EXHIBIT 99.1
First Quarter 2014 and Full Year 2013 Unaudited Recast Segment Information by Quarter and Full Year
The table below presents reportable segment results as recast (unaudited, in thousands): |
| | | | | | | | | | | | | | | | | | | | | | | |
| Summary of Operations (in thousands) |
| For the Three Months Ended | | For the Year Ended |
| March 31, 2014 | | March 31, 2013 | | June 30, 2013 | | September 30, 2013 | | December 31, 2013 | | December 31, 2013 |
Third Party Revenues(1): | | | | | | | | | | | |
Technical Services | $ | 236,781 |
| | $ | 233,939 |
| | $ | 256,262 |
| | $ | 269,465 |
| | $ | 264,260 |
| | $ | 1,023,926 |
|
Industrial and Field Services | 161,960 |
| | 169,621 |
| | 199,225 |
| | 174,829 |
| | 164,848 |
| | 708,523 |
|
Oil Re-refining and Recycling | 128,921 |
| | 140,084 |
| | 123,008 |
| | 131,934 |
| | 133,610 |
| | 528,636 |
|
SK Environmental Services | 161,388 |
| | 159,802 |
| | 166,523 |
| | 170,166 |
| | 168,517 |
| | 665,008 |
|
Lodging Services | 56,694 |
| | 53,330 |
| | 46,685 |
| | 55,571 |
| | 52,959 |
| | 208,545 |
|
Oil and Gas Field Services | 100,772 |
| | 115,163 |
| | 68,444 |
| | 104,981 |
| | 95,371 |
| | 383,959 |
|
Corporate Items(2) | 151 |
| | (9,776 | ) | | 381 |
| | 589 |
| | (135 | ) | | (8,941 | ) |
Total | $ | 846,667 |
| | $ | 862,163 |
| | $ | 860,528 |
| | $ | 907,535 |
| | $ | 879,430 |
| | $ | 3,509,656 |
|
Direct Revenues(1): | | | | | | | | | | | |
Technical Services | $ | 274,614 |
| | $ | 259,210 |
| | $ | 283,390 |
| | $ | 305,835 |
| | $ | 299,380 |
| | $ | 1,147,815 |
|
Industrial and Field Services | 150,357 |
| | 155,883 |
| | 186,417 |
| | 166,648 |
| | 154,641 |
| | 663,589 |
|
Oil Re-refining and Recycling | 80,805 |
| | 90,058 |
| | 74,747 |
| | 86,368 |
| | 84,454 |
| | 335,627 |
|
SK Environmental Services | 181,287 |
| | 194,756 |
| | 198,730 |
| | 187,330 |
| | 191,283 |
| | 772,099 |
|
Lodging Services | 57,089 |
| | 54,048 |
| | 47,993 |
| | 56,528 |
| | 53,816 |
| | 212,385 |
|
Oil and Gas Field Services | 102,873 |
| | 118,907 |
| | 70,133 |
| | 105,160 |
| | 96,305 |
| | 390,505 |
|
Corporate Items(2) | (358 | ) | | (10,699 | ) | | (882 | ) | | (334 | ) | | (449 | ) | | (12,364 | ) |
Total | 846,667 |
| | 862,163 |
| | 860,528 |
| | 907,535 |
| | 879,430 |
| | 3,509,656 |
|
Cost of Revenues(3): | | | | | | | | | | | |
Technical Services | 189,775 |
| | 178,693 |
| | 192,072 |
| | 204,425 |
| | 204,282 |
| | 779,472 |
|
Industrial and Field Services | 119,564 |
| | 127,178 |
| | 137,416 |
| | 126,204 |
| | 122,721 |
| | 513,519 |
|
Oil Re-refining and Recycling | 64,109 |
| | 68,345 |
| | 57,980 |
| | 63,355 |
| | 70,225 |
| | 259,905 |
|
SK Environmental Services | 130,273 |
| | 139,151 |
| | 137,801 |
| | 138,705 |
| | 135,472 |
| | 551,129 |
|
Lodging Services | 37,933 |
| | 30,381 |
| | 27,471 |
| | 33,678 |
| | 35,729 |
| | 127,259 |
|
Oil and Gas Field Services | 79,149 |
| | 83,180 |
| | 59,609 |
| | 77,772 |
| | 75,098 |
| | 295,659 |
|
Corporate Items(2) | 4,916 |
| | 9,096 |
| | 1,977 |
| | 2,980 |
| | 1,637 |
| | 15,690 |
|
Total | 625,719 |
| | 636,024 |
| | 614,326 |
| | 647,119 |
| | 645,164 |
| | 2,542,633 |
|
Selling, General & Administrative Expenses: | | | | | | | | | | | |
Technical Services | 22,662 |
| | 20,472 |
| | 21,928 |
| | 22,561 |
| | 17,862 |
| | 82,823 |
|
Industrial and Field Services | 14,421 |
| | 14,893 |
| | 14,241 |
| | 13,735 |
| | 10,397 |
| | 53,266 |
|
Oil Re-refining and Recycling | 4,113 |
| | 6,367 |
| | 4,015 |
| | 4,361 |
| | 3,976 |
| | 18,719 |
|
SK Environmental Services | 28,189 |
| | 28,599 |
| | 26,853 |
| | 25,433 |
| | 27,363 |
| | 108,248 |
|
Lodging Services | 1,419 |
| | 1,366 |
| | 1,263 |
| | 1,140 |
| | 999 |
| | 4,768 |
|
Oil and Gas Field Services | 7,393 |
| | 7,943 |
| | 6,380 |
| | 6,858 |
| | 5,810 |
| | 26,991 |
|
Corporate Items | 40,765 |
| | 48,830 |
| | 47,932 |
| | 40,376 |
| | 38,524 |
| | 175,662 |
|
Total | 118,962 |
| | 128,470 |
| | 122,612 |
| | 114,464 |
| | 104,931 |
| | 470,477 |
|
Adjusted EBITDA: | | | | | | | | | | | |
Technical Services | 62,177 |
| | 60,045 |
| | 69,390 |
| | 78,849 |
| | 77,236 |
| | 285,520 |
|
Industrial and Field Services | 16,372 |
| | 13,812 |
| | 34,760 |
| | 26,709 |
| | 21,523 |
| | 96,804 |
|
Oil Re-refining and Recycling | 12,583 |
| | 15,346 |
| | 12,752 |
| | 18,652 |
| | 10,253 |
| | 57,003 |
|
SK Environmental Services | 22,825 |
| | 27,006 |
| | 34,076 |
| | 23,192 |
| | 28,448 |
| | 112,722 |
|
Lodging Services | 17,737 |
| | 22,301 |
| | 19,259 |
| | 21,710 |
| | 17,088 |
| | 80,358 |
|
Oil and Gas Field Services | 16,331 |
| | 27,784 |
| | 4,144 |
| | 20,530 |
| | 15,397 |
| | 67,855 |
|
Corporate Items | (46,039 | ) | | (55,066 | ) | | (50,791 | ) | | (43,690 | ) | | (40,610 | ) | | (190,157 | ) |
Total | $ | 101,986 |
| | $ | 111,228 |
| | $ | 123,590 |
| | $ | 145,952 |
| | $ | 129,335 |
| | $ | 510,105 |
|
_____________________ | |
1. | Third party revenue is revenue billed to outside customers by a particular segment. Direct revenue is revenue allocated to the segment performing the provided service. |
| |
2. | Corporate Items revenues and costs of revenues for the three months ended March 31, 2013 and year ended December 31, 2013 includes purchase price measurement period adjustments. |
| |
3. | Cost of revenue is shown exclusive of (i) accretion of environmental liabilities and (ii) depreciation and amortization. |
The following is a reconciliation of net income to Adjusted EBITDA (unaudited, in thousands):
|
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended | | For the Year Ended |
| March 31, 2014 | | March 31, 2013 | | June 30, 2013 | | September 30, 2013 | | December 31, 2013 | | December 31, 2013 |
Net income | $ | 8,960 |
| | $ | 10,502 |
| | $ | 22,902 |
| | $ | 35,361 |
| | $ | 26,801 |
| | $ | 95,566 |
|
Accretion of environmental liabilities | 2,724 |
| | 2,835 |
| | 2,879 |
| | 2,914 |
| | 2,913 |
| | 11,541 |
|
Depreciation and amortization | 69,356 |
| | 60,006 |
| | 67,468 |
| | 69,430 |
| | 67,545 |
| | 264,449 |
|
Other (income) expense | (4,178 | ) | | (525 | ) | | (1,655 | ) | | 150 |
| | 325 |
| | (1,705 | ) |
Interest expense, net | 19,554 |
| | 19,873 |
| | 19,585 |
| | 19,326 |
| | 19,592 |
| | 78,376 |
|
Pre-tax, non-cash acquisition accounting inventory adjustment | — |
| | 13,559 |
| | — |
| | — |
| | — |
| | 13,559 |
|
Provision for income taxes | 5,570 |
| | 4,978 |
| | 12,411 |
| | 18,771 |
| | 12,159 |
| | 48,319 |
|
Adjusted EBITDA | $ | 101,986 |
| | $ | 111,228 |
| | $ | 123,590 |
| | $ | 145,952 |
| | $ | 129,335 |
| | $ | 510,105 |
|