FORT WORTH, TX today reported net income for the fourth quarter
of 2007 of $3.2 million, as compared to net income of $1.1 million
in the prior-year period. Full-year 2007 net income of $8.3 million
more than tripled from the prior-year net income of $2.4
million.
Earnings before interest, income taxes, depreciation and
accretion ("EBITDA"), a non-GAAP measure, was $8.8 million for the
fourth quarter of 2007, as compared with $2.1 million in the fourth
quarter of 2006. For the year, EBITDA was $21.3 million in 2007
versus $5.5 million in 2006.
Fourth-Quarter 2007 Highlights
-- Increased adjusted gross margin, a non-GAAP measure, as a percent of
revenue to 66% versus the prior-year quarter of 52%
-- Increased average gathered volumes to nearly 145 MMcf per day; up 194%
versus the prior-year quarter
-- Increased average processed volumes to approximately 117 MMcf per day;
up 151% versus the prior-year quarter
-- Connected 67 new wells to the gathering system
-- Connected approximately 27 miles of gathering infrastructure
"We continue to capitalize on our substantial growth in both
gathering and processing volumes," said Toby Darden, Quicksilver
Gas Services president and chief executive officer. "Increased
utilization coupled with our continued focus on achieving operating
efficiencies have resulted in further improvement to our adjusted
gross margin."
Capital Program
Capital expenditures for the fourth quarter of 2007 totaled
$18.6 million. Expenditures during the quarter included the
connection of approximately 27 miles of gathering lines and 67 new
wells to the gathering system and upgrades to the company's
processing facility. The company now has 200 million cubic feet
(MMcf) per day of processing capacity and expects an additional 125
MMcf per day of capacity to become operational during the first
quarter of 2009.
On February 14, 2008, the company paid a cash distribution for
the 2007 fourth quarter of $.30 per unit.
Conference Call
Quicksilver Gas Services will host a conference call for
investors and analysts at 10:00 a.m. eastern time today to discuss
the fourth-quarter 2007 operating and financial results and its
outlook for the future. The company invites interested parties to
listen to the call via the company's website at www.kgslp.com or by
calling 1-877-313-7932, using the conference ID number 29723076,
approximately 10 minutes prior to the call. A digital replay of the
conference call will be available at 3:00 p.m. eastern time today
and will remain available for 30 days. The replay can be accessed
at 1-800-642-1687 and enter the conference ID number 29723076. The
replay will also be archived for 30 days on the company's
website.
Use of Non-GAAP Financial Measures
This press release and the accompanying schedules include the
non-generally accepted accounting principles ("non-GAAP") financial
measures of EBITDA and adjusted gross margin. The accompanying
schedules provide reconciliations of these non-GAAP financial
measures to their most directly comparable financial measures
calculated and presented in accordance with accounting principles
generally accepted in the United States of America ("GAAP"). Our
non-GAAP financial measures should not be considered as
alternatives to GAAP measures such as net income, operating income
or any other GAAP measure of liquidity or financial
performance.
About Quicksilver Gas Services
Fort Worth, Texas-based Quicksilver Gas Services is a
growth-oriented limited partnership in the business of gathering
and processing natural gas produced from the Barnett Shale geologic
formation in the Fort Worth Basin of north Texas. The company began
operation in 2004 to provide these services to Quicksilver
Resources Inc., which owns our general partner. For more
information about Quicksilver Gas Services, visit
www.kgslp.com.
Forward-Looking Statement
The statements in this news release regarding future events,
occurrences, circumstances, activities, performance, outcomes and
results are forward-looking statements. Although these statements
reflect the current views, assumptions and expectations of
Quicksilver Gas Services LP's management, the matters addressed
herein are subject to numerous risks and uncertainties, which could
cause actual activities, performance, outcomes and results to
differ materially from those indicated. Factors that could result
in such differences or otherwise materially affect Quicksilver Gas
Services LP's financial condition, results of operations and cash
flows include: changes in general economic conditions; fluctuations
in natural gas prices; failure or delays in Quicksilver Resources
Inc. and third parties achieving expected production from natural
gas projects; competitive conditions in our industry; actions taken
by third-party operators, processors and transporters; changes in
the availability and cost of capital; operating hazards, natural
disasters, weather-related delays, casualty losses and other
matters beyond our control; construction costs or capital
expenditures exceeding estimated or budgeted costs or expenditures;
the effects of existing and future laws and governmental
regulations; and the effects of future litigation; as well as other
factors disclosed in Quicksilver Gas Services LP's filings with the
Securities and Exchange Commission. Except as required by law, we
do not intend to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
QUICKSILVER GAS SERVICES LP
CONSOLIDATED BALANCE SHEETS
In thousands, except for unit data - Unaudited
December 31, December 31,
2007 2006
------------ ------------
ASSETS
Current assets
Cash and cash equivalents $ 1,125 $ 2,797
Trade accounts receivable 882 67
Accounts receivable from parent 800 -
Prepaid expenses and other current assets 690 147
------------ ------------
Total current assets 3,497 3,011
Properties, plant and equipment, net 273,948 130,791
Other assets 965 821
------------ ------------
$ 278,410 $ 134,623
============ ============
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities
Current portion of note payable to parent $ 1,100 $ -
Accrued additions to property, plant and
equipment 23,624 6,608
Accounts payable and other 2,700 1,294
------------ ------------
Total current liabilities 27,424 7,902
Long-term debt 5,000 -
Note payable to parent 50,569 -
Repurchase obligations to parent 82,251 -
Asset retirement obligations 2,793 503
Deferred income tax liability 173 135
Redeemable partners' capital - 7,431
Partners' capital
Common unitholders (12,263,625 units issued and
outstanding at December 31, 2007) 109,830 -
Subordinated unitholders (11,513,625 units
issued and outstanding at December 31, 2007) 356 -
General partner (469,944 units issued and
outstanding at December 31, 2007) 14 -
Net parent equity - 118,652
------------ ------------
Total partners' capital 110,200 118,652
------------ ------------
$ 278,410 $ 134,623
============ ============
QUICKSILVER GAS SERVICES LP
CONSOLIDATED STATEMENTS OF INCOME
In thousands, except for per unit data - Unaudited
For the Three
Months Ended Year Ended
December 31, December 31,
------------------- -------------------
2007 2006 2007 2006
--------- --------- --------- ---------
Revenues
Gathering and transportation
revenue - parent $ 5,477 $ 1,797 $ 15,089 $ 6,460
Gathering and transportation
revenue 935 53 1,773 53
Gas processing revenue - parent 5,455 2,016 16,564 7,342
Gas processing revenue 1,078 63 1,990 63
Other revenue - parent 225 - 525 -
--------- --------- --------- ---------
Total revenues 13,170 3,929 35,941 13,918
--------- --------- --------- ---------
Expenses
Operations and maintenance -
parent 3,449 1,783 11,512 7,475
General and administrative -
parent 1,026 104 3,379 937
Depreciation and accretion 2,763 844 8,070 2,963
--------- --------- --------- ---------
Total expenses 7,238 2,731 22,961 11,375
--------- --------- --------- ---------
Operating income 5,932 1,198 12,980 2,543
Other income 87 13 236 13
Interest expense 2,707 - 4,647 -
--------- --------- --------- ---------
Income before income taxes 3,312 1,211 8,569 2,556
Income tax provision 124 135 313 135
--------- --------- --------- ---------
Net income $ 3,188 $ 1,076 $ 8,256 $ 2,421
========= ========= ========= =========
Common and subordinated
unitholders? interest in net
income for the period from
September 30, 2007 to December
31, 2007 and August 10, 2007 to
December 31, 2007, respectively $ 3,126 $ 4,719
Earnings per common and
subordinated unit - basic $ 0.13 $ 0.20
Earnings per common and
subordinated unit - diluted $ 0.13 $ 0.20
Weighted average number of
common and subordinated units
outstanding - basic 23,777 23,777
Weighted average number of
common and subordinated units
outstanding - diluted 23,787 23,787
QUICKSILVER GAS SERVICES LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
In thousands - Unaudited
Year Ended
December 31,
------------------
2007 2006
-------- --------
Operating activities:
Net income $ 8,256 $ 2,421
Items included in net income not affecting cash
Depreciation 7,987 2,942
Accretion of asset retirement obligation 83 21
Deferred income taxes 38 135
Equity-based compensation 130 -
Amortization of debt issuance costs 88 -
Non-cash interest expense on repurchase
obligations to parent 2,625 -
Non-cash interest expense on note payable to
parent 1,669 -
Changes in assets and liabilities
Accounts receivable (815) (66)
Prepaid expenses and other current assets (543) (146)
Accounts receivable from parent (5,975) -
Accounts payable and other 1,406 1,138
-------- --------
Net cash provided by operating activities 14,949 6,445
-------- --------
Investing activities:
Additions to properties, plant and equipment (73,797) (77,539)
Long-term deposit - (821)
-------- --------
Net cash used in investing activities (73,797) (78,360)
-------- --------
Financing activities
Proceeds from sale of assets to parent 29,508 -
Proceeds from revolving credit facility borrowings 5,000 -
Debt issuance costs paid (1,041) -
Net proceeds from issuance of equity units 112,298 -
Issuance costs of equity units paid (2,933) -
Distribution of offering proceeds to partners (119,806) -
Contributions by parent 38,045 67,421
Contributions by other partners 167 7,291
Distributions to unitholders (4,062) -
-------- --------
Net cash provided by financing activities 57,176 74,712
-------- --------
Net increase (decrease) in cash (1,672) 2,797
Cash at beginning of period 2,797 -
-------- --------
Cash at end of period $ 1,125 $ 2,797
======== ========
QUICKSILVER GAS SERVICES LP
RECONCILIATION OF NET INCOME TO
ADJUSTED GROSS MARGIN AND EBITDA
In thousands - Unaudited
For the Three
Months Ended Year ended
December 31, December 31,
---------------------- -----------------------
2007 2006 2007 2006
---------- ---------- ----------- -----------
Total revenues $ 13,170 $ 3,929 $ 35,941 $ 13,918
Operations and maintenance
expense 3,449 1,783 11,512 7,475
General and administrative
expense 1,026 104 3,379 937
---------- ---------- ----------- -----------
Adjusted gross margin 8,695 2,042 21,050 5,506
Other income 87 13 236 13
---------- ---------- ----------- -----------
EBITDA 8,782 2,055 21,286 5,519
Depreciation and accretion
expense 2,763 844 8,070 2,963
Interest expense 2,707 - 4,647 -
Income tax provision 124 135 313 135
---------- ---------- ----------- -----------
Net income $ 3,188 $ 1,076 $ 8,256 $ 2,421
========== ========== =========== ===========
Operating Data:
Volumes gathered (MMcf) 13,310 4,521 34,995 14,263
Volumes processed (MMcf) 10,788 4,300 30,802 13,496
KGS 08-02
Investor and Media Contact Rick Buterbaugh 817-665-4835
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