Last10K.com

Nuverra Environmental Solutions, Inc. (NESC) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Nuverra Environmental Solutions, Inc.

CIK: 1403853 Ticker: NESC


Exhibit 99.1
 
 
ex991image1a06.jpg

NUVERRA ANNOUNCES FOURTH-QUARTER AND FULL YEAR 2016 RESULTS
SCOTTSDALE, AZ (April 14, 2017) - Nuverra Environmental Solutions, Inc. (OTCQB: NESC) (“Nuverra” or the “Company”) today announced financial and operating results for the fourth quarter and full year ended December 31, 2016.
SUMMARY OF QUARTERLY RESULTS
Fourth quarter revenue was $35.8 million, an increase of approximately 1.0%, or $0.3 million, when compared with revenue of $35.4 million in the third quarter of 2016.
Total costs and expenses, adjusted for special items, were $48.0 million, or a 0.9% increase when compared with $47.5 million in the third quarter of 2016, and a 38.9% reduction in total costs and expenses, adjusted for special items, when compared with the fourth quarter of 2015.
Loss from continuing operations for the fourth quarter was $61.3 million, or a loss of $0.45 per diluted share, compared with a loss from continuing operations of $38.4 million, or a loss of $0.30 per diluted share, in the third quarter of 2016.
Adjusted EBITDA from continuing operations for the fourth quarter was $2.5 million, a decrease of $0.9 million compared with adjusted EBITDA from continuing operations of $3.4 million in the third quarter of 2016.
Total liquidity as of December 31, 2016 was $12.6 million.

FOURTH QUARTER 2016 RESULTS
Fourth quarter revenue was $35.8 million, an increase of $0.3 million, or 1.0%, from $35.4 million in the third quarter of 2016. Revenue increased sequentially based on a mix of pricing and activity improvement as rig counts continued to rebound, partially offset by poor weather conditions in December. In the fourth quarter of 2015, the Company reported revenue of $68.6 million.
Total costs and expenses, adjusted for special items, were $48.0 million, a 0.9% increase compared with total costs and expenses, adjusted for special items, of $47.5 million in the third quarter of 2016. The Company reported total costs and expenses, adjusted for special items, of $78.5 million in the fourth quarter of 2015.
On a year-over-year comparison with the fourth quarter of 2015, the $30.5 million reduction in total costs and expenses, adjusted for special items, included:
Approximately $12.8 million in lower payroll and related expenses, reflecting a 41.0% year-over-year reduction in headcount;
Approximately $2.3 million in lower fuel expense;
Approximately $2.6 million, or 34.7%, in lower general and administrative expenses;
Approximately $3.4 million in lower depreciation and amortization expenses; with,
The balance of $9.4 million related to reductions in other direct operating expenses.

For the fourth quarter of 2016, the Company reported a net loss from continuing operations of $61.3 million, or a loss of $0.45 per diluted share. Special items in the fourth quarter totaled approximately $35.3 million and included $31.7 million for asset impairment charges, partially offset by a $0.7 million gain on the change in fair value of the derivative warrant liability. Additionally, special items included net losses on sales of underutilized assets, non-recurring legal and professional fees, and stock-based compensation expense. Excluding the impact of these special items, fourth quarter adjusted loss from continuing operations was $26.0 million, or a loss of $0.19 per diluted share. This compares with a loss from continuing operations, adjusted for special items, of $26.3 million, or a loss of $0.20 per diluted share, in the third quarter of 2016. The Company reported a loss from continuing operations, adjusted for special items, of $21.8 million, or a loss of $0.79 per diluted share, in the fourth quarter of 2015.
Adjusted EBITDA from continuing operations for the fourth quarter was $2.5 million, a decrease of $0.9 million compared with $3.4 million in the third quarter of 2016. Fourth quarter adjusted EBITDA margin from continuing operations was 7.1%,

1

The following information was filed by Nuverra Environmental Solutions, Inc. (NESC) on Friday, April 14, 2017 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Nuverra Environmental Solutions, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Nuverra Environmental Solutions, Inc..

Continue

Assess how Nuverra Environmental Solutions, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Nuverra Environmental Solutions, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Changes In Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
- Restructuring Support Agreement And Loan Amendments (details)
Accrued Liabilities
Accrued Liabilities - Schedule Of Accrued Liabilities (detail)
Accrued Liabilities (tables)
Assets Held For Sale And Impairment Of Long-lived Assets And Goodwill
Assets Held For Sale And Impairment Of Long-lived Assets And Goodwill - Additional Information (detail)
Assets Held For Sale And Impairment Of Long-lived Assets And Goodwill - Schedule Of Impairment By Reportable Segment (details)
Assets Held For Sale And Impairment Of Long-lived Assets And Goodwill (tables)
Basis Of Presentation
Basis Of Presentation (detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Assets Held Under Capital Leases (detail)
Commitments And Contingencies - Future Minimum Lease Payments (detail)
Commitments And Contingencies (tables)
Debt
Debt - Additional Information (detail)
Debt - Principal Repayments (details)
Debt - Schedule Of Debt (detail)
Debt (tables)
Debt - Abl Facility Amendments (details)
Debt - Exchange Offer (detail)
Debt - Financial Covenants And Borrowing Limitations (details)
Debt - Term Loan (details)
Derivative Warrants
Derivative Warrants (details)
Derivative Warrants (tables)
Derivative Warrants - Schedule Of Assumptions Used (details)
Derivative Warrants - Warrants Outstanding Reconciliation (details)
Discontinued Operations
Discontinued Operations - Additional Information (detail)
Discontinued Operations - Financial Information Of Discontinued Operations (detail)
Discontinued Operations (tables)
Earnings Per Share
Earnings Per Share (detail)
Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (detail)
Equity
Equity (details)
Fair Value Measurements
Fair Value Measurements - Additional Information (detail)
Fair Value Measurements - Changes To Contingent Consideration (detail)
Fair Value Measurements - Measured On A Recurring Basis And Hierarchy (detail)
Fair Value Measurements (tables)
Fair Value Measurements - Reconciliation Of Derivative Warrant Liability (details)
Income Taxes
Income Taxes - Additional Information (detail)
Income Taxes - Components Of (expense) Benefit For Income Taxes (detail)
Income Taxes - Deferred Tax Assets And Liabilities (details)
Income Taxes - Income Tax Rate Reconciliation (details)
Income Taxes - Reconciliation Of Valuation Allowance (details)
Income Taxes (tables)
Intangible Assets
Intangible Assets (detail)
Intangible Assets - Additional Information (detail)
Intangible Assets - Estimated Amortization Expense (detail)
Intangible Assets (tables)
Legal Matters
Legal Matters (details)
Organization And Nature Of Business Operations
Organization And Nature Of Business Operations (detail)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net - Additional Information (detail)
Property, Plant And Equipment, Net - Schedule Of Property, Plant And Equipment (detail)
Property, Plant And Equipment, Net (tables)
Related Party And Affiliated Company Transactions
Related Party And Affiliated Company Transactions - Cost Method Investment - Underground Solutions, Inc (details)
Related Party Transactions - Additional Information (detail)
Restructuring And Exit Costs
Restructuring And Exit Costs - Restructuring And Exit Costs (details)
Restructuring And Exit Costs - Restructuring Costs Rollforward (details)
Restructuring And Exit Costs - Schedule Of Restructuring Costs (details)
Restructuring And Exit Costs (tables)
Segments
Segments (detail)
Segments (tables)
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (detail)
Selected Quarterly Financial Data (unaudited) (tables)
Share-based Compensation
Share-based Compensation - Additional Information (detail)
Share-based Compensation - Assumptions Of Stock Awards Granted (detail)
Share-based Compensation - Non-vested Shares Of Restricted Stock And Rsus (detail)
Share-based Compensation - Stock Option Activity (detail)
Share-based Compensation - Stock-based Compensation Expense (details)
Share-based Compensation (tables)
Subsequent Events (unaudited)
Subsidiary Guarantors
Subsidiary Guarantors - Additional Information (detail)
Subsidiary Guarantors - Condensed Consolidating Balance Sheet (detail)
Subsidiary Guarantors - Condensed Consolidating Statement Of Cash Flows (detail)
Subsidiary Guarantors - Condensed Consolidating Statement Of Operations (detail)
Subsidiary Guarantors (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Allowance For Doubtful Accounts (detail)
Summary Of Significant Accounting Policies - Depreciation Computed Using Estimated Useful Lives (detail)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Ticker: NESC
CIK: 1403853
Form Type: 10-K Annual Report
Accession Number: 0001403853-17-000009
Submitted to the SEC: Fri Apr 14 2017 3:35:48 PM EST
Accepted by the SEC: Fri Apr 14 2017
Period: Saturday, December 31, 2016
Industry: Oil And Gas Field Services

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/nesc/0001403853-17-000009.htm