-
Reported net income from continuing operations attributable to
Exterran stockholders of $0.09 per diluted share, excluding charges,
in the quarter
-
Achieved EBITDA, as adjusted, of $140.8 million in the quarter,
up 20 percent over year-ago levels
-
Reduced consolidated debt levels by $140.7 million in the quarter
-
Grew operating horsepower in both North America and
International contract operations businesses
HOUSTON--(BUSINESS WIRE)--Feb. 26, 2013--
Exterran Holdings, Inc. (NYSE: EXH) today reported EBITDA, as adjusted
(as defined below), of $140.8 million for the fourth quarter 2012,
compared to $126.4 million for the third quarter 2012 and $117.5 million
for the fourth quarter 2011.
Revenue was $838.9 million for the fourth quarter 2012, compared to
$718.7 million for the third quarter 2012 and $689.1 million for the
fourth quarter 2011.
Fabrication backlog was $1,065.7 million at December 31, 2012, compared
to $1,239.5 million at September 30, 2012 and $735.3 million at December
31, 2011.
EBITDA, as adjusted, was $464.8 million for 2012, compared to $395.4
million for 2011. Revenue was $2,803.6 million for 2012, compared to
$2,629.9 million for 2011.
“During 2012, we made significant progress in the implementation of
performance improvement initiatives, as each of our four operating
segments achieved increased revenues and gross margin percentage over
prior-year levels. In addition, we grew operating horsepower in both of
our North America and International contract operations businesses,”
said Brad Childers, Exterran Holdings’ President and Chief Executive
Officer. “In the fourth quarter, we achieved the highest quarterly level
of EBITDA, as adjusted, in over three years and achieved our second
consecutive quarter of positive earnings from continuing operations
excluding charges.”
“One of our key goals entering 2012 was to reduce debt and covenant
leverage. For the year, consolidated debt declined by $208 million and
Exterran Holdings’ total leverage ratio, which is total debt to adjusted
EBITDA as defined in our credit agreement, decreased to 2.4x at December
31, 2012 from 3.0x at September 30, 2012 and 4.3x at December 31, 2011,”
said Bill Austin, Exterran Holdings’ Executive Vice President and Chief
Financial Officer.
“I believe we are on track to make further progress in improving the
company’s performance in 2013, though similar to last year, first
quarter revenues are expected to decline somewhat from fourth quarter
levels,” added Childers.
Net income from continuing operations attributable to Exterran
stockholders for the fourth quarter 2012 was $6.0 million, or $0.09 per
diluted share, excluding pretax charges totaling $48.4 million,
comprised primarily of non-cash long-lived asset impairment charges of
$47.6 million related to our contract water treatment business. Net
income from continuing operations attributable to Exterran stockholders,
excluding charges, for the third quarter 2012 was $1.4 million, or $0.02
per diluted share, and net loss from continuing operations attributable
to Exterran stockholders, excluding charges, for the fourth quarter 2011
was $9.8 million, or $0.16 per diluted share. Net income from continuing
operations attributable to Exterran stockholders, excluding pretax
charges, also excludes the benefit of the two previously announced sales
of Exterran Holdings’ Venezuelan assets.
Net loss attributable to Exterran stockholders for the fourth quarter
2012 was $5.7 million, or $0.09 per diluted share, compared to net
income attributable to Exterran stockholders for the third quarter 2012
of $113.4 million, or $1.74 per diluted share, and a net loss
attributable to Exterran stockholders for the fourth quarter 2011 of
$66.6 million, or $1.06 per diluted share.
Net loss from continuing operations attributable to Exterran
stockholders for 2012 was $50.7 million, or $0.80 per diluted share,
excluding pretax charges totaling $190.1 million, comprised primarily of
non-cash long-lived asset impairment charges of $183.4 million related
primarily to our U.S. fleet and contract water treatment business, and
the benefit of the sale of our Venezuelan assets. Net loss from
continuing operations attributable to Exterran stockholders, excluding
charges, for 2011 was $89.9 million, or $1.44 per diluted share.
Net loss attributable to Exterran stockholders for 2012 was $39.5
million, or $0.62 per diluted share, compared to a net loss attributable
to Exterran stockholders for 2011 of $340.6 million, or $5.44 per
diluted share.
The cash distribution received by Exterran Holdings based upon its
limited partner and general partner interests in Exterran Partners was
$8.1 million for the fourth quarter 2012, compared to $7.9 million for
the third quarter 2012 and $7.4 million for the fourth quarter 2011.
Conference Call Details
Exterran Holdings and Exterran Partners, L.P. will host a joint
conference call on Tuesday, Feb. 26, 2013, to discuss their
fourth-quarter 2012 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 34069963.
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 34069963#.
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; 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 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, 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.
|
EXTERRAN HOLDINGS, INC.
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Years Ended
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
$
|
154,683
|
|
|
$
|
151,532
|
|
|
$
|
146,863
|
|
|
$
|
605,367
|
|
|
$
|
588,034
|
|
International contract operations
|
|
|
127,911
|
|
|
|
110,632
|
|
|
|
114,675
|
|
|
|
463,957
|
|
|
|
445,059
|
|
Aftermarket services
|
|
|
98,460
|
|
|
|
95,854
|
|
|
|
116,494
|
|
|
|
385,861
|
|
|
|
371,327
|
|
Fabrication
|
|
|
457,868
|
|
|
|
360,686
|
|
|
|
311,031
|
|
|
|
1,348,417
|
|
|
|
1,225,459
|
|
|
|
|
838,922
|
|
|
|
718,704
|
|
|
|
689,063
|
|
|
|
2,803,602
|
|
|
|
2,629,879
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of sales (excluding depreciation and amortization expense):
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
69,368
|
|
|
|
75,217
|
|
|
|
74,977
|
|
|
|
289,244
|
|
|
|
303,050
|
|
International contract operations
|
|
|
47,367
|
|
|
|
46,260
|
|
|
|
45,446
|
|
|
|
184,608
|
|
|
|
184,405
|
|
Aftermarket services
|
|
|
78,538
|
|
|
|
75,793
|
|
|
|
93,649
|
|
|
|
303,590
|
|
|
|
311,760
|
|
Fabrication
|
|
|
404,223
|
|
|
|
310,754
|
|
|
|
290,335
|
|
|
|
1,191,937
|
|
|
|
1,102,237
|
|
Selling, general and administrative
|
|
|
101,850
|
|
|
|
85,536
|
|
|
|
83,648
|
|
|
|
376,359
|
|
|
|
352,780
|
|
Depreciation and amortization
|
|
|
91,579
|
|
|
|
85,248
|
|
|
|
89,599
|
|
|
|
350,847
|
|
|
|
356,972
|
|
Long-lived asset impairment
|
|
|
47,576
|
|
|
|
3,204
|
|
|
|
2,182
|
|
|
|
183,445
|
|
|
|
6,068
|
|
Restructuring charges
|
|
|
808
|
|
|
|
1,515
|
|
|
|
8,653
|
|
|
|
6,636
|
|
|
|
11,594
|
|
Goodwill impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
665
|
|
|
|
-
|
|
|
|
196,807
|
|
Interest expense
|
|
|
27,694
|
|
|
|
31,723
|
|
|
|
39,045
|
|
|
|
134,376
|
|
|
|
149,473
|
|
Equity in (income) loss of non-consolidated affiliates
|
|
|
(4,623
|
)
|
|
|
(4,793
|
)
|
|
|
209
|
|
|
|
(51,483
|
)
|
|
|
471
|
|
Other (income) expense, net
|
|
|
(777
|
)
|
|
|
(1,450
|
)
|
|
|
(15,435
|
)
|
|
|
430
|
|
|
|
(5,620
|
)
|
|
|
|
863,603
|
|
|
|
709,007
|
|
|
|
712,973
|
|
|
|
2,969,989
|
|
|
|
2,969,997
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(24,681
|
)
|
|
|
9,697
|
|
|
|
(23,910
|
)
|
|
|
(166,387
|
)
|
|
|
(340,118
|
)
|
Provision for (benefit from) income taxes
|
|
|
(27,797
|
)
|
|
|
1,267
|
|
|
|
39,615
|
|
|
|
(62,375
|
)
|
|
|
(10,605
|
)
|
Income (loss) from continuing operations
|
|
|
3,116
|
|
|
|
8,430
|
|
|
|
(63,525
|
)
|
|
|
(104,012
|
)
|
|
|
(329,513
|
)
|
Income (loss) from discontinued operations, net of tax
|
|
|
(20
|
)
|
|
|
110,916
|
|
|
|
(858
|
)
|
|
|
66,843
|
|
|
|
(10,105
|
)
|
Net income (loss)
|
|
|
3,096
|
|
|
|
119,346
|
|
|
|
(64,383
|
)
|
|
|
(37,169
|
)
|
|
|
(339,618
|
)
|
Less: net income attributable to the noncontrolling interest
|
|
|
(8,835
|
)
|
|
|
(5,980
|
)
|
|
|
(2,195
|
)
|
|
|
(2,317
|
)
|
|
|
(990
|
)
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
(5,739
|
)
|
|
$
|
113,366
|
|
|
$
|
(66,578
|
)
|
|
$
|
(39,486
|
)
|
|
$
|
(340,608
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to Exterran
stockholders
|
|
$
|
(0.09
|
)
|
|
$
|
0.04
|
|
|
$
|
(1.05
|
)
|
|
$
|
(1.68
|
)
|
|
$
|
(5.28
|
)
|
Income (loss) from discontinued operations attributable to Exterran
stockholders
|
|
|
(0.00
|
)
|
|
|
1.71
|
|
|
|
(0.01
|
)
|
|
|
1.06
|
|
|
|
(0.16
|
)
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
(0.09
|
)
|
|
$
|
1.75
|
|
|
$
|
(1.06
|
)
|
|
$
|
(0.62
|
)
|
|
$
|
(5.44
|
)
|
Diluted income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to Exterran
stockholders
|
|
$
|
(0.09
|
)
|
|
$
|
0.04
|
|
|
$
|
(1.05
|
)
|
|
$
|
(1.68
|
)
|
|
$
|
(5.28
|
)
|
Income (loss) from discontinued operations attributable to Exterran
stockholders
|
|
|
(0.00
|
)
|
|
|
1.70
|
|
|
|
(0.01
|
)
|
|
|
1.06
|
|
|
|
(0.16
|
)
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
(0.09
|
)
|
|
$
|
1.74
|
|
|
$
|
(1.06
|
)
|
|
$
|
(0.62
|
)
|
|
$
|
(5.44
|
)
|
Weighted average common and equivalent shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
63,658
|
|
|
|
64,847
|
|
|
|
62,821
|
|
|
|
63,436
|
|
|
|
62,624
|
|
Diluted
|
|
|
63,658
|
|
|
|
65,094
|
|
|
|
62,821
|
|
|
|
63,436
|
|
|
|
62,624
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to Exterran stockholders:
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
(5,719
|
)
|
|
$
|
2,450
|
|
|
$
|
(65,720
|
)
|
|
$
|
(106,329
|
)
|
|
$
|
(330,503
|
)
|
Income (loss) from discontinued operations, net of tax
|
|
|
(20
|
)
|
|
|
110,916
|
|
|
|
(858
|
)
|
|
|
66,843
|
|
|
|
(10,105
|
)
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
(5,739
|
)
|
|
$
|
113,366
|
|
|
$
|
(66,578
|
)
|
|
$
|
(39,486
|
)
|
|
$
|
(340,608
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXTERRAN HOLDINGS, INC.
|
UNAUDITED SUPPLEMENTAL INFORMATION
|
(In thousands, except percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Years Ended
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
$
|
154,683
|
|
|
$
|
151,532
|
|
|
$
|
146,863
|
|
|
$
|
605,367
|
|
|
$
|
588,034
|
|
International contract operations
|
|
|
127,911
|
|
|
|
110,632
|
|
|
|
114,675
|
|
|
|
463,957
|
|
|
|
445,059
|
|
Aftermarket services
|
|
|
98,460
|
|
|
|
95,854
|
|
|
|
116,494
|
|
|
|
385,861
|
|
|
|
371,327
|
|
Fabrication
|
|
|
457,868
|
|
|
|
360,686
|
|
|
|
311,031
|
|
|
|
1,348,417
|
|
|
|
1,225,459
|
|
Total
|
|
$
|
838,922
|
|
|
$
|
718,704
|
|
|
$
|
689,063
|
|
|
$
|
2,803,602
|
|
|
$
|
2,629,879
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin (1):
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
$
|
85,315
|
|
|
$
|
76,315
|
|
|
$
|
71,886
|
|
|
$
|
316,123
|
|
|
$
|
284,984
|
|
International contract operations
|
|
|
80,544
|
|
|
|
64,372
|
|
|
|
69,229
|
|
|
|
279,349
|
|
|
|
260,654
|
|
Aftermarket services
|
|
|
19,922
|
|
|
|
20,061
|
|
|
|
22,845
|
|
|
|
82,271
|
|
|
|
59,567
|
|
Fabrication
|
|
|
53,645
|
|
|
|
49,932
|
|
|
|
20,696
|
|
|
|
156,480
|
|
|
|
123,222
|
|
Total
|
|
$
|
239,426
|
|
|
$
|
210,680
|
|
|
$
|
184,656
|
|
|
$
|
834,223
|
|
|
$
|
728,427
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General and Administrative
|
|
$
|
101,850
|
|
|
$
|
85,536
|
|
|
$
|
83,648
|
|
|
$
|
376,359
|
|
|
$
|
352,780
|
|
% of Revenues
|
|
|
12
|
%
|
|
|
12
|
%
|
|
|
12
|
%
|
|
|
13
|
%
|
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted (1)
|
|
$
|
140,801
|
|
|
$
|
126,431
|
|
|
$
|
117,502
|
|
|
$
|
464,840
|
|
|
$
|
395,441
|
|
% of Revenues
|
|
|
17
|
%
|
|
|
18
|
%
|
|
|
17
|
%
|
|
|
17
|
%
|
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
|
$
|
100,006
|
|
|
$
|
100,871
|
|
|
$
|
100,894
|
|
|
$
|
428,731
|
|
|
$
|
272,185
|
|
Less: Proceeds from Sale of PP&E
|
|
|
(8,004
|
)
|
|
|
(1,963
|
)
|
|
|
(5,956
|
)
|
|
|
(36,000
|
)
|
|
|
(43,042
|
)
|
Net Capital Expenditures
|
|
$
|
92,002
|
|
|
$
|
98,908
|
|
|
$
|
94,938
|
|
|
$
|
392,731
|
|
|
$
|
229,143
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin Percentage:
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
55
|
%
|
|
|
50
|
%
|
|
|
49
|
%
|
|
|
52
|
%
|
|
|
48
|
%
|
International contract operations
|
|
|
63
|
%
|
|
|
58
|
%
|
|
|
60
|
%
|
|
|
60
|
%
|
|
|
59
|
%
|
Aftermarket services
|
|
|
20
|
%
|
|
|
21
|
%
|
|
|
20
|
%
|
|
|
21
|
%
|
|
|
16
|
%
|
Fabrication
|
|
|
12
|
%
|
|
|
14
|
%
|
|
|
7
|
%
|
|
|
12
|
%
|
|
|
10
|
%
|
Total
|
|
|
29
|
%
|
|
|
29
|
%
|
|
|
27
|
%
|
|
|
30
|
%
|
|
|
28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Total Available Horsepower (at period end):
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
3,376
|
|
|
|
3,341
|
|
|
|
3,545
|
|
|
|
3,376
|
|
|
|
3,545
|
|
International contract operations
|
|
|
1,265
|
|
|
|
1,254
|
|
|
|
1,260
|
|
|
|
1,265
|
|
|
|
1,260
|
|
Total
|
|
|
4,641
|
|
|
|
4,595
|
|
|
|
4,805
|
|
|
|
4,641
|
|
|
|
4,805
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Horsepower (at period end):
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
2,900
|
|
|
|
2,849
|
|
|
|
2,830
|
|
|
|
2,900
|
|
|
|
2,830
|
|
International contract operations
|
|
|
1,007
|
|
|
|
1,001
|
|
|
|
960
|
|
|
|
1,007
|
|
|
|
960
|
|
Total
|
|
|
3,907
|
|
|
|
3,850
|
|
|
|
3,790
|
|
|
|
3,907
|
|
|
|
3,790
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Horsepower (average):
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
2,870
|
|
|
|
2,830
|
|
|
|
2,793
|
|
|
|
2,839
|
|
|
|
2,784
|
|
International contract operations
|
|
|
1,011
|
|
|
|
1,003
|
|
|
|
975
|
|
|
|
991
|
|
|
|
978
|
|
Total
|
|
|
3,881
|
|
|
|
3,833
|
|
|
|
3,768
|
|
|
|
3,830
|
|
|
|
3,762
|
|
|
|
|
|
|
|
|
|
|
|
|
Horsepower Utilization (at period end):
|
|
|
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
86
|
%
|
|
|
85
|
%
|
|
|
80
|
%
|
|
|
86
|
%
|
|
|
80
|
%
|
International contract operations
|
|
|
80
|
%
|
|
|
80
|
%
|
|
|
76
|
%
|
|
|
80
|
%
|
|
|
76
|
%
|
Total
|
|
|
84
|
%
|
|
|
84
|
%
|
|
|
79
|
%
|
|
|
84
|
%
|
|
|
79
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Fabrication Backlog:
|
|
|
|
|
|
|
|
|
|
|
Compression & accessory
|
|
$
|
256,315
|
|
|
$
|
231,027
|
|
|
$
|
249,724
|
|
|
$
|
256,315
|
|
|
$
|
249,724
|
|
Production & processing equipment
|
|
|
563,826
|
|
|
|
687,174
|
|
|
|
415,968
|
|
|
|
563,826
|
|
|
|
415,968
|
|
Installation
|
|
|
245,573
|
|
|
|
321,345
|
|
|
|
69,576
|
|
|
|
245,573
|
|
|
|
69,576
|
|
Total
|
|
$
|
1,065,714
|
|
|
$
|
1,239,546
|
|
|
$
|
735,268
|
|
|
$
|
1,065,714
|
|
|
$
|
735,268
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt to Capitalization:
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
$
|
1,564,923
|
|
|
$
|
1,705,638
|
|
|
$
|
1,773,039
|
|
|
$
|
1,564,923
|
|
|
$
|
1,773,039
|
|
Exterran stockholders' equity
|
|
|
1,478,613
|
|
|
|
1,476,314
|
|
|
|
1,437,236
|
|
|
|
1,478,613
|
|
|
|
1,437,236
|
|
Capitalization
|
|
$
|
3,043,536
|
|
|
$
|
3,181,952
|
|
|
$
|
3,210,275
|
|
|
$
|
3,043,536
|
|
|
$
|
3,210,275
|
|
Total Debt to Captilization
|
|
|
51
|
%
|
|
|
54
|
%
|
|
|
55
|
%
|
|
|
51
|
%
|
|
|
55
|
%
|
(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 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, 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
|
|
Years Ended
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
3,096
|
|
|
$
|
119,346
|
|
|
$
|
(64,383
|
)
|
|
$
|
(37,169
|
)
|
|
$
|
(339,618
|
)
|
(Income) loss from discontinued operations, net of tax
|
|
|
20
|
|
|
|
(110,916
|
)
|
|
|
858
|
|
|
|
(66,843
|
)
|
|
|
10,105
|
|
Income (loss) from continuing operations
|
|
|
3,116
|
|
|
|
8,430
|
|
|
|
(63,525
|
)
|
|
|
(104,012
|
)
|
|
|
(329,513
|
)
|
Depreciation and amortization
|
|
|
91,579
|
|
|
|
85,248
|
|
|
|
89,599
|
|
|
|
350,847
|
|
|
|
356,972
|
|
Long-lived asset impairment
|
|
|
47,576
|
|
|
|
3,204
|
|
|
|
2,182
|
|
|
|
183,445
|
|
|
|
6,068
|
|
Restructuring charges
|
|
|
808
|
|
|
|
1,515
|
|
|
|
8,653
|
|
|
|
6,636
|
|
|
|
11,594
|
|
Investment in non-consolidated affiliates impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
209
|
|
|
|
224
|
|
|
|
471
|
|
Proceeds from sale of joint venture assets
|
|
|
(4,623
|
)
|
|
|
(4,793
|
)
|
|
|
-
|
|
|
|
(51,707
|
)
|
|
|
-
|
|
Goodwill impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
665
|
|
|
|
-
|
|
|
|
196,807
|
|
Interest expense
|
|
|
27,694
|
|
|
|
31,723
|
|
|
|
39,045
|
|
|
|
134,376
|
|
|
|
149,473
|
|
(Gain) loss on currency exchange rate remeasurement of intercompany
balances
|
|
|
2,448
|
|
|
|
(163
|
)
|
|
|
1,059
|
|
|
|
7,406
|
|
|
|
14,174
|
|
Provision for (benefit from) income taxes
|
|
|
(27,797
|
)
|
|
|
1,267
|
|
|
|
39,615
|
|
|
|
(62,375
|
)
|
|
|
(10,605
|
)
|
EBITDA, as adjusted (1)
|
|
|
140,801
|
|
|
|
126,431
|
|
|
|
117,502
|
|
|
|
464,840
|
|
|
|
395,441
|
|
Selling, general and administrative
|
|
|
101,850
|
|
|
|
85,536
|
|
|
|
83,648
|
|
|
|
376,359
|
|
|
|
352,780
|
|
Equity in (income) loss of non-consolidated affiliates
|
|
|
(4,623
|
)
|
|
|
(4,793
|
)
|
|
|
209
|
|
|
|
(51,483
|
)
|
|
|
471
|
|
Investment in non-consolidated affiliates impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
(209
|
)
|
|
|
(224
|
)
|
|
|
(471
|
)
|
Proceeds from sale of joint venture assets
|
|
|
4,623
|
|
|
|
4,793
|
|
|
|
-
|
|
|
|
51,707
|
|
|
|
-
|
|
Gain (loss) on currency exchange rate remeasurement of intercompany
balances
|
|
|
(2,448
|
)
|
|
|
163
|
|
|
|
(1,059
|
)
|
|
|
(7,406
|
)
|
|
|
(14,174
|
)
|
Other (income) expense, net
|
|
|
(777
|
)
|
|
|
(1,450
|
)
|
|
|
(15,435
|
)
|
|
|
430
|
|
|
|
(5,620
|
)
|
Gross Margin (1)
|
|
$
|
239,426
|
|
|
$
|
210,680
|
|
|
$
|
184,656
|
|
|
$
|
834,223
|
|
|
$
|
728,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Exterran stockholders
|
|
$
|
(5,739
|
)
|
|
$
|
113,366
|
|
|
$
|
(66,578
|
)
|
|
$
|
(39,486
|
)
|
|
$
|
(340,608
|
)
|
(Income) loss from discontinued operations
|
|
|
20
|
|
|
|
(110,916
|
)
|
|
|
858
|
|
|
|
(66,843
|
)
|
|
|
10,105
|
|
Valuation allowance on Brazil deferred tax asset
|
|
|
-
|
|
|
|
-
|
|
|
|
48,597
|
|
|
|
-
|
|
|
|
48,597
|
|
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)
|
|
|
29,537
|
|
|
|
2,535
|
|
|
|
1,222
|
|
|
|
102,974
|
|
|
|
3,131
|
|
Restructuring charges
|
|
|
509
|
|
|
|
1,203
|
|
|
|
5,451
|
|
|
|
4,181
|
|
|
|
7,304
|
|
Investment in non-consolidated affiliates impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
209
|
|
|
|
224
|
|
|
|
471
|
|
Proceeds from sale of joint venture assets
|
|
|
(4,623
|
)
|
|
|
(4,793
|
)
|
|
|
-
|
|
|
|
(51,707
|
)
|
|
|
-
|
|
Goodwill impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
419
|
|
|
|
-
|
|
|
|
181,062
|
|
Net income (loss) from continuing operations attributable to
Exterran stockholders, excluding charges
|
|
$
|
5,979
|
|
|
$
|
1,395
|
|
|
$
|
(9,822
|
)
|
|
$
|
(50,657
|
)
|
|
$
|
(89,938
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) from continuing operations attributable to
Exterran stockholders
|
|
$
|
(0.09
|
)
|
|
$
|
0.04
|
|
|
$
|
(1.05
|
)
|
|
$
|
(1.68
|
)
|
|
$
|
(5.28
|
)
|
Adjustment for charges, after-tax, per common share (2)
|
|
|
0.18
|
|
|
|
(0.02
|
)
|
|
|
0.89
|
|
|
|
0.88
|
|
|
|
3.84
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) from continuing operations attributable
to Exterran stockholders per common share, excluding charges (1)(2)
|
|
$
|
0.09
|
|
|
$
|
0.02
|
|
|
$
|
(0.16
|
)
|
|
$
|
(0.80
|
)
|
|
$
|
(1.44
|
)
|
(1) Management believes disclosure of EBITDA, as adjusted, diluted
net 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 EBITDA, as adjusted, diluted net
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, EBITDA, as adjusted, is
used by management 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.
|
Source: Exterran Holdings, Inc.
Exterran Holdings, Inc.
Media
Susan Moore, 281-836-7398
or
Investors
David
Oatman, 281-836-7035