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Oil States Announces Fourth Quarter Earnings

Stocks in this article: OIS

(2) The EBITDA and operating income of our accommodations segment for the twelve months ended December 31, 2012 includes a pre-tax benefit of $17.9 million related to a favorable contract settlement in its U.S. accommodations business recognized in the first quarter of 2012.

(3) The EBITDA and operating income of our tubular services segment for the twelve months ended December 31, 2012 includes $7.5 million of out-of-period adjustments related to corrections of accruals for customer credits and related returned inventory recognized in the third quarter of 2012.

Oil States International, Inc.
Additional Quarterly Segment and Operating Data
  Three Months Ended December 31,
  2012 2011
 Supplemental operating data     
 Lodge/village revenues ($ in thousands)  $212,921 $171,355
 Other accommodations revenues ($ in thousands)   64,448  65,521
 Total accommodations revenues ($ in thousands)  $277,369 $236,876
 Average available lodge/village rooms   19,378  17,069
 Lodge/village revenues per available room  $119 $109
 Offshore products backlog ($ in millions)  $560.8 $535.2
 Rental tool job tickets   11,959  12,858
 Average revenue per ticket ($ in thousands)  $11.0 $10.9
 Tubular services operating data     
 Shipments (tons in thousands)  213.8 189.0
 Quarter end inventory ($ in thousands)  $450,244 $420,519
 Land drilling operating statistics     
 Average rigs available  33 34
 Utilization  79.2% 86.4%
 Implied day rate ($ in thousands per day)  $17.1 $17.1
 Implied daily cash margin ($ in thousands per day)  $5.3 $3.6

(A) The term EBITDA consists of net income plus interest, taxes, depreciation and amortization. EBITDA is not a measure of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included EBITDA as a supplemental disclosure because its management believes that EBITDA provides useful information regarding our ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The following table sets forth a reconciliation of EBITDA to net income, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles.

Oil States International, Inc.
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands)
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
 Net income / (loss)  $98,519 $94,282 $448,609 $322,453
 Income tax provision   41,710  42,890  177,047  131,647
 Depreciation and amortization   65,775  50,828  230,098  188,147
 Interest income   (604)  (278)  (1,583)  (1,700)
 Interest expense   17,305  17,966  68,922  57,506
 EBITDA  $222,705 $205,688 $923,093 $698,053
CONTACT: Bradley J. Dodson
         Oil States International, Inc.

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