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 first quarter ended March 31, 2014.
Summary of Key Financial Results
Results of operations of Thermo Fluids Inc. (“TFI”) are reflected as discontinued operations due to its pending divestiture.
- First-quarter revenue was $128.0 million ($155.7 million including TFI).
- Net loss from continuing operations for the quarter was $(11.9) million (net loss of $(11.5) million including TFI).
- First-quarter adjusted EBITDA was $18.9 million ($22.0 million including TFI).
- Net cash capital expenditures were $6.2 million in the first quarter ($7.2 million including TFI).
Mark D. Johnsrud, Chief Executive Officer, commented, “During the first quarter, we continued to make significant progress to expand our full-cycle business model and execute our growth strategy. Our various pipeline initiatives complement our robust logistics capabilities on the fluids side, and our recent investments in solids treatment and thermal desorption capabilities ensure we can offer similarly innovative environmental solutions for solids.
“In terms of activity levels, as we discussed on our last conference call, the first quarter was impacted by severe winter weather, which curtailed activity throughout our operating areas. As we progress through the second quarter, we are seeing a gradual return to more normalized levels across all basins, and we are excited about the pick-up in drilling and completion activities that our customers are signaling for the back half of the year as annual budgets are fulfilled. We believe service intensities will only increase as operators continue to gain efficiencies through multi-well pads and longer laterals, which increases waste volumes and drives demand for the solutions we provide.