Date of Report (Date of Earliest Event Reported):
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February 23, 2012
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Delaware
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001-33666
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74-3204509
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_____________________
(State or other jurisdiction
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_____________
(Commission
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______________
(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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|
||
16666 Northchase Drive, Houston, Texas
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77060
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_________________________________
(Address of principal executive offices)
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___________
(Zip Code)
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Registrant’s telephone number, including area code:
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(281) 836-7000
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EXTERRAN HOLDINGS, INC.
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||||
|
||||
February 23, 2012
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By:
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/s/ WILLIAM M. AUSTIN
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||
William M. Austin
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||||
Executive Vice President and Chief Financial Officer
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Exhibit No.
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Description
|
|
99.1
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Press release dated February 23, 2012, announcing Exterran Holdings, Inc.’s results of operations for the quarter and year ended December 31, 2011.
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·
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Teleconference: Thursday, Feb. 23, 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 800-446-1671. International participants should dial +1-847-413-3362 at least 10 minutes before the scheduled start time. Please reference Exterran conference call number 31600114.
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·
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Live Webcast: The webcast will be available in listen-only mode via the companies’ website: www.exterran.com.
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·
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Webcast Replay: For those unable to participate, a replay will be available from 2:00 p.m. Eastern Time on Thursday, Feb. 23, 2012, until 2:00 p.m. Eastern Time on Thursday, Mar. 1, 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 31600114#.
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EXTERRAN HOLDINGS, INC.
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||||||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||||||||||||||
(In thousands, except per share amounts)
|
||||||||||||||||||||
Three Months Ended |
Years Ended
|
|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||||
Revenues:
|
||||||||||||||||||||
North America contract operations
|
$ | 150,318 | $ | 151,402 | $ | 151,383 | $ | 603,529 | $ | 608,065 | ||||||||||
International contract operations
|
114,675 | 113,759 | 112,438 | 445,059 | 465,144 | |||||||||||||||
Aftermarket services
|
126,917 | 106,666 | 86,063 | 409,423 | 322,097 | |||||||||||||||
Fabrication
|
311,031 | 332,651 | 265,896 | 1,225,459 | 1,066,227 | |||||||||||||||
702,941 | 704,478 | 615,780 | 2,683,470 | 2,461,533 | ||||||||||||||||
Costs and Expenses:
|
||||||||||||||||||||
Cost of sales (excluding depreciation and amortization expense):
|
||||||||||||||||||||
North America contract operations
|
76,412 | 77,639 | 76,219 | 310,069 | 300,686 | |||||||||||||||
International contract operations
|
45,446 | 48,227 | 44,693 | 184,405 | 175,357 | |||||||||||||||
Aftermarket services
|
103,604 | 85,987 | 75,688 | 348,662 | 276,307 | |||||||||||||||
Fabrication
|
290,335 | 303,259 | 229,735 | 1,102,237 | 904,722 | |||||||||||||||
Selling, general and administrative
|
84,940 | 90,969 | 91,809 | 359,382 | 358,255 | |||||||||||||||
Depreciation and amortization
|
91,698 | 91,018 | 105,012 | 365,870 | 401,478 | |||||||||||||||
Long-lived asset impairment
|
2,639 | 2,310 | 142,205 | 7,012 | 146,903 | |||||||||||||||
Restructuring charges
|
8,686 | 2,941 | - | 11,627 | - | |||||||||||||||
Goodwill impairment
|
665 | 196,142 | - | 196,807 | - | |||||||||||||||
Interest expense
|
39,045 | 38,672 | 37,557 | 149,473 | 136,149 | |||||||||||||||
Equity in loss of non-consolidated affiliates
|
209 | 262 | 261 | 471 | 609 | |||||||||||||||
Other (income) expense, net
|
(15,648 | ) | 13,588 | (6,154 | ) | (5,425 | ) | (13,763 | ) | |||||||||||
728,031 | 951,014 | 797,025 | 3,030,590 | 2,686,703 | ||||||||||||||||
Loss before income taxes
|
(25,090 | ) | (246,536 | ) | (181,245 | ) | (347,120 | ) | (225,170 | ) | ||||||||||
Provision for (benefit from) income taxes
|
37,539 | (33,491 | ) | (55,708 | ) | (13,465 | ) | (66,606 | ) | |||||||||||
Loss from continuing operations
|
(62,629 | ) | (213,045 | ) | (125,537 | ) | (333,655 | ) | (158,564 | ) | ||||||||||
Income (loss) from discontinued operations, net of tax
|
(1,754 | ) | (1,502 | ) | (2,734 | ) | (5,963 | ) | 45,323 | |||||||||||
Net loss
|
(64,383 | ) | (214,547 | ) | (128,271 | ) | (339,618 | ) | (113,241 | ) | ||||||||||
Less: net (income) loss attributable to the noncontrolling interest
|
(2,195 | ) | (1,427 | ) | 10,243 | (990 | ) | 11,416 | ||||||||||||
Net loss attributable to Exterran stockholders
|
$ | (66,578 | ) | $ | (215,974 | ) | $ | (118,028 | ) | $ | (340,608 | ) | $ | (101,825 | ) | |||||
Basic loss per common share:
|
||||||||||||||||||||
Loss from continuing operations attributable to Exterran stockholders
|
$ | (1.03 | ) | $ | (3.42 | ) | $ | (1.85 | ) | $ | (5.34 | ) | $ | (2.37 | ) | |||||
Income (loss) from discontinued operations attributable to Exterran stockholders
|
(0.03 | ) | (0.02 | ) | (0.05 | ) | (0.10 | ) | 0.73 | |||||||||||
Net loss attributable to Exterran stockholders
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$ | (1.06 | ) | $ | (3.44 | ) | $ | (1.90 | ) | $ | (5.44 | ) | $ | (1.64 | ) | |||||
Diluted loss per common share:
|
||||||||||||||||||||
Loss from continuing operations attributable to Exterran stockholders
|
$ | (1.03 | ) | $ | (3.42 | ) | $ | (1.85 | ) | $ | (5.34 | ) | $ | (2.37 | ) | |||||
Income (loss) from discontinued operations attributable to Exterran stockholders
|
(0.03 | ) | (0.02 | ) | (0.05 | ) | (0.10 | ) | 0.73 | |||||||||||
Net loss attributable to Exterran stockholders
|
$ | (1.06 | ) | $ | (3.44 | ) | $ | (1.90 | ) | $ | (5.44 | ) | $ | (1.64 | ) | |||||
Weighted average common and equivalent shares outstanding:
|
||||||||||||||||||||
Basic
|
62,821 | 62,728 | 62,164 | 62,624 | 61,995 | |||||||||||||||
Diluted
|
62,821 | 62,728 | 62,164 | 62,624 | 61,995 | |||||||||||||||
Loss attributable to Exterran stockholders:
|
||||||||||||||||||||
Loss from continuing operations
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$ | (64,824 | ) | $ | (214,472 | ) | $ | (115,294 | ) | $ | (334,645 | ) | $ | (147,148 | ) | |||||
Income (loss) from discontinued operations, net of tax
|
(1,754 | ) | (1,502 | ) | (2,734 | ) | (5,963 | ) | 45,323 | |||||||||||
Net loss attributable to Exterran stockholders
|
$ | (66,578 | ) | $ | (215,974 | ) | $ | (118,028 | ) | $ | (340,608 | ) | $ | (101,825 | ) |
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,
|
||||||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||||
Revenues:
|
||||||||||||||||||||
North America contract operations
|
$ | 150,318 | $ | 151,402 | $ | 151,383 | $ | 603,529 | $ | 608,065 | ||||||||||
International contract operations
|
114,675 | 113,759 | 112,438 | 445,059 | 465,144 | |||||||||||||||
Aftermarket services
|
126,917 | 106,666 | 86,063 | 409,423 | 322,097 | |||||||||||||||
Fabrication
|
311,031 | 332,651 | 265,896 | 1,225,459 | 1,066,227 | |||||||||||||||
Total
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$ | 702,941 | $ | 704,478 | $ | 615,780 | $ | 2,683,470 | $ | 2,461,533 | ||||||||||
Gross Margin (1):
|
||||||||||||||||||||
North America contract operations
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$ | 73,906 | $ | 73,763 | $ | 75,164 | $ | 293,460 | $ | 307,379 | ||||||||||
International contract operations
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69,229 | 65,532 | 67,745 | 260,654 | 289,787 | |||||||||||||||
Aftermarket services
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23,313 | 20,679 | 10,375 | 60,761 | 45,790 | |||||||||||||||
Fabrication
|
20,696 | 29,392 | 36,161 | 123,222 | 161,505 | |||||||||||||||
Total
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$ | 187,144 | $ | 189,366 | $ | 189,445 | $ | 738,097 | $ | 804,461 | ||||||||||
Selling, General and Administrative
|
$ | 84,940 | $ | 90,969 | $ | 91,809 | $ | 359,382 | $ | 358,255 | ||||||||||
% of Revenues
|
12 | % | 13 | % | 15 | % | 13 | % | 15 | % | ||||||||||
EBITDA, as adjusted (1)
|
$ | 118,760 | $ | 99,668 | $ | 99,343 | $ | 398,734 | $ | 448,305 | ||||||||||
% of Revenues
|
17 | % | 14 | % | 16 | % | 15 | % | 18 | % | ||||||||||
Capital Expenditures
|
$ | 103,938 | $ | 71,370 | $ | 67,528 | $ | 282,791 | $ | 235,990 | ||||||||||
Less: Proceeds from Sale of PP&E
|
(7,047 | ) | (6,666 | ) | (5,695 | ) | (46,258 | ) | (31,195 | ) | ||||||||||
Net Capital Expenditures
|
$ | 96,891 | $ | 64,704 | $ | 61,833 | $ | 236,533 | $ | 204,795 | ||||||||||
Gross Margin Percentage:
|
||||||||||||||||||||
North America contract operations
|
49 | % | 49 | % | 50 | % | 49 | % | 51 | % | ||||||||||
International contract operations
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60 | % | 58 | % | 60 | % | 59 | % | 62 | % | ||||||||||
Aftermarket services
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18 | % | 19 | % | 12 | % | 15 | % | 14 | % | ||||||||||
Fabrication
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7 | % | 9 | % | 14 | % | 10 | % | 15 | % | ||||||||||
Total
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27 | % | 27 | % | 31 | % | 28 | % | 33 | % | ||||||||||
Total Available Horsepower (at period end):
|
||||||||||||||||||||
North America contract operations
|
3,632 | 3,648 | 3,701 | 3,632 | 3,701 | |||||||||||||||
International contract operations
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1,260 | 1,236 | 1,200 | 1,260 | 1,200 | |||||||||||||||
Total
|
4,892 | 4,884 | 4,901 | 4,892 | 4,901 | |||||||||||||||
Total Operating Horsepower (at period end):
|
||||||||||||||||||||
North America contract operations
|
2,880 | 2,832 | 2,837 | 2,880 | 2,837 | |||||||||||||||
International contract operations
|
960 | 977 | 981 | 960 | 981 | |||||||||||||||
Total
|
3,840 | 3,809 | 3,818 | 3,840 | 3,818 | |||||||||||||||
Total Operating Horsepower (average):
|
||||||||||||||||||||
North America contract operations
|
2,841 | 2,825 | 2,826 | 2,836 | 2,832 | |||||||||||||||
International contract operations
|
975 | 978 | 1,007 | 978 | 1,024 | |||||||||||||||
Total
|
3,816 | 3,803 | 3,833 | 3,814 | 3,856 | |||||||||||||||
Horsepower Utilization (at period end):
|
||||||||||||||||||||
North America contract operations
|
79 | % | 78 | % | 77 | % | 79 | % | 77 | % | ||||||||||
International contract operations
|
76 | % | 79 | % | 82 | % | 76 | % | 82 | % | ||||||||||
Total
|
78 | % | 78 | % | 78 | % | 78 | % | 78 | % | ||||||||||
Fabrication Backlog:
|
||||||||||||||||||||
Compression & accessory
|
$ | 249,724 | $ | 166,072 | $ | 220,254 | $ | 249,724 | $ | 220,254 | ||||||||||
Production & processing equipment
|
415,968 | 406,634 | 483,275 | 415,968 | 483,275 | |||||||||||||||
Total
|
$ | 665,692 | $ | 572,706 | $ | 703,529 | $ | 665,692 | $ | 703,529 | ||||||||||
Debt to Capitalization:
|
||||||||||||||||||||
Debt
|
$ | 1,773,039 | $ | 1,709,024 | $ | 1,897,147 | $ | 1,773,039 | $ | 1,897,147 | ||||||||||
Exterran stockholders' equity
|
1,437,236 | 1,490,396 | 1,609,448 | 1,437,236 | 1,609,448 | |||||||||||||||
Capitalization
|
$ | 3,210,275 | $ | 3,199,420 | $ | 3,506,595 | $ | 3,210,275 | $ | 3,506,595 | ||||||||||
Total Debt to Captilization
|
55 | % | 53 | % | 54 | % | 55 | % | 54 | % | ||||||||||
(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,
|
||||||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Information:
|
||||||||||||||||||||
Net loss
|
$ | (64,383 | ) | $ | (214,547 | ) | $ | (128,271 | ) | $ | (339,618 | ) | $ | (113,241 | ) | |||||
Income (loss) from discontinued operations, net of tax
|
(1,754 | ) | (1,502 | ) | (2,734 | ) | (5,963 | ) | 45,323 | |||||||||||
Loss from continuing operations
|
(62,629 | ) | (213,045 | ) | (125,537 | ) | (333,655 | ) | (158,564 | ) | ||||||||||
Depreciation and amortization
|
91,698 | 91,018 | 105,012 | 365,870 | 401,478 | |||||||||||||||
Long-lived asset impairment
|
2,639 | 2,310 | 142,205 | 7,012 | 146,903 | |||||||||||||||
Restructuring charges
|
8,686 | 2,941 | - | 11,627 | - | |||||||||||||||
Investment in non-consolidated affiliates impairment
|
209 | 262 | 261 | 471 | 609 | |||||||||||||||
Goodwill impairment
|
665 | 196,142 | - | 196,807 | - | |||||||||||||||
Interest expense
|
39,045 | 38,672 | 37,557 | 149,473 | 136,149 | |||||||||||||||
(Gain) loss on currency exchange rate remeasurement of intercompany balances
|
908 | 14,859 | (4,447 | ) | 14,594 | (6,801 | ) | |||||||||||||
Gain on sale of our investment in the subsidiary that owns the barge mounted
|
||||||||||||||||||||
processing plant and other related assets used on the Cawthorne Channel Project
|
- | - | - | - | (4,863 | ) | ||||||||||||||
Provision for (benefit from) income taxes
|
37,539 | (33,491 | ) | (55,708 | ) | (13,465 | ) | (66,606 | ) | |||||||||||
EBITDA, as adjusted (1)
|
118,760 | 99,668 | 99,343 | 398,734 | 448,305 | |||||||||||||||
Selling, general and administrative
|
84,940 | 90,969 | 91,809 | 359,382 | 358,255 | |||||||||||||||
Equity in loss of non-consolidated affiliates
|
209 | 262 | 261 | 471 | 609 | |||||||||||||||
Investment in non-consolidated affiliates impairment
|
(209 | ) | (262 | ) | (261 | ) | (471 | ) | (609 | ) | ||||||||||
Gain (loss) on currency exchange rate remeasurement of intercompany balances
|
(908 | ) | (14,859 | ) | 4,447 | (14,594 | ) | 6,801 | ||||||||||||
Gain on sale of our investment in the subsidiary that owns the barge mounted
|
||||||||||||||||||||
processing plant and other related assets used on the Cawthorne Channel Project
|
- | - | - | - | 4,863 | |||||||||||||||
Other (income) expense, net
|
(15,648 | ) | 13,588 | (6,154 | ) | (5,425 | ) | (13,763 | ) | |||||||||||
Gross Margin (1)
|
$ | 187,144 | $ | 189,366 | $ | 189,445 | $ | 738,097 | $ | 804,461 | ||||||||||
Net loss attributable to Exterran stockholders
|
$ | (66,578 | ) | $ | (215,974 | ) | $ | (118,028 | ) | $ | (340,608 | ) | $ | (101,825 | ) | |||||
(Income) loss from discontinued operations
|
1,754 | 1,502 | 2,734 | 5,963 | (45,323 | ) | ||||||||||||||
Valuation allowance on Brazil deferred tax asset
|
48,597 | - | - | 48,597 | - | |||||||||||||||
Charges, after-tax:
|
||||||||||||||||||||
Long-lived asset impairment (including the impact on minority interest)
|
1,510 | 1,298 | 83,080 | 3,726 | 85,940 | |||||||||||||||
Restructuring charges
|
5,472 | 1,853 | - | 7,325 | - | |||||||||||||||
Investment in non-consolidated affiliates impairment
|
209 | 262 | 261 | 471 | 609 | |||||||||||||||
Goodwill impairment
|
419 | 180,643 | - | 181,062 | - | |||||||||||||||
Gain on sale of our investment in the subsidiary that owns the barge mounted
|
||||||||||||||||||||
processing plant and other related assets used on the Cawthorne Channel Project
|
- | - | - | - | (8,807 | ) | ||||||||||||||
Net loss from continuing operations attributable to Exterran stockholders,
excluding charges
|
$ | (8,617 | ) | $ | (30,416 | ) | $ | (31,953 | ) | $ | (93,464 | ) | $ | (69,406 | ) | |||||
Diluted loss from continuing operations attributable to Exterran stockholders
|
$ | (1.03 | ) | $ | (3.42 | ) | $ | (1.85 | ) | $ | (5.34 | ) | $ | (2.37 | ) | |||||
Adjustment for charges, after-tax, per common share
|
0.89 | 2.94 | 1.34 | 3.85 | 1.25 | |||||||||||||||
Diluted net loss from continuing operations attributable to Exterran stockholders
|
||||||||||||||||||||
per common share, excluding charges (1)
|
$ | (0.14 | ) | $ | (0.48 | ) | $ | (0.51 | ) | $ | (1.49 | ) | $ | (1.12 | ) | |||||
(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.
|
EXTERRAN PARTNERS, L.P.
|
||||||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||||||
(In thousands, except per unit amounts)
|
||||||||||||||||||||
Three Months Ended
|
Years Ended
|
|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||||
Revenue
|
$ | 83,267 | $ | 84,437 | $ | 68,415 | $ | 308,274 | $ | 237,636 | ||||||||||
Costs and expenses:
|
||||||||||||||||||||
Cost of sales (excluding depreciation and amortization)
|
42,694 | 43,355 | 35,446 | 162,925 | 124,242 | |||||||||||||||
Depreciation and amortization
|
19,235 | 19,087 | 15,180 | 67,930 | 52,518 | |||||||||||||||
Long-lived asset impairment
|
371 | 384 | 24,652 | 1,060 | 24,976 | |||||||||||||||
Selling, general and administrative
|
8,643 | 10,594 | 10,112 | 39,380 | 34,830 | |||||||||||||||
Interest expense
|
7,912 | 7,860 | 6,601 | 30,400 | 24,037 | |||||||||||||||
Other (income) expense, net
|
(288 | ) | (338 | ) | (241 | ) | (392 | ) | (314 | ) | ||||||||||
Total costs and expenses
|
78,567 | 80,942 | 91,750 | 301,303 | 260,289 | |||||||||||||||
Income (loss) before income taxes
|
4,700 | 3,495 | (23,335 | ) | 6,971 | (22,653 | ) | |||||||||||||
Income tax expense
|
185 | 242 | 162 | 918 | 680 | |||||||||||||||
Net income (loss)
|
$ | 4,515 | $ | 3,253 | $ | (23,497 | ) | $ | 6,053 | $ | (23,333 | ) | ||||||||
General partner interest in net income (loss)
|
$ | 920 | $ | 837 | $ | 49 | $ | 3,005 | $ | 1,091 | ||||||||||
Limited partner interest in net income (loss)
|
$ | 3,595 | $ | 2,416 | $ | (23,546 | ) | $ | 3,048 | $ | (24,424 | ) | ||||||||
Weighted average limited partners' units outstanding:
|
||||||||||||||||||||
Basic
|
37,270 | 37,261 | 32,091 | 35,137 | 27,091 | |||||||||||||||
Diluted
|
37,291 | 37,278 | 32,091 | 35,150 | 27,091 | |||||||||||||||
Earnings (loss) per limited partner unit:
|
||||||||||||||||||||
Basic
|
$ | 0.10 | $ | 0.06 | $ | (0.73 | ) | $ | 0.09 | $ | (0.90 | ) | ||||||||
Diluted
|
$ | 0.10 | $ | 0.06 | $ | (0.73 | ) | $ | 0.09 | $ | (0.90 | ) |
EXTERRAN PARTNERS, L.P.
|
||||||||||||||||||||
UNAUDITED SUPPLEMENTAL INFORMATION
|
||||||||||||||||||||
(In thousands, except per unit amounts and percentages)
|
||||||||||||||||||||
Three Months Ended
|
Years Ended
|
|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||||
Revenue
|
$ | 83,267 | $ | 84,437 | $ | 68,415 | $ | 308,274 | $ | 237,636 | ||||||||||
Gross Margin, as adjusted (1)
|
$ | 45,646 | $ | 47,275 | $ | 38,786 | $ | 171,841 | $ | 134,798 | ||||||||||
EBITDA, as further adjusted (1)
|
$ | 37,513 | $ | 38,614 | $ | 31,427 | $ | 139,290 | $ | 104,807 | ||||||||||
% of Revenue
|
45 | % | 46 | % | 46 | % | 45 | % | 44 | % | ||||||||||
Capital Expenditures
|
$ | 17,106 | $ | 9,324 | $ | 6,535 | $ | 50,250 | $ | 28,113 | ||||||||||
Less: Proceeds from Sale of Compression Equipment
|
(632 | ) | (1,040 | ) | (547 | ) | (2,940 | ) | (1,370 | ) | ||||||||||
Net Capital Expenditures
|
$ | 16,474 | $ | 8,284 | $ | 5,988 | $ | 47,310 | $ | 26,743 | ||||||||||
Gross Margin percentage, as adjusted
|
55 | % | 56 | % | 57 | % | 56 | % | 57 | % | ||||||||||
Distributable cash flow (2)
|
$ | 24,475 | $ | 25,720 | $ | 20,372 | $ | 90,284 | $ | 66,831 | ||||||||||
Distributions Declared per Limited Partner Unit
|
$ | 0.4925 | $ | 0.4875 | $ | 0.4725 | $ | 1.94 | $ | 1.87 | ||||||||||
Distribution Declared to All Unitholders, including Incentive
|
||||||||||||||||||||
Distributions
|
$ | 19,581 | $ | 19,322 | $ | 16,003 | $ | 74,214 | $ | 54,913 | ||||||||||
Distributable Cash Flow Coverage
|
1.25 | x | 1.33 | x | 1.27 | x | 1.22 | x | 1.22 | x | ||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||
2011 | 2011 | 2010 | 2011 | 2010 | ||||||||||||||||
Debt
|
$ | 545,500 | $ | 544,000 | $ | 449,000 | $ | 545,500 | $ | 449,000 | ||||||||||
Total Partners' Capital
|
$ | 423,766 | $ | 434,518 | $ | 350,737 | $ | 423,766 | $ | 350,737 | ||||||||||
Total Debt to Capitalization
|
56 | % | 56 | % | 56 | % | 56 | % | 56 | % | ||||||||||
(1) Management believes disclosure of EBITDA, as further adjusted, and Gross Margin, as adjusted, 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 further adjusted, and Gross Margin, as adjusted, as supplemental measures to review current period operating performance, comparability measures and performance measures for period to period comparisons. In addition, EBITDA, as further adjusted, is used by management as a valuation measure.
|
||||||||||||||||||||
(2) Distributable cash flow, a non-GAAP measure, is a significant liquidity metric used by management to compare basic cash flows generated by us to the cash distributions we expect to pay our partners. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions.
|
EXTERRAN PARTNERS, L.P.
|
|||||||||||||||||
UNAUDITED SUPPLEMENTAL INFORMATION
|
|||||||||||||||||
(In thousands, except per unit amounts)
|
|||||||||||||||||
Three Months Ended
|
Years Ended
|
||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Information:
|
|||||||||||||||||
Net income (loss)
|
$ 4,515
|
$ 3,253
|
$ (23,497)
|
$ 6,053
|
$ (23,333)
|
||||||||||||
Income tax expense
|
185
|
242
|
162
|
918
|
680
|
||||||||||||
Depreciation and amortization
|
19,235
|
19,087
|
15,180
|
67,930
|
52,518
|
||||||||||||
Long-lived asset impairment
|
371
|
384
|
24,652
|
1,060
|
24,976
|
||||||||||||
Cap on operating and selling, general and administrative
|
|||||||||||||||||
costs provided by Exterran Holdings ("EXH")
|
5,073
|
7,995
|
7,780
|
32,397
|
24,720
|
||||||||||||
Non-cash selling, general and administrative costs
|
222
|
(207)
|
549
|
532
|
1,209
|
||||||||||||
Interest expense
|
7,912
|
7,860
|
6,601
|
30,400
|
24,037
|
||||||||||||
EBITDA, as further adjusted (1)
|
37,513
|
38,614
|
31,427
|
139,290
|
104,807
|
||||||||||||
Cash selling, general and administrative costs
|
8,421
|
10,801
|
9,563
|
38,848
|
33,621
|
||||||||||||
Less: cap on selling, general and administrative costs provided by EXH
|
-
|
(1,802)
|
(1,963)
|
(5,905)
|
(3,316)
|
||||||||||||
Less: other (income) expense, net
|
(288)
|
(338)
|
(241)
|
(392)
|
(314)
|
||||||||||||
Gross Margin, as adjusted (1)
|
45,646
|
47,275
|
38,786
|
171,841
|
134,798
|
||||||||||||
Other income (expense), net
|
288
|
338
|
241
|
392
|
314
|
||||||||||||
Expensed acquisition costs (in Other (income) expense, net)
|
-
|
-
|
-
|
514
|
356
|
||||||||||||
Less: Gain on sale of compression equipment (in Other (income) expense, net)
|
(273)
|
(319)
|
(242)
|
(919)
|
(667)
|
||||||||||||
Less: Cash interest expense
|
(5,012)
|
(4,951)
|
(4,469)
|
(18,822)
|
(21,087)
|
||||||||||||
Less: Cash selling, general and administrative, as adjusted for
|
|||||||||||||||||
cost caps provided by EXH
|
(8,421)
|
(8,999)
|
(7,600)
|
(32,943)
|
(30,305)
|
||||||||||||
Less: Income tax expense
|
(185)
|
(242)
|
(162)
|
(918)
|
(680)
|
||||||||||||
Less: Maintenance capital expenditures
|
(7,568)
|
(7,382)
|
(6,182)
|
(28,861)
|
(15,898)
|
||||||||||||
Distributable cash flow (2)
|
$ 24,475
|
$ 25,720
|
$ 20,372
|
$ 90,284
|
$ 66,831
|
||||||||||||
Cash flows from operating activities
|
$ 26,370
|
$ 21,600
|
$ 6,585
|
$ 80,090
|
$ 43,682
|
||||||||||||
(Provision for) benefit from doubtful accounts
|
185
|
(239)
|
(700)
|
(83)
|
(1,292)
|
||||||||||||
Cap on operating and selling, general and administrative costs provided by EXH
|
5,073
|
7,995
|
7,780
|
32,397
|
24,720
|
||||||||||||
Expensed acquisition costs
|
-
|
-
|
-
|
514
|
356
|
||||||||||||
Maintenance capital expenditures
|
(7,568)
|
(7,382)
|
(6,182)
|
(28,861)
|
(15,898)
|
||||||||||||
Change in assets and liabilities
|
415
|
3,746
|
12,889
|
6,227
|
15,263
|
||||||||||||
Distributable cash flow (2)
|
$ 24,475
|
$ 25,720
|
$ 20,372
|
$ 90,284
|
$ 66,831
|
||||||||||||
Net income (loss)
|
$ 4,515
|
$ 3,253
|
$ (23,497)
|
$ 6,053
|
$ (23,333)
|
||||||||||||
Long-lived asset impairment
|
371
|
384
|
24,652
|
1,060
|
24,976
|
||||||||||||
Net income, excluding charge
|
$ 4,886
|
$ 3,637
|
$ 1,155
|
$ 7,113
|
$ 1,643
|
||||||||||||
Diluted earnings (loss) per limited partner unit
|
$ 0.10
|
$ 0.06
|
$ (0.73)
|
$ 0.09
|
$ (0.90)
|
||||||||||||
Adjustment for charge per limited partner unit
|
0.01
|
0.01
|
0.75
|
0.03
|
0.90
|
||||||||||||
Diluted earnings per limited partner unit, excluding charge (1)
|
$ 0.11
|
$ 0.07
|
$ 0.02
|
$ 0.12
|
$ 0.00
|
||||||||||||
(1) Management believes disclosure of EBITDA, as further adjusted, diluted earnings per limited partner unit, excluding charge, and Gross Margin, as adjusted, 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 further adjusted, diluted earnings per limited partner unit, excluding charge, and Gross Margin, as adjusted, as supplemental measures to review current period operating performance, comparability measures and performance measures for period to period comparisons. In addition, EBITDA, as further adjusted, is used by management as a valuation measure.
|
|||||||||||||||||
(2) Distributable cash flow, a non-GAAP measure, is a significant liquidity metric used by management to compare basic cash flows generated by us to the cash distributions we expect to pay our partners. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions.
|
EXTERRAN PARTNERS, L.P.
|
||||||||||||||||
UNAUDITED SUPPLEMENTAL INFORMATION
|
||||||||||||||||
(In thousands, except percentages)
|
||||||||||||||||
Three Months Ended
|
Years Ended
|
|||||||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Total Available Horsepower (at period end) (1)
|
1,873
|
1,885
|
1,572
|
1,873
|
1,572
|
|||||||||||
Total Operating Horsepower (at period end) (1)
|
1,728
|
1,703
|
1,384
|
1,728
|
1,384
|
|||||||||||
Average Operating Horsepower
|
1,706
|
1,691
|
1,364
|
1,549
|
1,179
|
|||||||||||
Horsepower Utilization:
|
||||||||||||||||
Spot (at period end)
|
92%
|
90%
|
88%
|
92%
|
88%
|
|||||||||||
Average
|
91%
|
89%
|
82%
|
89%
|
81%
|
|||||||||||
Combined U.S. Contract Operations Horsepower of Exterran Holdings
|
||||||||||||||||
and Exterran Partners covered by contracts converted to service
|
||||||||||||||||
agreements (at period end)
|
2,188
|
2,123
|
1,944
|
2,188
|
1,944
|
|||||||||||
Available Horsepower:
|
||||||||||||||||
Total Available U.S. Contract Operations Horsepower of Exterran Holdings
|
||||||||||||||||
and Exterran Partners (at period end)
|
3,545
|
3,565
|
3,607
|
3,545
|
3,607
|
|||||||||||
% of U.S. Contract Operations Available Horsepower of Exterran
|
||||||||||||||||
Holdings and Exterran Partners covered by contracts converted
|
||||||||||||||||
to service agreements (at period end)
|
62%
|
60%
|
54%
|
62%
|
54%
|
|||||||||||
Operating Horsepower:
|
||||||||||||||||
Total Operating U.S. Contract Operations Horsepower of Exterran Holdings
|
||||||||||||||||
and Exterran Partners (at period end)
|
2,830
|
2,784
|
2,779
|
2,830
|
2,779
|
|||||||||||
% of U.S. Contract Operations Operating Horsepower of Exterran
|
||||||||||||||||
Holdings and Exterran Partners covered by contracts converted
|
||||||||||||||||
to service agreements (at period end)
|
77%
|
76%
|
70%
|
77%
|
70%
|
|||||||||||
(1) Includes compressor units leased from Exterran Holdings with an aggregate horsepower of 221,000, 252,000 and 278,000 at December 31, 2011, September 30, 2011 and December 31, 2010, respectively. Excludes compressor units leased to Exterran Holdings with an aggregate horsepower of 18,000, 29,000 and 18,000 at December 31, 2011, September 30, 2011 and December 31, 2010, respectively.
|
12 |