Allis Chalmers Energy Inc.

CIK:0000003982|SEC Filings

Consolidated Condensed Statements of Operations (Unaudited) (USD $) In Thousands	1 Months Ended	3 Months Ended	9 Months Ended	3 Months Ended	7 Months Ended
	Feb. 28, 2011 Predecessor	Sep. 30, 2010 Predecessor	Sep. 30, 2010 Predecessor	Sep. 30, 2011 Successor	Sep. 30, 2011 Successor
Revenues	$ 126,885	$ 174,288	$ 473,302	$ 222,408	$ 513,272
Operating costs and expenses:
Direct costs	97,130	127,622	356,060	164,729	378,493
Depreciation	15,026	21,094	61,799	24,785	55,131
Selling, general and administrative	23,752	12,772	36,949	18,600	38,777
Impairment of intangible assets					5,100
Amortization	811	1,255	3,567	2,933	8,743
Total operating costs and expenses	136,719	162,743	458,375	211,047	486,244
Income (loss) from operations	(9,834)	11,545	14,927	11,361	27,028
Other income (expense):
Interest expense	(7,854)	(11,881)	(33,986)	(9,327)	(23,140)
Interest income	5	45	499	9	20
Other	122	(661)	(2,479)	(431)	(452)
Total other expense	(7,727)	(12,497)	(35,966)	(9,749)	(23,572)
Income (loss) before income taxes	(17,561)	(952)	(21,039)	1,612	3,456
Income tax benefit (expense)	(1,736)	(1,614)	3,563	(3,400)	(7,936)
Net loss	(19,297)	(2,566)	(17,476)	(1,788)	(4,480)
Preferred stock dividend	(375)	(637)	(1,911)
Net income (loss) attributed to common stockholders	$ (19,672)	$ (3,203)	$ (19,387)	$ (1,788)	$ (4,480)

Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $) In Thousands	1 Months Ended	9 Months Ended	7 Months Ended
	Feb. 28, 2011 Predecessor	Sep. 30, 2010 Predecessor	Sep. 30, 2011 Successor
Cash Flows from Operating Activities:
Net loss	$ (19,297)	$ (17,476)	$ (4,480)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	15,837	65,366	63,874
Amortization of deferred issuance costs	366	1,661
Debt premium amortization			(1,900)
Stock-based compensation	6,084	4,374
Impairment of intangible assets			5,100
Allowance for bad debts	195	43	75
Deferred income taxes	140	(12,016)	229
Loss on investment		1,466
Equity in loss (income) of unconsolidated affiliates		409	(258)
Loss on debt extinguishment			351
Loss on sale of property and equipment	416	150	509
Changes in operating assets and liabilities, net of acquisitions:
Increase in trade receivable	(15,944)	(30,361)	(14,345)
Increase in inventories	(1,810)	(2,697)	(12,407)
Decrease (increase) in prepaid expenses and other assets	550	8,024	(6,443)
Decrease (increase) in other assets	674	1,265	(756)
(Decrease) increase in trade accounts payable	12,954	8,380	(5,601)
Decrease in accrued interest	(3,893)	(8,904)	(8,106)
(Decrease) increase in accrued expenses	8,555	5,488	(3,493)
Decrease in other liabilities	(141)	(690)	(89)
(Decrease) increase in accrued salaries, benefits and payroll taxes	(1,679)	2,401	1,768
Net cash provided by operating activities	3,007	26,883	14,028
Cash Flows from Investing Activities:
Decrease (increase) in restricted cash	(4,141)		4,141
Purchases of investment interests	(1,177)
Business acquisition, net of cash acquired		(18,237)
Proceeds from sale of investments		368
Purchases of property and equipment	(22,758)	(50,893)	(48,125)
Deposits on asset commitments	82	(12,967)	(225)
Proceeds from sale of property and equipment	1,009	5,284	4,106
Net cash used in investing activities	(26,985)	(76,445)	(40,103)
Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt		4,000	64
Payments on long-term debt	(7,819)	(14,588)	(135,305)
Net borrowings (repayments) on lines of credit	(36,500)	36,500	130,000
Proceeds from parent	71,450		19,872
Payment of preferred stock dividend	(637)	(1,911)
Exercise of options and restricted stock awards, net of tax	(1,821)
Debt issuance costs		(189)
Net cash provided by financing activities	24,673	23,812	14,631
Net increase (decrease) in cash and cash equivalents	695	(25,750)	(11,444)
Cash and cash equivalents at beginning of period	20,940	41,072	21,635
Cash and cash equivalents at end of period	21,635	15,322	10,191
Supplemental information:
Interest paid (net of capitalized interest)	10,991	40,680	28,263
Income taxes paid (refunds)	$ (580)	$ 667	$ 10,529

Consolidated Condensed Balance Sheets (USD $) In Thousands	Dec. 31, 2010 Predecessor	Sep. 30, 2011 Successor
Assets
Cash and cash equivalents	$ 20,940	$ 10,191
Trade receivables, net	144,960	173,742
Inventories	42,140	56,357
Prepaid expenses and other	9,273	15,019
Total current assets	217,313	255,309
Property and equipment, net	723,234	670,785
Goodwill	46,333	267,428
Other intangible assets, net	33,899	91,957
Debt issuance costs, net	7,405	0
Deferred income tax asset	1,969	0
Other assets	8,116	6,188
Total assets	1,038,269	1,291,667
Liabilities and Stockholders' Equity
Current maturities of long-term debt	15,215	6,915
Trade accounts payable	46,042	53,395
Accrued salaries, benefits and payroll taxes	32,790	32,879
Accrued interest	15,524	3,525
Accrued expenses	30,676	35,476
Total current liabilities	140,247	132,190
Deferred income tax liability	8,240	17,054
Long-term debt, net of current maturities	478,225	454,693
Payable to parent	0	91,322
Other long-term liabilities	233	3
Total liabilities	626,945	695,262
Commitments and Contingencies
Stockholders' Equity
Preferred stock, $0.01 par value (0 shares authorized, 0 issued and outstanding at September 30, 2011 and 25,000,000 shares authorized, 36,393 issued and outstanding at December 31, 2010)	34,183	0
Common stock, $0.01 par value (1,000 shares authorized, 1,000 issued and outstanding at September 30, 2011 and 200,000,000 authorized, 73,722,347 issued and outstanding at December 31, 2010)	737	0
Capital in excess of par value	429,924	600,885
Accumulated deficit	(53,520)	(4,480)
Total stockholders' equity	411,324	596,405
Total liabilities and stockholders' equity	$ 1,038,269	$ 1,291,667