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Csi Compressco Lp (CCLP) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Csi Compressco Lp

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CIK: 1604950 Ticker: CCLP

Exhibit 99.1

 

CSI COMPRESSCO LP ANNOUNCES

FOURTH QUARTER AND FULL YEAR 2018 RESULTS AND

PROVIDES UPDATE TO 2019 TOTAL YEAR FINANCIAL GUIDANCE

 

THE WOODLANDS, Texas, February 27, 2019 / PRNewswire /

- CSI Compressco LP (“CSI Compressco” or the “Partnership”) (NASDAQ: CCLP) today announced fourth quarter and full year 2018 consolidated financial results.

 

Consolidated revenues for the quarter ended December 31, 2018 were $138 million compared to $115 million for the third quarter of 2018 and $83 million for the fourth quarter of 2017.  Compared to the third quarter of 2018, total revenues increased 20% driven by a record high of new equipment sales, stronger aftermarket services activity, and continued improvements in Compression and related services.  Net loss for the quarter ended December 31, 2018 was $3.7 million compared to a net loss of $7.9 million in the third quarter of 2018 and a net loss of $10.7 million in the fourth quarter of 2017.

 

Selected key operational and financial metrics for the fourth quarter are as follows:

 

•

Fourth quarter Adjusted EBITDA(1) improved by 14% to $30.2 million from the third quarter of 2018.

 

•

Compression and related services gross margin was 43.6% in the fourth quarter, which includes the impact of a $2.1 million non-income tax contingency. Excluding this item, Compression and related services gross margin would have been 47.1%(1) in the fourth quarter compared to 47.2% in the third quarter of 2018.

 

•

Distributable cash flow(1) improved to $13.3 million, up 48% from the third quarter of 2018 and, combined with our distribution cut, resulted in a distribution coverage ratio(1) of 28x.

 

•

Overall, service fleet utilization increased from the third quarter by 30 bps to 86.6%. Utilization for high horsepower equipment (greater than 1,000 horsepower per unit) was 95.0%.

 

•

Backlog for new equipment sales was $105.2 million as of December 31, 2018, following over $53 million in new equipment sales in the fourth quarter.

 

•

New equipment orders received in the fourth quarter totaled $18.0 million while total orders received in 2018 were $188 million.

 

•

On December 20, 2018, we announced a reduction in the quarterly common unit distribution.  We intend to use the savings to cash redeem the remaining outstanding Series A Convertible Preferred Units to avoid further dilution to the common unit holders.

 

   (1) These measures are not presented in accordance with generally accepted accounting principles in the United States (“GAAP”).  Please see Schedules B, C, D and E for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures

 

 

 

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

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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
Commitments And Contingencies Details (Details)
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)
Fair Value Measurements Fair Value Measurements
Fair Value Measurements Fair Value Measurements (Details)
Fair Value Measurements Fair Value Measurements (Tables)
Formation Of The Partnership
Formation Of The Partnership Formation Of The Partnership (Details)
Geographic Information
Geographic Information (Details)
Geographic Information (Tables)
Goodwill (Details)
Goodwill (Notes)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Inventories (Details)
Inventories (Notes)
Inventories (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)
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Notes)
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers Contract Assets And Liabilities (Details)
Revenue From Contracts With Customers Services (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 (Tables)
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information - Balance Sheet (Details)
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information - Cash Flow Statement (Details)
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information - Income Statement (Details)
Ticker: CCLP
CIK: 1449488
Form Type: 10-K Annual Report
Accession Number: 0001449488-19-000004
Submitted to the SEC: Mon Mar 04 2019 11:44:00 AM EST
Accepted by the SEC: Mon Mar 04 2019
Period: Monday, December 31, 2018
Industry: Oil And Gas Field Services

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