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BASIC ENERGY SERVICES INC

SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30

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Selected tables from the SEC filing

Table 0

Financial table in standard format

BASIC ENERGY SERVICES, INC.
Index to Form 10-Q


Part I. FINANCIAL INFORMATION
Item 1. Financial Statements			4
Consolidated Balance Sheets as of June 30, 2010 and December 31, 2009 (Unaudited)			4
Consolidated Statements of Operations and Comprehensive Income for the three months and six months ended June 30, 2010 and 2009 (Unaudited)			5
Consolidated Statements of Stockholders Equity for the six months ended June 30, 2010 (Unaudited)			6
Consolidated Statements of Cash Flows for the six months ended June 30, 2010 and 2009 (Unaudited)			7
Notes to the Unaudited Consolidated Financial Statements			8
Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations			26
Managements Overview			26
Segment Overview			27
Operating Cost Overview			30
Critical Accounting Policies and Estimates			30
Results of Operations			32
Liquidity and Capital Resources			35
Other Matters			40
Item 3. Quantitative and Qualitative Disclosures About Market Risk			40
Item 4. Controls and Procedures			41
Part II. OTHER INFORMATION
Item 1. Legal Proceedings			41
Item 1A. Risk Factors			41
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			41
Item 6. Exhibits			42
Signatures			44
EX-31.1
EX-31.2
EX-32.1
EX-32.2

BASIC ENERGY SERVICES INC CIK:1109189

Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations	26
Managements Overview	26
Segment Overview	27
Operating Cost Overview	30
Critical Accounting Policies and Estimates	30
Results of Operations	32
Liquidity and Capital Resources	35
Other Matters	40
Item 3. Quantitative and Qualitative Disclosures About Market Risk	40
Item 4. Controls and Procedures	41
Part II. OTHER INFORMATION
Item 1. Legal Proceedings	41
Item 1A. Risk Factors	41
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 6. Exhibits	42
Signatures	44
EX-31.1
EX-31.2
EX-32.1
EX-32.2

Data column 1: Unable to interpret date in column header
Row "EX-31.1": Multi-column field in a numeric row
Row "EX-31.2": Multi-column field in a numeric row
Row "EX-32.1": Multi-column field in a numeric row
Row "EX-32.2": Multi-column field in a numeric row

Table 1

Financial table in standard format

PART I FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
Basic Energy Services, Inc.
Consolidated Balance Sheets
(in thousands, except share data)


	June 30,			December 31,
	2010			2009
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	73,775		$	125,357
Restricted cash		15,247			14,123
Trade accounts receivable, net of allowance of $3,804 and $4,757, respectively		117,941			85,945
Accounts receivable related parties		57			65
Income tax receivable		76,886			61,786
Inventories		20,320			10,962
Prepaid expenses		4,717			6,158
Other current assets		7,768			9,831
Deferred tax assets		8,770			8,941

Total current assets		325,481			323,168

Property and equipment, net		633,965			666,642
Deferred debt costs, net of amortization		7,287			8,041
Goodwill		2,023			2,806
Other intangible assets, net of amortization		36,911			35,807
Other assets		6,058			3,077

Total assets	$	1,011,725		$	1,039,541

LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Accounts payable	$	26,229		$	22,850
Accrued expenses		48,396			42,196
Current portion of long-term debt		24,707			25,967
Other current liabilities		1,580			504

Total current liabilities		100,912			91,517

Long-term debt, less unamortized discount on senior secured notes of $10,426 and $11,363, respectively		470,928			475,845
Deferred tax liabilities		119,743			122,221
Other long-term liabilities		10,286			9,809

Commitments and contingencies

Stockholders equity:
Preferred stock; $.01 par value; 5,000,000 shares authorized; none designated or issued at June 30, 2010 and December 31, 2009, respectively
Common stock; $.01 par value; 80,000,000 shares authorized; 42,394,809 shares issued, and 41,268,210 shares outstanding at June 30, 2010; 42,394,809 shares issued, and 40,663,979 shares outstanding at December 31, 2009.		424			424
Additional paid-in capital		332,782			330,553
Retained earnings (deficit)		(15,656	)		23,135
Treasury stock, at cost, 1,126,599 and 1,730,830 shares at June 30, 2010 and December 31, 2009, respectively		(7,694	)		(13,963	)

Total stockholders equity		309,856			340,149

Total liabilities and stockholders equity	$	1,011,725		$	1,039,541

BASIC ENERGY SERVICES INC CIK:1109189
	2010-06-30	2009-12-31
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$73,775	$125,357
Restricted cash	15,247	14,123
Trade accounts receivable, net of allowance of $3,804 and $4,757, respectively	117,941	85,945
Accounts receivable related parties	57	65
Income tax receivable	76,886	61,786
Inventories	20,320	10,962
Prepaid expenses	4,717	6,158
Other current assets	7,768	9,831
Deferred tax assets	8,770	8,941
Total current assets	325,481	323,168
Property and equipment, net	633,965	666,642
Deferred debt costs, net of amortization	7,287	8,041
Goodwill	2,023	2,806
Other intangible assets, net of amortization	36,911	35,807
Other assets	6,058	3,077
Total assets	$1,011,725	$1,039,541
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Accounts payable	$26,229	$22,850
Accrued expenses	48,396	42,196
Current portion of long-term debt	24,707	25,967
Other current liabilities	1,580	504
Total current liabilities	100,912	91,517
Long-term debt, less unamortized discount on senior secured notes of $10,426 and $11,363, respectively	470,928	475,845
Deferred tax liabilities	119,743	122,221
Other long-term liabilities	10,286	9,809
Commitments and contingencies
Stockholders equity:
Preferred stock; $.01 par value; 5,000,000 shares authorized; none designated or issued at June 30, 2010 and December 31, 2009, respectively
Common stock; $.01 par value; 80,000,000 shares authorized; 42,394,809 shares issued, and 41,268,210 shares outstanding at June 30, 2010; 42,394,809 shares issued, and 40,663,979 shares outstanding at December 31, 2009.	424	424
Additional paid-in capital	332,782	330,553
Retained earnings (deficit)	(15,656)	23,135
Treasury stock, at cost, 1,126,599 and 1,730,830 shares at June 30, 2010 and December 31, 2009, respectively	(7,694)	(13,963)
Total stockholders equity	309,856	340,149
Total liabilities and stockholders equity	$1,011,725	$1,039,541

Table 2

Financial table in standard format

Basic Energy Services, Inc.
Consolidated Statements of Operations and Comprehensive Income
(in thousands, except per share amounts)


	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009
	(Unaudited)						(Unaudited)
Revenues:
Well servicing	$	49,529		$	36,399		$	91,325		$	85,213
Fluid services		58,801			49,088			110,948			114,065
Completion and remedial services		61,533			29,373			106,767			66,632
Contract drilling		5,269			3,988			9,058			7,626


Total revenues		175,132			118,848			318,098			273,536


Expenses:
Well servicing		36,734			27,825			68,834			64,742
Fluid services		43,425			35,381			84,365			79,968
Completion and remedial services		37,660			21,484			67,383			47,378
Contract drilling		3,725			3,338			6,995			6,607
General and administrative, including stock-based compensation of $1,439 and $1,290 in three months ended June 30, 2010 and 2009, and $2,589 and $2,665 in the six months ended June 30, 2010 and 2009, respectively		26,820			27,424			51,897			56,503
Depreciation and amortization		34,250			32,413			67,348			65,150
Loss on disposal of assets		463			474			1,174			1,339
Goodwill impairment					(82	)					204,014


Total expenses		183,077			148,257			347,996			525,701


Operating loss		(7,945	)		(29,409	)		(29,898	)		(252,165	)

Other income (expense):
Interest expense		(11,778	)		(5,974	)		(23,442	)		(11,710	)
Interest income		24			173			50			393
Gain on bargain purchase		1,772						1,772
Other income (expense)		111			118			192			252


Loss from continuing operations before income taxes		(17,816	)		(35,092	)		(51,326	)		(263,230	)

Income tax benefit		7,144			13,856			19,063			59,169



Net loss	$	(10,672	)	$	(21,236	)	$	(32,263	)	$	(204,061	)


Earnings per share of common stock:
Basic	$	(0.27	)	$	(0.54	)	$	(0.81	)	$	(5.13	)


Diluted	$	(0.27	)	$	(0.54	)	$	(0.81	)	$	(5.13	)

BASIC ENERGY SERVICES INC CIK:1109189
	2010-03-30 to 2010-06-30 (3-months)	2009-03-30 to 2009-06-30 (3-months)	2009-12-30 to 2010-06-30 (6-months)	2008-12-30 to 2009-06-30 (6-months)
(Unaudited)
Revenues:
Well servicing	$49,529	$36,399	$91,325	$85,213
Fluid services	58,801	49,088	110,948	114,065
Completion and remedial services	61,533	29,373	106,767	66,632
Contract drilling	5,269	3,988	9,058	7,626
Total revenues	175,132	118,848	318,098	273,536
Expenses:
Well servicing	36,734	27,825	68,834	64,742
Fluid services	43,425	35,381	84,365	79,968
Completion and remedial services	37,660	21,484	67,383	47,378
Contract drilling	3,725	3,338	6,995	6,607
General and administrative, including stock-based compensation of $1,439 and $1,290 in three months ended June 30, 2010 and 2009, and $2,589 and $2,665 in the six months ended June 30, 2010 and 2009, respectively	26,820	27,424	51,897	56,503
Depreciation and amortization	34,250	32,413	67,348	65,150
Loss on disposal of assets	463	474	1,174	1,339
Goodwill impairment		(82)		204,014
Total expenses	183,077	148,257	347,996	525,701
Operating loss	(7,945)	(29,409)	(29,898)	(252,165)
Other income (expense):
Interest expense	(11,778)	(5,974)	(23,442)	(11,710)
Interest income	24	173	50	393
Gain on bargain purchase	1,772		1,772
Other income (expense)	111	118	192	252
Loss from continuing operations before income taxes	(17,816)	(35,092)	(51,326)	(263,230)
Income tax benefit	7,144	13,856	19,063	59,169
Net loss	$(10,672)	$(21,236)	$(32,263)	$(204,061)
Earnings per share of common stock:
Basic	$(0.27)	$(0.54)	$(0.81)	$(5.13)
Diluted	$(0.27)	$(0.54)	$(0.81)	$(5.13)

Row "(Unaudited)": Multi-column field in a numeric row
Row "(Unaudited)": Multi-column field in a numeric row

Table 3

Financial table in standard format

June 30,

December 31,

2010

2009

Light vehicles

$
24,984

$
25,019

Well service units and equipment

2,418

2,100

Fluid services equipment

69,437

64,734

Pressure pumping equipment

17,754

17,440

Construction equipment

1,510

1,034

Software

15,548

10,231

Other

244

131,895

120,558

Less accumulated amortization

55,669

45,603

$
76,226

$
74,955

Amortization of assets held under capital leases of approximately $5.9 million and $5.1 million for the three months ended June 30, 2010 and 2009 and $10.9 million and $10.1 million for the six months ended June 30, 2010 and 2009, respectively, is included in depreciation and amortization expense in the consolidated statements of operations.
5. Long-Term Debt
Long-term debt consisted of the following (in thousands):


	June 30,			December 31,
	2010			2009
7.125% Senior Notes	$	225,000		$	225,000
11.625% Senior Secured Notes		225,000			225,000
Unamortized discount		(10,426	)		(11,363	)
Capital leases and other notes		56,061			63,175

		495,635			501,812
Less current portion		24,707			25,967

	$	470,928		$	475,845

BASIC ENERGY SERVICES INC CIK:1109189
	2010-06-30	2009-12-31
7.125% Senior Notes	$225,000	$225,000
11.625% Senior Secured Notes	225,000	225,000
Unamortized discount	(10,426)	(11,363)
Capital leases and other notes	56,061	63,175
	495,635	501,812
Less current portion	24,707	25,967
	$470,928	$475,845

Table 4

Financial table in standard format

Completion

Well

Fluid

and Remedial

Contract

Corporate

Servicing

Services

Services

Drilling

and Other

Total

Three Months Ended June 30, 2010 (Unaudited)

Operating revenues

$
49,529

$
58,801

$
61,533

$
5,269

$

$
175,132

Direct operating costs

(36,734
)

(43,425
)

(37,660
)

(3,725
)

$
(121,544
)

Segment profits

$
12,795

$
15,376

$
23,873

$
1,544

$

$
53,588

Depreciation and amortization

$
12,562

$
9,478

$
8,121

$
1,882

$
2,207

$
34,250

Capital expenditures, (excluding acquisitions)

$
5,305

$
4,013

$
3,429

$
795

$
921

$
14,463

Three Months Ended June 30, 2009 (Unaudited)

Operating revenues

$
36,399

$
49,088

$
29,373

$
3,988

$

$
118,848

Direct operating costs

(27,825
)

(35,381
)

(21,484
)

(3,338
)

(88,028
)

Segment profits

$
8,574

$
13,707

$
7,889

$
650

$

$
30,820

Depreciation and amortization

$
12,127

$
9,131

$
7,653

$
1,803

$
1,699

$
32,413

Capital expenditures, (excluding acquisitions)

$
4,266

$
3,212

$
2,693

$
634

$
598

$
11,403

Six Months Ended June 30, 2010 (Unaudited)

Operating revenues

$
91,325

$
110,948

$
106,767

$
9,058

$

$
318,098

Direct operating costs

(68,834
)

(84,365
)

(67,383
)

(6,995
)

$
(227,577
)

Segment profits

$
22,491

$
26,583

$
39,384

$
2,063

$

$
90,521

Depreciation and amortization

$
24,703

$
18,895

$
15,952

$
3,716

$
4,082

$
67,348

Capital expenditures, (excluding acquisitions)

$
9,373

$
7,170

$
6,053

$
1,410

$
1,549

$
25,555

Identifiable assets

$
245,041

$
183,971

$
185,854

$
39,624

$
357,235

$
1,011,725

Six Months Ended June 30, 2009 (Unaudited)

Operating revenues

$
85,213

$
114,065

$
66,632

$
7,626

$

$
273,536

Direct operating costs

(64,742
)

(79,968
)

(47,378
)

(6,607
)

(198,695
)

Segment profits

$
20,471

$
34,097

$
19,254

$
1,019

$

$
74,841

Depreciation and amortization

$
24,375

$
18,353

$
15,383

$
3,624

$
3,415

$
65,150

Capital expenditures, (excluding acquisitions)

$
9,423

$
7,095

$
5,947

$
1,401

$
1,321

$
25,187

Identifiable assets

$
268,207

$
205,577

$
202,563

$
44,544

$
347,502

$
1,068,393

The following table reconciles the segment profits reported above to the operating income as reported in the consolidated statements of operations (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009
Segment profits	$	53,588		$	30,820		$	90,521		$	74,841

General and administrative expenses		(26,820	)		(27,424	)		(51,897	)		(56,503	)
Depreciation and amortization		(34,250	)		(32,413	)		(67,348	)		(65,150	)
Loss on disposal of assets		(463	)		(474	)		(1,174	)		(1,339	)
Goodwill impairment					82						(204,014	)

Operating loss	$	(7,945	)	$	(29,409	)	$	(29,898	)	$	(252,165	)

BASIC ENERGY SERVICES INC CIK:1109189
	2010-03-30 to 2010-06-30 (3-months)	2009-03-30 to 2009-06-30 (3-months)	2009-12-30 to 2010-06-30 (6-months)	2008-12-30 to 2009-06-30 (6-months)
Segment profits	$53,588	$30,820	$90,521	$74,841
General and administrative expenses	(26,820)	(27,424)	(51,897)	(56,503)
Depreciation and amortization	(34,250)	(32,413)	(67,348)	(65,150)
Loss on disposal of assets	(463)	(474)	(1,174)	(1,339)
Goodwill impairment		82		(204,014)
Operating loss	$(7,945)	$(29,409)	$(29,898)	$(252,165)

Table 5

Table column format standardization was unsuccessful.

or performance of the Senior Secured Notes, the trustee would be empowered to exercise all rights and remedies of a secured party under the UCC, in addition to all other rights and remedies under the applicable agreements.
Other Debt
     We have a variety of other capital leases and notes payable outstanding that is generally customary in our business. None of these debt instruments is material individually. As of June 30, 2010, we had total capital leases of approximately $56.1 million.
Credit Rating Agencies
     Our Senior Notes are currently rated B- and Caa1 by Standard and Poors and Moodys, respectively. Our Senior Secured Notes are currently rated B and Ba3 by Standard and Poors and Moodys, respectively.
Preferred Stock
     At June 30, 2010 and December 31, 2009, we had 5,000,000 shares of $.01 par value preferred stock authorized, of which none was designated, issued or outstanding.
Other Matters
Off-Balance Sheet Arrangements
     We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
Net Operating Losses
     As of June 30, 2010, we had approximately $2.3 million of net operating loss carryforwards related to the pre-acquisition period of a 2003 acquisition, which are subject to an annual limitation of approximately $900,000. The carryforwards begin to expire in 2017.
Recent Accounting Pronouncements
     In January 2010, the FASB issued ASU No. 2010-06,
Improving Disclosures about Fair Value Measurements
(ASU No. 2010-06). ASU No. 2010-06 requires the disclosure of significant transfers in and out of Level 1 and Level 2 fair value measurements. It also requires that Level 3 fair value measurements present information about purchases, sales, issuances and settlements. Fair value disclosures should also disclose valuation techniques and inputs used to measure both recurring and nonrecurring fair value measurements. This update became effective for the Company on January 1, 2010 except for the disclosures about purchases, sales, issuances, and settlements in the roll forward in activity in Level 3 fair value measurements, which become effective January 1, 2011. This update will not change the techniques the Company uses to measure fair values and is not expected to have a material impact on the Companys consolidated financial statements.
     In February 2010, the FASB issued ASU No. 2010-09,
Subsequent Events
(ASU No. 2010-09). ASU No. 2010-09 removes the requirement that SEC filers disclose the date through which subsequent events have been evaluated. This update became effective January 1, 2010. The Company will no longer disclose the date through which subsequent events have been evaluated.
Impact of Inflation on Operations
     Management is of the opinion that inflation has not had a significant impact on our business.


ITEM 3.		*QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK*

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    [2..2)   [1..1] (stub): 'QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK'



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Table attributes: balancesheet,revenues,date

Original filing from SEC EDGAR system.