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SEC Filings

10-Q
KEY ENERGY SERVICES INC filed this Form 10-Q on 11/09/2017
Entire Document
 

NOTE 16. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
The senior notes of the Predecessor Company were registered securities. As a result of these registered securities, we are required to present the following condensed consolidating financial information pursuant to SEC Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” Our ABL Facility and Term Loan Facility of the Successor Company are not registered securities, so the presentation of condensed consolidating financial information is not required for the Successor period. The following is our condensed consolidated statement of operations and statement of cash flows for the Predecessor periods (in thousands):
CONDENSED CONSOLIDATING UNAUDITED STATEMENTS OF OPERATIONS
 
 
Predecessor
 
 
Three Months Ended September 30, 2016
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenues
 
$

 
$
99,332

 
$
3,110

 
$
(36
)
 
$
102,406

Direct operating expense
 

 
92,643

 
3,456

 
(28
)
 
96,071

Depreciation and amortization expense
 

 
32,347

 
1,120

 

 
33,467

General and administrative expense
 
417

 
39,738

 
2,301

 

 
42,456

Impairment expense
 

 
19,597

 
20,403

 

 
40,000

Operating loss
 
(417
)
 
(84,993
)
 
(24,170
)
 
(8
)
 
(109,588
)
Interest expense, net of amounts capitalized
 
21,120

 

 

 

 
21,120

Other (income) loss, net
 
(636
)
 
375

 
325

 
90

 
154

Loss before income taxes
 
(20,901
)
 
(85,368
)
 
(24,495
)
 
(98
)
 
(130,862
)
Income tax benefit
 

 

 
110

 

 
110

Net loss
 
$
(20,901
)
 
$
(85,368
)
 
$
(24,385
)
 
$
(98
)
 
$
(130,752
)
CONDENSED CONSOLIDATING UNAUDITED STATEMENTS OF OPERATIONS
 
 
Predecessor
 
 
Nine Months Ended September 30, 2016
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenues
 
$

 
$
298,926

 
$
9,866

 
$
(286
)
 
$
308,506

Direct operating expense
 

 
265,869

 
10,481

 
(262
)
 
276,088

Depreciation and amortization expense
 

 
101,557

 
3,518

 

 
105,075

General and administrative expense
 
815

 
121,427

 
7,362

 

 
129,604

Impairment expense
 

 
19,597

 
20,403

 

 
40,000

Operating loss
 
(815
)
 
(209,524
)
 
(31,898
)
 
(24
)
 
(242,261
)
Interest expense, net of amounts capitalized
 
64,061

 

 

 

 
64,061

Other (income) loss, net
 
(1,926
)
 
281

 
657

 
323

 
(665
)
Loss before income taxes
 
(62,950
)
 
(209,805
)
 
(32,555
)
 
(347
)
 
(305,657
)
Income tax (expense) benefit
 
(12
)
 

 
501

 

 
489

Net loss
 
$
(62,962
)
 
$
(209,805
)
 
$
(32,054
)
 
$
(347
)
 
$
(305,168
)


20