Key Energy Services Sees Q2 Loss, Sequentially Lower Revenues - Quick Facts

(RTTNews) - Key Energy Services, Inc. (KEGS, KEGS.PK, KEG) said late Thursday that it expects to report a second-quarter loss in the range of $0.14 - $0.15, excluding goodwill and asset impairments.

The company expects to record a $30 million to $35 million pre-tax charge for goodwill and other assets impairments related to its operations in Russia. Pre-tax expenses of $5 million were incurred in connection with the Foreign Corrupt Practices Act investigations.

Including the estimated goodwill and other assets impairments pre-tax charge, Key expects to report a second quarter loss in the range of $0.35 - $0.38.

Key expects its consolidated revenue to be down around 2 percent compared to the first quarter 2014.

Additionally, the company expects its U.S. segment revenue to be approximately flat on a sequential basis as its production-driven businesses outside of California did not see sufficient activity increases to offset lower activity in California.

KEG closed down around 1 percent on Thursday at $8.37.