Guarantor/Non-Guarantor Condensed Consolidated Financial Statements (Tables)

12 Months Ended

Dec. 31, 2012

Guarantor Non Guarantor Condensed Consolidated Financial Statements [Abstract]

Supplemental Guarantor Condensed Consolidated Balance Sheets

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands)

	December 31, 2012
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	18,479		$	(5,401	)	$	10,655		$	—		$	23,733
Receivables, net of allowance	440			129,570			29,128			(294		)	158,844
Intercompany receivable (payable)	(124,516		)	146,652			(22,136		)	—			—
Deferred income taxes	869			8,162			2,027			—			11,058
Inventory	—			5,956			6,155			—			12,111
Prepaid expenses and other current assets	655			9,163			3,222			—			13,040
Total current assets	(104,073		)	294,102			29,051			(294		)	218,786
Net property and equipment	3,474			921,393			90,223			(750		)	1,014,340
Investment in subsidiaries	1,122,814			114,416			—			(1,237,230		)	—
Intangible assets, net of accumulated amortization	68			43,775			—			—			43,843
Goodwill	—			41,683			—			—			41,683
Noncurrent deferred income taxes	51,834			—			5,519			(51,834		)	5,519
Other long-term assets	9,582			2,340			3,683			—			15,605
Total assets	$	1,083,699		$	1,417,709		$	128,476		$	(1,290,108	)	$	1,339,776
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,558		$	76,828		$	5,437		—			$	83,823
Current portion of long-term debt	—			872			—			—			872
Deferred revenues	—			1,954			1,926			—			3,880
Accrued expenses	14,905			48,892			4,472			(294		)	67,975
Total current liabilities	16,463			128,546			11,835			(294		)	156,550
Long-term debt, less current portion	518,618			107			—			—			518,725
Noncurrent deferred income taxes	(4		)	160,676			—			(51,834		)	108,838
Other long-term liabilities	192			5,566			2,225			—			7,983
Total liabilities	535,269			294,895			14,060			(52,128		)	792,096
Total shareholders’ equity	548,430			1,122,814			114,416			(1,237,980		)	547,680
Total liabilities and shareholders’ equity	$	1,083,699		$	1,417,709		$	128,476		$	(1,290,108	)	$	1,339,776
	December 31, 2011
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	91,932		$	(13,879	)	$	8,144		$	—		$	86,197
Receivables, net of allowance	(2		)	112,531			32,724			(19		)	145,234
Intercompany receivable (payable)	(122,552		)	131,585			(9,033		)	—			—
Deferred income taxes	1,408			8,644			5,381			—			15,433
Inventory	—			4,533			6,651			—			11,184
Prepaid expenses and other current assets	285			6,304			4,975			—			11,564
Total current assets	(28,929		)	249,718			48,842			(19		)	269,612
Net property and equipment	1,605			675,679			117,422			(750		)	793,956
Investment in subsidiaries	932,237			221,201			—			(1,153,438		)	—
Intangible assets, net of accumulated amortization	171			18,829			33,680			—			52,680
Goodwill	—			—			41,683			—			41,683
Noncurrent deferred income taxes	30,835			—			735			(30,835		)	735
Other long-term assets	11,949			2,124			15			—			14,088
Total assets	$	947,868		$	1,167,551		$	242,377		$	(1,185,042	)	$	1,172,754
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,090		$	57,150		$	8,200		$	—		$	66,440
Current portion of long-term debt	—			850			22			—			872
Deferred revenues	—			1,297			2,669			—			3,966
Accrued expenses	16,779			45,012			6,631			(20		)	68,402
Total current liabilities	17,869			104,309			17,522			(20		)	139,680
Long-term debt, less current portion	417,747			850			131			—			418,728
Noncurrent deferred income taxes	921			124,659			—			(30,835		)	94,745
Other long-term liabilities	137			5,496			3,523			—			9,156
Total liabilities	436,674			235,314			21,176			(30,855		)	662,309
Total shareholders’ equity	511,194			932,237			221,201			(1,154,187		)	510,445
Total liabilities and shareholders’ equity	$	947,868		$	1,167,551		$	242,377		$	(1,185,042	)	$	1,172,754

Supplemental Guarantor Condensed Consolidated Statements of Operations

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands)

	Year ended December 31, 2012
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	779,163		$	140,280		$	—		$	919,443
Costs and expenses:
Operating costs	—			485,342			101,279			—			586,621
Depreciation and amortization	873			142,972			20,872			—			164,717
General and administrative	22,212			54,715			9,228			(552		)	85,603
Intercompany leasing	—			(4,860		)	4,860			—			—
Bad debt expense (recovery)	—			(612		)	172			—			(440		)
Impairment of equipment	—			1,131			—			—			1,131
Total costs and expenses	23,085			678,688			136,411			(552		)	837,632
Income (loss) from operations	(23,085		)	100,475			3,869			552			81,811
Other (expense) income:
Equity in earnings of subsidiaries	68,352			4,029			—			(72,381		)	—
Interest expense	(37,011		)	(59		)	21			—			(37,049		)
Other	268			940			968			(552		)	1,624
Total other (expense) income	31,609			4,910			989			(72,933		)	(35,425		)
Income (loss) before income taxes	8,524			105,385			4,858			(72,381		)	46,386
Income tax expense (benefit)	21,508			(37,033		)	(829		)	—			(16,354		)
Net income (loss)	$	30,032		$	68,352		$	4,029		$	(72,381	)	$	30,032
	Year ended December 31, 2011
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	606,402		$	109,539		$	—		$	715,941
Costs and expenses:
Operating costs	—			372,945			83,979			—			456,924
Depreciation and amortization	847			119,520			12,465			—			132,832
General and administrative	19,797			45,152			2,921			(552		)	67,318
Intercompany leasing	—			(4,860		)	4,857			3			—
Bad debt expense (recovery)	—			925			—			—			925
Impairment of equipment	—			484			—			—			484
Total costs and expenses	20,644			534,166			104,222			(549		)	658,483
Income (loss) from operations	(20,644		)	72,236			5,317			549			57,458
Other (expense) income:
Equity in earnings of subsidiaries	43,182			(2,982		)	—			(40,200		)	—
Interest expense	(29,497		)	(248		)	24			—			(29,721		)
Other	311			1,163			(7,829		)	(549		)	(6,904		)
Total other (expense) income	13,996			(2,067		)	(7,805		)	(40,749		)	(36,625		)
Income (loss) before income taxes	(6,648		)	70,169			(2,488		)	(40,200		)	20,833
Income tax expense (benefit)	17,825			(26,987		)	(494		)	—			(9,656		)
Net income (loss)	$	11,177		$	43,182		$	(2,982	)	$	(40,200	)	$	11,177
	Year ended December 31, 2010
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	400,778		$	86,432		$	—		$	487,210
Costs and expenses:
Operating costs	—			263,649			68,782			—			332,431
Depreciation and amortization	1,271			109,971			9,569			—			120,811
General and administrative	15,337			34,177			2,959			(426		)	52,047
Intercompany leasing	—			(4,323		)	4,323			—			—
Bad debt expense (recovery)	—			493			—			—			493
Total costs and expenses	16,608			403,967			85,633			(426		)	505,782
Income (loss) from operations	(16,608		)	(3,189		)	799			426			(18,572		)
Other (expense) income:
Equity in earnings of subsidiaries	(1,982		)	1,335			—			647			—
Interest expense	(26,240		)	(333		)	6			—			(26,567		)
Impairment of investments	(3,331		)	—			—			—			(3,331		)
Other	—			953			385			(426		)	912
Total other (expense) income	(31,553		)	1,955			391			221			(28,986		)
Income (loss) before income taxes	(48,161		)	(1,234		)	1,190			647			(47,558		)
Income tax expense (benefit)	14,900			(748		)	145			—			14,297
Net income (loss)	$	(33,261	)	$	(1,982	)	$	1,335		$	647		$	(33,261	)

Supplemental Guarantor Condensed Consolidated Statements of Cash Flows

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

	Year ended December 31, 2012
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities	$	(171,541	)	$	338,418		$	32,489		$	—	$	199,366
Cash flows from investing activities:
Purchases of property and equipment	(2,187		)	(332,082		)	(30,055		)	—		(364,324		)
Proceeds from sale of property and equipment	—			2,998			95			—		3,093
	(2,187		)	(329,084		)	(29,960		)	—		(361,231		)
Cash flows from financing activities:
Debt repayments	—			(856		)	(18		)	—		(874		)
Proceeds from issuance of debt	100,000			—			—			—		100,000
Debt issuance costs	(58		)	—			—			—		(58		)
Proceeds from exercise of options	693			—			—			—		693
Purchase of treasury stock	(360		)	—			—			—		(360		)
	100,275			(856		)	(18		)	—		99,401
Net increase (decrease) in cash and cash equivalents	(73,453		)	8,478			2,511			—		(62,464		)
Beginning cash and cash equivalents	91,932			(13,879		)	8,144			—		86,197
Ending cash and cash equivalents	$	18,479		$	(5,401	)	$	10,655		$	—	$	23,733
	Year ended December 31, 2011
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities	$	(164,032	)	$	300,198		$	8,713		$	—	$	144,879
Cash flows from investing activities:
Acquisition of production services business of Go-Coil	—			(109,035		)	—			—		(109,035		)
Acquisition of other production services businesses	—			(6,502		)	—			—		(6,502		)
Purchases of property and equipment	(485		)	(200,887		)	(8,694		)	—		(210,066		)
Proceeds from sale of property and equipment	7			5,532			11			—		5,550
Proceeds from sale of auction rate securities	12,569			—			—			—		12,569
	12,091			(310,892		)	(8,683		)	—		(307,484		)
Cash flows from financing activities:
Debt repayments	(111,813		)	(1,345		)	—			—		(113,158		)
Proceeds from issuance of debt	250,750			—			—			—		250,750
Debt issuance costs	(7,285		)	—			—			—		(7,285		)
Proceeds from exercise of options	2,884			—			—			—		2,884
Proceeds from common stock, net of offering costs of $5,707	94,343			—			—			—		94,343
Purchase of treasury stock	(743		)	—			—			—		(743		)
	228,136			(1,345		)	—			—		226,791
Net increase (decrease) in cash and cash equivalents	76,195			(12,039		)	30			—		64,186
Beginning cash and cash equivalents	15,737			(1,840		)	8,114			—		22,011
Ending cash and cash equivalents	$	91,932		$	(13,879	)	$	8,144		$	—	$	86,197
	Year ended December 31, 2010
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities	$	(31,841	)	$	115,650		$	14,542		$	—	$	98,351
Cash flows from investing activities:
Acquisition of other production services businesses	—			(1,340		)	—			—		(1,340		)
Purchases of property and equipment	(478		)	(114,313		)	(16,212		)	—		(131,003		)
Proceeds from sale of property and equipment	—			2,290			41			—		2,331
Proceeds from insurance recoveries	—			531			—			—		531
	(478		)	(112,832		)	(16,171		)	—		(129,481		)
Cash flows from financing activities:
Debt repayments	(254,914		)	(1,942		)	—			—		(256,856		)
Proceeds from issuance of debt	274,375			—			—			—		274,375
Debt issuance costs	(4,865		)	—			—			—		(4,865		)
Proceeds from exercise of options	238			—			—			—		238
Purchase of treasury stock	(130		)	—			—			—		(130		)
	14,704			(1,942		)	—			—		12,762
Net increase (decrease) in cash and cash equivalents	(17,615		)	876			(1,629		)	—		(18,368		)
Beginning cash and cash equivalents	33,352			(2,716		)	9,743			—		40,379
Ending cash and cash equivalents	$	15,737		$	(1,840	)	$	8,114		$	—	$	22,011