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Nuverra Environmental Solutions, Inc. (NESC) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Nuverra Environmental Solutions, Inc.

CIK: 1403853 Ticker: NESC


Exhibit 99.1
 
 

Nuverra Reports Fourth Quarter and Full-Year 2014 Results
Fourth-Quarter Revenue up 10.4%; Adjusted EBITDA Up 9.0%
Conference Call Today at 4:30 p.m. Eastern
SCOTTSDALE, Ariz. (March 16, 2015) - Nuverra Environmental Solutions, Inc. (NYSE: NES) (“Nuverra” or the “Company”) announced financial results today for the fourth quarter and full fiscal year ended December 31, 2014.
Summary of Results
Revenue from continuing operations increased 10.4% over the prior year to $141.8 million for the quarter and was up 2% to $536.3 million for the year.
Net loss from continuing operations of $(321.1) million for the quarter; adjusted net loss of $(9.6) million. For the year, net loss from continuing operations was $(457.2) million; adjusted net loss of $(40.7) million.
Results include a non-cash, pre-tax impairment charge against goodwill and intangibles of $315.7 million in the fourth quarter.
Fourth-quarter Adjusted EBITDA from continuing operations up 9.0% year-over-year to $25.4 million.
Full-year Adjusted EBITDA from continuing operations of $95.2 million.
Cash flow from continuing operations of $17.4 million for the year.
Total liquidity at Dec. 31, 2014 was $39.3 million, comprised of $13.4 million cash and $25.9 million of availability under the Company’s credit facility.
Mark D. Johnsrud, Chairman of the Board and Chief Executive Officer, said, “Our fourth-quarter results reflected solid growth in revenue and adjusted EBITDA. We remain highly focused on managing the business efficiently and delivering on our strategy to provide high-quality, cost-effective environmental solutions to our customers. Our regional divisions supported a steady stream of activity throughout the fourth quarter as operators executed against their 2014 budgets, enabling us to retain competitive market positions.”
Mr. Johnsrud commented on the progress made toward completing the sale of Thermo Fluids Inc., the Company’s used motor oil collection business to Clean Harbors, Inc., in an $85-million cash transaction that the companies jointly announced in February. “Both companies are looking forward to closing the TFI transaction as soon as possible, subject to final regulatory sign-off. Clean Harbors and its Safety-Kleen division are an excellent strategic fit for the TFI business and its dedicated employees. We look forward to the added financial flexibility this transaction will provide to reduce debt and further evaluate the optimal capital structure for our business going forward.
“When we evaluate the overall macro environment, fourth-quarter demand was more resilient than many had forecast. However, with declining rig counts into the first quarter and a longer-term view for a challenging 2015, we are taking the necessary steps to effectively manage our cost structure through this period,” Mr. Johnsrud said. “Nuverra’s advantage lies in the strength and resources of our customers, our geographic mix, and that more than 40 percent of our revenue in 2014 was derived from services provided during the long-term, production phase of wells. We expect this favorable mix to somewhat offset declines in new drilling and completion work.
“Throughout 2015, we intend to proactively manage the business within operating cash flows. The scalability of our operations demonstrates we can respond quickly to activity levels in our basins, maximizing the utilization of our fleet and labor resources. In addition, we are actively reducing our overall cost structure. Cash flow in 2014 was impacted by several large growth initiatives, which will not be necessary this year. In 2015, total capex is currently expected to be in the range of $10-$15 million, driven primarily by maintenance capex comparable to 2014 maintenance capex levels,” concluded Mr. Johnsrud.

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The following information was filed by Nuverra Environmental Solutions, Inc. (NESC) on Monday, March 16, 2015 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.

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Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations
Consolidated Statement Of Changes In Equity
- Components Of (expense) Benefit For Income Taxes (detail)
- Future Minimum Operating Lease Payments (detail)
Accrued Liabilities
Accrued Liabilities - Additional Information (detail)
Accrued Liabilities - Schedule Of Accrued Liabilities (detail)
Accrued Liabilities (tables)
Acquisitions
Acquisitions - Additional Information (detail)
Acquisitions - Preliminary Allocations Of Aggregate Purchase Price (detail)
Acquisitions - Pro Forma Information (details)
Acquisitions (tables)
Assets Held For Sale And Discontinued Operations
Assets Held For Sale And Discontinued Operations - Additional Information (detail)
Assets Held For Sale And Discontinued Operations - Carrying Value Of Assets And Liabilities Classified As Held For Sale (detail)
Assets Held For Sale And Discontinued Operations - Financial Information Of Discontinued Operations (detail)
Assets Held For Sale And Discontinued Operations (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 Capital Lease Payments (detail)
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Debt
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Debt - Principal Repayments (details)
Debt - Redemption Price (detail)
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Debt (tables)
Earnings Per Share
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Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (detail)
Equity
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Fair Value Measurements
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Fair Value Measurements - Changes To Contingent Consideration (detail)
Fair Value Measurements - Measured On A Recurring Basis And Hierarchy (detail)
Fair Value Measurements (tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets - Additional Information (detail)
Goodwill And Intangible Assets - Estimated Amortization Expense (detail)
Goodwill And Intangible Assets - Intangible Assets (detail)
Goodwill And Intangible Assets - Schedule Of Goodwill (details)
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Impairment Of Long-lived Assets And Goodwill
Impairment Of Long-lived Assets And Goodwill - Additional Information (detail)
Impairment Of Long-lived Assets And Goodwill - Schedule Of Impairment By Reportable Segment (details)
Impairment Of Long-lived Assets And Goodwill (tables)
Income Taxes
Income Taxes - Additional Information (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 - Unrecognized Tax Benefits (details)
Income Taxes (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 Transactions
Related Party Transactions - Additional Information (detail)
Segments
Segments (detail)
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Selected Unaudited Quarterly Financial Data
Selected Unaudited Quarterly Financial Data (detail)
Selected Unaudited Quarterly Financial Data (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)
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Subsidiary Guarantors
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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: 0001403853-15-000008
Submitted to the SEC: Mon Mar 16 2015 4:12:01 PM EST
Accepted by the SEC: Mon Mar 16 2015
Period: Wednesday, December 31, 2014
Industry: Oil And Gas Field Services

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