Exhibit 99.1

basiclogoa20.jpg NEWS RELEASE
 
 
Contacts:
Trey Stolz,
 
VP Investor Relations
 
Basic Energy Services, Inc.
 
817-334-4100
 
 
 
Jack Lascar
 
Dennard ▪ Lascar Associates
 
713-529-6600
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.

1


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.

View differences made from one year to another to evaluate Basic Energy Services Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Basic Energy Services Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

FREE Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account