
Gain (loss) on currency exchange rate remeasurement of intercompany
balances
|
|
|
163
|
|
|
|
(10,008
|
)
|
|
|
(14,141
|
)
|
|
|
Other (income) expense, net
|
|
|
(1,450
|
)
|
|
|
8,752
|
|
|
|
12,745
|
|
|
|
Gross Margin (1)
|
|
$
|
210,680
|
|
|
$
|
194,335
|
|
|
$
|
186,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
113,366
|
|
|
$
|
(152,608
|
)
|
|
$
|
(215,974
|
)
|
|
|
(Income) loss from discontinued operations
|
|
|
(110,916
|
)
|
|
|
42,891
|
|
|
|
3,236
|
|
|
|
Charges, after-tax:
|
|
|
|
|
|
|
|
|
|
Long-lived asset impairment (including the impact on noncontrolling
interest)
|
|
|
2,535
|
|
|
|
82,940
|
|
|
|
991
|
|
|
|
Restructuring charges
|
|
|
1,203
|
|
|
|
1,005
|
|
|
|
1,853
|
|
|
|
Investment in non-consolidated affiliates impairment
|
|
-
|
|
|
|
-
|
|
|
|
262
|
|
|
|
Proceeds from sale of joint venture assets
|
|
|
(4,793
|
)
|
|
|
(4,728
|
)
|
|
|
-
|
|
|
|
Goodwill impairment
|
|
-
|
|
|
|
-
|
|
|
|
180,643
|
|
|
|
Net income (loss) from continuing operations attributable to
Exterran stockholders,
|
|
|
|
|
|
|
|
|
|
excluding charges
|
|
$
|
1,395
|
|
|
$
|
(30,500
|
)
|
|
$
|
(28,989
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Income (loss) from continuing operations attributable to
Exterran stockholders per common share
|
|
$
|
0.04
|
|
|
$
|
(1.73
|
)
|
|
$
|
(3.39
|
)
|
|
|
Adjustment for charges, after-tax, per common share
|
|
|
(0.02
|
)
|
|
|
1.25
|
|
|
|
2.93
|
|
|
|
Diluted net income (loss) from continuing operations attributable to
Exterran stockholders
|
|
|
|
|
|
|
|
|
|
per common share, excluding charges (1)
|
|
$
|
0.02
|
|
|
$
|
(0.48
|
)
|
|
$
|
(0.46
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Management believes disclosure of EBITDA, as adjusted, diluted
net income (loss) from continuing operations attributable to
Exterran stockholders per common share, excluding charges, and Gross
Margin, non-GAAP measures, provides useful information to investors
because, when viewed with our GAAP results and accompanying
reconciliations, they provide a more complete understanding of our
performance than GAAP results alone. Management uses these non-GAAP
measures as supplemental measures to review current period operating
performance, comparability measures and performance measures for
period to period comparisons. In addition, EBITDA, as adjusted, is
used by management as a valuation measure.
|
Source: Exterran Holdings, Inc.
Exterran Holdings, Inc.
Media
Susan Moore, 281-836-7398
or
Investors
David
Oatman, 281-836-7035