Basic Energy Services, Inc. (NYSE:BAS) announced its financial and operating results for the first quarter ended March 31, 2016.
FIRST QUARTER 2016 HIGHLIGHTS
First quarter 2016 revenue declined 19% to $130.4 million from $161.0 million in the fourth quarter of 2015, as low levels of activity driven by weak and volatile energy prices and significant weather impact during the first two months of the quarter pushed our customers to postpone a growing inventory of maintenance and workover projects. In the first quarter of 2015, Basic generated $261.7 million in revenue.
For the first quarter of 2016, Basic reported a net loss of $83.3 million, or a loss of $2.00 per basic and diluted share. The first quarter of 2016 included a tax-effected, non-cash charge of $1.3 million, or $0.03 per share pertaining to the early extinguishment of deferred debt costs related to the amendment of Basic’s revolving credit facility and a non-cash charge of $27.3 million, or $0.66 per share, related to a deferred tax valuation allowance on federal net operating losses. Excluding the impact of these special items, Basic reported a net loss of $54.8 million, or a loss of $1.32 per basic and diluted share. This compares to a net loss of $55.2 million, or a loss of $1.36 per basic and diluted share, in the fourth quarter of 2015. In the first quarter of 2015, Basic reported a net loss of $32.6 million, or a loss of $0.81 per basic and diluted share.
Roe Patterson, Basic’s President and Chief Executive Officer, stated, “Our first quarter results continue to reflect the impact of the ongoing decline in all oilfield-related services. While our production-related activities appeared to have begun stabilizing at the end of the first quarter, our completion-related services continue to be impacted as the volatility and uncertainty in oil prices caused our customers to further curtail their exploration and drilling projects as the quarter unfolded. In addition, weather interruptions represented approximately three percentage points of the total sequential revenue drop during the quarter.
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Basic Energy Services, Inc. earnings per share showed a decreasing trend of -16.4% for the current fiscal year. The company’s expected EPS decline rate for next fiscal year is -400%.Analysts project EPS growth over the next 5 years at 6%. It has EPS annual decline over the past 5 fiscal years of -40.3% when sales grew 2. It reported -50.2% sales drop, and -146% EPS decline in the last quarter.
The stock is trading at $1.96, up 28.95% from 52-week low of $1.52. The stock trades down -78.76% from its peak of $8.95 and 23.47% above the consensus price target of $2.42. Its volume clocked up at 1.15 million shares which is lower than the average volume of 1.86 million shares. Its market capitalization currently stands at $81.73M.
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