Key Energy Services Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018
November 06, 2018 at 04:15 pm EST
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Key Energy Services Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported revenues of $134,721,000 compared to $110,653,000 for the same period a year ago. Operating loss was $17,115,000 compared to $34,744,000 for the same period a year ago. Loss before tax income taxes was $25,610,000 compared to $38,316,000 for the same period a year ago. Net loss was $23,860,000 compared to $38,220,000 for the same period a year ago. Loss per share, basic and diluted was $1.18 compared to $1.90 for the same period a year ago. EBITDA was $4,705,000 compared to LBITDA of $9,294,000 for the same period a year ago. Adjusted EBITDA was $5,560,000 compared to $639,000 for the same period a year ago. Capital expenditures for the third quarter of 2018 were $11.3 million.
For the nine months, the company reported revenues of $404,442,000 compared to $319,885,000 for the same period a year ago. Operating loss was $43,853,000 compared to $80,106,000 for the same period a year ago. Loss before tax income taxes was $67,306,000 compared to $99,500,000 for the same period a year ago. Net loss was $65,718,000 compared to $98,262,000 for the same period a year ago. Loss per share, basic and diluted was $3.25 compared to $4.89 for the same period a year ago. Capital expenditures were $28.5 million.
Key Energy Services, Inc. is an onshore, rig-based well servicing contractor. The Company provides a range of well services to oil companies and independent oil and natural gas production companies. The Company's segments include Rig Services, Fishing and Rental Services, and Coiled Tubing Services. The Rig Services segment includes the completion of newly drilled wells, workover and recompletion of existing oil and natural gas wells, well maintenance, and the plugging and abandonment of wells. The Fishing and Rental Services segment offers a line of fishing services and rental equipment designed for use in providing both onshore drilling and workover services. The Coiled Tubing Services segment involves the use of metal pipe spooled onto a large reel which is then deployed into oil and natural gas wells to perform various applications.