Basic Energy Services, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Capital Expenditures Guidance for the Year 2018; Provides Earnings Guidance for the Second Quarter of 2018
Basic Energy Services, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total revenues of $234,665,000 against $182,019,000 a year ago. Operating loss was $19,643,000 against $29,246,000 a year ago. Loss before income taxes was $30,590,000 against $38,251,000 a year ago. Net loss was $30,531,000 against $38,626,000 a year ago. Loss per basic and diluted share of common stock was $1.16 against $1.49 a year ago. EBITDA was $10,901,000 against loss of $3,741,000 a year ago. Adjusted EBITDA was $22,835,000 against $3,218,000 a year ago. Capital expenditures on property and equipment was $15,412,000 against $25,930,000 a year ago. Excluding the impact of the special items, net loss was $23.0 million, or a loss of $0.87 per basic and diluted share against net loss of $22.6 million, or a loss of $0.87 per basic and diluted share in the first quarter of 2017. Total capital expenditures were approximately $21.3 million (including capital leases and other financing of $3.3 million), comprised of $3.8 million for expansion projects, $17.0 million for sustaining and replacement projects and $432,000 for other projects. Expansion capital spending included $2.6 million for the completion and remedial services segment, $1.1 million for the well servicing segment, and $79,000 for the fluid services segment. Other capital expenditures were mainly for facilities and information technology infrastructure.
The company currently anticipates 2018 capital expenditures of $80.0 million, including $40.0 million of capital leases and other financings. The company expects full year tax benefit rate for 2018 will be around 20%.
The company expects G&A expense in the second quarter of 2018 to be around $38 million. The company anticipates depreciation and amortization expense in the second quarter will be around $31 million to $32 million. The company expects quarterly net interest expense to remain at $11 million for the remainder of 2018.