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SEC Filings

KEY ENERGY SERVICES INC filed this Form S-4/A on 03/08/1996
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Net Income

         Net income for fiscal 1995 was  $2,178,000  compared to $1,345,000  for
fiscal 1994, a 62% increase, as a consequence of the foregoing factors.

Cash Flow

         Net cash provided by operating  activities increased 77% or $1,416,000,
from  $1,842,000  during the 1994 fiscal year to $3,258,000  for the 1995 fiscal
period. The increase was attributable primarily to an increase in net income.

         Net cash used in investing activities increased 28% from $5,608,000 for
fiscal 1994 to $7,154,000 for fiscal 1995. The increase was primarily the result
of  increased  capital  expenditures  for  oil  and  gas  properties  and  costs
associated  with the  acquisition  of Clint Hurt.  This  increase was  partially
offset by a decrease  in oil field  service  capital  expenditures.  The capital
expenditures  for the oil  field  service  operations  during  fiscal  1994 were
primarily the result of the  improvements  necessary for the WellTech West Texas

         Net cash provided by financing  activities  was $3,998,000 for the 1995
fiscal  year as  compared  to  $4,316,000  for fiscal  1994.  The  decrease  was
primarily the result of increased  principal  payments  during fiscal 1995. This
increase in principal  payments was somewhat  off-set by an increase in proceeds
from  long-term  debt during  fiscal 1995 as the result of the  financing of the
improvement costs to the equipment of the West Texas operations of WellTech, the
purchase of oil and gas properties by Odessa  Exploration and the acquisition of
Clint Hurt.

Fiscal Year Ended June 30, 1994 Compared to Fiscal Year Ended June 30, 1993

         Results of  operations  for the fiscal year ended June 30, 1994 include
Key's oil field well service operations and its oil and gas operations.  Results
of  operations  for the five months ended  November 30, 1992 (prior to emergence
from bankruptcy) and the seven months ended June 30, 1993 have been combined for
fiscal 1993 for comparison to fiscal 1994.

Operating Income

         Fiscal 1994 revenues of  $34,621,000  increased  $9,932,000 or 40% over
fiscal 1993 revenues of $24,689,000 due to the acquisition of Odessa Exploration
and the operation of the assets of WellTech West Texas. In addition, Yale E. Key
expanded its services to offer oil well fishing tools,  blow-out  preventors and
oil well frac tanks.