Csi Compressco Lp (CCLP) 10-K Annual Report March 2014

- Compressco Partners, L.P. (Compressco Partners or the Partnership) (NASDAQ: GSJK) today announced fourth quarter 2013 consolidated results. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2013 were $10.2 million, with net income of $6.3 million. This compares to EBITDA and net income of $9.4 million and $4.9 million, respectively, during the prior year period. Distributable cash flow for the quarter ended December 31, 2013 was $10.1 million (EBITDA and distributable cash flow are non-GAAP financial measures that are defined and reconciled to the nearest GAAP financial measures later in the release).

Highlights of the fourth quarter 2013 results include:


•	highest levels of quarterly Partnership profit before tax and net income;


•	increased average compressor utilization of 85.5%;


•	cost of compression as a percentage of compression services revenues decreased compared to the prior year quarter and third quarter of 2013; and


•	acquisition of 18 three stage SuperJack™ compressor packages in the 80 to 300 horsepower range for use in gas lift applications.

Consolidated revenues for both of the quarters ended December 31, 2013 and 2012 were $32.4 million. Income before tax for the quarter ended December 31, 2013 was $6.1 million versus $5.9 million for the fourth quarter of 2012. Results of operations for the fourth quarter of 2013 compared to the fourth quarter of 2012 reflect increased sales of compressors and parts. Compression and other service revenues were down $1.8 million compared to the fourth quarter of 2012, due primarily to lower well monitoring activity in Mexico. Compression and other services revenues in the United States continue to increase due, in part, to continued demand for our unconventional services. Cost of compression and other services as a percentage of revenues decreased sequentially and compared to the prior year due primarily to labor and equipment related cost reductions in Mexico and overall cost reduction actions taken throughout 2013.

Unaudited results of operations for the three month and full year periods ended December 31, 2013 compared to the respective prior year periods are presented in the accompanying financial tables.

Ronald J. Foster, President of Compressco Partners, remarked, “I am very pleased to report the Partnership’s highest single quarterly profit before tax since its formation. Our fourth quarter results reflect our commitment to improve compressor fleet utilization and operational efficiencies, maintain costs and improve margins. We also benefitted from higher levels of compressor package sales. Our recent distribution increase represents our fifth increase in quarterly distribution over the last six quarters and is a 4% increase over the distribution attributable to the fourth quarter of 2012. We are also pleased to introduce the SuperJack™ to our compressor fleet to support gas lift opportunities. These assets have been deployed into resource plays where we currently have strong service infrastructure. I am proud of the strong finish to 2013, especially the improvement in our domestic operations that helped to offset the revenue decline in Mexico. I am also proud of the entire Compressco team for the 2013 full year results.”

Compressco Partners will host a conference call to discuss fourth quarter 2013 results today, February 27, 2014, at 10:30 am Eastern Time. The phone number for the call is 877/870-4263. The conference will also be available by live audio webcast and may be accessed through the Compressco Partners website at www.compressco.com.

On January 21, 2014, Compressco Partners announced that the board of directors of its general partner declared a cash distribution attributable to the fourth quarter of 2013 of $0.4375 per outstanding unit, which was paid on February 14, 2014 to unitholders of record as of the close of business on January 31, 2014. The distribution coverage ratio (Non-GAAP Financial Measure as described below) for the fourth quarter of 2013 was 1.46x.

Compressco Partners is a provider of compression-based production enhancement services, which are used in both conventional wellhead compression applications and unconventional compression applications, and in certain

The following information was filed by Csi Compressco Lp (CCLP) on Thursday, February 27, 2014 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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Csi Compressco Lp provided additional information to their SEC Filing as exhibits

Exhibit 10.8: Material Contract

Exhibit 10.9: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: CCLP
CIK: 1449488
Form Type: 10-K Annual Report
Accession Number: 0001449488-14-000023
Submitted to the SEC: Fri Mar 14 2014 4:31:55 PM EST
Accepted by the SEC: Fri Mar 14 2014
Period: Tuesday, December 31, 2013
Industry: Oil And Gas Field Services