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VP Investor Relations
Basic Energy Services, Inc.
Dennard ▪ Lascar Associates
BASIC ENERGY SERVICES REPORTS
FOURTH QUARTER AND FULL YEAR 2018 RESULTS
FORT WORTH, Texas - February 28, 2019 - Basic Energy Services, Inc. (NYSE: BAS) (“Basic” or the “Company”) today announced its financial and operating results for the fourth quarter and full year ended December 31, 2018.
FOURTH QUARTER AND FULL YEAR 2018 HIGHLIGHTS
Generated fourth quarter net loss of $46.7 million with Adjusted EBITDA (as defined and reconciled below) of $21.8 million on revenue of $230.4 million, while completing a strategic realignment initiative
Reported full year net loss and loss per share of $144.6 million or $5.46 per share, compared to a net loss and loss per share of $96.7 million and $3.72 in 2017, with Adjusted EBITDA of $97.0 million in 2018 up from $82.8 million in 2017
Placed $300 million of Senior Secured Notes due 2023 and increased total liquidity from $37.3 million on September 30, 2018, to $159.9 million as of December 31, 2018, and available cash to $90.3 million at December 31, 2018, up from $30.8 million at September 30, 2018
In the fourth quarter, generated $24.0 million of net cash provided by operating activities with free cash flow (as defined and reconciled below) of $10.3 million
FOURTH QUARTER 2018 HIGHLIGHTS
Fourth quarter 2018 revenue decreased sequentially to $230.4 million from $246.3 million in the third quarter of 2018 as a result of multiple factors, including deferred work due to holidays and unusually harsh weather, lower sand sales from a trend of direct sourcing, and the divestment of certain yards as part of our strategic realignment initiative. In the fourth quarter of 2017, Basic generated $235.3 million in revenue. During the quarter, the Company issued $300 million Senior Secured Notes in October and generated cash from operating activities of $24.0 million and free cash flow of $10.3 million. Free cash flow is not a measure determined in accordance with United States generally accepted accounting principles (“GAAP”). See “Supplemental Non-GAAP Financial Measures” for a discussion of free cash flow and a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP.
The following information was filed by Basic Energy Services Inc (BAS) on Friday, March 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.