EXHIBIT 99.1
2012 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) |
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| For the Three Months Ended |
| For the Year |
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|
| March 31, |
| June 30, 2012 |
| September 30, |
| December 31, |
| December 31, |
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Third Party Revenues: |
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|
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Technical Services |
| $ | 221,637 |
| $ | 243,321 |
| $ | 247,355 |
| $ | 245,451 |
| $ | 957,764 |
|
Industrial and Field Services |
| 202,779 |
| 202,618 |
| 203,371 |
| 219,351 |
| 828,119 |
| |||||
Oil and Gas Field Services |
| 146,905 |
| 76,849 |
| 82,812 |
| 93,983 |
| 400,549 |
| |||||
Corporate Items |
| 701 |
| 330 |
| 268 |
| 177 |
| 1,476 |
| |||||
Total |
| $ | 572,022 |
| $ | 523,118 |
| $ | 533,806 |
| $ | 558,962 |
| $ | 2,187,908 |
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Direct Revenues: |
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|
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Technical Services |
| $ | 231,196 |
| $ | 252,186 |
| $ | 254,971 |
| $ | 253,343 |
| $ | 991,696 |
|
Industrial and Field Services |
| 191,570 |
| 191,406 |
| 194,594 |
| 209,683 |
| 787,253 |
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Oil and Gas Field Services |
| 148,828 |
| 79,718 |
| 84,640 |
| 96,167 |
| 409,353 |
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Corporate Items |
| 428 |
| (192 | ) | (399 | ) | (231 | ) | (394 | ) | |||||
Total |
| 572,022 |
| 523,118 |
| 533,806 |
| 558,962 |
| 2,187,908 |
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Cost of Revenues (exclusive of items shown separately) (1): |
|
|
|
|
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|
|
|
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Technical Services |
| 156,412 |
| 163,706 |
| 169,484 |
| 170,387 |
| 659,989 |
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Industrial and Field Services |
| 142,566 |
| 136,341 |
| 138,105 |
| 152,253 |
| 569,265 |
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Oil and Gas Field Services |
| 99,669 |
| 64,254 |
| 63,725 |
| 74,051 |
| 301,699 |
| |||||
Corporate Items |
| 1,668 |
| 3,322 |
| 1,626 |
| 3,052 |
| 9,668 |
| |||||
Total |
| 400,315 |
| 367,623 |
| 372,940 |
| 399,743 |
| 1,540,621 |
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Selling, General and Administrative Expenses: |
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|
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|
|
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Technical Services |
| 22,873 |
| 19,959 |
| 17,246 |
| 21,800 |
| 81,878 |
| |||||
Industrial and Field Services |
| 14,926 |
| 14,507 |
| 13,211 |
| 16,413 |
| 59,057 |
| |||||
Oil and Gas Field Services |
| 8,963 |
| 7,493 |
| 6,783 |
| 7,367 |
| 30,606 |
| |||||
Corporate Items |
| 23,997 |
| 24,835 |
| 23,099 |
| 30,048 |
| 101,979 |
| |||||
Total |
| 70,759 |
| 66,794 |
| 60,339 |
| 75,628 |
| 273,520 |
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Adjusted EBITDA (2): |
|
|
|
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|
|
|
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Technical Services |
| 51,911 |
| 68,521 |
| 68,241 |
| 61,156 |
| 249,829 |
| |||||
Industrial and Field Services |
| 34,078 |
| 40,558 |
| 43,278 |
| 41,017 |
| 158,931 |
| |||||
Oil and Gas Field Services |
| 40,196 |
| 7,971 |
| 14,132 |
| 14,749 |
| 77,048 |
| |||||
Corporate Items |
| (25,237 | ) | (28,349 | ) | (25,124 | ) | (33,331 | ) | (112,041 | ) | |||||
Total |
| $ | 100,948 |
| $ | 88,701 |
| $ | 100,527 |
| $ | 83,591 |
| $ | 373,767 |
|
(1) Items shown separately consist of (i) accretion of environmental liabilities and (ii) depreciation and amortization.
(2) The following is a reconciliation of net income to Adjusted EBITDA (unaudited, in thousands):
|
| For the Three Months Ended |
| For the Year |
| |||||||||||
|
| March 31, |
| June 30, |
| September 30, |
| December 31, |
| December 31, |
| |||||
Net income |
| $ | 32,015 |
| $ | 23,426 |
| $ | 12,359 |
| $ | 61,874 |
| $ | 129,674 |
|
Accretion of environmental liabilities |
| 2,416 |
| 2,505 |
| 2,488 |
| 2,508 |
| 9,917 |
| |||||
Depreciation and amortization |
| 36,831 |
| 38,663 |
| 41,300 |
| 44,852 |
| 161,646 |
| |||||
Other expense |
| 299 |
| 75 |
| 91 |
| 337 |
| 802 |
| |||||
Loss on early extinguishment of debt |
| — |
| — |
| 26,385 |
| — |
| 26,385 |
| |||||
Interest expense, net |
| 11,272 |
| 10,968 |
| 11,596 |
| 13,451 |
| 47,287 |
| |||||
Provision (benefit) for income taxes |
| 18,115 |
| 13,064 |
| 6,308 |
| (39,431 | ) | (1,944 | ) | |||||
Adjusted EBITDA |
| $ | 100,948 |
| $ | 88,701 |
| $ | 100,527 |
| $ | 83,591 |
| $ | 373,767 |
|