Boots & Coots Nearly Doubles Annual Revenues

Boots & Coots has announced record revenues, net income and EBITDA for the year ended December 31, 2008. Revenues for 2008 increased 99% to $209.2 million compared to $105.3 million for the prior year. Net income attributable to common stockholders increased 177% to $21.8 million, or $0.28 per diluted share, compared to $7.9 million, or $0.11 per diluted share for 2007. EBITDA  was $39.1 million for the year ended December 31, 2008, up 109% from $18.7 million for 2007.

For the quarter ended December 31, 2008, revenues were $55.9 million compared to $36.1 million for the 2007 fourth quarter. Net income
attributable to common stockholders were $5.1 million, or $0.07 per diluted share for the quarter ended December 31, 2008, compared to $5.8 million, or $0.08 per diluted share for the same quarter of 2007. EBITDA was $9.8 million, or 17.6% of revenues for the quarter compared to $9.9 million, or 27.4% of revenues for the fourth quarter of 2007. Included in 2008 results are a $2.0 million ($0.02 per diluted share after tax) one-time bad debt expense attributed to one customer contract, and start up expenses related to a new hydraulic workover contract in North Africa.

 

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