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Nuverra Environmental Solutions Reports Fourth Quarter And Full-Year 2013 Results

Stocks in this article: NES

Nuverra Environmental Solutions (NYSE:NES) (“Nuverra” or “the Company”), a leading provider of full-cycle environmental solutions to the energy and industrial end-markets, today announced financial results for its fiscal 2013 fourth quarter ended December 31, 2013.

Summary of Key Financial Results 1

  • Fourth-quarter revenue was $128.4 million ($154.5 million including TFI).
  • Fiscal 2013 full-year revenue was $525.8 million ($642.1 million including TFI)
  • Net loss from continuing operations for the full year was $134.0 million (net loss of $232.3 million including TFI).
  • Fourth-quarter adjusted EBITDA, excluding special items, was $23.3 million ($25.7 million including TFI)
  • Fiscal 2013 full-year adjusted EBITDA was $101.5 million ($116.2 million including TFI).
  • Net cash capital expenditures of $12.5 million in the fourth quarter ($14.3 million including TFI); $44.3 million for the full year ($48.5 million including TFI).

1 Results of operations of Thermo Fluids Inc. (“TFI”) are reflected as discontinued operations due to its pending divestiture.

Fourth-Quarter Commentary

Mark D. Johnsrud, Chief Executive Officer, commented, “We made significant strides during the fourth quarter to further strengthen our total environmental solutions business model and enhance our customer value proposition, including the development of new options for the thermal treatment of drilling solids and pipeline transportation networks for fresh water, flowback and produced liquids.

“Our actions are designed to support a rapidly changing shale industry that is moving from the discovery phase to the full-scale commercial development of shale resources. As such, we believe our customers, and the communities in which they operate, are increasingly demanding new and innovative approaches to environmental management. Nuverra will be there with leading environmental solutions to support ongoing shale development,” Mr. Johnsrud said.

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