Complete Production Services, Inc. First Quarter Earnings Increase 76%.HOUSTON -- Complete Production Services, Inc. (NYSE NYSE See: New York Stock Exchange :CPX CPX Command Post Exercise CPX Culebra Puerto Rico (airport code) CPX Cleft Palate, X-Linked CPX Corel Painter X CPX Compare with X (6502 processor instruction) CPX Command Post/Paper Exercise ) today reported a 76% increase in 2007 first quarter income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the to $47.4 million, or $0.65 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with income from continuing operations of $26.9 million, or $0.46 per diluted share, for the first quarter of 2006. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter increased to $92.2 million, an increase of 68% over the prior year quarter resulting in operating profit margins Operating profit margin The ratio of operating profit to net sales. of 22.7% of revenue, compared to 20.9% in the first quarter of 2006. Revenue for the quarter was $407.1 million, up 55% over the first quarter of 2006. "We are very pleased to report outstanding results for the first quarter of 2007," commented Joe Winkler Winkler may refer to:
Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Completion and Production Services revenue of $307.6 million for the quarter increased 60% over the same period in 2006 while EBITDA margins increased to 33.9%. "We continue to strategically invest in our Completion and Production Services segment through capital expenditures, and to a lesser extent thus far in 2007, through acquisitions," noted Mr. Winkler. Drilling Services revenue was $58.4 million, up 33% versus the prior year with EBITDA margins of 30.9% and Product Sales revenue increased 56% to $41.0 million with EBITDA margins of 12.6%. "Our team continues to evaluate market conditions and believes the long-term fundamentals for natural gas in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , particularly in our key operating areas, remain positive," commented Mr. Winkler. Complete Production Services, Inc. is a leading oilfield service provider focused on the completion and production phases of oil and gas wells. The company has established a significant presence in unconventional gas plays in North America that it believes have the highest potential for long-term growth. Conference Call Complete will hold a conference call to discuss first quarter 2007 results on Thursday, April 26 at 11:00 a.m. Central Time. To participate in the live conference call, dial 866-831-6234 at least ten minutes prior to the scheduled start of the call. When prompted, provide the passcode: 48359110. The conference call will be available for replay beginning at 2:00 p.m., April 26, 2007, and will be available until May 2, 2007. To access the conference call replay, please call 888-286-8010 and use the passcode: 4913302. The call is also being webcast and can be accessed at our website at www.completeproduction.com. The foregoing contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risk and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry. The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release. Management evaluates the performance of Complete's operating segments using a non-GAAP financial measure, EBITDA. EBITDA is calculated as net income from continuing operations before net interest expense, taxes, depreciation and amortization and minority interest. EBITDA is not a substitute for the GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). measures of earnings and cash flow. EBITDA is used in this press release because our management considers it an important supplemental measure of performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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