Industry-wide, general aviation flight movements declined by nearly 30% duringthe first quarter of 2009 compared with the first quarter of 2008, according todata compiled by the Federal Aviation Administration. General aviation jetaircraft flight movements at the 68 airports at which the airport servicesbusiness operates decreased by approximately 26%. Net income attributable to Exterran stockholders, excluding charges was $55.8million, or $0.85 per diluted share for the fourth quarter 2008 and net incomeattributable to Exterran stockholders, excluding charges was $53.1 million, or$0.79 per diluted share for the first quarter 2008. Revenue was $737.9 million for the first quarter 2009 compared to $830.4 millionfor the fourth quarter 2008 and $740.1 million for the first quarter 2008.EBITDA, as adjusted (as defined below), was $182.6 million for the first quarter2009 compared to $219.0 million for the fourth quarter 2008 and $211.2 millionfor the first quarter 2008 Commenting on the results, Stephen A. Snider, Exterran Holdings` Chief ExecutiveOfficer, said, “The global economic slowdown has resulted in a reduced level ofenergy demand. Our customers have scaled back activity levels, as reflected byreduced capital expenditure levels and lower drilling rig counts, particularlyin North America.
We expect that business conditions will continue to bechallenging until natural gas supply and demand are more in balance.” Ernie L. Danner, Exterran Holdings` President and Chief Operating Officer, said,”As a result of our expectations for continued weakness in the North Americanatural gas market over the remainder of 2009 and our concern regarding ourVenezuelan operations, we are working diligently to ensure that our costs are inline with our business activity levels. Earlier this year, we disclosed ourplans to consolidate our fabrication operations in North America, which includethe closure of one major facility and the discontinuation of compressorfabrication activities at another. Today, we are announcing that we will reduceoperating and general and administrative costs, including headcount reductions,in all facets of our business. We believe, however, that the longer-term growthprospects for our company are strong given our leading market positions in ourfocus areas, and we intend to continue to execute our business strategiesincluding the expansion of our international contract operations businessthrough the successful execution of our backlog of new projects.” Exterran Partners, L.P.
Financial ResultsExterran Partners reported revenue of $48.2 million for the first quarter 2009compared to $49.1 million for the fourth quarter 2008 and $35.3 million for thefirst quarter 2008. Net income was $6.7 million, or $0.33 per diluted limitedpartner unit, for the first quarter 2009 compared to $7.8 million, or $0.39 perdiluted limited partner unit, for the fourth quarter 2008 and $6.5 million, or$0.38 per diluted limited partner unit, for the first quarter 2008. EBITDA, as further adjusted (as defined below), totaled $22.8 million for thefirst quarter 2009 compared to $23.8 million for the fourth quarter 2008 and$19.2 million for the first quarter 2008. Distributable cash flow (as definedbelow) totaled $13.2 million for the first quarter 2009 compared to $14.1million for the fourth quarter 2008 and $14.0 million for the first quarter2008. “Exterran Partners had another solid performance in the first quarter in lightof the significant decline in U.S.
drilling activity, driven by the relativelystable and recurring nature of our production-related activities,” commented Mr.Danner, President and Chief Operating Officer of Exterran Partners` managinggeneral partner. On April 30, 2009, Exterran Partners announced a cash distribution of $0.4625per limited partner unit for the first quarter 2009, compared to $0.4625 perlimited partner unit for the fourth quarter 2008 and $0.425 per limited partnerunit for the first quarter 2008 Conference Call DetailsExterran Holdings, Inc (NYSE:EXH) and Exterran Partners, L.P. (NASDAQ:EXLP)announce the following schedule and teleconference information for their firstquarter 2009 earnings release:* Teleconference: Thursday, May 7, 2009 at 11:00 a.m Eastern Time, 10:00 a.m.Central Time. To access the call, United States and Canadian participants shoulddial 888-599-8691. International participants should dial 913-312-6684 at least10 minutes before the scheduled start time Please reference Exterran conferencecall number 1083744.

Comments
Leave a comment