Basic Energy Services, Inc. expected to Report Fiscal Year 2009 Results on February 22, 2010. This event was calculated by Capital IQ (Created on November 3, 2009).

Basic Energy Services Inc. reported capital expenditure results for the third quarter ended September 30, 2009. Total capital expenditures for the third quarter were $10.6 million, of which approximately $3 million was related to expansion projects, $5.4 million for replacement, refurbishment and maintenance items and $2.2 million for facilities and IT infrastructure. Net debt was $371 million at September 30. The company provided capital expenditure guidance for fiscal 2010. The company is currently preparing 2010 capital budget and based on what it see now, it would not expect capital expenditures to exceed $40 million in 2010.

Basic Energy Services Inc. reported earnings results for the third quarter and nine months ended September 30, 2009. The company generated revenue of $125.0 million during the third quarter of 2009, up 5% from $118.8 million in the second quarter of 2009, and down from the $277.6 million reported in the third quarter of 2008. For the third quarter of 2009, the company generated a net loss of $23.1 million, or $0.58 per diluted share, which excluded a $2.2 million, or $0.06 per share, after-tax charge associated with the early extinguishment of its revolving credit facility. In the comparable quarter last year, Basic generated net income of $26.7 million, or $0.64 per diluted share, that excluded $800,000, or $0.02 per share, in after-tax merger-related charges. Net loss as reported for the third quarter of 2009 was $25.3 million, or $0.64 per diluted share, compared to net income of $25.9 million, or $0.62 per diluted share, in the same period in 2008. Adjusted EBITDA (defined as net income before interest, taxes, depreciation and amortization, and also excludes the pre-tax goodwill impairment and loss on extinguishment of debt in the 2009 period as well as the pre-tax merger related charges in the 2008 period) for the 2009 third quarter was $6.2 million, or 5% of revenue, compared to $78.1 million, or 28%, in the comparable quarter of 2008. EBITDA (defined as net income before interest, taxes, depreciation and amortization) for the third quarter of 2009 was $2.7 million compared to $76.8 million in the same period in 2008. For the nine-month period ended September 30, 2009, the company generated a net loss of $60.3 million, or $1.52 per diluted share, excluding the impact of a $166.9 million after-tax ($204.0 million pre-tax) non-cash goodwill impairment charge and a $2.2 million after-tax $3.5 million pre-tax loss on the early extinguishment of debt. Net loss as reported for the 2009 nine-month period was $229.4 million, or $5.78 per diluted share. During the comparable period in 2008, Basic generated net income of $69.2 million, or $1.66 per diluted share, before merger related costs. Including the $4.9 million of after-tax merger related charges, net income reported for the first nine months of 2008 was $64.3 million, or $1.54 per diluted share. Revenues declined 47% to $398.5 million in the first nine months of 2009, compared to $759.0 million in the same period of 2008. During the nine months ending September 30, 2009, Basic's total capital expenditures, including capital leases, were approximately $50 million, comprised of $25 million for sustaining and replacement projects, $16 million for expansion projects and $9 million for other projects. Expansion capital spending included approximately $8 million for the completion and remedial services segment, $7 million for the fluid services segment, and $1 million for the well servicing segment. Other capital expenditures of $9 million were mainly for facilities and IT infrastructure. The company announced, Basic plans to spend a total of approximately $58 million for capital expenditures during 2009.