This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Nuverra Environmental Solutions Announces Third Quarter 2013 Financial Results

Nuverra Environmental Solutions (NYSE: NES) (“Nuverra” or the “Company”), today announced financial results for the third quarter ended September 30, 2013. The Company also announced a plan to divest its TFI subsidiary, its intention to effect a 1-for-10 reverse stock split during the fourth quarter, and the appointment of R.D. “Dan” Nelson, who had a 32-year career at ExxonMobil, to its board of directors.

Third Quarter Summary

  • Revenue increased 74.8% to $162.6 million, or an increase of $69.6 million over the prior year.
  • Continued strong cash flow from operating activities of $39.9 million during the quarter.
  • Paid down $15.0 million of the Company’s credit facility.
  • Adjusted EBITDA 1, excluding special items, of $25.1 million, an increase of $7.8 million, or 45.4% over the comparable period of the prior year. Margin on an Adjusted EBITDA basis of 15.4%.
  • Net cash capital expenditures of $11.7 million during the quarter.
  • Reduction in operating working capital 2 by $18.0 million during the quarter, following an improvement of $14.1 million during the second quarter.
  • One-time, non-recurring and non-cash charges totaling $233.1 million in the quarter including goodwill and long-lived asset impairment.

Third Quarter Commentary

Mark D. Johnsrud, Chief Executive Officer, commented, “During the third quarter, we did not see the increase in industry activity that many had anticipated. While our Shale Solutions segment revenue was relatively flat, we experienced a sequential decline in segment EBITDA due in part to increased costs in the Bakken that were incurred in preparation for more robust activity in 2014, as well as lingering challenges in the Eagle Ford as we manage competitive pressures and excess capacity in that market.

1 of 9

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs