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KLX ENERGY SERVICES REPORTS FINANCIAL
FOR FIRST QUARTER ENDED APRIL 30, 2020; COMMENTS ON PENDING MERGER WITH QUINTANA ENERGY SERVICES, INC. AND ONGOING COST REDUCTION INITIATIVES
WELLINGTON, FL, JUNE 4, 2020 – KLX Energy Services Holdings, Inc. (“KLX Energy Services” or the “Company”) (KLXE), a leading U.S. onshore provider of mission critical oilfield services, today reported its first fiscal quarter ended April 30, 2020 financial results, commented on ongoing cost reduction initiatives and provided an update on the pending all-stock merger with Quintana Energy Services, Inc. (“QES”), which is expected to close in the second half of 2020.
The oilfield services industry experienced an abrupt deterioration in demand during the second half of 2019, which has continued into 2020 and was further exacerbated by the unprecedented demand destruction being caused by the COVID-19 pandemic. The combination of the Saudi Arabia/Russia oil market share dispute and the demand destruction caused by the COVID-19 pandemic has driven the price of oil to unprecedented levels resulting in decreases in demand for services such as those provided by the Company. The Company responded with contemporaneous cost reductions in all aspects of the Company’s business, which resulted in business rationalization costs, and initial costs related to the pending merger with QES, totaling $14.0 million. In addition, the Company recorded an approximately $208.7 million non-cash asset impairment charge, as required by GAAP, due to the sudden decline in demand for oilfield services such as those provided by the Company. All of these costs and charges aggregated approximately $222.7 million and are presented as “Costs as Defined” in this earnings release.
On a GAAP basis, for the three-month period ended April 30, 2020, revenues of $83.0 million decreased 16.0 percent as compared with the fourth quarter 2019; operating loss, net loss and net loss per diluted share, all of which were negatively impacted by the aforementioned matters and Costs as Defined, were $(235.6) million, $(243.1) million and $(10.52) per diluted share, respectively.
The following information was filed by Klx Energy Services Holdings, Inc. (KLXE) on Thursday, June 4, 2020 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.
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