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Exterran Holdings And Exterran Partners Report Fourth-Quarter And Full-Year 2011 Results

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Exterran Holdings’ Annual Report on Form 10-K for the year ended December 31, 2010, Exterran Partners’ Annual Report on Form 10-K for the year ended December 31, 2010, and those set forth from time to time in the Companies’ filings with the Securities and Exchange Commission, which are currently available at www.exterran.com. Except as required by law, the Companies expressly disclaim any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

         
EXTERRAN HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
 
 
Three Months Ended Years Ended
December 31, September 30, December 31, December 31, December 31,
2011 2011 2010 2011 2010
Revenues:
North America contract operations $ 150,318 $ 151,402 $ 151,383 $ 603,529 $ 608,065
International contract operations 114,675 113,759 112,438 445,059 465,144
Aftermarket services 126,917 106,666 86,063 409,423 322,097
Fabrication   311,031     332,651     265,896     1,225,459     1,066,227  
  702,941     704,478     615,780     2,683,470     2,461,533  
 
Costs and Expenses:
Cost of sales (excluding depreciation and amortization expense):
North America contract operations 76,412 77,639 76,219 310,069 300,686
International contract operations 45,446 48,227 44,693 184,405 175,357
Aftermarket services 103,604 85,987 75,688 348,662 276,307
Fabrication 290,335 303,259 229,735 1,102,237 904,722
Selling, general and administrative 84,940 90,969 91,809 359,382 358,255
Depreciation and amortization 91,698 91,018 105,012 365,870 401,478
Long-lived asset impairment 2,639 2,310 142,205 7,012 146,903
Restructuring charges 8,686 2,941 - 11,627 -
Goodwill impairment 665 196,142 - 196,807 -
Interest expense 39,045 38,672 37,557 149,473 136,149
Equity in loss of non-consolidated affiliates 209 262 261 471 609
Other (income) expense, net   (15,648 )   13,588     (6,154 )   (5,425 )   (13,763 )
  728,031     951,014     797,025     3,030,590     2,686,703  
Loss before income taxes (25,090 ) (246,536 ) (181,245 ) (347,120 ) (225,170 )
Provision for (benefit from) income taxes   37,539     (33,491 )   (55,708 )   (13,465 )   (66,606 )
Loss from continuing operations (62,629 ) (213,045 ) (125,537 ) (333,655 ) (158,564 )
Income (loss) from discontinued operations, net of tax   (1,754 )   (1,502 )   (2,734 )   (5,963 )   45,323  
Net loss (64,383 ) (214,547 ) (128,271 ) (339,618 ) (113,241 )
Less: net (income) loss attributable to the noncontrolling interest   (2,195 )   (1,427 )   10,243     (990 )   11,416  
Net loss attributable to Exterran stockholders $ (66,578 ) $ (215,974 ) $ (118,028 ) $ (340,608 ) $ (101,825 )
 
Basic loss per common share
Loss from continuing operations attributable to Exterran stockholders $ (1.03 ) $ (3.42 ) $ (1.85 ) $ (5.34 ) $ (2.37 )
Income (loss) from discontinued operations attributable to Exterran stockholders   (0.03 )   (0.02 )   (0.05 )   (0.10 )   0.73  
Net loss attributable to Exterran stockholders $ (1.06 ) $ (3.44 ) $ (1.90 ) $ (5.44 ) $ (1.64 )
Diluted loss per common share
Loss from continuing operations attributable to Exterran stockholders $ (1.03 ) $ (3.42 ) $ (1.85 ) $ (5.34 ) $ (2.37 )
Income (loss) from discontinued operations attributable to Exterran stockholders   (0.03 )   (0.02 )   (0.05 )   (0.10 )   0.73  
Net loss attributable to Exterran stockholders $ (1.06 ) $ (3.44 ) $ (1.90 ) $ (5.44 ) $ (1.64 )
Weighted average common and equivalent shares outstanding:
Basic   62,821     62,728     62,164     62,624     61,995  
Diluted   62,821     62,728     62,164     62,624     61,995  
 
Loss attributable to Exterran stockholders:
Loss from continuing operations $ (64,824 ) $ (214,472 ) $ (115,294 ) $ (334,645 ) $ (147,148 )
Income (loss) from discontinued operations, net of tax   (1,754 )   (1,502 )   (2,734 )   (5,963 )   45,323  
Net loss attributable to Exterran stockholders $ (66,578 ) $ (215,974 ) $ (118,028 ) $ (340,608 ) $ (101,825 )
         
EXTERRAN HOLDINGS, INC.
UNAUDITED SUPPLEMENTAL INFORMATION
(In thousands, except percentages)
 
 
Three Months Ended Years Ended
December 31, September 30, December 31, December 31, December 31,
2011 2011 2010 2011 2010
Revenues:
North America contract operations $ 150,318 $ 151,402 $ 151,383 $ 603,529 $ 608,065
International contract operations 114,675 113,759 112,438 445,059 465,144
Aftermarket services 126,917 106,666 86,063 409,423 322,097
Fabrication   311,031     332,651     265,896     1,225,459     1,066,227  
Total $ 702,941   $ 704,478   $ 615,780   $ 2,683,470   $ 2,461,533  
 
Gross Margin (1):
North America contract operations $ 73,906 $ 73,763 $ 75,164 $ 293,460 $ 307,379
International contract operations 69,229 65,532 67,745 260,654 289,787
Aftermarket services 23,313 20,679 10,375 60,761 45,790
Fabrication   20,696     29,392     36,161     123,222     161,505  
Total $ 187,144   $ 189,366   $ 189,445   $ 738,097   $ 804,461  
 
Selling, General and Administrative $ 84,940 $ 90,969 $ 91,809 $ 359,382 $ 358,255
% of Revenues 12 % 13 % 15 % 13 % 15 %
 
EBITDA, as adjusted (1) $ 118,760 $ 99,668 $ 99,343 $ 398,734 $ 448,305
% of Revenues 17 % 14 % 16 % 15 % 18 %
 
Capital Expenditures $ 103,938 $ 71,370 $ 67,528 $ 282,791 $ 235,990
Less: Proceeds from Sale of PP&E   (7,047 )   (6,666 )   (5,695 )   (46,258 )   (31,195 )
Net Capital Expenditures $ 96,891   $ 64,704   $ 61,833   $ 236,533   $ 204,795  
 
Gross Margin Percentage:
North America contract operations 49 % 49 % 50 % 49 % 51 %
International contract operations 60 % 58 % 60 % 59 % 62 %
Aftermarket services 18 % 19 % 12 % 15 % 14 %
Fabrication 7 % 9 % 14 % 10 % 15 %
Total 27 % 27 % 31 % 28 % 33 %
 
Total Available Horsepower (at period end):
North America contract operations 3,632 3,648 3,701 3,632 3,701
International contract operations   1,260     1,236     1,200     1,260     1,200  
Total   4,892     4,884     4,901     4,892     4,901  
 
Total Operating Horsepower (at period end):
North America contract operations 2,880 2,832 2,837 2,880 2,837
International contract operations   960     977     981     960     981  
Total   3,840     3,809     3,818     3,840     3,818  
 
Total Operating Horsepower (average):
North America contract operations 2,841 2,825 2,826 2,836 2,832
International contract operations   975     978     1,007     978     1,024  
Total   3,816     3,803     3,833     3,814     3,856  
 
Horsepower Utilization (at period end):
North America contract operations 79 % 78 % 77 % 79 % 77 %
International contract operations 76 % 79 % 82 % 76 % 82 %
Total 78 % 78 % 78 % 78 % 78 %
 
Fabrication Backlog:
Compression & accessory $ 249,724 $ 166,072 $ 220,254 $ 249,724 $ 220,254
Production & processing equipment   415,968     406,634     483,275     415,968     483,275  
Total $ 665,692   $ 572,706   $ 703,529   $ 665,692   $ 703,529  
 
Debt to Capitalization:
Debt $ 1,773,039 $ 1,709,024 $ 1,897,147 $ 1,773,039 $ 1,897,147
Exterran stockholders' equity   1,437,236     1,490,396     1,609,448     1,437,236     1,609,448  
Capitalization $ 3,210,275 $ 3,199,420 $ 3,506,595 $ 3,210,275 $ 3,506,595
Total Debt to Captilization 55 % 53 % 54 % 55 % 54 %
 
(1) Management believes disclosure of EBITDA, as adjusted, and Gross Margin, both non-GAAP measures, provides useful information to investors because, when viewed with our GAAP results and accompanying reconciliations, they provide a more complete understanding of our performance than GAAP results alone. Management uses EBITDA, as adjusted, and Gross Margin as supplemental measures to review current period operating performance, comparability measures and performance measures for period to period comparisons. In addition, EBITDA, as adjusted, is used by management as a valuation measure.
         
EXTERRAN HOLDINGS, INC.
UNAUDITED SUPPLEMENTAL INFORMATION
(In thousands, except per share amounts)
 
Three Months Ended Years Ended
December 31, September 30, December 31, December 31, December 31,
2011 2011 2010 2011 2010
 
Reconciliation of GAAP to Non-GAAP Financial Information:
 
Net loss $ (64,383 ) $ (214,547 ) $ (128,271 ) $ (339,618 ) $ (113,241 )
Income (loss) from discontinued operations, net of tax   (1,754 )   (1,502 )   (2,734 )   (5,963 )   45,323  
Loss from continuing operations (62,629 ) (213,045 ) (125,537 ) (333,655 ) (158,564 )
Depreciation and amortization 91,698 91,018 105,012 365,870 401,478
Long-lived asset impairment 2,639 2,310 142,205 7,012 146,903
Restructuring charges 8,686 2,941 - 11,627 -
Investment in non-consolidated affiliates impairment 209 262 261 471 609
Goodwill impairment 665 196,142 - 196,807 -
Interest expense 39,045 38,672 37,557 149,473 136,149
(Gain) loss on currency exchange rate remeasurement of intercompany balances 908 14,859 (4,447 ) 14,594 (6,801 )

Gain on sale of our investment in the subsidiary that owns the barge mounted processing plant and other related assets used on the Cawthorne Channel Project

- - - - (4,863 )
Provision for (benefit from) income taxes   37,539     (33,491 )   (55,708 )   (13,465 )   (66,606 )
EBITDA, as adjusted (1) 118,760 99,668 99,343 398,734 448,305
Selling, general and administrative 84,940 90,969 91,809 359,382 358,255
Equity in loss of non-consolidated affiliates 209 262 261 471 609
Investment in non-consolidated affiliates impairment (209 ) (262 ) (261 ) (471 ) (609 )
Gain (loss) on currency exchange rate remeasurement of intercompany balances (908 ) (14,859 ) 4,447 (14,594 ) 6,801

Gain on sale of our investment in the subsidiary that owns the barge mounted processing plant and other related assets used on the Cawthorne Channel Project

- - - - 4,863
Other (income) expense, net   (15,648 )   13,588     (6,154 )   (5,425 )   (13,763 )
Gross Margin (1) $ 187,144   $ 189,366   $ 189,445   $ 738,097   $ 804,461  
 
 
Net loss attributable to Exterran stockholders $ (66,578 ) $ (215,974 ) $ (118,028 ) $ (340,608 ) $ (101,825 )
(Income) loss from discontinued operations 1,754 1,502 2,734 5,963 (45,323 )
Valuation allowance on Brazil deferred tax asset 48,597 - - 48,597 -
Charges, after-tax:
Long-lived asset impairment (including the impact on minority interest) 1,510 1,298 83,080 3,726 85,940
Restructuring charges 5,472 1,853 - 7,325 -
Investment in non-consolidated affiliates impairment 209 262 261 471 609
Goodwill impairment 419 180,643 - 181,062 -

Gain on sale of our investment in the subsidiary that owns the barge mounted processing plant and other related assets used on the Cawthorne Channel Project

  -     -     -     -     (8,807 )
Net loss from continuing operations attributable to Exterran stockholders, excluding charges $ (8,617 ) $ (30,416 ) $ (31,953 ) $ (93,464 ) $ (69,406 )
 
Diluted loss from continuing operations attributable to Exterran stockholders $ (1.03 ) $ (3.42 ) $ (1.85 ) $ (5.34 ) $ (2.37 )
Adjustment for charges, after-tax, per common share   0.89     2.94     1.34     3.85     1.25  

Diluted net loss from continuing operations attributable to Exterran stockholders per common share, excluding charges (1)

$ (0.14 ) $ (0.48 ) $ (0.51 ) $ (1.49 ) $ (1.12 )
 
(1) Management believes disclosure of EBITDA, as adjusted, diluted net loss from continuing operations attributable to Exterran stockholders per common share, excluding charges, and Gross Margin, non-GAAP measures, provides useful information to investors because, when viewed with our GAAP results and accompanying reconciliations, they provide a more complete understanding of our performance than GAAP results alone. Management uses EBITDA, as adjusted, diluted net loss from continuing operations attributable to Exterran stockholders per common share, excluding charges, and Gross Margin as supplemental measures to review current period operating performance, comparability measures and performance measures for period to period comparisons. In addition, EBITDA, as adjusted, is used by management as a valuation measure.
         
EXTERRAN PARTNERS, L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit amounts)
 
Three Months Ended Years Ended
December 31, September 30, December 31, December 31, December 31,
2011 2011 2010 2011 2010
 
 
Revenue $ 83,267 $ 84,437 $ 68,415 $ 308,274 $ 237,636
 
Costs and expenses:
Cost of sales (excluding depreciation and amortization) 42,694 43,355 35,446 162,925 124,242
Depreciation and amortization 19,235 19,087 15,180 67,930 52,518
Long-lived asset impairment 371 384 24,652 1,060 24,976
Selling, general and administrative 8,643 10,594 10,112 39,380 34,830
Interest expense 7,912 7,860 6,601 30,400 24,037
Other (income) expense, net   (288 )   (338 )   (241 )   (392 )   (314 )
Total costs and expenses   78,567     80,942     91,750     301,303     260,289  
Income (loss) before income taxes 4,700 3,495 (23,335 ) 6,971 (22,653 )
Income tax expense   185     242     162     918     680  
Net income (loss) $ 4,515   $ 3,253   $ (23,497 ) $ 6,053   $ (23,333 )
 
General partner interest in net income (loss) $ 920   $ 837   $ 49   $ 3,005   $ 1,091  
 
Limited partner interest in net income (loss) $ 3,595   $ 2,416   $ (23,546 ) $ 3,048   $ (24,424 )
 
Weighted average limited partners' units outstanding:
Basic   37,270     37,261     32,091     35,137     27,091  
 
Diluted   37,291     37,278     32,091     35,150     27,091  
 
Earnings (loss) per limited partner unit:
Basic $ 0.10   $ 0.06   $ (0.73 ) $ 0.09   $ (0.90 )
 
Diluted $ 0.10   $ 0.06   $ (0.73 ) $ 0.09   $ (0.90 )
         
EXTERRAN PARTNERS, L.P.
UNAUDITED SUPPLEMENTAL INFORMATION
(In thousands, except per unit amounts and percentages)
 
Three Months Ended Years Ended
December 31, September 30, December 31, December 31, December 31,
2011 2011 2010 2011 2010
 
Revenue $ 83,267 $ 84,437 $ 68,415 $ 308,274 $ 237,636
 
Gross Margin, as adjusted (1) $ 45,646 $ 47,275 $ 38,786 $ 171,841 $ 134,798
 
EBITDA, as further adjusted (1) $ 37,513 $ 38,614 $ 31,427 $ 139,290 $ 104,807
% of Revenue 45 % 46 % 46 % 45 % 44 %
 
Capital Expenditures $ 17,106 $ 9,324 $ 6,535 $ 50,250 $ 28,113
Less: Proceeds from Sale of Compression Equipment   (632 )   (1,040 )   (547 )   (2,940 )   (1,370 )
Net Capital Expenditures $ 16,474   $ 8,284   $ 5,988   $ 47,310   $ 26,743  
 
Gross Margin percentage, as adjusted 55 % 56 % 57 % 56 % 57 %
 
Distributable cash flow (2) $ 24,475 $ 25,720 $ 20,372 $ 90,284 $ 66,831
 
Distributions Declared per Limited Partner Unit $ 0.4925 $ 0.4875 $ 0.4725 $ 1.94 $ 1.87
Distribution Declared to All Unitholders, including Incentive

Distributions

$ 19,581 $ 19,322 $ 16,003 $ 74,214 $ 54,913
Distributable Cash Flow Coverage

1.25x

 

1.33x

 

1.27x

 

1.22x

 

1.22x

 

 
December 31, September 30, December 31, December 31, December 31,
2011 2011 2010 2011 2010
 
Debt $ 545,500 $ 544,000 $ 449,000 $ 545,500 $ 449,000
Total Partners' Capital $ 423,766 $ 434,518 $ 350,737 $ 423,766 $ 350,737
Total Debt to Capitalization 56 % 56 % 56 % 56 % 56 %
 
(1) Management believes disclosure of EBITDA, as further adjusted, and Gross Margin, as adjusted, both non-GAAP measures, provides useful information to investors because, when viewed with our GAAP results and accompanying reconciliations, they provide a more complete understanding of our performance than GAAP results alone. Management uses EBITDA, as further adjusted, and Gross Margin, as adjusted, as supplemental measures to review current period operating performance, comparability measures and performance measures for period to period comparisons. In addition, EBITDA, as further adjusted, is used by management as a valuation measure.
 
(2) Distributable cash flow, a non-GAAP measure, is a significant liquidity metric used by management to compare basic cash flows generated by us to the cash distributions we expect to pay our partners. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions.
         
EXTERRAN PARTNERS, L.P.
UNAUDITED SUPPLEMENTAL INFORMATION
(In thousands, except per unit amounts)
 
Three Months Ended Years Ended
December 31, September 30, December 31, December 31, December 31,
2011 2011 2010 2011 2010
 
Reconciliation of GAAP to Non-GAAP Financial Information:
 
Net income (loss) $ 4,515 $ 3,253 $ (23,497 ) $ 6,053 $ (23,333 )
Income tax expense 185 242 162 918 680
Depreciation and amortization 19,235 19,087 15,180 67,930 52,518
Long-lived asset impairment 371 384 24,652 1,060 24,976

Cap on operating and selling, general and administrative costs provided by Exterran Holdings ("EXH")

5,073 7,995 7,780 32,397 24,720
Non-cash selling, general and administrative costs 222 (207 ) 549 532 1,209
Interest expense   7,912     7,860     6,601     30,400     24,037  
EBITDA, as further adjusted (1) 37,513 38,614 31,427 139,290 104,807
Cash selling, general and administrative costs 8,421 10,801 9,563 38,848 33,621
Less: cap on selling, general and administrative costs provided by EXH - (1,802 ) (1,963 ) (5,905 ) (3,316 )
Less: other (income) expense, net   (288 )   (338 )   (241 )   (392 )   (314 )
Gross Margin, as adjusted (1) 45,646 47,275 38,786 171,841 134,798
Other income (expense), net 288 338 241 392 314
Expensed acquisition costs (in Other (income) expense, net) - - - 514 356
Less: Gain on sale of compression equipment (in Other (income) expense, net) (273 ) (319 ) (242 ) (919 ) (667 )
Less: Cash interest expense (5,012 ) (4,951 ) (4,469 ) (18,822 ) (21,087 )

Less: Cash selling, general and administrative, as adjusted for cost caps provided by EXH

(8,421 ) (8,999 ) (7,600 ) (32,943 ) (30,305 )
Less: Income tax expense (185 ) (242 ) (162 ) (918 ) (680 )
Less: Maintenance capital expenditures   (7,568 )   (7,382 )   (6,182 )   (28,861 )   (15,898 )
Distributable cash flow (2) $ 24,475   $ 25,720   $ 20,372   $ 90,284   $ 66,831  
 
 
Cash flows from operating activities $ 26,370 $ 21,600 $ 6,585 $ 80,090 $ 43,682
(Provision for) benefit from doubtful accounts 185 (239 ) (700 ) (83 ) (1,292 )
Cap on operating and selling, general and administrative costs provided by EXH 5,073 7,995 7,780 32,397 24,720
Expensed acquisition costs - - - 514 356
Maintenance capital expenditures (7,568 ) (7,382 ) (6,182 ) (28,861 ) (15,898 )
Change in assets and liabilities   415     3,746     12,889     6,227     15,263  
Distributable cash flow (2) $ 24,475   $ 25,720   $ 20,372   $ 90,284   $ 66,831  
 
Net income (loss) $ 4,515 $ 3,253 $ (23,497 ) $ 6,053 $ (23,333 )
Long-lived asset impairment   371     384     24,652     1,060     24,976  
Net income, excluding charge $ 4,886   $ 3,637   $ 1,155   $ 7,113   $ 1,643  
 
Diluted earnings (loss) per limited partner unit $ 0.10 $ 0.06 $ (0.73 ) $ 0.09 $ (0.90 )
Adjustment for charge per limited partner unit   0.01     0.01     0.75     0.03     0.90  
Diluted earnings per limited partner unit, excluding charge (1) $ 0.11   $ 0.07   $ 0.02     0.12   $ 0.00  
 
(1) Management believes disclosure of EBITDA, as further adjusted, diluted earnings per limited partner unit, excluding charge, and Gross Margin, as adjusted, non-GAAP measures, provides useful information to investors because, when viewed with our GAAP results and accompanying reconciliations, they provide a more complete understanding of our performance than GAAP results alone. Management uses EBITDA, as further adjusted, diluted earnings per limited partner unit, excluding charge, and Gross Margin, as adjusted, as supplemental measures to review current period operating performance, comparability measures and performance measures for period to period comparisons. In addition, EBITDA, as further adjusted, is used by management as a valuation measure.
 
(2) Distributable cash flow, a non-GAAP measure, is a significant liquidity metric used by management to compare basic cash flows generated by us to the cash distributions we expect to pay our partners. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions.
         
EXTERRAN PARTNERS, L.P.
UNAUDITED SUPPLEMENTAL INFORMATION
(In thousands, except percentages)
 
 
Three Months Ended Years Ended
December 31, September 30, December 31, December 31, December 31,
2011 2011 2010 2011 2010
 
Total Available Horsepower (at period end) (1) 1,873   1,885   1,572   1,873   1,572  
 
Total Operating Horsepower (at period end) (1) 1,728   1,703   1,384   1,728   1,384  
 
Average Operating Horsepower 1,706   1,691   1,364   1,549   1,179  
 
Horsepower Utilization:
Spot (at period end) 92 % 90 % 88 % 92 % 88 %
Average 91 % 89 % 82 % 89 % 81 %
 

Combined U.S. Contract Operations Horsepower of Exterran Holdings and Exterran Partners covered by contracts converted to service agreements (at period end)

2,188 2,123 1,944 2,188 1,944
 
Available Horsepower:
 

Total Available U.S. Contract Operations Horsepower of Exterran Holdings and Exterran Partners (at period end)

3,545 3,565 3,607 3,545 3,607
 

% of U.S. Contract Operations Available Horsepower of Exterran Holdings and Exterran Partners covered by contracts converted to service agreements (at period end)

62 % 60 % 54 % 62 % 54 %
 
Operating Horsepower:
 

Total Operating U.S. Contract Operations Horsepower of Exterran Holdings and Exterran Partners (at period end)

2,830 2,784 2,779 2,830 2,779
 

% of U.S. Contract Operations Operating Horsepower of Exterran Holdings and Exterran Partners covered by contracts converted to service agreements (at period end)

 

77 % 76 % 70 % 77 % 70 %
 
(1) Includes compressor units leased from Exterran Holdings with an aggregate horsepower of 221,000, 252,000 and 278,000 at December 31, 2011, September 30, 2011 and December 31, 2010, respectively. Excludes compressor units leased to Exterran Holdings with an aggregate horsepower of 18,000, 29,000 and 18,000 at December 31, 2011, September 30, 2011 and December 31, 2010, respectively.




Stock quotes in this article: EXH, EXLP 

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