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SEC Filings

S-4/A
KEY ENERGY SERVICES INC filed this Form S-4/A on 03/08/1996
Entire Document
 
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<TABLE>
<CAPTION>


                                                            (In Thousands)
                                           December 31                              March 31
                                           -----------                              --------
                                 1994                      1993              1995              1994
                                 ----                      ----              ----              ----
                                           (Unaudited)
<S>                             <C>                   <C>                 <C>               <C>   

Balance Sheet Data
Current Assets                   $  6,419              $  4,156            $  8,331           $  4,026
Noncurrent Assets                $ 27,228              $  8,228            $ 26,777           $  8,309
Current Liabilities              $  3,700              $  1,587            $  6,661           $  1,746
Noncurrent Liabilities           $ 15,264              $    263            $ 13,495           $    563

Operating Statement-Data
Revenues                         $ 22,837              $ 22,017            $ 29,763           $ 21,436
Gross Margin                     $  6,597              $  5,017            $ 10,028           $  6,207
Income Before Taxes              $  2,128              $  2,299            $  2,673           $  2,259
Net Income                       $  2,063              $  2,299            $  2,602           $  2,194
</TABLE>


         Key Energy Group,  Inc. - In December  1993,  WellTech  entered into an
agreement to sell its West Texas operations and the working capital attributable
to the West Texas operations,  including the assumption of certain of WellTech's
insurance liabilities, to Key Energy Group, Inc. ("Key") for 1,635,000 shares of
Key common stock and warrants to purchase an additional  250,000 shares of Key's
common stock at $5 per share. The transaction  which was subject to the approval
of Key's  shareholders  was  formally  concluded  in August  1994.  Pending such
approval,  WellTech  entered  into an  Interim  Operations  Agreement  with  Key
effective  December  1, 1993,  whereby Key (i)  assumed  responsibility  for the
operations  and  management of  WellTech's  West Texas  operations,  (ii) leased
WellTech's real estate and equipment employed in the West Texas operations,  and
(iii)  acquired  equal  amounts of the  associated  current  assets and  current
liabilities attributable to the West Texas operations.

         At December 31, 1993,  WellTech  classified  net property and equipment
and certain  non-current assets of its West Texas operations as "Net Assets Held
for Sale" in the accompanying consolidated balance sheets. Additionally, in 1994
and 1993,  $350,000  and  $55,000,  respectively,  is included  in revenues  and
related  to an  amount  billed  to  Key,  pursuant  to  the  Interim  Operations
Agreement,  for the lease of the West  Texas  assets  from  December  1, 1993 to
August 10, 1994.

                                      F-47