FORT WORTH, TX today reported net income for the first quarter
of 2008 of $2.9 million ($.12 per limited partner unit - diluted),
more than a three-fold increase as compared to net income of $0.8
million in the prior-year period.
Earnings before interest, income taxes, depreciation and
accretion ("EBITDA"), a non-GAAP measure, was $8.4 million for the
first quarter of 2008, as compared with $2.2 million in the first
quarter of 2007.
First-Quarter 2008 Highlights
-- Increased quarterly cash distribution 5% to $.315 per unit
-- Increased average gathered volumes to nearly 160 MMcf per day; up 161%
versus the prior-year quarter
-- Increased average processed volumes to approximately 134 MMcf per day; up
149% versus the prior-year quarter
-- Connected 34 new wells to the gathering system
-- Connected nearly 27 miles of gathering infrastructure
"The rapid ramp-up in total volumes gathered and processed
through our system has resulted in significant increases to our net
income and distributable cash flow," said Toby Darden, Quicksilver
Gas Services president and chief executive officer. "We expect to
realize further growth throughout 2008 as producers in the Fort
Worth Basin continue development of the Barnett Shale in this area.
Through organic expansion of our gathering and processing
infrastructure, Quicksilver Gas Services is preparing to meet the
increasing need for midstream services in this world-class
basin."
Capital expenditures for the first quarter of 2008 totaled $32.7
million, including $0.5 million for maintenance capital and the
remainder for organic growth projects. Expenditures during the
quarter included the connection of approximately 27 miles of
gathering lines and 34 new wells to the gathering system as well as
continued construction of a new processing facility that is
expected to become operational during the first quarter of 2009 and
increase processing capacity by 125 million cubic feet (MMcf) per
day.
For the first quarter of 2008, the unit distribution rate was
increased 5% to $.315 by the company's general partner. The
first-quarter distribution will be paid May 15, 2008 on all units
to holders of record as of the close of business April 30,
2008.
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 first-quarter 2008 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 39782113,
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 39782113. 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
measure of EBITDA. The accompanying schedules provide a
reconciliation of this non-GAAP financial measure to the most
directly comparable financial measure 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 an alternative 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.
KGS 08-05
QUICKSILVER GAS SERVICES LP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
In thousands, except for per unit data - Unaudited
Three Months
Ended March 31,
----------------
2008 2007
------- --------
Revenues
Gathering and transportation revenue - parent $ 6,477 $ 2,411
Gathering and transportation revenue 820 191
Gas processing revenue - parent 6,820 2,503
Gas processing revenue 843 267
Other revenue - parent 225 -
------- --------
Total revenues 15,185 5,372
------- --------
Expenses
Operations and maintenance - parent 4,950 2,717
General and administrative - parent 1,817 496
Depreciation and accretion 3,156 1,295
------- --------
Total expenses 9,923 4,508
------- --------
Operating income 5,262 864
Other income 5 12
Interest expense 2,418 -
------- --------
Income before income taxes 2,849 876
Income tax (benefit) provision (35) 41
------- --------
Net income $ 2,884 $ 835
======= ========
General partner interest in net income $ 56
Common and subordinated unitholders' interest in net
income $ 2,828
Earnings per common and subordinated unit - basic $ 0.12
Earnings per common and subordinated unit - diluted $ 0.12
Weighted average number of common and subordinated units
outstanding:
Basic 23,783
Diluted 23,924
QUICKSILVER GAS SERVICES LP
CONDENSED CONSOLIDATED BALANCE SHEETS
In thousands, except for unit data - Unaudited
March 31, December 31,
2008 2007
--------- ----------
ASSETS
Current assets
Cash and cash equivalents $ 237 $ 1,125
Trade accounts receivable 1,133 882
Accounts receivable from parent - 800
Prepaid expenses and other current assets 579 690
--------- ----------
Total current assets 1,949 3,497
Property, plant and equipment, net 321,819 273,948
Other assets 1,198 965
--------- ----------
$ 324,966 $ 278,410
========= ==========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities
Current portion of note payable to parent $ 1,100 $ 1,100
Accounts payable to parent 105 -
Accrued additions to property, plant and equipment 18,667 23,624
Accounts payable and other 2,690 2,700
--------- ----------
Total current liabilities 22,562 27,424
Long-term debt 31,500 5,000
Note payable to parent 51,091 50,569
Repurchase obligations to parent 110,743 82,251
Asset retirement obligations 2,975 2,793
Deferred income tax liability 22 173
Partners' Capital
Common unitholders (12,269,714 and 12,263,625 units
issued and outstanding at March 31, 2008 and
December 31, 2007, respectively) 107,872 109,830
Subordinated unitholders (11,513,625 units issued
and outstanding at March 31, 2008 and December 31,
2007) (1,729) 356
General Partner (70) 14
--------- ----------
Total partners' capital 106,073 110,200
--------- ----------
$ 324,966 $ 278,410
========= ==========
QUICKSILVER GAS SERVICES LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
In thousands - Unaudited
Three Months
Ended March 31,
----------------
2008 2007
------- -------
Operating activities:
Net income $ 2,884 $ 835
Items included in net income not affecting cash
Depreciation 3,115 1,287
Accretion of asset retirement obligation 41 8
Deferred income taxes (151) 41
Equity-based compensation 267 -
Amortization of debt issuance costs 52 -
Amortization of other current assets 140 -
Non-cash interest expense on repurchase
obligations to parent 1,434 -
Non-cash interest expense on note payable to parent 797 -
Changes in assets and liabilities
Accounts receivable (251) (204)
Prepaid expenses and other current assets (29) (326)
Accounts receivable from parent 4,557 -
Accounts payable and other (10) 118
------- -------
Net cash provided by operating activities 12,846 1,759
------- -------
Investing activities:
Additions to property, plant and equipment (32,681) (23,702)
------- -------
Net cash used in investing activities (32,681) (23,702)
------- -------
Financing activities:
Proceeds from revolving credit facility borrowings 26,500 -
Repayment of subordinated note to parent (275) -
Issuance costs of equity units paid (3) -
Contributions by parent - 21,955
Contributions by other partners - 167
Distributions to unitholders (7,275) -
------- -------
Net cash provided by financing activities 18,947 22,122
------- -------
Net (decrease) increase in cash (888) 179
Cash at beginning of period 1,125 2,797
------- -------
Cash at end of period $ 237 $ 2,976
======= =======
QUICKSILVER GAS SERVICES LP
OPERATING STATISTICS
Unaudited
Three Months Ended
March 31,
2008 2007
-------- ---------
Volume Data:
Volumes gathered (MMcf) 14,551 5,518
Volumes processed (MMcf) 12,156 4,830
QUICKSILVER GAS SERVICES LP
RECONCILIATION OF NET INCOME TO
ADJUSTED GROSS MARGIN AND EBITDA
In thousands - Unaudited
Three Months Ended
March 31,
2008 2007
-------- ---------
Total revenues $ 15,185 $ 5,372
Operations and maintenance expense 4,950 2,717
General and administrative expense 1,817 496
-------- ---------
Adjusted gross margin 8,418 2,159
Other income 5 12
-------- ---------
EBITDA 8,423 2,171
Depreciation and accretion expense 3,156 1,295
-------- ---------
Operating income 5,267 876
Interest expense 2,418 -
Income tax (benefit) provision (35) 41
-------- ---------
Net income $ 2,884 $ 835
======== =========
Investor and Media Contact Rick Buterbaugh 817-665-4835
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