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KLX ENERGY SERVICES REPORTS THIRD QUARTER FINANCIAL RESULTS;
RAISES 2018 FULL YEAR GUIDANCE TO REFLECT MOTLEY ACQUISITION;
ANNOUNCES LAUNCH OF ITS LINE OF PROPRIETARY DISSOLVABLE PLUGS;
PROVIDES 2019 PRELIMINARY OUTLOOK
WELLINGTON, FL, December 5, 2018 KLX Energy Services Holdings, Inc. (KLX Energy Services or the Company) (NASDAQ: KLXE), a leading U.S. onshore provider of mission critical oilfield services, today reported its third fiscal quarter ended October 31, 2018 financial results.
During the third quarter of 2018, management completed the merger of the Aerospace Solutions (ASG) business of KLX Inc. with The Boeing Company, completed the spin-off of the Energy Services business into an independent public company, the amendment of its $100 million asset based lending facility, the issuance of $250 million of senior secured notes due 2025 and the acquisition of Motley Services, LLC (completed on November 5, 2018). The Company incurred approximately $23 million of one-time costs associated with these activities and will therefore report both GAAP and adjusted financial results. The costs associated with the aforementioned activities are collectively referred to as Costs as Defined.
On a GAAP basis, including the $23 million of Costs as Defined, for the three-month period ended October 31, 2018, as compared to the same period of the prior year, revenues increased 38.1 percent to $123.2 million, while operating loss was $(9.9) million. GAAP net loss was $(9.9) million and net loss per diluted share was $(0.49).
THIRD QUARTER HIGHLIGHTS
· Revenues increased 38.1 percent to $123.2 million
· Gross profit increased 101.2 percent to $33.0 million, or 26.8 percent of revenues
· Adjusted operating earnings were $13.1 million an increase of $14.9 million(1)
· Adjusted EBITDA was $26.6 million, or 21.6 percent of revenues, and increased $17.4 million, or 189.1%, as compared to the same period of the prior year(1)
· Adjusted Net Earnings and Adjusted Net Earnings per diluted share were $16.6 million and $0.83 per diluted share, respectively(1)
The following information was filed by Klx Energy Services Holdings, Inc. (KLXE) on Thursday, December 6, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.