Question-and-Answer Session
Operator
(Operator Instructions). You have a question from line of Joe Hill of Tudor, Pickering, Holt. Please proceed.
Joe Hill - Tudor, Pickering, Holt & Company
It sounded like you made some good progress in the quarter on the cost savings plan. You could have been EBITDA positive if everything has been kind of set in place at the beginning of the quarter. I would imagine that the third quarter probably looks EBITDA positive in and out itself, but given the improvements you are seeing in the market, maybe in terms utilization plus the cost saved. Do you guys think you might have a shot of being EBIT positive in the third quarter?
Dave Wallace
It still lot of pricing pressure out there Joe, and as we continue to see pricing improve and utilization improve, it's going to take a little time to work through that, so I think we are encouraged by the progress that it's making. But we are not optimistic that third quarter is going to make that kind of recovery.
Joe Hill - Tudor, Pickering, Holt & Company
What was your average utilization for [Stem] in the second quarter versus your exit rate and then kind of what the rate is today?
Dave Wallace
Part of that is based on, we continue to downsize crews, so when we look at our utilization for the quarter it was roughly 40% to 45% which would have been down first quarter but again based on the downsizing a lot of crews would have been not too far off from what we saw in first quarter.
We felt like we are very well positioned, we know our utilization a little soft in second quarter but again we've maintained some really high quality crews and we can see the utilization picking up so we felt like we are in a strong position to ramp-up with that.
Joe Hill - Tudor, Pickering, Holt & Company
Can you give me a sense of the order of magnitude of improvement that you are seeing today relative to your second quarter average?
Dave Wallace
I think, it's still little early to tell that. July was up kind of nice little sequential bump as far as activity over June and right our outlook for August appears to be potentially little stronger.
Joe Hill - Tudor, Pickering, Holt & Company
Finally, could we get some help on the tax rate guidance, the CapEx guidance and maybe SG&A for the third quarter?
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