-
Achieved EBITDA, as adjusted, of $176.8 million for the quarter,
up 74 percent over year-ago levels
-
Reported net income from continuing operations attributable to
Exterran stockholders of $0.31 per diluted share, excluding charges,
for the quarter
HOUSTON--(BUSINESS WIRE)--Aug. 6, 2013--
Exterran Holdings, Inc. (NYSE: EXH) today reported EBITDA, as adjusted
(as defined below), of $176.8 million for the second quarter 2013, which
included a benefit from customer exercises of purchase options in our
North America and International contract operations businesses of $18.2
million. EBITDA, as adjusted, was $146.5 million for the first quarter
2013 and $101.5 million for the second quarter 2012.
Revenue was $837.3 million for the second quarter 2013, compared to
$811.4 million for the first quarter 2013 and $630.7 million for the
second quarter 2012.
Fabrication backlog was $746.5 million at June 30, 2013, compared to
$994.0 million at March 31, 2013 and $1,286.4 million at June 30, 2012.
“Second-quarter 2013 highlights included the highest quarterly level of
EBITDA, as adjusted, in over four years. Our results benefitted from the
implementation of performance improvement initiatives, particularly
productivity gains in our fabrication business,” said Brad Childers,
Exterran Holdings’ President and Chief Executive Officer. “The reduction
in fabrication backlog and bookings compared to relatively high year-ago
levels is expected to result in reduced fourth-quarter 2013 fabrication
revenue compared to second-quarter 2013 levels. However, we are solidly
on track to improve the company’s performance in 2013 over prior year
results and we remain focused on improving the efficiency of our core
operations.”
Net income from continuing operations attributable to Exterran
stockholders, excluding charges, for the second quarter 2013 was $20.7
million, or $0.31 per diluted share, excluding non-cash pretax
long-lived asset impairment charges of $16.6 million related to our
North America contract operations business and fabrication business in
the United Kingdom. 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, and 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. Net income (loss) from continuing operations attributable
to Exterran stockholders, excluding charges, also excludes the benefit
of proceeds from the two previously announced sales of Exterran
Holdings’ Venezuelan assets.
Net income attributable to Exterran stockholders for the second quarter
2013 was $9.3 million, or $0.14 per diluted share, compared to net
income attributable to Exterran stockholders for the first quarter 2013
of $50.2 million, or $0.76 per diluted share, and a net loss
attributable to Exterran stockholders for the second quarter 2012 of
$152.6 million, or $2.40 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 $12.4 million for the second quarter 2013, compared to $12.2 million
for the first quarter 2013 and $7.8 million for the second quarter 2012.
Conference Call Details
Exterran Holdings and Exterran Partners, L.P. will host a joint
conference call on Tuesday, Aug. 6, 2013, to discuss their
second-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 35201553.
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 35201553#.
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
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
|
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
Revenues:
|
|
|
|
|
|
|
|
North America contract operations
|
|
$
|
163,645
|
|
|
$
|
159,431
|
|
|
$
|
148,564
|
|
|
International contract operations
|
|
|
117,872
|
|
|
|
109,558
|
|
|
|
112,628
|
|
|
Aftermarket services
|
|
|
99,368
|
|
|
|
83,612
|
|
|
|
101,902
|
|
|
Fabrication
|
|
|
456,459
|
|
|
|
458,776
|
|
|
|
267,641
|
|
|
|
|
|
837,344
|
|
|
|
811,377
|
|
|
|
630,735
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
Cost of sales (excluding depreciation and amortization expense):
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
71,161
|
|
|
|
72,053
|
|
|
|
70,423
|
|
|
International contract operations
|
|
|
50,015
|
|
|
|
46,199
|
|
|
|
47,092
|
|
|
Aftermarket services
|
|
|
77,936
|
|
|
|
65,446
|
|
|
|
77,528
|
|
|
Fabrication
|
|
|
381,573
|
|
|
|
402,399
|
|
|
|
241,357
|
|
|
Selling, general and administrative
|
|
|
91,117
|
|
|
|
84,979
|
|
|
|
94,134
|
|
|
Depreciation and amortization
|
|
|
80,751
|
|
|
|
82,646
|
|
|
|
88,909
|
|
|
Long-lived asset impairment
|
|
|
16,574
|
|
|
|
3,563
|
|
|
|
128,543
|
|
|
Restructuring charges
|
|
|
-
|
|
|
|
-
|
|
|
|
1,266
|
|
|
Interest expense
|
|
|
30,250
|
|
|
|
27,874
|
|
|
|
36,968
|
|
|
Equity in income of non-consolidated affiliates
|
|
|
(4,722
|
)
|
|
|
(4,665
|
)
|
|
|
(4,728
|
)
|
|
Other (income) expense, net
|
|
|
(7,239
|
)
|
|
|
(9,809
|
)
|
|
|
8,752
|
|
|
|
|
|
787,416
|
|
|
|
770,685
|
|
|
|
790,244
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
49,928
|
|
|
|
40,692
|
|
|
|
(159,509
|
)
|
|
Provision for (benefit from) income taxes
|
|
|
23,849
|
|
|
|
15,151
|
|
|
|
(35,502
|
)
|
|
Income (loss) from continuing operations
|
|
|
26,079
|
|
|
|
25,541
|
|
|
|
(124,007
|
)
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
(1,575
|
)
|
|
|
33,250
|
|
|
|
(42,891
|
)
|
|
Net income (loss)
|
|
|
24,504
|
|
|
|
58,791
|
|
|
|
(166,898
|
)
|
|
Less: net (income) loss attributable to the noncontrolling interest
|
|
|
(15,169
|
)
|
|
|
(8,586
|
)
|
|
|
14,290
|
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
9,335
|
|
|
$
|
50,205
|
|
|
$
|
(152,608
|
)
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per common share:
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to Exterran
stockholders
|
|
$
|
0.17
|
|
|
$
|
0.26
|
|
|
$
|
(1.73
|
)
|
|
Income (loss) from discontinued operations attributable to Exterran
stockholders
|
|
|
(0.03
|
)
|
|
|
0.51
|
|
|
|
(0.67
|
)
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
0.14
|
|
|
$
|
0.77
|
|
|
$
|
(2.40
|
)
|
|
Diluted income (loss) per common share:
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to Exterran
stockholders
|
|
$
|
0.16
|
|
|
$
|
0.26
|
|
|
$
|
(1.73
|
)
|
|
Income (loss) from discontinued operations attributable to Exterran
stockholders
|
|
|
(0.02
|
)
|
|
|
0.50
|
|
|
|
(0.67
|
)
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
0.14
|
|
|
$
|
0.76
|
|
|
$
|
(2.40
|
)
|
|
Weighted average common and equivalent shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
65,716
|
|
|
|
65,291
|
|
|
|
63,478
|
|
|
Diluted
|
|
|
66,248
|
|
|
|
65,810
|
|
|
|
63,478
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Exterran stockholders:
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to Exterran
stockholders
|
|
$
|
10,910
|
|
|
$
|
16,955
|
|
|
$
|
(109,717
|
)
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
(1,575
|
)
|
|
|
33,250
|
|
|
|
(42,891
|
)
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
9,335
|
|
|
$
|
50,205
|
|
|
$
|
(152,608
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXTERRAN HOLDINGS, INC.
|
|
UNAUDITED SUPPLEMENTAL INFORMATION
|
|
(In thousands, except percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
Revenues:
|
|
|
|
|
|
|
|
North America contract operations
|
|
$
|
163,645
|
|
|
$
|
159,431
|
|
|
$
|
148,564
|
|
|
International contract operations
|
|
|
117,872
|
|
|
|
109,558
|
|
|
|
112,628
|
|
|
Aftermarket services
|
|
|
99,368
|
|
|
|
83,612
|
|
|
|
101,902
|
|
|
Fabrication
|
|
|
456,459
|
|
|
|
458,776
|
|
|
|
267,641
|
|
|
Total
|
|
$
|
837,344
|
|
|
$
|
811,377
|
|
|
$
|
630,735
|
|
|
|
|
|
|
|
|
|
|
Gross Margin (1):
|
|
|
|
|
|
|
|
North America contract operations
|
|
$
|
92,484
|
|
|
$
|
87,378
|
|
|
$
|
78,141
|
|
|
International contract operations
|
|
|
67,857
|
|
|
|
63,359
|
|
|
|
65,536
|
|
|
Aftermarket services
|
|
|
21,432
|
|
|
|
18,166
|
|
|
|
24,374
|
|
|
Fabrication
|
|
|
74,886
|
|
|
|
56,377
|
|
|
|
26,284
|
|
|
Total
|
|
$
|
256,659
|
|
|
$
|
225,280
|
|
|
$
|
194,335
|
|
|
|
|
|
|
|
|
|
|
Selling, General and Administrative
|
|
$
|
91,117
|
|
|
$
|
84,979
|
|
|
$
|
94,134
|
|
|
% of revenue
|
|
|
11
|
%
|
|
|
10
|
%
|
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
EBITDA, as Adjusted (1)
|
|
$
|
176,825
|
|
|
$
|
146,535
|
|
|
$
|
101,457
|
|
|
% of revenue
|
|
|
21
|
%
|
|
|
18
|
%
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$
|
107,944
|
|
|
$
|
106,990
|
|
|
$
|
112,382
|
|
|
Less: Proceeds from sale of PP&E
|
|
|
(56,166
|
)
|
|
|
(14,945
|
)
|
|
|
(16,248
|
)
|
|
Net Capital expenditures
|
|
$
|
51,778
|
|
|
$
|
92,045
|
|
|
$
|
96,134
|
|
|
|
|
|
|
|
|
|
|
Gross Margin Percentage:
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
57
|
%
|
|
|
55
|
%
|
|
|
53
|
%
|
|
International contract operations
|
|
|
58
|
%
|
|
|
58
|
%
|
|
|
58
|
%
|
|
Aftermarket services
|
|
|
22
|
%
|
|
|
22
|
%
|
|
|
24
|
%
|
|
Fabrication
|
|
|
16
|
%
|
|
|
12
|
%
|
|
|
10
|
%
|
|
Total
|
|
|
31
|
%
|
|
|
28
|
%
|
|
|
31
|
%
|
|
|
|
|
|
|
|
|
|
Total Available Horsepower (at period end):
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
3,401
|
|
|
|
3,389
|
|
|
|
3,285
|
|
|
International contract operations
|
|
|
1,268
|
|
|
|
1,282
|
|
|
|
1,254
|
|
|
Total
|
|
|
4,669
|
|
|
|
4,671
|
|
|
|
4,539
|
|
|
|
|
|
|
|
|
|
|
Total Operating Horsepower (at period end):
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
2,867
|
|
|
|
2,902
|
|
|
|
2,811
|
|
|
International contract operations
|
|
|
998
|
|
|
|
1,007
|
|
|
|
996
|
|
|
Total
|
|
|
3,865
|
|
|
|
3,909
|
|
|
|
3,807
|
|
|
|
|
|
|
|
|
|
|
Total Operating Horsepower (average):
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
2,884
|
|
|
|
2,895
|
|
|
|
2,820
|
|
|
International contract operations
|
|
|
1,000
|
|
|
|
1,007
|
|
|
|
989
|
|
|
Total
|
|
|
3,884
|
|
|
|
3,902
|
|
|
|
3,809
|
|
|
|
|
|
|
|
|
|
|
Horsepower Utilization (at period end):
|
|
|
|
|
|
|
|
North America contract operations
|
|
|
84
|
%
|
|
|
86
|
%
|
|
|
86
|
%
|
|
International contract operations
|
|
|
79
|
%
|
|
|
79
|
%
|
|
|
79
|
%
|
|
Total
|
|
|
83
|
%
|
|
|
84
|
%
|
|
|
84
|
%
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
Fabrication Backlog:
|
|
2013
|
|
2013
|
|
2012
|
|
Compression & accessory
|
|
$
|
193,546
|
|
|
$
|
202,175
|
|
|
$
|
297,012
|
|
|
Production & processing equipment
|
|
|
424,152
|
|
|
|
583,807
|
|
|
|
677,629
|
|
|
Installation
|
|
|
128,818
|
|
|
|
207,991
|
|
|
|
311,737
|
|
|
Total
|
|
$
|
746,516
|
|
|
$
|
993,973
|
|
|
$
|
1,286,378
|
|
|
|
|
|
|
|
|
|
|
Debt to Capitalization:
|
|
|
|
|
|
|
|
Debt
|
|
$
|
1,642,847
|
|
|
$
|
1,629,654
|
|
|
$
|
1,803,906
|
|
|
Exterran stockholders' equity
|
|
|
1,578,980
|
|
|
|
1,561,250
|
|
|
|
1,351,212
|
|
|
Capitalization
|
|
$
|
3,221,827
|
|
|
$
|
3,190,904
|
|
|
$
|
3,155,118
|
|
|
Total Debt to Capitalization
|
|
|
51
|
%
|
|
|
51
|
%
|
|
|
57
|
%
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
24,504
|
|
|
$
|
58,791
|
|
|
$
|
(166,898
|
)
|
|
(Income) loss from discontinued operations, net of tax
|
|
|
1,575
|
|
|
|
(33,250
|
)
|
|
|
42,891
|
|
|
Income (loss) from continuing operations
|
|
|
26,079
|
|
|
|
25,541
|
|
|
|
(124,007
|
)
|
|
Depreciation and amortization
|
|
|
80,751
|
|
|
|
82,646
|
|
|
|
88,909
|
|
|
Long-lived asset impairment
|
|
|
16,574
|
|
|
|
3,563
|
|
|
|
128,543
|
|
|
Restructuring charges
|
|
|
-
|
|
|
|
-
|
|
|
|
1,266
|
|
|
Proceeds from sale of joint venture assets
|
|
|
(4,722
|
)
|
|
|
(4,665
|
)
|
|
|
(4,728
|
)
|
|
Interest expense
|
|
|
30,250
|
|
|
|
27,874
|
|
|
|
36,968
|
|
|
(Gain) loss on currency exchange rate remeasurement of intercompany
balances
|
|
|
4,044
|
|
|
|
(3,575
|
)
|
|
|
10,008
|
|
|
Provision for (benefit from) income taxes
|
|
|
23,849
|
|
|
|
15,151
|
|
|
|
(35,502
|
)
|
|
EBITDA, as adjusted (1)
|
|
|
176,825
|
|
|
|
146,535
|
|
|
|
101,457
|
|
|
Selling, general and administrative
|
|
|
91,117
|
|
|
|
84,979
|
|
|
|
94,134
|
|
|
Equity in income of non-consolidated affiliates
|
|
|
(4,722
|
)
|
|
|
(4,665
|
)
|
|
|
(4,728
|
)
|
|
Proceeds from sale of joint venture assets
|
|
|
4,722
|
|
|
|
4,665
|
|
|
|
4,728
|
|
|
Gain (loss) on currency exchange rate remeasurement of intercompany
balances
|
|
|
(4,044
|
)
|
|
|
3,575
|
|
|
|
(10,008
|
)
|
|
Other (income) expense, net
|
|
|
(7,239
|
)
|
|
|
(9,809
|
)
|
|
|
8,752
|
|
|
Gross Margin (1)
|
|
$
|
256,659
|
|
|
$
|
225,280
|
|
|
$
|
194,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
9,335
|
|
|
$
|
50,205
|
|
|
$
|
(152,608
|
)
|
|
(Income) loss from discontinued operations
|
|
|
1,575
|
|
|
|
(33,250
|
)
|
|
|
42,891
|
|
|
Charges, after-tax:
|
|
|
|
|
|
|
|
Long-lived asset impairment (including the impact on noncontrolling
interest)
|
|
|
14,500
|
|
|
|
1,575
|
|
|
|
82,940
|
|
|
Restructuring charges
|
|
|
-
|
|
|
|
-
|
|
|
|
1,005
|
|
|
Proceeds from sale of joint venture assets
|
|
|
(4,722
|
)
|
|
|
(4,665
|
)
|
|
|
(4,728
|
)
|
|
Net income (loss) from continuing operations attributable to
Exterran stockholders, excluding charges
|
|
$
|
20,688
|
|
|
$
|
13,865
|
|
|
$
|
(30,500
|
)
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) from continuing operations attributable to
Exterran stockholders
|
|
$
|
0.16
|
|
|
$
|
0.26
|
|
|
$
|
(1.73
|
)
|
|
Adjustment for charges, after-tax, per common share
|
|
|
0.15
|
|
|
|
(0.05
|
)
|
|
|
1.25
|
|
|
Diluted net income (loss) from continuing operations attributable
to Exterran stockholders per common share, excluding charges (1)
|
|
$
|
0.31
|
|
|
$
|
0.21
|
|
|
$
|
(0.48
|
)
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
Source: Exterran Holdings, Inc.
Exterran Holdings, Inc.
Media:
Susan Moore, 281-836-7398
Investors:
David
Oatman, 281-836-7035