RE: Q3 not good below expectations.. Ughhhh looks like most oil service companies PSN was not immune to a slowdown..
"Due to the lower activity in some of our core operating regions, the pause in E&P spending heading into year-end, and a somewhat uncertain commodity price environment, we are reducing 2012 EBITDA guidance to a range of $140 million to $150 million, coupled with a reduction of 42 percent in capital expenditures to $35 million. The ability to quickly curtail capital expenditures demonstrates the flexibility of our business model, as we are able to scale back or halt tank construction with minimal notice and without a costly stream of parts or components in the supply chain. Similarly, we can resume tank construction as soon as customer demand warrants. Poseidon's balance sheet remains strong, with working capital of $103 million and $56 million drawn on our $100 million revolving credit facility exiting the third quarter. Poseidon's monthly dividend of $0.09 per share is unchanged."