Filed by Bowne Pure Compliance
Filed by Allis-Chalmers Energy Inc. pursuant to
Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12 under the
Securities Exchange Act of 1934
Subject
Company: Bronco Drilling Company, Inc.
Commission File No.: 000-51471
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PRESS RELEASE
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Contact:
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Jeffrey Freedman |
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Vice President IR |
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713-369-0550 |
ALLIS-CHALMERS ENERGY REPORTS
SECOND QUARTER 2008 RESULTS
HOUSTON, TEXAS, August 4, 2008 Allis-Chalmers Energy Inc. (NYSE: ALY) today announced results for
the three and six months ended June 30, 2008.
Revenues for the second quarter of 2008 rose 13.8% to $163.1 million compared to $143.4
million for the second quarter of 2007. Income from operations for the second quarter of 2008
decreased to $27.7 million compared to $41.5 million in the second quarter of 2007. Net income for
the second quarter of 2008 was $10.6 million, or $0.30 per diluted share, compared to $19.5
million, or $0.55 per diluted share in the second quarter of 2007. Results in the second quarter
of 2007 include an $8.9 million pre-tax gain on the sale of our capillary tubing assets, equal to
approximately $0.16 in earnings per share. Excluding the impact of the gain, the decrease in
operating income and net income in the second quarter of 2008 as compared to the second quarter of
2007 was principally due to the reduction in revenues in our Rental Services segment.
Revenues for the first six months of 2008 rose 13.3% to $316.3 million compared to $279.3
million for the first six months of 2007. Income from operations for the first six months of 2008
decreased to $51.3 million compared to $72.9 million for the first six months of 2007. Net income
for the first six months of 2008 was $18.6 million, or $0.53 per diluted share, compared to $31.7
million, or $0.93 per diluted share for the first six months of 2007. Results for the first six
months of 2007 include an $8.9 million pre-tax gain on the sale of assets, equal to approximately
$0.16 in earnings per share.
Adjusted EBITDA was $46.2 million for the second quarter of 2008, compared to $55.4 million
for the second quarter of 2007. For the first six months of 2008 Adjusted EBITDA was $88.0 million
compared to $100.5 million for the first six months of 2007. Adjusted EBITDA for 2007 includes the
$8.9 million gain on the sale of assets. EBITDA and Adjusted EBITDA are non-GAAP financial
measures that are not necessarily comparable from one company to another and additional information
and discussion regarding EBITDA and Adjusted EBITDA are provided later in this release.
Weighted average shares of common stock outstanding on a diluted basis increased 1% to 35.5
million shares for the second quarter of 2008 compared to 35.2 million shares for the second
quarter of 2007. The provision for income taxes for the second quarter of 2008 was $7.0 million,
or 39.8% of net income before income taxes, compared to $11.3 million, or 36.7% of net income
before income taxes, for the second quarter of 2007.
Micki Hidayatallah, Allis-Chalmers Chairman and Chief Executive Officer, stated, In the
second quarter of 2008, our operations performed as we had anticipated. Compared to the first
quarter of 2008, our net income increased 31.2% and our earnings per share increased 30.4%. We
expect that in the second half of 2008 and during 2009, our Oilfield Services Segment, which
includes our underbalanced drilling, directional drilling, tubular and production services
operations, will see the benefits of our capital expenditure program. In particular, we expect
this segment to benefit from the new casing running tools delivered to us in the second quarter of
2008, and the six new coiled tubing units that we expect to receive during the third and fourth
quarters of 2008. Our Rental Services segment entered into a 300 day contract in Libya for the
rental of drill pipe. We have also increased our presence in the U.S. land market in an effort to
replace Rental Services revenues lost as a result of the migration of rigs away from the U.S. Gulf
of Mexico. These strategic initiatives resulted in a sequential increase of 48.9% in the operating
income of our Rental Services segment in the second quarter of 2008 compared to the first quarter
of 2008.
Mr. Hidayatallah also stated, Our Drilling and Completion segment, while attaining higher
levels of both revenue and operating income compared to the first quarter of 2008, faced short term
challenges due to the labor and political environment in Argentina. In the second quarter of 2008
the Argentine oil industry experienced strikes in the Neuquen area and a supervisor work slow-down
in Comodoro. In addition, rig movements were delayed because of road blockades by the farmers and
the builders union. We also had idle time on our 3000 hp rig in Bolivia because of ever changing
tax, royalty and ownership issues facing our customers in that country. Labor-related expenses and
other costs have also increased in connection with the delivery of our new rigs prior to their
being placed in service. We expect that by the fourth quarter of 2008 we will be operating all of
our new workover and drilling rigs at more favorable prices.
Mr. Hidayatallah concluded, We expect a strong drilling and production market both in the
U.S. and internationally in 2009. As demand for oilfield services increases, and equipment
utilization improves, Allis-Chalmers anticipates being in a unique position to benefit from its
integrated service offerings.
2
Segment Results for Second Quarter 2008
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Oilfield Services. Revenues were $68.7 million for the three months ended June 30,
2008, an increase of 18.1% compared to $58.1 million in revenues for the three months
ended June 30, 2007. Our Oilfield Services segment revenues for the second quarter of
2008 increased compared to the second quarter of 2007 due primarily to our investment in
new equipment in 2007 and in 2008, including air-drilling compressors, foam units, casing
and tubing tools and coiled tubing units. Results in the Oilfield Services segment also
improved due to small acquisitions completed in 2007. These acquisitions added downhole
motors, MWD tools and directional drillers and enabled us to expand our directional
drilling business in the Northern Rocky Mountains and the Mid-Continent areas. Income
from operations decreased to $13.1 million in the second quarter of 2008 compared to $20.6
million in the second quarter of 2007 due to the $8.9 million gain on the sale of
capillary assets recognized in the three months ended June 30, 2007. Without this gain in
the year-ago quarter, operating income would have increased 11.6% period over period for
the reasons enumerated above. |
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Drilling and Completion. Revenues for the quarter ended June 30, 2008 for the
Drilling and Completion segment were $69.8 million, an increase from $52.9 million in
revenues for the quarter ended June 30, 2007. Our Drilling and Completion segment revenues
increased in the second quarter of 2008 due to increased pricing for our drilling and
workover services in Argentina and the activation of eight new service rigs during the
first quarter of 2008 and two new service rigs during the second quarter of 2008. The new
service rigs are part of our 20 rig order (16 service and 4 drilling rigs) which we expect
to place in service throughout 2008. Income from operations decreased to $9.4 million in
the second quarter of 2008 compared to $10.2 million in the second quarter of 2007. This
was due primarily to higher wages, other payroll expenses and the increase in
administrative costs all relating to labor concessions in Argentina granted by the oil
industry during the second half of 2007 and the effect of labor strikes and work
slow-downs resulting from the labor and political environment in Argentina. Additionally,
operating income was also impacted by a significant increase in our labor force and
labor-related expenses in connection with the delivery of new rigs prior to their
activation. |
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Rental Services. Revenues for the quarter ended June 30, 2008 for the Rental Services
segment were $24.7 million, a decrease from $32.4 million in revenues for the quarter
ended June 30, 2007. Income from operations decreased to $9.3 million in the second
quarter of 2008 compared to $14.8 million in the second quarter of 2007. Our Rental
Services segment revenues and operating income for the second quarter of 2008 decreased
compared to the prior year due primarily to the decrease in utilization of our rental
equipment and a more competitive pricing environment due to a decrease in drilling
activity in the Gulf of Mexico. |
3
Conference Call
Allis-Chalmers has scheduled a conference call to be held on Monday, August 4, 2008 at 10:00
am Eastern time, 9:00 am Central time. The call will be web cast live on the Internet through the
Investor Relations page on the Allis-Chalmers website. To participate by telephone, call (888)
771-4350 domestically or (847) 585-4343 internationally ten minutes prior to the start time. The
confirmation number is 22369529. Participants may pre-register for the call at the following link
and will be issued a new phone number and a PIN number to use when dialing into the live call which
will provide quick access to the conference by bypassing the operator upon connection.
http://web.meetme.net/r.aspx?p=1&a=70542236952938
A telephonic replay will be available through August 11, 2008 and may be accessed by calling
(888) 843-8996 domestically or (630) 652-3044 internationally, and using the passcode 9685506. The
call will be available for replay through Allis-Chalmers website.
About Allis-Chalmers
Allis-Chalmers Energy Inc. is a Houston-based multi-faceted oilfield company. We
provide services and equipment to oil and natural gas exploration and production companies,
domestically primarily in Texas, Louisiana, New Mexico, Colorado, Oklahoma, Mississippi, Wyoming,
Arkansas, West Virginia, offshore in the Gulf of Mexico, and internationally, primarily in
Argentina and Mexico. Allis-Chalmers provides rental services, international drilling, directional
drilling, tubular services, underbalanced drilling, and productions services. For more
information, visit our website at http://www.alchenergy.com or request future press releases via
email at http://www.b2i.us/irpass.asp?BzID=1233&to=ea&s=0.
Forward-Looking Statements
This press release contains forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding
Allis-Chalmers business, financial condition, results of operations and prospects. Words such as
expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or
variations of such words are intended to identify forward-looking statements, but are not the
exclusive means of identifying forward-looking statements in this press release.
Although forward-looking statements in this press release reflect the good faith judgment of
our management, such statements can only be based on facts and factors that our management
currently knows. Consequently, forward-looking statements are inherently subject to risks and
uncertainties, and actual results and outcomes may differ materially from the results and outcomes
discussed in the forward-looking statements. Factors that could cause or contribute to such
differences in results and outcomes include, but are not limited to, demand for oil and natural gas
drilling services in the areas and markets in which Allis-Chalmers operates, competition, obsolescence of products and services, the ability to obtain financing to support
operations, environmental and other casualty risks, and the effect of government regulation.
4
Further information about the risks and uncertainties that may affect our business are set
forth in our most recent filings on Form 10-K (including without limitation in the Risk Factors
section) and in our other SEC filings and publicly available documents. We urge readers not to
place undue reliance on these forward-looking statements, which speak only as of the date of this
press release. Allis-Chalmers undertakes no obligation to revise or update any forward-looking
statements in order to reflect any event or circumstance that may arise after the date of this
press release.
Important Information
In connection with the proposed merger, Allis-Chalmers and Bronco Drilling have filed a
preliminary joint proxy statement/prospectus and both companies have filed and will file other
relevant documents concerning the proposed merger transaction with the SEC. INVESTORS ARE URGED TO
READ THE JOINT PROXY STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC,
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE MERGER. Investors and security
holders may obtain a free copy of the definitive joint proxy statement/prospectus (when available)
and the other documents free of charge at the website maintained by the SEC at www.sec.gov.
The documents filed with the SEC by Allis-Chalmers may be obtained free of charge from
Allis-Chalmers website at www.alchenergy.com or by calling Allis-Chalmers Investor
Relations department at (713) 369-0550. The documents filed with the SEC by Bronco Drilling may be
obtained free of charge from Bronco Drillings website at www.broncodrill.com or by calling
Bronco Drillings Investor Relations department at (405) 242-4444. Investors and security holders
are urged to read the joint proxy statement/prospectus, as it may be amended or supplemented from
time to time, and the other relevant materials before making any voting or investment decision with
respect to the proposed merger.
Allis-Chalmers, Bronco Drilling and their respective directors and executive officers may be
deemed to be participants in the solicitation of proxies from the respective stockholders of
Allis-Chalmers and Bronco Drilling in connection with the merger. Information regarding such
persons and a description of their interests in the merger are contained in the joint proxy
statement/prospectus filed with the SEC, as it may be amended or supplemented from time to time.
Information about the directors and executive officers of Allis-Chalmers and their ownership of
Allis-Chalmers common stock is set forth in its amended annual report on Form 10-K/A filed with the
SEC on April 29, 2008 and in subsequent statements of changes in beneficial ownership on file with
the SEC. Information about the directors and executive officers of Bronco Drilling and their
ownership of Bronco Drilling common stock is set forth in its amended annual report on Form 10-K/A
filed with the SEC on April 29, 2008, as further amended, and in subsequent statements of changes in beneficial ownership on file with the SEC. Investors may obtain
additional information regarding the interests of such participants by reading the joint proxy
statement/prospectus for the merger, as it may be amended or supplemented from time to time.
5
Use of EBITDA and Adjusted EBITDA & Regulation G Reconciliation
This press release contains references to EBITDA, a non-GAAP financial measure that complies
with federal securities regulations when it is defined as net income (the most directly comparable
GAAP financial measure) before interest, taxes, depreciation and amortization. Allis-Chalmers
defines EBITDA accordingly for the purposes of this press release. We also utilize Adjusted EBITDA
as a supplemental financial measurement in the evaluation of our business. We have defined
Adjusted EBITDA for the purposes of this press release to mean EBITDA plus stock compensation
expense. However, EBITDA and Adjusted EBITDA, as used and defined by Allis-Chalmers, may not be
comparable to similarly titled measures employed by other companies and is not a measure of
performance calculated in accordance with GAAP. Neither EBITDA nor Adjusted EBITDA should be
considered in isolation or as a substitute for operating income, net income or loss, cash flows
provided by operating, investing and financing activities, or other Income or cash flow statement
data prepared in accordance with GAAP. However, we believe EBITDA and Adjusted EBITDA are useful
to an investor in evaluating our operating performance because these measures:
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are widely used by investors in the energy industry to measure a companys operating
performance without regard to the items excluded from EBITDA, which can vary substantially
from company to company depending upon accounting methods and book value of assets,
capital structure and the method by which assets were acquired, among other factors; |
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help investors to more meaningfully evaluate and compare the results of our operations
from period to period by removing the effect of our capital structure and asset base from
our operating results; and |
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are used by our management for various purposes, including as a measure of operating
performance, in presentations to our board of directors, as a basis for strategic planning
and forecasting, as a component for setting incentive compensation, and to assess
compliance in financial ratios. |
There are significant limitations to using EBITDA and Adjusted EBITDA as a measure of
performance, including the inability to analyze the effect of recurring and non-recurring items
that are excluded from EBITDA and materially affect net income or loss, results of operations, and
the lack of compatibility of the results of operations of different companies. Reconciliations of
these financial measures to net income, the most directly comparable GAAP financial measure, are
provided in the table below.
6
Reconciliation of EBITDA and Adjusted EBITDA to GAAP Net Income
($ in millions)
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For the Three Months |
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For the Six Months Ended |
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Ended June 30, |
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June 30, |
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2008 |
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2007(1) |
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2008 |
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2007(1) |
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Net income |
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10.6 |
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|
19.5 |
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|
18.6 |
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31.7 |
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Depreciation and amortization |
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16.3 |
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13.2 |
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|
31.9 |
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|
26.1 |
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Interest expense, net |
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10.5 |
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10.7 |
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21.4 |
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|
24.0 |
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Income taxes |
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|
7.0 |
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|
11.3 |
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11.7 |
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17.6 |
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EBITDA |
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$ |
44.4 |
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$ |
54.7 |
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$ |
83.6 |
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$ |
99.4 |
|
Stock compensation expense (non-cash) |
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1.8 |
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0.7 |
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4.4 |
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1.1 |
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Adjusted EBITDA |
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$ |
46.2 |
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$ |
55.4 |
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$ |
88.0 |
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$ |
100.5 |
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(1) |
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Includes an $8.9 million gain from asset sale in the second quarter of 2007. |
7
ALLIS-CHALMERS ENERGY INC
CONSOLIDATED CONDENSED INCOME STATEMENT
(in thousands, except per share amounts)
(unaudited)
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For the Three Months |
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For the Six Months Ended |
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Ended June 30, |
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June 30, |
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2008 |
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2007 |
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2008 |
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2007 |
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Revenues |
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$ |
163,135 |
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$ |
143,362 |
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$ |
316,317 |
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$ |
279,262 |
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Cost of revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Direct costs |
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|
105,034 |
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|
83,218 |
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|
204,232 |
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|
160,823 |
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Depreciation |
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15,225 |
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|
12,248 |
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29,727 |
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24,064 |
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Total cost of revenues |
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120,259 |
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95,466 |
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233,959 |
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184,887 |
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Gross margin |
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42,876 |
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47,896 |
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82,358 |
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94,375 |
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General and administrative expense |
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14,137 |
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14,302 |
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28,921 |
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28,273 |
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Gain on sale of capillary assets |
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(8,868 |
) |
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(8,868 |
) |
Amortization |
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1,071 |
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|
988 |
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|
2,187 |
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|
2,026 |
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Income from operations |
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|
27,668 |
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|
|
41,474 |
|
|
|
51,250 |
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|
72,944 |
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Other income (expense) |
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|
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|
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Interest expense |
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(12,036 |
) |
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|
(11,845 |
) |
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|
(24,077 |
) |
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|
(25,866 |
) |
Interest income |
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|
1,538 |
|
|
|
1,108 |
|
|
|
2,690 |
|
|
|
1,867 |
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Other |
|
|
369 |
|
|
|
92 |
|
|
|
476 |
|
|
|
276 |
|
|
|
|
|
|
|
|
|
|
|
|
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Total other income (expense) |
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|
(10,129 |
) |
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|
(10,645 |
) |
|
|
(20,911 |
) |
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|
(23,723 |
) |
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net income before income taxes |
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|
17,539 |
|
|
|
30,829 |
|
|
|
30,339 |
|
|
|
49,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Provision for income taxes |
|
|
(6,981 |
) |
|
|
(11,325 |
) |
|
|
(11,731 |
) |
|
|
(17,552 |
) |
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
10,558 |
|
|
$ |
19,504 |
|
|
|
18,608 |
|
|
|
31,669 |
|
|
|
|
|
|
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Net income per common share: |
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|
|
|
|
|
|
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|
|
|
|
|
|
|
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Basic |
|
$ |
0.30 |
|
|
$ |
0.56 |
|
|
$ |
0.53 |
|
|
$ |
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Diluted |
|
$ |
0.30 |
|
|
$ |
0.55 |
|
|
$ |
0.53 |
|
|
$ |
0.93 |
|
|
|
|
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Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
35,018 |
|
|
$ |
34,662 |
|
|
|
34,928 |
|
|
|
33,502 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Diluted |
|
|
35,534 |
|
|
|
35,193 |
|
|
|
35,386 |
|
|
|
34,116 |
|
|
|
|
|
|
|
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8
ALLIS-CHALMERS ENERGY INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
|
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|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2008 |
|
|
2007 |
|
|
|
(unaudited) |
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|
ASSETS |
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|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
10,080 |
|
|
$ |
43,693 |
|
Trade receivables, net |
|
|
143,345 |
|
|
|
130,094 |
|
Inventories |
|
|
36,707 |
|
|
|
32,209 |
|
Prepaid expenses and other |
|
|
14,843 |
|
|
|
11,898 |
|
|
|
|
|
|
|
|
Total current assets |
|
|
204,975 |
|
|
|
217,894 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
668,563 |
|
|
|
626,668 |
|
Goodwill |
|
|
138,398 |
|
|
|
138,398 |
|
Other intangible assets, net |
|
|
33,093 |
|
|
|
35,180 |
|
Debt issuance costs, net |
|
|
13,211 |
|
|
|
14,228 |
|
Note receivable |
|
|
40,000 |
|
|
|
|
|
Other assets |
|
|
28,221 |
|
|
|
21,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,126,461 |
|
|
$ |
1,053,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt |
|
$ |
9,127 |
|
|
$ |
6,434 |
|
Trade accounts payable |
|
|
46,131 |
|
|
|
37,464 |
|
Accrued salaries, benefits and payroll taxes |
|
|
20,295 |
|
|
|
15,283 |
|
Accrued interest |
|
|
18,136 |
|
|
|
17,817 |
|
Accrued expenses |
|
|
25,078 |
|
|
|
20,545 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
118,767 |
|
|
|
97,543 |
|
|
|
|
|
|
|
|
|
|
Deferred income tax liability |
|
|
34,399 |
|
|
|
30,090 |
|
Long-term debt, net of current maturities |
|
|
532,218 |
|
|
|
508,300 |
|
Other long-term liabilities |
|
|
3,074 |
|
|
|
3,323 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
688,458 |
|
|
|
639,256 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders Equity |
|
|
|
|
|
|
|
|
Preferred stock |
|
|
|
|
|
|
|
|
Common stock |
|
|
354 |
|
|
|
351 |
|
Capital in excess of par value |
|
|
331,158 |
|
|
|
326,095 |
|
Retained earnings |
|
|
106,491 |
|
|
|
87,883 |
|
|
|
|
|
|
|
|
Total stockholders equity |
|
|
438,003 |
|
|
|
414,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders equity |
|
$ |
1,126,461 |
|
|
$ |
1,053,585 |
|
|
|
|
|
|
|
|
9
ALLIS-CHALMERS ENERGY INC.
SEGMENT INFORMATION
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months |
|
|
For the Six Months Ended |
|
|
|
Ended June 30, |
|
|
June 30, |
|
|
|
2008 |
|
|
2007 |
|
|
2008 |
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oilfield Services |
|
$ |
68,653 |
|
|
$ |
58,122 |
|
|
$ |
136,556 |
|
|
$ |
113,553 |
|
Drilling and Completion |
|
|
69,818 |
|
|
|
52,861 |
|
|
|
132,879 |
|
|
|
101,749 |
|
Rental Services |
|
|
24,664 |
|
|
|
32,379 |
|
|
|
46,882 |
|
|
|
63,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
163,135 |
|
|
$ |
143,362 |
|
|
$ |
316,317 |
|
|
$ |
279,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oilfield Services |
|
$ |
13,090 |
|
|
$ |
20,595 |
|
|
$ |
26,387 |
|
|
$ |
32,287 |
|
Drilling and Completion |
|
|
9,391 |
|
|
|
10,218 |
|
|
|
18,259 |
|
|
|
19,832 |
|
Rental Services |
|
|
9,266 |
|
|
|
14,770 |
|
|
|
15,488 |
|
|
|
28,693 |
|
General corporate |
|
|
(4,079 |
) |
|
|
(4,109 |
) |
|
|
(8,884 |
) |
|
|
(7,868 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
27,668 |
|
|
$ |
41,474 |
|
|
$ |
51,250 |
|
|
$ |
72,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oilfield Services |
|
$ |
5,961 |
|
|
$ |
3,877 |
|
|
$ |
11,591 |
|
|
$ |
7,665 |
|
Drilling and Completion |
|
|
3,399 |
|
|
|
2,741 |
|
|
|
6,577 |
|
|
|
5,448 |
|
Rental Services |
|
|
6,795 |
|
|
|
6,490 |
|
|
|
13,464 |
|
|
|
12,751 |
|
General corporate |
|
|
141 |
|
|
|
128 |
|
|
|
282 |
|
|
|
226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,296 |
|
|
$ |
13,236 |
|
|
$ |
31,914 |
|
|
$ |
26,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oilfield Services |
|
$ |
9,390 |
|
|
$ |
11,091 |
|
|
$ |
23,817 |
|
|
$ |
21,854 |
|
Drilling and Completion |
|
|
21,165 |
|
|
|
3,150 |
|
|
|
39,694 |
|
|
|
5,870 |
|
Rental Services |
|
|
4,415 |
|
|
|
10,369 |
|
|
|
11,106 |
|
|
|
18,882 |
|
General corporate |
|
|
16 |
|
|
|
226 |
|
|
|
46 |
|
|
|
575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
34,986 |
|
|
$ |
24,836 |
|
|
$ |
74,663 |
|
|
$ |
47,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10