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Basic Energy Services Announces Preliminary Second Quarter 2009 Results
Wednesday, July 22, 2009 9:52 AM


(Source: PRNewswire-FirstCall)trackingMIDLAND, Texas, July 22 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. announced today it expects to report unaudited second quarter of 2009 financial results for key metrics within the following ranges:

      -   Revenue of $118.0 million to $119.0 million;      -   Operating loss of $28.9 million to $29.9 million;      -   Net loss of $21.1 million to $22.1 million; and      -   EBITDA* of $2.7 million to $3.3 million.   

Although final results for the second quarter of 2009 are not yet available, based upon information available to us, we are not aware and do not anticipate that our results for the second quarter will be adversely affected, in the aggregate, by material or unusual adverse events, and we do not believe that, during the second quarter, we incurred material additional borrowings or other liabilities, contingent or otherwise, or defaulted under our debt covenants. Nevertheless, our actual results for the second quarter of 2009 may differ from these expectations and from the estimates disclosed above. Our expected results for this interim period are not indicative of the results that should be expected for the full fiscal year.

We do not as a matter of course make public projections as to future sales, earnings or other results. However, in the context of other disclosures being made to other persons in a private transaction, our management has prepared the above outlook for the second quarter of 2009. The prospective financial information was not prepared with a view toward complying with the guidelines established by the American Institute of Certified Public Accountants with respect to prospective financial information, but, in the view of our management, was prepared on a reasonable basis, reflects the best currently available estimates and judgments, and presents, to the best of management's knowledge and belief, the expected course of action and our expected future financial performance.

* EBITDA, which is not a measure determined in accordance with generally accepted accounting principles ("GAAP"), is defined as net income before interest, taxes, depreciation and amortization.

EBITDA should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.



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