KEGS: Key Energy Provides July Selected Financial Data
Monday August 21, 10:10 pm ET
HOUSTON, Aug. 21 /PRNewswire-FirstCall/ -- Key Energy Services, Inc. (Pink Sheets: KEGS - News) today provided its unaudited selected financial data for the month ended July 31, 2006. The Company separately released its selected financial data for the second quarter of 2006.
CONFERENCE CALL
The Company will host a conference call on August 22, 2006 at 11:00am EDT. During the conference call, the Company intends to discuss its 2003 Annual Report on Form 10-K as well as to provide an activity update, including a discussion of the second quarter selected financial data. To access the call, which is open to the public, please call the following number: (888) 428-4479 and ask for the "Key Energy Conference Call." The conference call will also be available on the web. To access the webcast go to www.keyenergy.com and select "Investor Relations." A replay of the conference call will be available on August 22, 2006 beginning at 6:00pm EDT and will be available for one week. To access the replay, please call (800) 475-6701. The access code for the replay is 838278.
SELECTED FINANCIAL DATA
The following selected financial information for the Company is for the month ended July 31, 2006. This unaudited information has been prepared by management in accordance with generally accepted accounting principles and has not been reviewed or audited by the Company's independent accountants. The table does not contain all the financial statement line captions and notes that would be presented in the Company's Quarterly Report on Form 10-Q for the quarter and nine months ended September 30, 2006 or Annual Report on Form 10-K for the year ended December 31, 2006.
Month Ended
July 31, 2006
Select Statement of Operations Data: (In thousands - Unaudited)
Revenue:
Well servicing $101,428
Pressure pumping 22,436
Fishing and rental services 7,553
TOTAL REVENUE $131,417
Costs and Expenses:
Well servicing $57,757
Pressure pumping 11,942
Fishing and rental services 4,679
General and administrative 13,400
Interest (1) 5,113
July 31, 2006
Select Balance Sheet Data: (In thousands - Unaudited)
Current Assets:
Cash and cash equivalents (2), (3) $145,898
Accounts receivable, net of allowance
for doubtful accounts 231,526
Inventory 19,057
Prepaid expenses and other current assets 49,945
TOTAL CURRENT ASSETS $446,426
Current Liabilities:
Accounts payable $78,327
Other accrued liabilities 97,236
Accrued interest 13,935
Current portion of long-term debt and
capital lease obligations 12,653
TOTAL CURRENT LIABILITIES $202,151
Long-term debt, less current portion (4) $394,000
Capital lease obligations, less current portion 20,818
Non-current accrued expenses 28,836
NOTES
(1) Interest expense includes amortization of deferred debt issue costs,
discount and premium of approximately $172,000 for the month ended
July 31, 2006.
(2) Cash and short term investments at August 15, 2006 totaled
approximately $140 million.
(3) Capital expenditures were approximately $15 million for the month
ended July 31, 2006.
(4) There were no outstanding borrowings under the Company's revolving
credit facility at August 15, 2006.
The information herein represents the results for only one month and the information herein is not necessarily indicative of the results that may be reported for the fiscal year ended December 31, 2006. The information herein is select financial data and does not represent a complete set of financial statements, which would include additional financial data and notes to financial statements. Until the restatement of the Company's prior year financial statements is completed, the unaudited information herein may differ from its restated financial statements. It is possible that the process of restating the prior year financial statements could require additional changes to the Company's financial statements for 2006 that individually or in the aggregate could be material to the Company's financial position, results of operations or liquidity.
Key Energy Services, Inc. is the world's largest rig-based well service company. The Company provides oilfield services including well servicing, contract drilling, pressure pumping, fishing and rental tools and other oilfield services. The Company has operations in all major onshore oil and gas producing regions of the continental United States and internationally in Argentina.
