Forum Energy Technologies Reports Second Quarter 2012 Diluted EPS of $0.49
| • | 45 percent revenue growth over prior year quarter |
| • | Diluted earnings per share growth of 123 percent over prior year quarter |
| • | Full year diluted earnings per share guidance of $1.85 to $2.00 |
HOUSTON, TEXAS, July 26, 2012 - Forum Energy Technologies, Inc. (NYSE:FET) today reported second quarter 2012 revenue of $374 million, up forty-five percent over second quarter 2011 revenue of $257 million. Net income for the second quarter 2012 was $44 million, compared to second quarter 2011 net income of $14 million. Diluted earnings per share for the quarter were $0.49, more than doubling second quarter 2011 diluted earnings of $0.22 per share1.
Second Quarter Results by Segment
Drilling & Subsea
Drilling & Subsea revenue in the second quarter 2012 was $223 million, an increase of seventeen percent over pro forma revenue of $190 million in the second quarter 2011. Pro forma results for the second quarter 2011 include full period contribution from acquisitions that were completed later in 2011, as if those acquired businesses had been included in the financial results for the second quarter 2011. All three product lines within Drilling & Subsea generated year over year growth, with the Drilling Technologies product line generating nearly twenty percent growth over pro forma revenue in the second quarter 2011. Reflecting the continued strengthening of demand for our PerryTM work class remotely operated vehicles (ROVs), the Subsea Technologies product line generated seventeen percent revenue growth in the second quarter 2012 over pro forma second quarter 2011. In addition to strong top line growth, Subsea Technologies significantly improved its operating margin percentage over the same quarter last year.
Production & Infrastructure
Production & Infrastructure revenue in the second quarter 2012 was $151 million, a thirty percent increase over pro forma revenue of $116 million in the second quarter 2011. Forum's Production Equipment product line generated more than forty percent revenue growth over second quarter 2011 results on strong demand for production and processing equipment and an expanded customer base. The Valve Solutions product line also generated strong top line and operating margin improvement in the second quarter 2012, with improved distribution and strong market penetration of new valve products facilitating these improvements.
1
Review and Outlook
Cris Gaut, Chairman and Chief Executive Officer of Forum, remarked, "Forum delivered solid revenue improvement due to strong organic growth across our product lines and the continued integration of the eight acquisitions we completed in 2011. Our revenue growth was attributable to an increase in demand for many of our products, such as our deepwater ROVs and wellsite production and process equipment, as well as the introduction of significant new product offerings. Demand for our valves also improved as a result of increased activity in the Canadian heavy oil and U.S. pipeline sectors.
"Forum is performing very well as reflected in our first half results, and our prospects remain bright for the balance of the year, with the exception of our Flow Equipment product line. The weakness experienced by our pressure pumping customers is reducing demand for our flow equipment, and we expect this to continue for the balance of the year. The outlook for Downhole Technologies, the other new product line we added through acquisitions in 2011, remains strong as international and offshore orders begin to ramp up. Each of our other four product lines is delivering very good results, and their prospects remain positive."
Forum provides diluted earnings per share guidance for full year 2012 of $1.85 to $2.00.
Significant Recent Events
The second quarter 2012 saw a number of significant orders and product development milestones. Among these were:
| • | Award to our Drilling Technologies product line of complete pipe handling packages for seven rigs, each of which includes Forum's Offline Activity Crane, WranglerTM 120 Iron Roughneck, WranglerTM PW5000 Elevated Catwalk and a Rotating Mousehole tool |
| • | Award to our Production Equipment product line for ninety oil production separator systems ordered by a major North American producer |
| • | Our sixth recent, and first international, award for the EDGETM II desalting technology processing equipment to be installed in the largest refinery in Colombia |
| • | Delivery and first field use of the Subsea Technologies' PerryTM XT1200 trencher, a first of a kind deepwater vehicle used for subsea pipeline and cable laying operations |
Conference Call Information
Forum's conference call is scheduled for July 27, 2012 at 9:00 AM CDT. During the call, the company intends to discuss second quarter 2012 results. To access the call, please call the conference call operator at 888.679.8035, or 617.213.4848 outside of North America. The access code is 14837625. The call will also be broadcast through the Investor Relations link on Forum's website. Attendees should log-in to the webcast or dial in approximately ten minutes prior to the call's start time. A replay of the call will be available for 30 days, and may be accessed by dialing 888.286.8010 from within the United States, or 617.801.6888 from international locations. The replay access code is 58249486.
Notes:
(1) Second quarter 2012 diluted earnings per share include the weighted impact of the 16.6 million shares issued in the IPO and concurrent private placement on April 12, 2012.
2
Forum Energy Technologies, Inc. (NYSE: FET) is a global provider of manufactured technologies and applied products to the energy industry. With approximately 3,300 employees located throughout the world, Forum is well positioned to provide the products and technologies essential to solving the increasingly complex challenges of the subsea, drilling and production sectors of the oil and gas industry. For more information, please visit Forum's website at www.f-e-t.com.
Forward Looking Statements and Other Legal Disclosure
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the company, including any statement about the company's future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, new product development activities, costs and other guidance included in this press release.
These statements are based on certain assumptions made by the company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and gas industry, governmental regulation and taxation of the oil and natural gas industry, the company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the company's business, and other important factors that could cause actual results to differ materially from those projected as described in the company's filings with the Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Investor Contact
Patrick Connelly - Vice President, Strategic Development
Investor Relations
281.949.2513
patrick.connelly@f-e-t.com
Media Contact
Donna Smith - Director, Marketing & Communications
281.949.2514
donna.smith@f-e-t.com
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| Forum Energy Technologies, Inc. | ||||||||||||
| Condensed consolidated statements of income | ||||||||||||
| (Unaudited) | ||||||||||||
| Three months ended | ||||||||||||
| June 30, | March 31, | |||||||||||
| (in thousands, except per share information) | 2012 | 2011 | 2012 | |||||||||
| Revenue | $ | 373,512 | $ | 257,454 | $ | 363,489 | ||||||
| Total operating expenses | 303,674 | 230,973 | 293,276 | |||||||||
| Operating income | 69,838 | 26,481 | 70,213 | |||||||||
| Interest expense | 3,623 | 4,449 | 5,786 | |||||||||
| (Gain) loss on foreign exchange | 335 | 687 | 31 | |||||||||
| Profit before income taxes | 65,880 | 21,345 | 64,396 | |||||||||
| Provision for income tax expense | 21,742 | 7,453 | 21,885 | |||||||||
| Net income | 44,138 | 13,892 | 42,511 | |||||||||
| Less: Net income attributable to noncontrolling interest | 17 | 158 | 29 | |||||||||
| Net income attributable to common stockholders | $ | 44,121 | $ | 13,734 | $ | 42,482 | ||||||
Weighted average shares outstanding (1) | ||||||||||||
| Basic | 82,495 | 59,471 | 67,960 | |||||||||
| Diluted | 89,794 | 62,660 | 74,741 | |||||||||
| Earnings per share | ||||||||||||
| Basic | $ | 0.53 | $ | 0.23 | $ | 0.63 | ||||||
| Diluted | $ | 0.49 | $ | 0.22 | $ | 0.57 | ||||||
(1) Second quarter 2012 diluted earnings per share include the weighted impact of the 16.6 million shares issued in the IPO and concurrent private placement on April 12, 2012. | ||||||||||||
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| Forum Energy Technologies, Inc. | ||||||||
| Condensed consolidated statements of income | ||||||||
| (Unaudited) | ||||||||
| Six months ended | ||||||||
| June 30, | ||||||||
| (in thousands, except per share information) | 2012 | 2011 | ||||||
| Revenue | $ | 737,001 | $ | 460,506 | ||||
| Total operating expenses | 596,950 | 411,393 | ||||||
| Operating income | 140,051 | 49,113 | ||||||
| Interest expense | 9,409 | 7,689 | ||||||
| (Gain) loss on foreign exchange | 366 | 751 | ||||||
| Profit before income taxes | 130,276 | 40,673 | ||||||
| Provision for income tax expense | 43,627 | 14,383 | ||||||
| Net income | 86,649 | 26,290 | ||||||
| Less: Net income attributable to noncontrolling interest | 46 | 187 | ||||||
| Net income attributable to common stockholders | $ | 86,603 | $ | 26,103 | ||||
Weighted average shares outstanding (1) | ||||||||
| Basic | 75,248 | 58,889 | ||||||
| Diluted | 81,990 | 61,333 | ||||||
| Earnings per share | ||||||||
| Basic | $ | 1.15 | $ | 0.44 | ||||
| Diluted | $ | 1.06 | $ | 0.43 | ||||
(1) Second quarter 2012 diluted earnings per share include the weighted impact of the 16.6 million shares issued in the IPO and concurrent private placement on April 12, 2012. | ||||||||
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| Forum Energy Technologies, Inc. | ||||||||
| Condensed consolidated balance sheets | ||||||||
| (in thousands of dollars) | June 30, 2012 | December 31, 2011 | ||||||
| Assets | (unaudited) | |||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 14,802 | $ | 20,548 | ||||
| Other current assets | 706,333 | 598,038 | ||||||
| Total current assets | 721,135 | 618,586 | ||||||
| Property and equipment, net of accumulated depreciation | 134,785 | 124,840 | ||||||
| Goodwill | 602,795 | 600,827 | ||||||
| Other long-term assets | 247,780 | 263,062 | ||||||
| Total assets | $ | 1,706,495 | $ | 1,607,315 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities | ||||||||
| Current portion of long-term debt and capital lease obligations | $ | 16,621 | $ | 5,176 | ||||
| Accounts payable—trade | 114,493 | 97,642 | ||||||
| Accrued liabilities | 89,742 | 92,251 | ||||||
| Other current liabilities | 35,053 | 59,583 | ||||||
| Total current liabilities | 255,909 | 254,652 | ||||||
| Long-term debt, net of current portion | 349,948 | 660,379 | ||||||
| Other long-term liabilities | 37,645 | 37,152 | ||||||
| Total liabilities | 643,502 | 952,183 | ||||||
| Equity | ||||||||
| Total stockholders’ equity | 1,062,318 | 654,493 | ||||||
| Noncontrolling interest in subsidiary | 675 | 639 | ||||||
| Total equity | 1,062,993 | 655,132 | ||||||
| Total liabilities and equity | $ | 1,706,495 | $ | 1,607,315 | ||||
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| Forum Energy Technologies, Inc. | ||||||||
| Condensed consolidated cash flow information | ||||||||
| (Unaudited) | ||||||||
| Six months ended June 30, | ||||||||
| (in thousands of dollars) | 2012 | 2011 | ||||||
| Cash flows from operating activities | ||||||||
| Net income | $ | 86,649 | $ | 26,290 | ||||
| Change in contingent consideration and impairment of intangible assets | (2,739 | ) | 5,800 | |||||
| Depreciation and amortization | 25,105 | 16,355 | ||||||
| Other, primarily working capital | (76,836 | ) | (46,539 | ) | ||||
Net cash provided by operating activities, excluding contingent consideration payments (1) | $ | 32,179 | $ | 1,906 | ||||
| Cash flows from investing activities | ||||||||
| Capital expenditures for property and equipment | $ | (25,086 | ) | $ | (20,482 | ) | ||
| Acquisition of businesses, net of cash acquired | (2,839 | ) | (65,249 | ) | ||||
| Other | 2,627 | 906 | ||||||
| Net cash provided by (used in) investing activities | $ | (25,298 | ) | $ | (84,825 | ) | ||
| Cash flows from financing activities | ||||||||
| Borrowings of long-term debt | $ | 78,464 | $ | 76,505 | ||||
| Repayment of long-term debt | (383,797 | ) | — | |||||
| Proceeds of IPO, net of offering costs | 256,880 | — | ||||||
| Proceeds from concurrent private placement | 50,000 | — | ||||||
| Payment of contingent consideration | (18,227 | ) | — | |||||
| Other | 4,065 | 49,552 | ||||||
| Net cash provided by (used in) financing activities, including contingent consideration payments | $ | (12,615 | ) | $ | 126,057 | |||
| Effect of exchange rate changes on cash | (12 | ) | 2,651 | |||||
| Net increase (decrease) in cash and cash equivalents | $ | (5,746 | ) | $ | 45,789 | |||
(1) For the six months ended June 30, 2012, the amount excluded from cash provided by operating activities for the contingent consideration payment is $7.1 million and this amount is included in the “Payment of contingent consideration” caption. | ||||||||
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| Forum Energy Technologies, Inc. | ||||||||||||||||||||
| Supplemental schedule - Segment information | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three months ended | ||||||||||||||||||||
| June 30, 2012 | June 30, 2011 | March 31, 2012 | ||||||||||||||||||
| (in thousands of dollars) | Actual | Actual | Adjustments (1) | Pro forma | Actual | |||||||||||||||
| Revenue | ||||||||||||||||||||
| Drilling & Subsea | $ | 222,651 | $ | 147,239 | $ | 43,091 | $ | 190,330 | $ | 213,064 | ||||||||||
| Production & Infrastructure | 151,080 | 110,215 | 5,709 | 115,924 | 150,595 | |||||||||||||||
| Eliminations | (219 | ) | — | — | — | (170 | ) | |||||||||||||
| Total revenue | $ | 373,512 | $ | 257,454 | $ | 48,800 | $ | 306,254 | $ | 363,489 | ||||||||||
| Gross profit | ||||||||||||||||||||
| Drilling & Subsea | $ | 80,812 | $ | 46,653 | $ | 22,854 | $ | 69,507 | $ | 79,214 | ||||||||||
| Gross margin % | 36.3 | % | 31.7 | % | 36.5 | % | 37.2 | % | ||||||||||||
| Production & Infrastructure | 41,990 | 30,539 | 3,987 | 34,526 | 47,229 | |||||||||||||||
| Gross margin % | 27.8 | % | 27.7 | % | 29.8 | % | 31.4 | % | ||||||||||||
| Total Gross profit | $ | 122,802 | $ | 77,192 | $ | 26,841 | $ | 104,033 | $ | 126,443 | ||||||||||
| Gross margin % | 32.9 | % | 30.0 | % | 34.0 | % | 34.8 | % | ||||||||||||
| Selling, general and administrative expenses | ||||||||||||||||||||
| Drilling & Subsea | $ | 34,430 | $ | 21,869 | $ | 9,402 | $ | 31,271 | $ | 33,218 | ||||||||||
| Percentage of D&S revenue % | 15.5 | % | 14.9 | % | 16.4 | % | 15.6 | % | ||||||||||||
| Production & Infrastructure | 17,131 | 13,899 | 1,344 | 15,243 | 17,537 | |||||||||||||||
| Percentage of P&I revenue % | 11.3 | % | 12.6 | % | 13.1 | % | 11.6 | % | ||||||||||||
| Corporate | 4,644 | 6,919 | — | 6,919 | 4,099 | |||||||||||||||
| Total selling, general and administrative expenses | $ | 56,205 | $ | 42,687 | $ | 10,746 | $ | 53,433 | $ | 54,854 | ||||||||||
| Percentage of total revenue % | 15.0 | % | 16.6 | % | 17.4 | % | 15.1 | % | ||||||||||||
| Operating income | ||||||||||||||||||||
| Drilling & Subsea | $ | 46,382 | $ | 24,784 | $ | 13,452 | $ | 38,236 | $ | 45,996 | ||||||||||
| Operating income margin % | 20.8 | % | 16.8 | % | 20.1 | % | 21.6 | % | ||||||||||||
| Production & Infrastructure | 24,859 | 16,640 | 2,643 | 19,283 | 29,692 | |||||||||||||||
| Operating income margin % | 16.5 | % | 15.1 | % | 16.6 | % | 19.7 | % | ||||||||||||
| Corporate | (4,644 | ) | (6,919 | ) | — | (6,919 | ) | (4,099 | ) | |||||||||||
| Total Segment operating income | 66,597 | 34,505 | 16,095 | 50,600 | 71,589 | |||||||||||||||
Other items not included in segment operating income (2) | 3,241 | (8,024 | ) | — | (8,024 | ) | (1,376 | ) | ||||||||||||
| Total operating income | $ | 69,838 | $ | 26,481 | $ | 16,095 | $ | 42,576 | $ | 70,213 | ||||||||||
| Operating income margin % | 18.7 | % | 10.3 | % | 13.9 | % | 19.3 | % | ||||||||||||
| EBITDA | ||||||||||||||||||||
| Drilling & Subsea | $ | 55,634 | $ | 30,124 | $ | 15,676 | $ | 45,800 | $ | 54,580 | ||||||||||
| Percentage of D&S revenue % | 25.0 | % | 20.5 | % | 24.1 | % | 25.6 | % | ||||||||||||
| Production & Infrastructure | 28,108 | 19,038 | 2,775 | 21,813 | 32,778 | |||||||||||||||
| Percentage of P&I revenue % | 18.6 | % | 17.3 | % | 18.8 | % | 21.8 | % | ||||||||||||
| Corporate | (4,273 | ) | (6,887 | ) | 935 | (5,952 | ) | (4,025 | ) | |||||||||||
Other items (3) | 3,297 | (8,141 | ) | — | (8,141 | ) | (1,355 | ) | ||||||||||||
| Total EBITDA | $ | 82,766 | $ | 34,134 | $ | 19,386 | $ | 53,520 | $ | 81,978 | ||||||||||
| Percentage of total revenue % | 22.2 | % | 13.3 | % | 17.5 | % | 22.6 | % | ||||||||||||
(1) Adjustments to reflect the eight acquisitions completed in 2011 as if each had occurred on January 1, 2011. | ||||||||||||||||||||
(2) Includes contingent consideration, intangible asset impairment, transaction expenses and gain/(loss) on sale of assets. | ||||||||||||||||||||
(3) Includes contingent consideration, intangible asset impairment and transaction expenses. | ||||||||||||||||||||
8
| Forum Energy Technologies, Inc. | ||||||||||||||||
| Supplemental schedule - Segment information | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Six months ended | ||||||||||||||||
| June 30, 2012 | June 30, 2011 | |||||||||||||||
| (in thousands of dollars) | Actual | Actual | Adjustments (1) | Pro forma | ||||||||||||
| Revenue | ||||||||||||||||
| Drilling & Subsea | $ | 435,715 | $ | 267,965 | $ | 86,157 | $ | 354,122 | ||||||||
| Production & Infrastructure | 301,675 | 192,541 | 22,030 | 214,571 | ||||||||||||
| Eliminations | (389 | ) | — | — | — | |||||||||||
| Total revenue | $ | 737,001 | $ | 460,506 | $ | 108,187 | $ | 568,693 | ||||||||
| Gross profit | ||||||||||||||||
| Drilling & Subsea | $ | 160,026 | $ | 82,702 | $ | 47,220 | $ | 129,922 | ||||||||
| Gross margin % | 36.7 | % | 30.9 | % | 36.7 | % | ||||||||||
| Production & Infrastructure | 89,219 | 53,287 | 10,747 | 64,034 | ||||||||||||
| Gross margin % | 29.6 | % | 27.7 | % | 29.8 | % | ||||||||||
| Total Gross profit | $ | 249,245 | $ | 135,989 | $ | 57,967 | $ | 193,956 | ||||||||
| Gross margin % | 33.8 | % | 29.5 | % | 34.1 | % | ||||||||||
| Selling, general and administrative expenses | ||||||||||||||||
| Drilling & Subsea | $ | 67,648 | $ | 42,636 | $ | 17,776 | $ | 60,412 | ||||||||
| Percentage of D&S revenue % | 15.5 | % | 15.9 | % | 17.1 | % | ||||||||||
| Production & Infrastructure | 34,668 | 26,261 | 3,207 | 29,468 | ||||||||||||
| Percentage of P&I revenue % | 11.5 | % | 13.6 | % | 13.7 | % | ||||||||||
| Corporate | 8,743 | 9,983 | 31 | 10,014 | ||||||||||||
| Total selling, general and administrative expenses | $ | 111,059 | $ | 78,880 | $ | 21,014 | $ | 99,894 | ||||||||
| Percentage of total revenue % | 15.1 | % | 17.1 | % | 17.6 | % | ||||||||||
| Operating income | ||||||||||||||||
| Drilling & Subsea | $ | 92,378 | $ | 40,066 | $ | 29,444 | $ | 69,510 | ||||||||
| Operating income margin % | 21.2 | % | 15.0 | % | 19.6 | % | ||||||||||
| Production & Infrastructure | 54,551 | 27,026 | 7,540 | 34,566 | ||||||||||||
| Operating income margin % | 18.1 | % | 14.0 | % | 16.1 | % | ||||||||||
| Corporate | (8,743 | ) | (9,983 | ) | (31 | ) | (10,014 | ) | ||||||||
| Total segment operating income | 138,186 | 57,109 | 36,953 | 94,062 | ||||||||||||
Other items not included in segment operating income (2) | 1,865 | (7,996 | ) | — | (7,996 | ) | ||||||||||
| Total operating income | $ | 140,051 | $ | 49,113 | $ | 36,953 | $ | 86,066 | ||||||||
| Operating income margin % | 19.0 | % | 10.7 | % | 15.1 | % | ||||||||||
| EBITDA | ||||||||||||||||
| Drilling & Subsea | $ | 110,214 | $ | 51,633 | $ | 35,757 | $ | 87,390 | ||||||||
| Percentage of D&S revenue % | 25.3 | % | 19.3 | % | 24.7 | % | ||||||||||
| Production & Infrastructure | 60,886 | 31,295 | 8,007 | 39,302 | ||||||||||||
| Percentage of P&I revenue % | 20.2 | % | 16.3 | % | 18.3 | % | ||||||||||
| Corporate | (8,298 | ) | (9,983 | ) | 2 | (9,981 | ) | |||||||||
Other items (3) | 1,942 | (8,415 | ) | — | (8,415 | ) | ||||||||||
| Total EBITDA | $ | 164,744 | $ | 64,530 | $ | 43,766 | $ | 108,296 | ||||||||
| Percentage of total revenue % | 22.4 | % | 14.0 | % | 19.0 | % | ||||||||||
(1) Adjustments to reflect the eight acquisitions completed in 2011 as if each had occurred on January 1, 2011. | ||||||||||||||||
(2) Includes contingent consideration, intangible asset impairment, transaction expenses and gain/(loss) on sale of assets. | ||||||||||||||||
(3) Includes contingent consideration, intangible asset impairment and transaction expenses. | ||||||||||||||||
9
| Forum Energy Technologies, Inc. | |||||||||||||||
| Reconciliation of GAAP to non-GAAP financial information | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three months ended | |||||||||||||||
| June 30, 2012 | June 30, 2011 | March 31, 2012 | |||||||||||||
| (in thousands of dollars) | Actual | Actual | Pro forma | Actual | |||||||||||
| EBITDA reconciliation | |||||||||||||||
| Net income attributable to common stockholders | $ | 44,121 | $ | 13,734 | $ | 20,541 | $ | 42,482 | |||||||
| Interest expense | 3,623 | 4,449 | 10,256 | 5,786 | |||||||||||
| Depreciation and amortization | 13,280 | 8,498 | 11,762 | 11,825 | |||||||||||
| Income tax expense | 21,742 | 7,453 | 10,961 | 21,885 | |||||||||||
| EBITDA | $ | 82,766 | $ | 34,134 | $ | 53,520 | $ | 81,978 | |||||||
10
| Forum Energy Technologies, Inc. | |||||||||||
| Reconciliation of GAAP to non-GAAP financial information | |||||||||||
| (Unaudited) | |||||||||||
| Six months ended | |||||||||||
| June 30, 2012 | June 30, 2011 | ||||||||||
| (in thousands of dollars) | Actual | Actual | Pro forma | ||||||||
| EBITDA reconciliation | |||||||||||
| Net income attributable to common stockholders | $ | 86,603 | $ | 26,103 | $ | 43,003 | |||||
| Interest expense | 9,409 | 7,689 | 19,489 | ||||||||
| Depreciation and amortization | 25,105 | 16,355 | 23,083 | ||||||||
| Income tax expense | 43,627 | 14,383 | 22,721 | ||||||||
| EBITDA | $ | 164,744 | $ | 64,530 | $ | 108,296 | |||||
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