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Boots & Coots


ISIN: US0994695049

Shares Outstanding: 58.81M
Float: 31.33M
Market Cap (intraday): 139.39M
Enterprise Value (21-Mar-07)3: 161.34M

Revenue (ttm): 69.16M
Revenue Per Share (ttm): 1.49
Qtrly Revenue Growth (yoy): 513.50%
Gross Profit (ttm): 15.05M
EBITDA (ttm): 18.76M
Net Income Avl to Common (ttm): 8.51M
Total Cash (mrq): 12.15M
Total Cash Per Share (mrq): 0.207

BUSINESS SUMMARY
Boots & Coots International Well Control, Inc. and its subsidiaries provide oilfield services worldwide. It provides various integrated oilfield services for the prevention, emergency response, and restoration of blowouts and well fires. The company operates through two segments: Prevention and Response. The Prevention segment offers emergency response and risk management services, including risk assessment, prevention, loss mitigation, contingency planning, and continuous training and education in well management; WELLSURE, a program that includes well control and blowout insurance with post-event response services and well control preventative services, including company-wide and/or well specific contingency planning, personnel training, safety inspections, and engineering consultation. This segment also offers pre-event engineering, specialized drilling engineering, on-site inspection, and training services. In addition, it offers firefighting equipment and maintenance, monitoring, updating of equipment, and consulting services. The Response segment offers well control services, including critical event response, and noncritical event response; firefighting pumps, pipe racks, athey wagons, pipe cutters, crimping tools, and deluge safety systems on rental basis; and provides hydraulic workover units for emergency well control situations. It primarily operates in the United States, Venezuela, the Middle East, and Africa. The company was incorporated in 1988 and is headquartered in Houston, Texas.


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Boots & Coots Reports Fourth Quarter and Year-End Results
Tuesday March 20, 6:43 pm ET
Company Realizes Strongest Year in History

HOUSTON--(BUSINESS WIRE)--Boots & Coots International Well Control, Inc. (AMEX:WEL - News), reported net income attributable to common stockholders of $4.5 million, or $0.07 per diluted share, for the fourth quarter ended December 31, 2006 compared to net income of $1.2 million, or $0.04 per diluted share, for the same period in 2005. Revenues for the fourth quarter of 2006 were $33.7 million compared to $5.9 million in the fourth quarter of 2005. The Company reported EBITDA (defined as earnings before interest, income taxes, depreciation and amortization; see the reconciliation and rationale for this non-GAAP financial measure below) of $8.9 million for the 2006 fourth quarter compared to $1.9 million for the 2005 fourth quarter. The 2006 fourth quarter includes the operating results for the hydraulic workover/snubbing business acquired effective as of March 1, 2006.

For the year ended December 31, 2006, the Company reported net income attributable to common stockholders of $11.8 million, or $0.21 per diluted share, compared to $1.9 million, or $0.06 per diluted share for 2005. Revenues for the year were $97.0 million compared to $29.5 million for 2005. EBITDA was $24.8 million in 2006 compared to $5.3 million for the prior year. Included in the 2006 operating results is ten months of results from the Company's acquired hydraulic workover/snubbing business. Boots & Coots recognized an effective tax rate of 34.4% in 2006 compared to 28.9% in 2005.

"2006 was a true milestone for Boots & Coots. In 2005, our response business accounted for more than 50% of our revenue mix. In 2006 it accounted for less than 22%, thanks to our acquired hydraulic workover/snubbing services and our growing Safeguard business," stated Jerry Winchester, President and Chief Executive Officer. "In 2006 we exceeded $100 million in revenues on a pro forma basis. Pro forma revenues were $105.6 million, 52% higher than 2005 pro forma revenues, with Well Intervention growing 58% and Response growing 30%.

"Growth in both segments reflects our strategy of gaining a geographic presence and then expanding that presence with additional service offerings. Our successes in Algeria and more recently in Libya are both great examples of this strategy, and we plan to use those as blueprints to expand our presence in other countries as well as here at home."

Business Segment Results

Well Intervention

For the 2006 fourth quarter, the Well Intervention segment generated revenues of $22.5 million and EBITDA of $4.2 million compared to $3.5 million in revenues and $0.7 million in EBITDA in the 2005 fourth quarter, reflecting a revenue increase of 539% and an EBITDA increase of 520%. These increases were due primarily to the inclusion of results for the hydraulic well control business from and after March 1, 2006, the effective date of the acquisition, and quarter-over-quarter growth in the Company's Safeguard services of 106%. The hydraulic well control business contributed $15.8 million in revenues and $2.2 million in EBITDA in the fourth quarter of 2006. For the year, Well Intervention generated $76.7 million in revenues and $16.5 million in EBITDA, up 453% and 478%, respectively, in 2006 compared to revenues of $13.9 million and EBITDA of $2.8 million in 2005. The hydraulic well control business contributed $53.8 million in revenues and $13.0 million in EBITDA for the period from March 1, 2006 to December 31, 2006.

Response

For the 2006 fourth quarter, the Response segment generated revenues of $11.2 million and EBITDA of $4.8 million compared to $2.4 million in revenues and $1.3 million in EBITDA in the 2005 fourth quarter. For the year ended 2006, the Response segment generated $20.4 million in revenues and $8.3 million in EBITDA compared to $15.7 million in revenues and EBITDA of $2.4 million for 2005. Margins improved due to reduced third party pass-through charges, favorable pricing and operating leverage gained on increased activity.

During the first quarter of 2006, the Company adopted Statement of Financial Accounting Standards No. 123 (revised 2004), which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, consultants and directors; including employee stock options based on estimated fair values. For the quarter and year ended December 31, 2006, the Company incurred non-cash charges of $0.3 million, or $0.01 per diluted share, and $1.3 million, or $0.02 per diluted share, respectively, related to share based awards as compared to zero in both comparable periods in 2005.

First Quarter Update

The company expects revenues and net income in the first quarter of 2007 to be down from the fourth quarter of 2006. Response revenues will be significantly lower in the first quarter of 2007 and certain Well Intervention projects of customers in the Gulf of Mexico and Venezuela have been delayed. "The second quarter is historically a stronger quarter in the Gulf of Mexico so we expect that callout work will increase going forward," stated Mr. Winchester. "Based on our operating history, the apparent backlog in Venezuela and delays resulting from the change in operating control of fields, we expect those projects to resume in due course." Due to the cyclical nature of the Response business, as evidenced by the concentration of 2006 Response work in the last two quarters of the year, the company's Response revenues for the first quarter will approach the level of the first quarter of 2006.

Conference Call

Boots & Coots will hold its quarterly conference call to discuss 2006 results tomorrow, March 21, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). The dial-in number for the call is 800-706-7745, passcode 'Boots & Coots'. To listen to the live Webcast, log on to www.bncg.com/investor/invest.htm and click on the 2006 Earnings Webcast link. A replay of the Webcast will be available on the investor relations page of the Company's Website within 24 hours of the call. The call will also be available for replay for 30 days by dialing 888-286-8010, passcode 76298178. A copy of this press release and any other financial information about the period to be presented will be available at the Investor Relations section of the Company's Website.

Company's web site at www.boots-coots.com.

Certain statements included in this news release are intended as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Boots & Coots cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. More information about the risks and uncertainties relating to these forward-looking statements are found in Boots & Coots' SEC filings, which are available free of charge on the SEC's web site at www.sec.gov.




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BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(000's except share and per share amounts)

Three Months Ended Year Ended
December 31, December 31,
----------------------- -----------------------
2006 2005 2006 2005
----------- ----------- ----------- -----------
(unaudited) (unaudited)

REVENUES(a) $33,745 $5,873 $97,030 $29,537

COST OF SALES,
excluding
depreciation and
amortization 18,844 1,968 52,281 14,488
----------- ----------- ----------- -----------

Gross Margin 14,901 3,905 44,749 15,049

OPERATING EXPENSES 4,865 1,276 15,597 7,098
SELLING, GENERAL AND
ADMINISTRATIVE
EXPENSES 1,005 685 4,118 2,674
OTHER OPERATING
EXPENSES 85 -- 259 --
DEPRECIATION AND
AMORTIZATION 1,417 122 4,883 714
----------- ----------- ----------- -----------

OPERATING INCOME 7,529 1,822 19,892 4,563

INTEREST EXPENSE AND
OTHER, net 751 132 2,860 655
----------- ----------- ----------- -----------

INCOME BEFORE INCOME
TAXES 6,778 1,690 17,032 3,908
INCOME TAX EXPENSE 2,292 252 5,867 1,129
----------- ----------- ----------- -----------

NET INCOME 4,486 1,438 11,165 2,779
----------- ----------- ----------- -----------

PREFERRED DIVIDEND
REQUIREMENTS AND
ACCRETIONS -- 225 (616) 874
----------- ----------- ----------- -----------

NET INCOME
ATTRIBUTABLE TO
COMMON STOCKHOLDERS $4,486 $1,213 $11,781 $1,905
=========== =========== =========== ===========

Basic Earnings per
Common Share: $0.08 $0.04 $0.22 $0.06
=========== =========== =========== ===========

Weighted Average
Common Shares
Outstanding - Basic 58,893,000 29,536,000 53,772,000 29,507,000
=========== =========== =========== ===========

Diluted Earnings per
Common Share: $0.07 $0.04 $0.21 $0.06
=========== =========== =========== ===========

Weighted Average
Common Shares
Outstanding -
Diluted 60,657,000 31,379,000 55,036,000 31,374,000
=========== =========== =========== ===========

(a) Revenues for the year ended December 31, 2005 include $5,341 of
pass-through third-party charges related to one large job for
personnel security. A lower level of charges was applicable for the
year ended December 31, 2006.

Information concerning operations in different business segments for the three months and year ended December 31, 2006 and 2005 is presented below. Certain reclassifications have been made to the prior periods to conform to the current presentation.

Three Months Ended Year Ended
December 31, December 31,
---------------------- -----------------------
2006 2005 2006 2005
----------- ---------- ----------- -----------
(in thousands)
(unaudited) (unaudited)
Revenues
Well Intervention $22,505 $3,521 $76,653 $13,860
Response 11,240 2,352 20,377 15,677
----------- ---------- ----------- -----------
$33,745 $5,873 $97,030 $29,537
----------- ---------- ----------- -----------
EBITDA(a)
Well Intervention $ 4,180 $674 $ 16,472 $2,848
Response 4,766 1,270 8,303 2,429
----------- ---------- ----------- -----------
$8,946 $1,944 $24,775 $5,277
----------- ---------- ----------- -----------
Depreciation and
Amortization (b)
Well Intervention $1,312 $72 $4,637 $310
Response 105 50 246 404
----------- ---------- ----------- -----------
$1,417 $122 $4,883 $714
----------- ---------- ----------- -----------
Operating Income
Well Intervention $ 2,868 $602 $ 11,835 $2,538
Response 4,661 1,220 8,057 2,025
----------- ---------- ----------- -----------
$7,529 $1,822 $19,892 $4,563
----------- ---------- ----------- -----------

(a) EBITDA represents earnings before interest, taxes, depreciation
and amortization. See the reconciliation and rationale for this non-
GAAP financial measure below.

(b) Depreciation has been charged to each segment based upon specific
identification of expenses and an allocation of remaining non-segment
specific expenses pro rata between segments based upon relative
revenues.

BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.
RECONCILIATION BETWEEN CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS AND EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND
AMORTIZATION
(in thousands)

Three Months Ended Year Ended
December 31, December 31,
----------------------- -----------------------
2006 2005 2006 2005
----------- ----------- ----------- -----------
(unaudited) (unaudited)
Net Income $4,486 $1,438 $11,165 $2,779
Income Tax Expense $2,292 $252 $5,867 $1,129
Interest Expense and
Other, net $751 $132 $2,860 $655
Depreciation and
Amortization $1,417 $122 $4,883 $714
Earnings Before
Interest, Taxes,
Depreciation and
Amortization (EBITDA)
(a) $8,946 $1,944 $24,775 $5,277


(a) Earnings before Interest, Income taxes, Depreciation, Depletion
and Amortization ("EBITDA") is a non-GAAP financial measure, as it
excludes amounts or is subject to adjustments that effectively
exclude amounts, included in the most directly comparable measure
calculated and presented in accordance with GAAP in financial
statements. "GAAP" refers to generally accepted accounting principles
in the United States. Non-GAAP financial measures disclosed by
management are provided as additional information to investors in
order to provide them with an alternative method for assessing our
financial condition and operating results. These measures are not in
accordance with, or a substitute for, GAAP, and may be different from
or inconsistent with non-GAAP financial measures used by other
companies. Pursuant to the requirements of Regulation G, whenever we
refer to a non-GAAP financial measure, we also present the most
directly comparable financial measure and presented in accordance
with GAAP, along with a reconciliation of the differences between the
non-GAAP financial measure and such comparable GAAP financial
measure. Management believes that EBITDA may provide additional
information with respect to the Company's performance or ability to
meet its debt service and working capital requirements.

BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

December 31,
-----------------------
2006 2005
----------- -----------
(unaudited)
Current Assets $52,347 $10,598

Current Liabilities (a) $26,835 $7,033

Total Working Capital (b) $25,512 $3,565

Total Assets $101,017 $14,767

Long-Term Debt and Notes Payable (c) $29,492 $3,939

Total Liabilities $62,595 $10,972

Total Stockholders' Equity $38,422 $3,795


(a) December 31, 2005 includes $259 for the current portion of
Troubled Debt Restructuring interest related to the 2000 refinancing
of the Prudential Loan Agreement. The remaining amount at March 1,
2006 was credited to income as a result of the March 1, 2006
refinancing and acquisition.

(b) The Company defines Working Capital as all current assets,
including cash, less all current liabilities which includes current
maturities of long-term debt.

(c) Net of current maturities of long-term debt. December 31, 2005
includes $339 for the long-term portion of Troubled Debt
Restructuring interest related to the 2000 refinancing of the
Prudential Loan Agreement. The remaining amount at March 1, 2006 was
credited to income as a result of the March 1, 2006 refinancing and
acquisition.


Contact:

Boots & Coots International Well Control, Inc., Houston
Investor Contact:
Jennifer Tweeton, 281-931-8884
[e-mail]
or
Company Contact:
Chief Financial Officer
Gabriel Aldape, 281-931-8884
[e-mail]

Source: Boots & Coots International Well Control, Inc.

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