EX-99.2 4 h56547exv99w2.htm SELECTED FINANCIAL DATA exv99w2
 

Exhibit 99.2
ITEM 6.  SELECTED FINANCIAL DATA
     The following table sets forth our selected historical financial information for the periods shown. The following information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements included elsewhere in this report. The amounts for each historical annual period presented below were derived from our audited financial statements.
                                         
    Year Ended December 31,  
    2007     2006     2005     2004     2003  
    (Dollars in thousands, except per share data)  
Statement of Operations Data:
                                       
Revenues:
                                       
Well servicing
  $ 342,697     $ 323,755     $ 221,993     $ 142,551     $ 104,097  
Fluid services
    259,324       245,011       177,927       139,610       61,994  
Completion and remedial services
    240,692       154,412       59,832       29,341       14,808  
Contract drilling
    34,460       6,970                    
 
                             
Total revenues
    877,173       730,148       459,752       311,502       180,899  
 
                             
Expenses:
                                       
Well servicing
    205,132       178,028       137,392       98,058       73,244  
Fluid services
    165,327       153,445       114,551       96,621       41,006  
Completion and remedial services
    125,948       74,981       30,900       17,481       9,363  
Contract drilling
    22,510       8,400                    
General and administration(a)
    99,042       81,318       55,411       37,186       22,722  
Depreciation and amortization
    93,048       62,087       37,072       28,676       18,213  
Loss (gain) on disposal of assets
    477       277       (222 )     2,616       391  
 
                             
Total expenses
    711,484       558,536       375,104       280,638       164,939  
 
                             
Operating income
    165,689       171,612       84,648       30,864       15,960  
Other income (expense):
                                       
Net interest expense
    (25,136 )     (15,504 )     (12,660 )     (9,550 )     (5,174 )
Gain (loss) on early extinguishment of debt
    (230 )     (2,705 )     (627 )           (5,197 )
Other income (expense)
    176       169       220       (398 )     146  
 
                             
Income (loss) from continuing operations before income taxes
    140,499       153,572       71,581       20,916       5,735  
Income tax (expense) benefit
    (52,766 )     (54,742 )     (26,800 )     (7,984 )     (2,772 )
 
                             
Income (loss) from continuing operations
    87,733       98,830       44,781       12,932       2,963  
Discontinued operations, net of tax
                      (71 )     22  
Cumulative effect of accounting change, net of tax
                            (151 )
 
                             
Net income (loss)
    87,733       98,830       44,781       12,861       2,834  
Preferred stock dividend
                            (1,525 )
Accretion of preferred stock discount
                            (3,424 )
 
                             
Net income (loss) available to common stockholders
  $ 87,733     $ 98,830     $ 44,781     $ 12,861     $ (2,115 )
 
                             
Basic earnings (loss) per share of common stock:
  $ 2.19     $ 2.87     $ 1.57     $ 0.46     $ (0.09 )
 
                             
Diluted earnings (loss) per share of common stock:
  $ 2.13     $ 2.56     $ 1.35     $ 0.42     $ (0.09 )
 
                             
Other Financial Data:
                                       
Cash flows from operating activities
    198,591       145,678       99,189       46,539       29,815  
Cash flows from investing activities
    (294,103 )     (241,351 )     (107,679 )     (73,587 )     (84,903 )
Cash flows from financing activities
    136,088       114,193       21,188       21,498       79,859  
Capital expenditures:
                                       
Acquistions, net of cash acquired
    199,673       135,568       25,378       19,284       61,885  
Property and equipment
    98,536       104,574       83,095       55,674       23,501  
 
(a)   Includes approximately $3,964,000, $3,429,000, $2,890,000, $1,587,000, and $994,000 of non-cash stock compensation expense of ended December 31, 2007, 2006, 2005, 2004 and 2003, respectively.

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    As of December 31,
    2007   2006   2005   2004   2003
    (Dollars in thousands)
Balance Sheet Data:
                                       
Cash and cash equivalents
  $ 91,941     $ 51,365     $ 32,845     $ 20,147     $ 25,697  
Property and equipment, net
    636,924       475,431       309,075       233,451       188,243  
Total assets
    1,143,609       796,260       496,957       367,601       302,653  
Long-term debt
    406,306       250,742       119,241       170,915       142,116  
Stockholders’ equity (deficit)
    524,821       379,250       258,575       121,786       107,295  

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