Csi Compressco Lp (CCLP) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

•

Fourth quarter net loss of $12.1 million, including $2.1 million favorable non-cash fair market adjustment to the Series A Preferred equity

•

Fourth quarter Adjusted EBITDA⁽¹⁾ of $21.7 million, including $2.6 million in unusual costs related to equipment sales, and a $0.7 million charge to field inventory

•

Fourth quarter net cash provided from operating activities of $15.9 million

•

Fourth quarter free cash flow⁽¹⁾ of $12.9 million

•

Fourth quarter cash distribution of $0.3775 per common unit, unchanged from prior quarter

•

Fourth quarter and full year 2016 distribution coverage ratios⁽¹⁾ of 0.68x and 0.99x, respectively

•

Fourth quarter Equipment Sales orders received totaling $20.3 million

•

Compression fleet utilization increased by 1.2% in fourth quarter compared to prior quarter

•

Continued management of SGA expenditures

•

Multiple office locations consolidated into primary business office in The Woodlands, TX

Three Months Ended

Dec 31, 2016 vs.

Sept 30, 2016

Dec 31, 2016 vs.

Dec 31, 2015

Dec 31, 2016

Sept 30, 2016

Dec 31, 2015

(In Thousands, Except Ratios, and Percentages)

Net income (loss)

$

(12,138

)

$

(15,971

)

$

(151,220

)

24

%

92

%

Adjusted EBITDA⁽¹⁾

$

21,682

$

23,967

$

31,873

(10

)%

(32

)%

Distributable cash flow⁽¹⁾

$

8,798

$

12,715

$

19,378

(31

)%

(55

)%

Quarterly Cash distribution per unit

$

0.3775

$

0.3775

$

0.3775

—

%

—

%

Distribution coverage ratio⁽¹⁾

0.68x

0.99x

1.52x

—

—

Fleet growth capital expenditures

$

—

$

—

$

18,247

—

%

(100

)%

Net cash provided by operating activities

$

15,922

$

9,958

$

38,351

60

%

(58

)%

Free cash flow⁽¹⁾

$

12,865

$

6,162

$

19,077

109

%

(33)

%

(1)

Adjusted EBITDA, distributable cash flow, distribution coverage ratio, and free cash flow are non-GAAP financial measures that are reconciled to the nearest GAAP financial measure on Schedules B and C to this press release.