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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