I luckily hit my SL before the earnings release...
But here are the highlights for those interested
6 Analysts covering expected a Quarterly/Annual EPS of 0.05 & 0.35 respectively.
Strad missed on both with (0.10) & 0.20..
Post adjustment, they hit 0.03 and 0.35..
However, if I were the analyst here, there is still a tonne of adjusting to ne made with this one.. glad I'm sitting it out.
SELECTED FINANCIAL AND OPERATIONAL HIGHLIGHTS:
- Revenue from continuing operations of $41.5 million and $203.2 million for the three months and year-ended December 31, 2012, a 33% decrease and 8% increase, respectively, compared with $62.1 million and $188.3 million for the same periods in 2011;
- EBITDA(1) from continuing operations of $7.7 million and $46.6 million for the three months and year-ended December 31, 2012. Adjusted EBITDA, adjusted for the Communications product line non-recurring operating losses, totals $8.4 million and $48.6 million for the three months and year-ended December 31, 2012;
- Management has implemented a restructuring of Strad U.S. Operations that re-aligns the U.S. segment cost structure to reflect current market conditions and increases focus on core areas. The restructuring included staff reductions as well as exiting non-core areas of operation and the Communications product line. The revised cost structure and focus on core areas, enhances margins in the near term and provides sufficient infrastructure to support growth in the U.S. business;
- Capital expenditures were $11.4 million in the fourth quarter and $67.2 million for the year. The 2012 capital program positions the Company very well to meet the evolving needs of our customers and the increased equipment intensity of well-sites;
- Total funded debt(2) to trailing EBITDA ratio of 1.3 to 1 at the end of the fourth quarter of 2012; and,
- Earnings (loss) per share from continuing operations of $(0.10) and $0.20 for the three months and year-ended December 31, 2012, respectively. Adjusted for one time and non-recurring items(3), earnings per share would otherwise be $0.03 and $0.35 for the three months and year-ended December 31, 2012.