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10-K
KEY ENERGY SERVICES INC filed this Form 10-K on 02/28/2018
Entire Document
 
Key Energy Services, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)



NOTE 26.    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 STATEMENTS OF OPERATIONS
(in thousands)
 
Period from January 1, 2016 through December 15, 2016
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenues
$

 
$
387,291

 
$
15,121

 
$
(2,989
)
 
399,423

Direct operating expense

 
353,152

 
10,963

 
(1,290
)
 
362,825

Depreciation and amortization expense

 
129,364

 
1,932

 

 
131,296

General and administrative expense
1,225

 
155,097

 
8,601

 
(1,666
)
 
163,257

Impairment expense

 
44,646

 

 

 
44,646

Operating loss
(1,225
)
 
(294,968
)
 
(6,375
)
 
(33
)
 
(302,601
)
Reorganization items, net
(560,058
)
 
313,691

 
377

 
419

 
(245,571
)
Interest expense, net of amounts capitalized
74,320

 

 

 

 
74,320

Other (income) expense, net
9,337

 
(11,607
)
 
(553
)
 
380

 
(2,443
)
Income (loss) before income taxes
475,176

 
(597,052
)
 
(6,199
)
 
(832
)
 
(128,907
)
Income tax (expense) benefit
(6,484
)
 
15,095

 
(11,859
)
 
419

 
(2,829
)
Net income (loss)
$
468,692

 
$
(581,957
)
 
$
(18,058
)
 
$
(413
)
 
$
(131,736
)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(in thousands)
 
Year Ended December 31, 2015
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenues
$

 
$
751,923

 
$
52,567

 
$
(12,164
)
 
$
792,326

Direct operating expense

 
667,551

 
52,616

 
(5,530
)
 
714,637

Depreciation and amortization expense

 
170,574

 
9,697

 

 
180,271

General and administrative expense
803

 
193,241

 
15,197

 
(6,610
)
 
202,631

Impairment expense

 
643,250

 
78,846

 

 
722,096

Operating loss
(803
)
 
(922,693
)
 
(103,789
)
 
(24
)
 
(1,027,309
)
Interest expense, net of amounts capitalized
73,791

 

 
56

 

 
73,847

Other (income) expense, net
(2,318
)
 
10,278

 
1,325

 
109

 
9,394

Loss before income taxes
(72,276
)
 
(932,971
)
 
(105,170
)
 
(133
)
 
(1,110,550
)
Income tax (expense) benefit
234,142

 
(44,629
)
 
3,336

 

 
192,849

Net income (loss)
$
161,866

 
$
(977,600
)
 
$
(101,834
)
 
$
(133
)
 
$
(917,701
)



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