-
Achieved EBITDA, as adjusted, of $146.5 million in the quarter,
up 52 percent over year-ago levels
-
Reported net income from continuing operations attributable to
Exterran stockholders of $0.21 per diluted share, excluding charges,
in the quarter
HOUSTON--(BUSINESS WIRE)--May. 2, 2013--
Exterran Holdings, Inc. (NYSE: EXH) today reported EBITDA, as adjusted
(as defined below), of $146.5 million for the first quarter 2013,
compared to $140.8 million for the fourth quarter 2012 and $96.2 million
for the first quarter 2012.
Revenue was $811.4 million for the first quarter 2013, compared to
$838.9 million for the fourth quarter 2012 and $615.2 million for the
first quarter 2012.
Fabrication backlog was $994.0 million at March 31, 2013, compared to
$1,065.7 million at December 31, 2012 and $955.3 million at March 31,
2012.
“First quarter 2013 highlights included our third consecutive quarter of
positive earnings from continuing operations, excluding charges, and the
highest quarterly level of EBITDA, as adjusted, in over three years,”
said Brad Childers, Exterran Holdings’ President and Chief Executive
Officer. “While some delays in project awards are impacting our
international bookings, I believe that our current opportunity set and
market conditions will allow us to maintain our overall activity levels.
We are on track to improve the company’s performance in 2013 over prior
year results as we maintain our focus on improving the profitability of
our businesses.”
Net income from continuing operations attributable to Exterran
stockholders, excluding charges, for the first quarter 2013 was $13.9
million, or $0.21 per diluted share, excluding non-cash pretax
long-lived asset impairment charges of $3.6 million related to our North
America contract operations business. Net income from continuing
operations attributable to Exterran stockholders, excluding charges, for
the fourth quarter 2012 was $6.0 million, or $0.09 per diluted share,
and net loss from continuing operations attributable to Exterran
stockholders, excluding charges, for the first quarter 2012 was $26.5
million, or $0.42 per diluted share. Net income (loss) from continuing
operations attributable to Exterran stockholders, excluding charges,
also excludes the benefit of the two previously announced sales of
Exterran Holdings’ Venezuelan assets.
Net income attributable to Exterran stockholders for the first quarter
2013 was $50.2 million, or $0.76 per diluted share, compared to a net
loss attributable to Exterran stockholders for the fourth quarter 2012
of $5.7 million, or $0.09 per diluted share, and net income attributable
to Exterran stockholders for the first quarter 2012 of $5.5 million, or
$0.09 per diluted share.
The cash distribution to be received by Exterran Holdings based upon its
limited partner and general partner interests in Exterran Partners, L.P.
is $12.2 million for the first quarter 2013, compared to $8.1 million
for the fourth quarter 2012 and $7.7 million for the first quarter 2012.
Conference Call Details
Exterran Holdings and Exterran Partners, L.P. will host a joint
conference call on Thursday, May 2, 2013, to discuss their first-quarter
2013 financial results. The call will begin at 11:00 a.m. Eastern Time.
To listen to the call via a live webcast, please visit Exterran’s
website at www.exterran.com.
The call will also be available by dialing 800-446-2782 in the United
States and Canada, or +1-847-413-3235 for international calls. Please
call approximately 15 minutes prior to the scheduled start time and
reference Exterran conference call number 34607947.
A replay of the conference call will be available on Exterran’s website
for approximately seven days. Also, a replay may be accessed by dialing
888-843-7419 in the United States and Canada, or +1-630-652-3042 for
international calls. The access code is 34607947#.
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. EBITDA, as adjusted, excludes the benefit of the two previously
announced sales of Exterran Holdings’ Venezuelan assets.
Gross Margin, a non-GAAP measure, is defined as total revenue less cost
of sales (excluding depreciation and amortization expense). Gross margin
percentage is defined as gross margin divided by revenue.
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),
the 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’ financial and
operational 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; 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 its 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, 2012, 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXTERRAN HOLDINGS, INC.
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31,
|
|
|
|
2013
|
|
|
2012
|
|
|
2012
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
$
|
159,431
|
|
|
|
$
|
154,683
|
|
|
|
$
|
150,588
|
|
|
International contract operations
|
|
|
109,558
|
|
|
|
|
127,911
|
|
|
|
|
112,786
|
|
|
Aftermarket services
|
|
|
83,612
|
|
|
|
|
98,460
|
|
|
|
|
89,645
|
|
|
Fabrication
|
|
|
458,776
|
|
|
|
|
457,868
|
|
|
|
|
262,222
|
|
|
|
|
|
811,377
|
|
|
|
|
838,922
|
|
|
|
|
615,241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales (excluding depreciation and amortization expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
72,053
|
|
|
|
|
69,368
|
|
|
|
|
74,236
|
|
|
International contract operations
|
|
|
46,199
|
|
|
|
|
47,367
|
|
|
|
|
43,889
|
|
|
Aftermarket services
|
|
|
65,446
|
|
|
|
|
78,538
|
|
|
|
|
71,731
|
|
|
Fabrication
|
|
|
402,399
|
|
|
|
|
404,223
|
|
|
|
|
235,602
|
|
|
Selling, general and administrative
|
|
|
84,979
|
|
|
|
|
101,850
|
|
|
|
|
94,839
|
|
|
Depreciation and amortization
|
|
|
82,646
|
|
|
|
|
91,579
|
|
|
|
|
85,111
|
|
|
Long-lived asset impairment
|
|
|
3,563
|
|
|
|
|
47,576
|
|
|
|
|
4,122
|
|
|
Restructuring charges
|
|
|
-
|
|
|
|
|
808
|
|
|
|
|
3,047
|
|
|
Interest expense
|
|
|
27,874
|
|
|
|
|
27,694
|
|
|
|
|
37,991
|
|
|
Equity in income of non-consolidated affiliates
|
|
|
(4,665
|
)
|
|
|
|
(4,623
|
)
|
|
|
|
(37,339
|
)
|
|
Other (income) expense, net
|
|
|
(9,809
|
)
|
|
|
|
(777
|
)
|
|
|
|
(6,094
|
)
|
|
|
|
|
770,685
|
|
|
|
|
863,603
|
|
|
|
|
607,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
40,692
|
|
|
|
|
(24,681
|
)
|
|
|
|
8,106
|
|
|
Provision for (benefit from) income taxes
|
|
|
15,151
|
|
|
|
|
(27,797
|
)
|
|
|
|
(343
|
)
|
|
Income from continuing operations
|
|
|
25,541
|
|
|
|
|
3,116
|
|
|
|
|
8,449
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
33,250
|
|
|
|
|
(20
|
)
|
|
|
|
(1,162
|
)
|
|
Net income
|
|
|
58,791
|
|
|
|
|
3,096
|
|
|
|
|
7,287
|
|
|
Less: net income attributable to the noncontrolling interest
|
|
|
(8,586
|
)
|
|
|
|
(8,835
|
)
|
|
|
|
(1,792
|
)
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
50,205
|
|
|
|
$
|
(5,739
|
)
|
|
|
$
|
5,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to Exterran
stockholders
|
|
$
|
0.26
|
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
0.10
|
|
|
Income (loss) from discontinued operations attributable to Exterran
stockholders
|
|
|
0.51
|
|
|
|
|
-
|
|
|
|
|
(0.01
|
)
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
0.77
|
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
0.09
|
|
|
Diluted income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to Exterran
stockholders
|
|
$
|
0.26
|
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
0.10
|
|
|
Income (loss) from discontinued operations attributable to Exterran
stockholders
|
|
|
0.50
|
|
|
|
|
-
|
|
|
|
|
(0.01
|
)
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
0.76
|
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
0.09
|
|
|
Weighted average common and equivalent shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
65,291
|
|
|
|
|
63,658
|
|
|
|
|
64,515
|
|
|
Diluted
|
|
|
65,810
|
|
|
|
|
63,658
|
|
|
|
|
64,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to Exterran stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
16,955
|
|
|
|
$
|
(5,719
|
)
|
|
|
$
|
6,657
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
33,250
|
|
|
|
|
(20
|
)
|
|
|
|
(1,162
|
)
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
50,205
|
|
|
|
$
|
(5,739
|
)
|
|
|
$
|
5,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXTERRAN HOLDINGS, INC.
|
|
UNAUDITED SUPPLEMENTAL INFORMATION
|
|
(In thousands, except percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2012
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
$
|
159,431
|
|
|
|
$
|
154,683
|
|
|
|
$
|
150,588
|
|
|
International contract operations
|
|
|
|
109,558
|
|
|
|
|
127,911
|
|
|
|
|
112,786
|
|
|
Aftermarket services
|
|
|
|
83,612
|
|
|
|
|
98,460
|
|
|
|
|
89,645
|
|
|
Fabrication
|
|
|
|
458,776
|
|
|
|
|
457,868
|
|
|
|
|
262,222
|
|
|
Total
|
|
|
$
|
811,377
|
|
|
|
$
|
838,922
|
|
|
|
$
|
615,241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin (1):
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
$
|
87,378
|
|
|
|
$
|
85,315
|
|
|
|
$
|
76,352
|
|
|
International contract operations
|
|
|
|
63,359
|
|
|
|
|
80,544
|
|
|
|
|
68,897
|
|
|
Aftermarket services
|
|
|
|
18,166
|
|
|
|
|
19,922
|
|
|
|
|
17,914
|
|
|
Fabrication
|
|
|
|
56,377
|
|
|
|
|
53,645
|
|
|
|
|
26,620
|
|
|
Total
|
|
|
$
|
225,280
|
|
|
|
$
|
239,426
|
|
|
|
$
|
189,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General and Administrative
|
|
|
$
|
84,979
|
|
|
|
$
|
101,850
|
|
|
|
$
|
94,839
|
|
|
% of revenue
|
|
|
|
10
|
%
|
|
|
|
12
|
%
|
|
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as Adjusted (1)
|
|
|
$
|
146,535
|
|
|
|
$
|
140,801
|
|
|
|
$
|
96,151
|
|
|
% of revenue
|
|
|
|
18
|
%
|
|
|
|
17
|
%
|
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
$
|
106,990
|
|
|
|
$
|
100,006
|
|
|
|
$
|
115,472
|
|
|
Less: Proceeds from sale of PP&E
|
|
|
|
(14,945
|
)
|
|
|
|
(8,004
|
)
|
|
|
|
(9,785
|
)
|
|
Net Capital expenditures
|
|
|
$
|
92,045
|
|
|
|
$
|
92,002
|
|
|
|
$
|
105,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin Percentage:
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
|
55
|
%
|
|
|
|
55
|
%
|
|
|
|
51
|
%
|
|
International contract operations
|
|
|
|
58
|
%
|
|
|
|
63
|
%
|
|
|
|
61
|
%
|
|
Aftermarket services
|
|
|
|
22
|
%
|
|
|
|
20
|
%
|
|
|
|
20
|
%
|
|
Fabrication
|
|
|
|
12
|
%
|
|
|
|
12
|
%
|
|
|
|
10
|
%
|
|
Total
|
|
|
|
28
|
%
|
|
|
|
29
|
%
|
|
|
|
31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Available Horsepower (at period end):
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
|
3,389
|
|
|
|
|
3,376
|
|
|
|
|
3,558
|
|
|
International contract operations
|
|
|
|
1,282
|
|
|
|
|
1,265
|
|
|
|
|
1,257
|
|
|
Total
|
|
|
|
4,671
|
|
|
|
|
4,641
|
|
|
|
|
4,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Horsepower (at period end):
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
|
2,902
|
|
|
|
|
2,900
|
|
|
|
|
2,825
|
|
|
International contract operations
|
|
|
|
1,007
|
|
|
|
|
1,007
|
|
|
|
|
957
|
|
|
Total
|
|
|
|
3,909
|
|
|
|
|
3,907
|
|
|
|
|
3,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Horsepower (average):
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
|
2,895
|
|
|
|
|
2,870
|
|
|
|
|
2,827
|
|
|
International contract operations
|
|
|
|
1,007
|
|
|
|
|
1,011
|
|
|
|
|
956
|
|
|
Total
|
|
|
|
3,902
|
|
|
|
|
3,881
|
|
|
|
|
3,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Horsepower Utilization (at period end):
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
|
86
|
%
|
|
|
|
86
|
%
|
|
|
|
79
|
%
|
|
International contract operations
|
|
|
|
79
|
%
|
|
|
|
80
|
%
|
|
|
|
76
|
%
|
|
Total
|
|
|
|
84
|
%
|
|
|
|
84
|
%
|
|
|
|
79
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Fabrication Backlog:
|
|
|
|
|
|
|
|
|
|
|
Compression & accessory
|
|
|
$
|
202,175
|
|
|
|
$
|
256,315
|
|
|
|
$
|
330,992
|
|
|
Production & processing equipment
|
|
|
|
583,807
|
|
|
|
|
563,826
|
|
|
|
|
551,975
|
|
|
Installation
|
|
|
|
207,991
|
|
|
|
|
245,573
|
|
|
|
|
72,364
|
|
|
Total
|
|
|
$
|
993,973
|
|
|
|
$
|
1,065,714
|
|
|
|
$
|
955,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt to Capitalization:
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
$
|
1,629,654
|
|
|
|
$
|
1,564,923
|
|
|
|
$
|
1,709,451
|
|
|
Exterran stockholders' equity
|
|
|
|
1,561,250
|
|
|
|
|
1,478,613
|
|
|
|
|
1,500,005
|
|
|
Capitalization
|
|
|
$
|
3,190,904
|
|
|
|
$
|
3,043,536
|
|
|
|
$
|
3,209,456
|
|
|
Total Debt to Capitalization
|
|
|
|
51
|
%
|
|
|
|
51
|
%
|
|
|
|
53
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Management believes EBITDA, as adjusted, and gross margin,
both non-GAAP measures, provide 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 EBITDA, as
adjusted, and gross margin as supplemental measures to review
current period operating performance, comparability measures and
performance measures for period to period comparisons. In
addition, management uses EBITDA, as adjusted, as a valuation
measure.
|
|
|
|
EXTERRAN HOLDINGS, INC.
|
|
UNAUDITED SUPPLEMENTAL INFORMATION
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31,
|
|
|
|
2013
|
|
|
2012
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
58,791
|
|
|
|
$
|
3,096
|
|
|
|
$
|
7,287
|
|
|
(Income) loss from discontinued operations, net of tax
|
|
|
(33,250
|
)
|
|
|
|
20
|
|
|
|
|
1,162
|
|
|
Income from continuing operations
|
|
|
25,541
|
|
|
|
|
3,116
|
|
|
|
|
8,449
|
|
|
Depreciation and amortization
|
|
|
82,646
|
|
|
|
|
91,579
|
|
|
|
|
85,111
|
|
|
Long-lived asset impairment
|
|
|
3,563
|
|
|
|
|
47,576
|
|
|
|
|
4,122
|
|
|
Restructuring charges
|
|
|
-
|
|
|
|
|
808
|
|
|
|
|
3,047
|
|
|
Investment in non-consolidated affiliates impairment
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
224
|
|
|
Proceeds from sale of joint venture assets
|
|
|
(4,665
|
)
|
|
|
|
(4,623
|
)
|
|
|
|
(37,563
|
)
|
|
Interest expense
|
|
|
27,874
|
|
|
|
|
27,694
|
|
|
|
|
37,991
|
|
|
(Gain) loss on currency exchange rate remeasurement of intercompany
balances
|
|
|
(3,575
|
)
|
|
|
|
2,448
|
|
|
|
|
(4,887
|
)
|
|
Provision for (benefit from) income taxes
|
|
|
15,151
|
|
|
|
|
(27,797
|
)
|
|
|
|
(343
|
)
|
|
EBITDA, as adjusted (1)
|
|
|
146,535
|
|
|
|
|
140,801
|
|
|
|
|
96,151
|
|
|
Selling, general and administrative
|
|
|
84,979
|
|
|
|
|
101,850
|
|
|
|
|
94,839
|
|
|
Equity in income of non-consolidated affiliates
|
|
|
(4,665
|
)
|
|
|
|
(4,623
|
)
|
|
|
|
(37,339
|
)
|
|
Investment in non-consolidated affiliates impairment
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(224
|
)
|
|
Proceeds from sale of joint venture assets
|
|
|
4,665
|
|
|
|
|
4,623
|
|
|
|
|
37,563
|
|
|
Gain (loss) on currency exchange rate remeasurement of intercompany
balances
|
|
|
3,575
|
|
|
|
|
(2,448
|
)
|
|
|
|
4,887
|
|
|
Other (income) expense, net
|
|
|
(9,809
|
)
|
|
|
|
(777
|
)
|
|
|
|
(6,094
|
)
|
|
Gross Margin (1)
|
|
$
|
225,280
|
|
|
|
$
|
239,426
|
|
|
|
$
|
189,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) attributable to Exterran stockholders
|
|
$
|
50,205
|
|
|
|
$
|
(5,739
|
)
|
|
|
$
|
5,495
|
|
|
(Income) loss from discontinued operations
|
|
|
(33,250
|
)
|
|
|
|
20
|
|
|
|
|
1,162
|
|
|
Q4 2012 tax benefit on Q2 2012 impairment of long-lived assets
|
|
|
-
|
|
|
|
|
(13,725
|
)
|
|
|
|
-
|
|
|
Charges, after-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived asset impairment (including the impact on noncontrolling
interest)
|
|
|
1,575
|
|
|
|
|
29,537
|
|
|
|
|
2,247
|
|
|
Restructuring charges
|
|
|
-
|
|
|
|
|
509
|
|
|
|
|
1,920
|
|
|
Investment in non-consolidated affiliates impairment
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
224
|
|
|
Proceeds from sale of joint venture assets
|
|
|
(4,665
|
)
|
|
|
|
(4,623
|
)
|
|
|
|
(37,563
|
)
|
|
Net income (loss) from continuing operations attributable to
Exterran stockholders, excluding charges
|
|
$
|
13,865
|
|
|
|
$
|
5,979
|
|
|
|
$
|
(26,515
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) from continuing operations attributable to
Exterran stockholders
|
|
$
|
0.26
|
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
0.10
|
|
|
Adjustment for charges, after-tax, per common share (2)
|
|
|
(0.05
|
)
|
|
|
|
0.18
|
|
|
|
|
(0.52
|
)
|
|
Diluted net income (loss) from continuing operations attributable
to Exterran stockholders per common share, excluding charges (1)(2)
|
|
$
|
0.21
|
|
|
|
$
|
0.09
|
|
|
|
$
|
(0.42
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Management believes 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, provide 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 EBITDA, as adjusted, diluted net
income (loss) from continuing operations attributable to Exterran
stockholders per common share, excluding charges, and gross margin
as supplemental measures to review current period operating
performance, comparability measures and performance measures for
period to period comparisons. In addition, management uses EBITDA,
as adjusted, as a valuation measure.
|
|
|
|
(2) In calculating diluted net income (loss) from continuing
operations attributable to Exterran stockholders per common share,
excluding charges, for the three months ended December 31, 2012, the
weighted average common and equivalent shares outstanding was
adjusted to include the following shares as their effects were
dilutive: 1,233,000 shares of unvested restricted stock, 410,000
shares on the exercise of options and vesting of restricted stock
units and 1,000 shares on the settlement of employee stock purchase
plan shares. In calculating diluted net income (loss) from
continuing operations attributable to Exterran stockholders per
common share, excluding charges, for the three months ended March
31, 2012, the weighted average common and equivalent shares
outstanding was adjusted to exclude the following shares as their
effects would have been anti-dilutive: 1,330,000 shares of unvested
restricted stock, 54,000 shares on the exercise of options and
vesting of restricted stock units and 27,000 shares on the
settlement of employee stock purchase plan shares.
|
Source: Exterran Holdings, Inc.
Exterran Holdings, Inc.
Susan Moore, 281-836-7398 (Media)
David
Oatman, 281-836-7035 (Investors)