Exterran Holdings Reports Third-Quarter 2015 Results
-
Spin-off of international services and global fabrication
businesses expected to close today
-
EBITDA, as adjusted, of $155 million for the quarter, compared to
$171 million for the third quarter 2014
Exterran Holdings, Inc. (NYSE: EXH) today reported EBITDA, as adjusted
(as defined below), of $155.1 million for the third quarter 2015,
compared to $162.5 million for the second quarter 2015 and $170.6
million for the third quarter 2014.
Revenue was $649.5 million for the third quarter 2015, compared to
$683.8 million for the second quarter 2015 and $723.8 million for the
third quarter 2014.
Fabrication backlog was $516.2 million at September 30, 2015, compared
to $600.5 million at June 30, 2015 and $839.9 million at September 30,
2014. Bookings were $177.0 million for the third quarter 2015, compared
to $149.6 million for the second quarter 2015 and $334.2 million for the
third quarter 2014.
On October 18, 2015, Exterran Holdings declared a regular dividend of
$0.15 per share of common stock, a rate of $0.60 per share on an
annualized basis, which was paid on October 30, 2015, to stockholders of
record at the close of business on October 26, 2015.
“Despite challenging market conditions, we achieved solid performance
across all our businesses in the third quarter 2015,” said Brad
Childers, Exterran Holdings’ President and Chief Executive Officer. “Our
production-related services businesses demonstrated a relatively stable
top line and consistent gross margins, and our fabrication business
captured a modest increase in bookings compared to the second quarter.
“Later today we expect to complete the separation transaction we
announced in November 2014. This separation will allow both the U.S.
services business and the international services and global fabrication
businesses to capture more profit and growth, as well as generate more
value for investors.”
During the third quarter of 2015, as a result of currency devaluation in
Brazil and increases in the company’s Brazil subsidiary’s intercompany
payables, Exterran recorded non-cash currency losses of $26.7 million.
These currency losses, which are excluded from EBITDA, as adjusted, are
included in other income (expense) on the condensed consolidated
statement of operations and, as a result, impact net income (loss) from
continuing operations attributable to Exterran stockholders, excluding
items per diluted common share ($0.39 per share impact in the third
quarter).
Net income (loss) from continuing operations attributable to Exterran
stockholders, excluding items, for all periods excludes the benefit of
proceeds from the two previously announced sales of Exterran Holdings’
previously-nationalized Venezuelan assets, the benefit of which was
$24.0 million for the third quarter 2015, compared to $5.1 million for
the second quarter 2015 and $23.2 million for the third quarter 2014. At
September 30, 2015, Exterran was still due to receive approximately $96
million of principal payments from the sales of these assets. In October
2015, Exterran received an installment payment of $19.1 million related
to the sale of its Venezuelan wholly-owned assets. Exterran has not
recognized amounts payable to the company from PDVSA Gas relating to the
sales of our previously nationalized assets and, therefore, this income
will be recognized as income from discontinued operations in the fourth
quarter 2015 when the proceeds were received.
Net loss from continuing operations attributable to Exterran
stockholders, excluding items, for the third quarter 2015 was $30.5
million, or $0.45 per diluted common share. In addition to excluding the
benefit related to our nationalized Venezuelan assets discussed above,
these amounts also exclude a $20.7 million tax benefit recognized for
the credit for increasing research activities, non-cash long-lived asset
impairment charges of $23.7 million related to our contract operations
businesses and restructuring and other charges of $12.0 million, which
included costs associated with the planned spin-off and our cost
reduction plan driven by current market conditions. Net income from
continuing operations attributable to Exterran stockholders, excluding
items, was $15.6 million, or $0.22 per diluted common share, for the
second quarter 2015, and $17.8 million, or $0.25 per diluted common
share, for the third quarter 2014.
Net loss attributable to Exterran stockholders was $6.3 million, or
$0.09 per diluted common share, for the third quarter 2015. Net loss
attributable to Exterran stockholders was $1.4 million, or $0.02 per
diluted common share, for the second quarter 2015, and net income
attributable to Exterran stockholders was $34.1 million, or $0.48 per
diluted common share, for the third quarter 2014.
The cash distribution to be received by Exterran Holdings based upon its
limited partner and general partner interests in Exterran Partners, L.P.
is $18.9 million for the third quarter 2015, compared to $18.5 million
for the second quarter 2015 and $14.8 million for the third quarter 2014.
Conference Call Details
Exterran Holdings and Exterran Partners, L.P. will host a joint
conference call on Tuesday, Nov. 3, 2015, to discuss their third-quarter
2015 financial results. The call will begin at 11:00 a.m. Eastern Time.
To listen to the call via a live webcast, please visit Exterran’s
website at www.exterran.com.
The call also will be available by dialing 800-446-2782 in the United
States and Canada or +1-847-413-3235 for international calls. Please
call approximately 15 minutes prior to the scheduled start time and
reference Exterran conference call number 41044930.
A replay of the conference call will be available on Exterran’s website
for approximately seven days. Also, a replay may be accessed by dialing
888-843-7419 in the United States and Canada or +1-630-652-3042 for
international calls. The access code is 41044930#.
EBITDA, as adjusted, a non-GAAP measure, is defined as net income (loss)
excluding income (loss) from discontinued operations (net of tax),
cumulative effect of accounting changes (net of tax), income taxes,
interest expense (including debt extinguishment costs and gain or loss
on termination of interest rate swaps), depreciation and amortization
expense, impairment charges, restructuring and other charges, non-cash
gains or losses from foreign currency exchange rate changes recorded on
intercompany obligations, expensed acquisition costs and other items.
EBITDA, as adjusted, excludes the benefit of the two previously
announced sales of Exterran Holdings’ Venezuelan assets.
Gross Margin, a non-GAAP measure, is defined as total revenue less cost
of sales (excluding depreciation and amortization expense). Gross margin
percentage is defined as gross margin divided by revenue.
About Exterran Holdings
Exterran Holdings, Inc. is a global market leader in full service
natural gas compression and a premier provider of operations,
maintenance, service and equipment for oil and gas production,
processing and transportation applications. Exterran Holdings serves
customers across the energy spectrum—from producers to transporters to
processors to storage owners. Headquartered in Houston, Texas, Exterran
has approximately 10,000 employees and operates in approximately 30
countries. Exterran Holdings owns an equity interest, including all of
the general partner interest, in Exterran Partners, L.P. (NASDAQ: EXLP),
a master limited partnership, the leading provider of natural gas
contract compression services to customers throughout the United States.
For more information, visit www.exterran.com.
Forward-Looking Statements
All statements in this release (and oral statements made regarding the
subjects of this release) other than historical facts are
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements rely on a number of assumptions concerning future events and
are subject to a number of uncertainties and factors, many of which are
outside Exterran Holdings’ control, which could cause actual results to
differ materially from such statements. Forward-looking information
includes, but is not limited to: Exterran Holdings’ financial and
operational strategies and ability to successfully effect those
strategies; Exterran Holdings’ plan to conduct a separation of certain
of its businesses, the possibility that the proposed transaction will be
consummated, the timing of its consummation and the expected benefits
from the proposed transaction; Exterran Holdings’ expectations regarding
future economic and market conditions; Exterran Holdings’ financial and
operational outlook and ability to fulfill that outlook; demand for
Exterran Holdings’ products and services and growth opportunities for
those products and services; and statements regarding amounts due from
the sales of Exterran Holdings’ nationalized Venezuelan assets.
While Exterran Holdings believes that the assumptions concerning future
events are reasonable, it cautions that there are inherent difficulties
in predicting certain important factors that could impact the future
performance or results of its business. Among the factors that could
cause results to differ materially from those indicated by such
forward-looking statements are: local, regional, national and
international economic conditions and the impact they may have on
Exterran Holdings and its customers; changes in tax laws that impact
master limited partnerships; conditions in the oil and gas industry,
including a sustained decrease in the level of supply or demand for oil
or natural gas or a sustained decrease in the price of oil or natural
gas; delays, costs and difficulties that could impact the completion and
expected results of the proposed separation transaction; Exterran
Holdings’ ability to timely and cost-effectively execute larger
projects; changes in political or economic conditions in key operating
markets, including international markets; any non-performance by third
parties of their contractual obligations; changes in safety, health,
environmental and other regulations; and the performance of Exterran
Partners.
These forward-looking statements are also affected by the risk factors,
forward-looking statements and challenges and uncertainties described in
Exterran Holdings’ Annual Report on Form 10-K for the year ended
December 31, 2014, Exterran Corporation’s Registration Statement on Form
10 and those set forth from time to time in Exterran Holdings’ and
Exterran Corporation’s filings with the Securities and Exchange
Commission, which are available at www.exterran.com.
Except as required by law, Exterran Holdings expressly disclaims any
intention or obligation to revise or update any forward-looking
statements whether as a result of new information, future events or
otherwise.
|
EXTERRAN HOLDINGS, INC. UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
September 30, 2015
|
|
June 30, 2015
|
|
September 30, 2014
|
Revenues:
|
|
|
|
|
|
|
North America contract operations
|
|
$
|
191,692
|
|
|
$
|
198,259
|
|
|
$
|
191,000
|
|
International contract operations
|
|
|
114,104
|
|
|
|
115,250
|
|
|
|
124,355
|
|
Aftermarket services
|
|
|
82,443
|
|
|
|
90,834
|
|
|
|
96,005
|
|
Fabrication
|
|
|
261,262
|
|
|
|
279,489
|
|
|
|
312,472
|
|
|
|
|
649,501
|
|
|
|
683,832
|
|
|
|
723,832
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
Cost of sales (excluding depreciation and amortization expense):
|
|
|
|
|
|
|
North America contract operations
|
|
|
77,927
|
|
|
|
81,221
|
|
|
|
82,453
|
|
International contract operations
|
|
|
41,114
|
|
|
|
44,745
|
|
|
|
47,983
|
|
Aftermarket services
|
|
|
63,773
|
|
|
|
70,171
|
|
|
|
75,510
|
|
Fabrication
|
|
|
226,925
|
|
|
|
240,854
|
|
|
|
251,401
|
|
Selling, general and administrative
|
|
|
82,124
|
|
|
|
83,874
|
|
|
|
94,806
|
|
Depreciation and amortization
|
|
|
94,924
|
|
|
|
94,325
|
|
|
|
98,256
|
|
Long-lived asset impairment
|
|
|
23,708
|
|
|
|
15,420
|
|
|
|
12,385
|
|
Restructuring and other charges
|
|
|
11,998
|
|
|
|
19,604
|
|
|
|
219
|
|
Interest expense
|
|
|
28,577
|
|
|
|
28,398
|
|
|
|
25,737
|
|
Equity in income of non-consolidated affiliates
|
|
|
(5,084
|
)
|
|
|
(5,062
|
)
|
|
|
(4,951
|
)
|
Other (income) expense, net
|
|
|
30,129
|
|
|
|
1,005
|
|
|
|
4,663
|
|
|
|
|
676,115
|
|
|
|
674,555
|
|
|
|
688,462
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(26,614
|
)
|
|
|
9,277
|
|
|
|
35,370
|
|
Provision for (benefit from) income taxes
|
|
|
(3,605
|
)
|
|
|
1,742
|
|
|
|
11,215
|
|
Income (loss) from continuing operations
|
|
|
(23,009
|
)
|
|
|
7,535
|
|
|
|
24,155
|
|
Income from discontinued operations, net of tax
|
|
|
18,776
|
|
|
|
254
|
|
|
|
18,003
|
|
Net income (loss)
|
|
|
(4,233
|
)
|
|
|
7,789
|
|
|
|
42,158
|
|
Less: Net income attributable to the noncontrolling interest
|
|
|
(2,071
|
)
|
|
|
(9,178
|
)
|
|
|
(8,108
|
)
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
(6,304
|
)
|
|
$
|
(1,389
|
)
|
|
$
|
34,050
|
|
|
|
|
|
|
|
|
Basic income (loss) per common share(1):
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to Exterran
common stockholders
|
|
$
|
(0.37
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.24
|
|
Income from discontinued operations attributable to Exterran common
stockholders
|
|
|
0.28
|
|
|
|
0.01
|
|
|
|
0.27
|
|
Net income (loss) attributable to Exterran common stockholders
|
|
$
|
(0.09
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
0.51
|
|
Diluted income (loss) per common share(1):
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to Exterran
common stockholders
|
|
$
|
(0.37
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.23
|
|
Income from discontinued operations attributable to Exterran common
stockholders
|
|
|
0.28
|
|
|
|
0.01
|
|
|
|
0.25
|
|
Net income (loss) attributable to Exterran common stockholders
|
|
$
|
(0.09
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding used in income (loss) per
common share:
|
|
|
|
|
|
|
Basic
|
|
|
68,560
|
|
|
|
68,514
|
|
|
|
66,432
|
|
Diluted
|
|
|
68,560
|
|
|
|
68,514
|
|
|
|
70,406
|
|
|
|
|
|
|
|
|
Dividends declared and paid per common share
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
(1) Basic and diluted net income (loss) attributable to Exterran
common stockholders per common share was computed using the
two-class method to determine the net income (loss) per share for
each class of common stock and participating security (restricted
stock and certain of our stock settled restricted stock units)
according to dividends declared and participation rights in
undistributed earnings. Accordingly, we have excluded net income
attributable to participating securities from our calculation of
basic and diluted net income (loss) attributable to Exterran common
stockholders per common share.
|
|
|
EXTERRAN HOLDINGS, INC. UNAUDITED SUPPLEMENTAL
INFORMATION (In thousands, except percentages)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
September 30, 2015
|
|
June 30, 2015
|
|
September 30, 2014
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
North America contract operations
|
|
$
|
191,692
|
|
|
$
|
198,259
|
|
|
$
|
191,000
|
|
International contract operations
|
|
|
114,104
|
|
|
|
115,250
|
|
|
|
124,355
|
|
Aftermarket services
|
|
|
82,443
|
|
|
|
90,834
|
|
|
|
96,005
|
|
Fabrication
|
|
|
261,262
|
|
|
|
279,489
|
|
|
|
312,472
|
|
|
|
$
|
649,501
|
|
|
$
|
683,832
|
|
|
$
|
723,832
|
|
|
|
|
|
|
|
|
Gross Margin (1):
|
|
|
|
|
|
|
North America contract operations
|
|
$
|
113,765
|
|
|
$
|
117,038
|
|
|
$
|
108,547
|
|
International contract operations
|
|
|
72,990
|
|
|
|
70,505
|
|
|
|
76,372
|
|
Aftermarket services
|
|
|
18,670
|
|
|
|
20,663
|
|
|
|
20,495
|
|
Fabrication
|
|
|
34,337
|
|
|
|
38,635
|
|
|
|
61,071
|
|
Total
|
|
$
|
239,762
|
|
|
$
|
246,841
|
|
|
$
|
266,485
|
|
|
|
|
|
|
|
|
Selling, General and Administrative
|
|
$
|
82,124
|
|
|
$
|
83,874
|
|
|
$
|
94,806
|
|
% of revenue
|
|
|
13
|
%
|
|
|
12
|
%
|
|
|
13
|
%
|
|
|
|
|
|
|
|
EBITDA, as Adjusted (1)
|
|
$
|
155,060
|
|
|
$
|
162,453
|
|
|
$
|
170,648
|
|
% of revenue
|
|
|
24
|
%
|
|
|
24
|
%
|
|
|
24
|
%
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$
|
96,073
|
|
|
$
|
114,397
|
|
|
$
|
147,529
|
|
Less: Proceeds from sale of PP&E
|
|
|
(2,508
|
)
|
|
|
(10,438
|
)
|
|
|
(6,337
|
)
|
Net Capital expenditures
|
|
$
|
93,565
|
|
|
$
|
103,959
|
|
|
$
|
141,192
|
|
|
|
|
|
|
|
|
Gross Margin Percentage:
|
|
|
|
|
|
|
North America contract operations
|
|
|
59
|
%
|
|
|
59
|
%
|
|
|
57
|
%
|
International contract operations
|
|
|
64
|
%
|
|
|
61
|
%
|
|
|
61
|
%
|
Aftermarket services
|
|
|
23
|
%
|
|
|
23
|
%
|
|
|
21
|
%
|
Fabrication
|
|
|
13
|
%
|
|
|
14
|
%
|
|
|
20
|
%
|
Total
|
|
|
37
|
%
|
|
|
36
|
%
|
|
|
37
|
%
|
|
|
|
|
|
|
|
Total Available Horsepower (at period end):
|
|
|
|
|
|
|
North America contract operations
|
|
|
4,267
|
|
|
|
4,246
|
|
|
|
4,125
|
|
International contract operations
|
|
|
1,209
|
|
|
|
1,216
|
|
|
|
1,268
|
|
Total
|
|
|
5,476
|
|
|
|
5,462
|
|
|
|
5,393
|
|
|
|
|
|
|
|
|
Total Operating Horsepower (at period end):
|
|
|
|
|
|
|
North America contract operations
|
|
|
3,580
|
|
|
|
3,618
|
|
|
|
3,588
|
|
International contract operations
|
|
|
961
|
|
|
|
938
|
|
|
|
952
|
|
Total
|
|
|
4,541
|
|
|
|
4,556
|
|
|
|
4,540
|
|
|
|
|
|
|
|
|
Average Operating Horsepower:
|
|
|
|
|
|
|
North America contract operations
|
|
|
3,600
|
|
|
|
3,652
|
|
|
|
3,514
|
|
International contract operations
|
|
|
952
|
|
|
|
948
|
|
|
|
952
|
|
Total
|
|
|
4,552
|
|
|
|
4,600
|
|
|
|
4,466
|
|
|
|
|
|
|
|
|
Horsepower Utilization (at period end):
|
|
|
|
|
|
|
North America contract operations
|
|
|
84
|
%
|
|
|
85
|
%
|
|
|
87
|
%
|
International contract operations
|
|
|
79
|
%
|
|
|
77
|
%
|
|
|
75
|
%
|
Total
|
|
|
83
|
%
|
|
|
83
|
%
|
|
|
84
|
%
|
|
|
|
|
|
|
|
|
|
September 30, 2015
|
|
June 30, 2015
|
|
September 30, 2014
|
Fabrication Backlog:
|
|
|
|
|
|
|
Compression & accessory
|
|
$
|
110,586
|
|
|
$
|
150,981
|
|
|
$
|
174,540
|
|
Production & processing equipment
|
|
|
379,187
|
|
|
|
389,037
|
|
|
|
549,961
|
|
Installation
|
|
|
26,419
|
|
|
|
60,479
|
|
|
|
115,374
|
|
Total
|
|
$
|
516,192
|
|
|
$
|
600,497
|
|
|
$
|
839,875
|
|
|
|
|
|
|
|
|
Balance Sheet:
|
|
|
|
|
|
|
Debt - Parent level
|
|
$
|
680,738
|
|
|
$
|
707,391
|
|
|
$
|
737,720
|
|
Debt - Exterran Partners, L.P.
|
|
|
1,395,166
|
|
|
|
1,382,371
|
|
|
|
1,220,013
|
|
Total consolidated debt
|
|
$
|
2,075,904
|
|
|
$
|
2,089,762
|
|
|
$
|
1,957,733
|
|
Exterran stockholders' equity
|
|
$
|
1,816,737
|
|
|
$
|
1,826,533
|
|
|
$
|
1,793,778
|
|
|
|
|
|
|
|
|
(1) Management believes EBITDA, as adjusted, and gross margin
provide useful information to investors because these non-GAAP
measures, when viewed with our GAAP results and accompanying
reconciliations, provide a more complete understanding of our
performance than GAAP results alone. Management uses these non-GAAP
measures as supplemental measures to review current period operating
performance, comparability measures and performance measures for
period to period comparisons. In addition, management uses EBITDA,
as adjusted, as a valuation measure.
|
|
EXTERRAN HOLDINGS, INC. UNAUDITED SUPPLEMENTAL
INFORMATION (In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
September 30, 2015
|
|
June 30, 2015
|
|
September 30, 2014
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Information:
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(4,233
|
)
|
|
$
|
7,789
|
|
|
$
|
42,158
|
|
Income from discontinued operations, net of tax
|
|
|
(18,776
|
)
|
|
|
(254
|
)
|
|
|
(18,003
|
)
|
Income (loss) from continuing operations
|
|
|
(23,009
|
)
|
|
|
7,535
|
|
|
|
24,155
|
|
Depreciation and amortization
|
|
|
94,924
|
|
|
|
94,325
|
|
|
|
98,256
|
|
Long-lived asset impairment
|
|
|
23,708
|
|
|
|
15,420
|
|
|
|
12,385
|
|
Restructuring and other charges
|
|
|
11,998
|
|
|
|
19,604
|
|
|
|
219
|
|
Investment in non-consolidated affiliates impairment
|
|
|
33
|
|
|
|
—
|
|
|
|
—
|
|
Proceeds from sale of joint venture assets
|
|
|
(5,117
|
)
|
|
|
(5,062
|
)
|
|
|
(4,951
|
)
|
Interest expense
|
|
|
28,577
|
|
|
|
28,398
|
|
|
|
25,737
|
|
Loss on currency exchange rate remeasurement of intercompany balances
|
|
|
27,551
|
|
|
|
491
|
|
|
|
2,766
|
|
Expensed acquisitions costs
|
|
|
—
|
|
|
|
—
|
|
|
|
866
|
|
Provision for (benefit from) income taxes
|
|
|
(3,605
|
)
|
|
|
1,742
|
|
|
|
11,215
|
|
EBITDA, as adjusted (1)
|
|
|
155,060
|
|
|
|
162,453
|
|
|
|
170,648
|
|
Selling, general and administrative
|
|
|
82,124
|
|
|
|
83,874
|
|
|
|
94,806
|
|
Equity in income of non-consolidated affiliates
|
|
|
(5,084
|
)
|
|
|
(5,062
|
)
|
|
|
(4,951
|
)
|
Investment in non-consolidated affiliates impairment
|
|
|
(33
|
)
|
|
|
—
|
|
|
|
—
|
|
Proceeds from sale of joint venture assets
|
|
|
5,117
|
|
|
|
5,062
|
|
|
|
4,951
|
|
Loss on currency exchange rate remeasurement of intercompany balances
|
|
|
(27,551
|
)
|
|
|
(491
|
)
|
|
|
(2,766
|
)
|
Expensed acquisitions costs
|
|
|
—
|
|
|
|
—
|
|
|
|
(866
|
)
|
Other (income) expense, net
|
|
|
30,129
|
|
|
|
1,005
|
|
|
|
4,663
|
|
Gross Margin (1)
|
|
$
|
239,762
|
|
|
$
|
246,841
|
|
|
$
|
266,485
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Exterran stockholders
|
|
$
|
(6,304
|
)
|
|
$
|
(1,389
|
)
|
|
$
|
34,050
|
|
Income from discontinued operations, net of tax
|
|
|
(18,776
|
)
|
|
|
(254
|
)
|
|
|
(18,003
|
)
|
Research and Development Tax Credit
|
|
|
(20,677
|
)
|
|
|
—
|
|
|
|
—
|
|
Items, after-tax:
|
|
|
|
|
|
|
Long-lived asset impairment (including the impact on noncontrolling
interest)
|
|
|
12,281
|
|
|
|
9,025
|
|
|
|
6,379
|
|
Restructuring and other charges (including the impact on
noncontrolling interest)
|
|
|
8,039
|
|
|
|
13,278
|
|
|
|
88
|
|
Investment in non-consolidated affiliates impairment
|
|
|
33
|
|
|
|
—
|
|
|
|
—
|
|
Proceeds from sale of joint venture assets
|
|
|
(5,117
|
)
|
|
|
(5,062
|
)
|
|
|
(4,951
|
)
|
Expensed acquisition costs (including the impact on noncontrolling
interest)
|
|
|
—
|
|
|
|
—
|
|
|
|
199
|
|
Net income (loss) from continuing operations attributable to
Exterran stockholders, excluding items
|
|
$
|
(30,521
|
)
|
|
$
|
15,598
|
|
|
$
|
17,762
|
|
|
|
|
|
|
|
|
Diluted income (loss) from continuing operations attributable to
Exterran common stockholders
|
|
$
|
(0.37
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.23
|
|
Adjustment for items, after-tax, per common share (2)
|
|
|
(0.08
|
)
|
|
|
0.25
|
|
|
|
0.02
|
|
Diluted net income (loss) from continuing operations attributable to
Exterran common stockholders per common share, excluding items (1)(2)
|
|
$
|
(0.45
|
)
|
|
$
|
0.22
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
(1) Management believes EBITDA, as adjusted, diluted net income
(loss) from continuing operations attributable to Exterran common
stockholders per common share, excluding items, and gross margin
provide useful information to investors because these non-GAAP
measures, when viewed with our GAAP results and accompanying
reconciliations, provide a more complete understanding of our
performance than GAAP results alone. Management uses these non-GAAP
measures as supplemental measures to review current period operating
performance, comparability measures and performance measures for
period to period comparisons. In addition, management uses EBITDA,
as adjusted, as a valuation measure.
|
|
|
|
|
|
|
|
(2) Diluted net income (loss) from continuing operations
attributable to Exterran common stockholders per common share,
excluding items, was computed using the two-class method to
determine the net income (loss) per share for each class of common
stock and participating security (restricted stock and certain of
our stock settled restricted stock units) according to dividends
declared and participation rights in undistributed earnings.
Accordingly, we have excluded net income from continuing operations
attributable to participating securities, excluding items, of $0.1
million, $0.4 million and $0.2 million for the three months ended
September 30, 2015, June 30, 2015 and September 30, 2014,
respectively, from our calculation of diluted net income (loss) from
continuing operations attributable to Exterran common stockholders
per common share, excluding items.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151103005666/en/ Copyright Business Wire 2015
Source: Business Wire
(November 3, 2015 - 6:00 AM EST)
News by QuoteMedia
www.quotemedia.com
|