Complete Production Services, Inc. Reports Earnings From Continuing Operations Of $0.98 Per Diluted Share For The Fourth Quarter Of 2011
Complete Production Services, Inc. (NYSE:CPX) today reported fourth quarter revenue of $626.8 million, an increase of 12% over the third quarter of 2011, and fourth quarter Adjusted EBITDA (as defined below) of $183.9 million, an increase of $34.9 million, or 23%, over the third quarter of 2011 resulting in Adjusted EBITDA margins of 29.3%. Fourth quarter 2011 operating income was $134.7 million, up 32% versus the third quarter of 2011, and fourth quarter net income from continuing operations was $78.0 million, or $0.98 per diluted share, an increase of $22.9 million or $0.29 per diluted share over the prior quarter. Results for the fourth quarter of 2011 include approximately $3.3 million of pre-tax transactional expense associated with the pending merger with Superior Energy Services, Inc. and exclude the results of the rig logistics business which was divested on November 30, 2011.
Revenue for the Completion and Production Services segment during the fourth quarter of 2011 was $603.9 million, an increase of 13% over the prior quarter. Adjusted EBITDA for the segment was $191.2 million in the fourth quarter of 2011, an increase of $37.0 million, or 24%, versus the third quarter of 2011. The improved performance was primarily attributed to new asset deployments including a 49,500 horsepower pressure pumping spread in the Marcellus, under a long-term take or pay contract, contributions from the previously-announced acquisition of a Permian Basin focused pressure pumping and acidizing service company, and a recovery from previously reported items which adversely impacted the third quarter of 2011.
Drilling Services segment revenue was $22.9 million during the fourth quarter of 2011, versus $21.7 million in the third quarter of 2011. Adjusted EBITDA increased by $1.3 million over the third quarter of 2011 to $7.5 million, primarily due to a new drilling rig that was deployed under a term contract during the fourth quarter of 2011.
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