Last10K.com

Csi Compressco Lp (CCLP) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Csi Compressco Lp

HISTORY TOOLS
CIK: 1604950 Ticker: CCLP

Exhibit 99.1

 

 

CSI COMPRESSCO LP ANNOUNCES

FOURTH QUARTER AND FULL YEAR 2017 RESULTS

 

THE WOODLANDS, Texas, February 27, 2018 / PRNewswire /

- CSI Compressco LP (“CSI Compressco”) (NASDAQ: CCLP) today announced fourth quarter and full year 2017 consolidated financial results. Consolidated revenues for the quarter ended December 31, 2017, were $83.1 million compared to $71.6 million for the third quarter of 2017 and $82.9 million for the fourth quarter of 2016.  Compared to the third quarter of 2017, compression services revenues increased 3.3%, reflecting increases in fleet utilization.  Equipment sales increased by $8.5 million from the third quarter to $18.9 million. Net loss for the quarter ended December 31, 2017 was $10.7 million compared to a $7.8 million loss for the third quarter of 2017 and $12.1 million loss for the fourth quarter of 2016.

 

Selected key operational and financial metrics are as follows:

 

•

Orders for new equipment sales in the fourth quarter were $16.7 million.  In early January, CSI Compressco received a $67 million order for large horsepower equipment to be fabricated for a midstream operator in the Permian Basin.  This equipment is expected to ship during the second half of 2018 and the first half of 2019.

 

•

Backlog for equipment sales was $47.5 million as of December 31, 2017.  With the January order, backlog increased in January to approximately $117 million.

 

•

Overall service fleet utilization increased 180 basis points (bps) compared to the end of the third quarter, to 83.2%.  Utilization for large horsepower equipment, greater than 800 hp per unit, increased to 92.3%, up 220 bps sequentially.

 

•

Distributable cash flow(1) for the quarter was $5.4 million, resulting in a distribution coverage ratio of 0.73X

 

•

Maintenance capital expenditures were $6.9 million as additional previously idle equipment was made ready for deployment to address the strong demand for field gathering and gas lift.

 

•

Adjusted EBITDA(1) was $21.0 million, compared to $23.3 million in the third quarter, as the third quarter included a non-recurring gain of $3.0 million from insurance proceeds.

 

   (1) Non-GAAP financial measures reconciled to the nearest GAAP number on Schedules A, B, and C

 

 

As of December 31, 2017, aggregate compression services fleet horsepower totaled 1,081,919 horsepower and the fleet utilization rate was 83.2%.  Utilization of our highest horsepower category, equipment of greater than 800 horsepower per unit, was 92.3% at the end of the quarter. 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.  We do not exclude idle horsepower under repair or horsepower that is otherwise impaired from our calculation of utilization rate.  

 

The following information was filed by Csi Compressco Lp (CCLP) on Tuesday, February 27, 2018 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 Csi Compressco Lp'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 Csi Compressco Lp.

Continue

Assess how Csi Compressco Lp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Csi Compressco Lp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
M & A
Other
Filter Subcategory:
All
Expense
Earnings
Cash Flow
Product
Geography
Debt
Other
Inside Csi Compressco Lp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

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)
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
Formation Of The Partnership Formation Of The Partnership (details)
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)
Quarterly Financial Information (details)
Quarterly Financial Information (tables)
Quarterly Financial Information (unaudited)
Related Party Transactions
Related Party Transactions (details)
Segments Segments
Series A Preferred Units Series A Preferred Units
Series A Preferred Units Series A Preferred Units (details)
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 (balance Sheet)
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information (cash Flow Statement)
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information (income Statement)
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information (tables)
Ticker: CCLP
CIK: 1449488
Form Type: 10-K Annual Report
Accession Number: 0001449488-18-000002
Submitted to the SEC: Thu Mar 01 2018 5:59:30 PM EST
Accepted by the SEC: Fri Mar 02 2018
Period: Sunday, December 31, 2017
Industry: Oil And Gas Field Services

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/cclp/0001449488-18-000002.htm