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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
 
<PAGE>
                      Key Selected Pro Forma Financial Data

         The following  selected pro forma  financial data has been derived from
the  unaudited  pro forma  condensed  financial  statements  included  elsewhere
herein.  The  information  for the year ended June 30, 1995 combines the audited
results of Key for its fiscal year then ended, and the unaudited results for the
twelve  month period  ended June 30, 1995 for  WellTech,  and for the six months
ended  December 31, 1995 the results of Key for that period and for WellTech the
six months  ended  November  30,  1995.  The  balance  sheet data  reflects  the
combination  of  balance  sheet  data  for  Key as of  December  31,  1995  with
comparable  information  for  WellTech as of November  30,  1995.  The pro forma
results  are not  necessarily  indicative  of the  combined  results  of  future
operations and do not reflect any synergies that may result from the Merger.



<TABLE>
<CAPTION>


                                                         Six Months Ended        Year Ended
                                                        December 31, 1995      June 30, 1995
Income Statement Data:                                  (in thousands except per share data)
<S>                                                     <C>                   <C>   

  Revenues...........................................         $55,821          $ 119,645
  Operating costs and expenses.......................          51,907            112,402
  Income before income taxes.........................           3,914              7,243
  Income tax expense.................................           1,312              2,368
  Net income ........................................           2,602              4,875
  Net income per share...............................            0.25               0.48

                                                          At  December 31, 1995
Balance Sheet Data:                                           (in thousands)
 Total assets........................................           $103,281
 Long-term debt, including current portion...........             35,379
 Stockholders' equity................................             42,855


                                                          Six Months Ended         Year Ended

                                                          December 31, 1995     June 30, 1995
Financial Ratios and Other Data:                              (in thousands except ratios)
         EBITDA(1)........................................      8,575             16,167
         EBITDA as a % of revenues(1).....................       15.4%             13.5%
         Total debt as a % of EBITDA(1)...................       N/A(3)           225.1%
         EBITDA to fixed charges(1)(2)....................        4.2               4.1

</TABLE>


Future Debt Service Requirements (4)

                           Year Ended                   Principal
                            June 30,                    & Interest
                                                      (in thousands)

                             1996                        $ 5,615
                             1997                          5,826
                             1998                         11,293
                             1999                          4,271
                             2000                          4,055    

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  (1) Net income before interest, taxes,  depreciation and amortization.  EBITDA
   should not be considered as an  alternative  to operating or net income,  (as
   determined in accordance with GAAP), as an indicator of Key's  performance or
   as an alternative  to cash flows from operating  activities (as determined in
   accordance  with  GAAP),  or as a measure of  liquidity.  (See  "Management's
   Discussion and Analysis of Results of Operations  and Financial  Condition of
   Key .")


  (2) Fixed charges are the sum of (i) interest costs,  (ii) interest  component
   of rent expenses, and (iii) amortization of deferred financing costs.

  (3) Not applicable to interim periods.


  (4)Calcuated based on interest rates in effect on outstanding long-term
    debt at December 31, 1995.


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