HOUSTON–(BUSINESS WIRE)–Complete Production Services, Inc. (NYSE:CPX - News) today reported fourth quarter revenue of $251.4 million, operating loss of $114.9 million and a net loss of $103.5 million, or $1.38 per diluted share. Fourth quarter results include $102.1 million in pre-tax, non-cash charges ($1.21 per diluted share). The non-cash charges impacted the Completion and Production Services segment and included $100.1 million related to goodwill and other intangible asset impairments and $2.0 million related to fixed asset retirements. Modified EBITDA (as defined below) for the fourth quarter of 2009 was $34.4 million, an increase of 26% over the third quarter of 2009.

Revenue for the Completion and Production Services segment during the fourth quarter of 2009 was $215.6 million, an increase of 9% over the prior quarter. Modified EBITDA for the segment was $38.7 million, up 11% versus the third quarter of 2009. Segment Modified EBITDA margin was 17.9% during the fourth quarter versus 17.6% for the quarter ending September 30, 2009. The improved performance of the segment is attributable to increased activity levels in Complete’s core basins, partially offset by lower activity levels in Mexico.

Fourth quarter Drilling Services segment revenue was $29.2 million, versus $25.4 million reported for the prior quarter. The segment reported Modified EBITDA of $2.9 million compared to a loss of $2.4 million in the third quarter of 2009. The segment was positively impacted by a significant reduction in bad debt expense and improvements in activity levels and service mix relative to the third quarter.

For the full year 2009, Complete’s revenue was $1.06 billion, a decrease of 42% from full year 2008, operating loss was $187.9 million versus an operating profit of $47.0 million in 2008 and Modified EBITDA was $163.4 million, compared to $500.2 million during the prior year. Cash flow from operations totaled $286.3 million and capital expenditures were limited to $38.5 million during 2009 resulting in a cash balance of $77.4 million and an undrawn credit facility at December 31, 2009.

“Our dedicated employees successfully stepped up to the challenges of 2009 and we are well positioned to benefit from improving market conditions,” commented Joe Winkler, Chairman and CEO. “Activity levels increased steadily during the fourth quarter and continue to improve in the early days of 2010, particularly for horizontal oil and gas wells requiring multi-stage completions.” (more)

Posted on Wednesday, February 3rd, 2010 at 7:40 am and is filed under Energy Saving.
Tags: Chairman and CEO, Complete Production Services, Earnings Announcement, Houston, Inc., Joe Winkler, Mexico, oil and gas wells, USD.