Nuverra Environmental Solutions, Inc. (NESC) 10-K Annual Report Mon Mar 16 2015

NESC Annual Reports

Nuverra Environmental Solutions, Inc.

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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.

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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Nuverra Environmental Solutions, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.7: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

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

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