Business
KLX Energy Services Holdings, Inc. Reports Fiscal First Quarter 2021 Results
HOUSTON, June 9, 2021 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) ("KLXE" or the "Company") today reported its financial results for the
About this update from Klx Energy Services Holdings, Inc.
[{"type":"text","content":"HOUSTON, June 9, 2021 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) (\"KLXE\" or the \"Company\") today reported its financial results for the fiscal first quarter ended April 30, 2021.\nFiscal First Quarter 2021 Highlights\nFiscal first quarter 2021 revenue of $90.8 million increased $4.0 million, or 4.6%, sequentially from the fiscal fourth quarter 2020 Fiscal first quarter 2021 net loss was $36.8 million compared to $30.5 million for the fiscal fourth quarter 2020 Fiscal first quarter 2021 net loss and Adjusted EBITDA loss were primarily driven by \"white space\" on the calendar resulting from Winter Storm Uri and customer scheduling issues Ended fiscal first quarter 2021 with $37.9 million in cash and a liquidity position of $79.3 millionFiscal Second Quarter 2021 Outlook Improving\nDrilling, Completion and Production activity continued to increase throughout fiscal first quarter 2021 and this trend is expected to accelerate in fiscal second quarter 2021, driving an anticipated total revenue increase between 15% to 20% Identified an additional $4.4 million of annualized cost savings that we expect will be fully implemented by the end of the fiscal second quarter 2021 Expect a material improvement in quarterly Adjusted EBITDA in fiscal second quarter 2021*See \"Non-GAAP Financial Measures\" at the end of this release for a discussion of Adjusted EBITDA, Pro Forma Adjusted SG&A Expense, free cash flow, net working capital and their reconciliation to the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (\"GAAP\"). We have not provided reconciliations of our future expectations as to Adjusted EBITDA as such reconciliation is not available without unreasonable efforts. In addition, for comparative purposes, we have also presented supplemental pro forma combined financial information for the three months ended April 30, 2020, giving effect to the Merger as if it had occurred on February 1, 2020. \nChris Baker, President and Chief Executive Officer of KLXE, stated, \"While our fiscal first quarter 2021 results were down due to Winter Storm Uri and customer scheduling issues, we were able to identify an additional $4.4 million in cost savings during the quarter. This $4.4 million in cost savings is on top of the $46.0 million in s...