Key Energy Raises June 2001 Guidance and Announces Significant Debt Reduction
EAST BRUNSWICK, N.J.--(BUSINESS WIRE)--June 29, 2001--Key Energy Services, Inc. (NYSE: KEG) today announced that it expects to significantly exceed its previous guidance on the June 2001 quarter.
Specifically, the Company expects revenues for the June 2001 quarter of between $245 to $247 million and EBITDA of between $70 to $72 million, exceeding management's previous revenue and EBITDA guidance of $230 to $235 million and $67 to $70 million, respectively. In addition, during the June 2001 quarter, the Company repaid approximately $42 million of indebtedness, improving the Company's long term debt to total capitalization to approximately 50% from 54% at March 31, 2001. Also, the Company generated over 755,000 rig hours. |
