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Csi Compressco Lp (CCLP) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Csi Compressco Lp

CIK: 1604950 Ticker: CCLP


EXHIBIT 99.1
FOR IMMEDIATE RELEASE



CSI COMPRESSCO LP
ANNOUNCES FOURTH QUARTER AND FULL YEAR 2014 RESULTS
AND 2015 FISCAL YEAR GUIDANCE

Midland, Texas (February 26, 2015)
- CSI Compressco LP (CSI Compressco or the Partnership) (NASDAQ: CCLP) today announced fourth quarter 2014 consolidated results. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fourth quarter of 2014 were $31.3 million, with net income of $4.4 million. This compares to EBITDA and net income of $10.2 million and $6.3 million, respectively, during the fourth quarter of 2013. Results for the fourth quarter of 2014 include a full quarter impact of the prior acquisition of Compressor Systems, Inc. (“CSI”) and pretax transaction costs related to the acquisition of CSI of $2.6 million, or approximately $0.05 per common diluted unit after tax in the aggregate. Distributable cash flow for the quarter ended December 31, 2014 was $28.4 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 2014 results include:
Record quarterly Partnership revenues of $124.8 million,
Record monetary increase of $0.025 to the quarterly distribution, a 5.4% increase over Q3 2014,
Ending Q4 fleet utilization of 87.7%, compared to 85.9% at the end of Q3 2014; and
Implementation of our new name, logo and NASDAQ ticker symbol.
 
Quarter Ended
 
2014 vs. 2013
 
December 31, 2014
 
December 31, 2013
 
 
(In Thousands, Except Ratios and Percentages)
Net income (a)
$
4,361

 
$
6,347

 
(31
)%
EBITDA
$
31,283

 
$
10,212

 
206
 %
Cash distribution
$
16,609

 
$
6,943

 
139
 %
Distribution coverage ratio
1.71x

 
1.46x

 
17
 %
Capital expenditures
$
22,069

 
$
4,599

 
380
 %
(a) Including $2.6 million CSI transaction costs.

Consolidated revenues for the quarter ended December 31, 2014 were $124.8 million versus $32.4 million in the fourth quarter of 2013. Income before tax for the quarter ended December 31, 2014 was $3.4 million versus $6.1 million for the fourth quarter of 2013. Results of operations for the fourth quarter of 2014 compared to the fourth quarter of 2013 reflect several key items, including continued improvement in fleet utilization, results from the acquisition of CSI, and $2.6 million in transaction costs related to the CSI acquisition.

During the fourth quarter we continued to improve overall fleet utilization while also adding almost 17,000 horsepower to the fleet. Horsepower deployed in the fourth quarter was most notable in the Permian Basin, South Texas and Mid-Continent regions. As of December 31, 2014, the fleet utilization rate was 87.7%. We define the fleet utilization rate as the aggregate compressor package horsepower in service divided by the aggregate compressor package fleet horsepower as of a given date. Our aftermarket services business remained active with several projects in the Permian Basin and Western US. Equipment and parts sales recorded during the period were primarily compressor packages supporting midstream applications. At December 31, 2014, the Partnership had liquidity of $239 million including cash on hand of $34 million and $205 million available on our credit facility before deducting for bonds and letters of credit of $13 million.

1

The following information was filed by Csi Compressco Lp (CCLP) on Thursday, February 26, 2015 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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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Partners' Capital
Consolidated Statements Of Partners' Capital (parenthetical)
Acquisition Acquisition
Acquisition Acquisition (details 2)
Acquisition Acquisition (details)
Acquisition Acquisition (tables)
Commitments And Contingencies
Earnings Per Common And Subordinated Unit
Earnings Per Common And Subordinated Unit (details)
Earnings Per Common And Subordinated Unit (tables)
Equity-based Compensation
Equity-based Compensation (details)
Equity-based Compensation (tables)
Formation Of The Partnership
Geographic Information
Geographic Information (details)
Geographic Information (tables)
Hedge Contracts Hedge Contracts
Hedge Contracts Hedge Contracts (details)
Hedge Contracts Hedge Contracts (tables)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Leases (details)
Leases (tables)
Leases Leases
Long-term Debt And Other Borrowings
Long-term Debt And Other Borrowings (details)
Long-term Debt And Other Borrowings (tables)
Quarterly Financial Information (details)
Quarterly Financial Information (tables)
Quarterly Financial Information (unaudited)
Related Party Transactions
Related Party Transactions (details)
Segments Segments
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details 1)
Summary Of Significant Accounting Policies (details 2)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information (details 1)
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information (details 2)
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information (details 3)
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information (tables)
Ticker: CCLP
CIK: 1449488
Form Type: 10-K Annual Report
Accession Number: 0001449488-15-000013
Submitted to the SEC: Thu Mar 19 2015 6:32:57 PM EST
Accepted by the SEC: Fri Mar 20 2015
Period: Wednesday, December 31, 2014
Industry: Oil And Gas Field Services

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