Business
KLX Energy Services Holdings, Inc. Reports Fiscal Fourth Quarter 2020 Results
HOUSTON, April 14, 2021 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) ("KLXE" or the "Company") today reported financial results for its
About this update from Klx Energy Services Holdings, Inc.
[{"type":"text","content":"HOUSTON, April 14, 2021 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) (\"KLXE\" or the \"Company\") today reported financial results for its fiscal fourth quarter and full fiscal year (\"Fiscal 2020\") ended January 31, 2021. \nFiscal Fourth Quarter 2020 Highlights\nRevenue of $86.8 million increased $15.9 million, or 22.4% sequentially from the fiscal third quarter 2020 Net loss of $30.5 million decreased $7.8 million, or 20.4% sequentially from the fiscal third quarter 2020 Adjusted EBITDA loss of $2.6 million improved $2.8 million, compared to the fiscal third quarter 2020 Ended the fiscal fourth quarter with $47.1 million in cash and $82.0 million in total liquidity As of April 2021, successfully integrated the QES merger and fully implemented at least $46.0 million of cost synergies*See \"Non-GAAP Financial Measures\" at the end of this release for a discussion of Adjusted EBITDA and its reconciliation to the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (\"GAAP\"). \nChris Baker, President and Chief Executive Officer of KLXE, stated, \"We are pleased to report that despite the overhanging issues brought about by COVID-19, we saw broad-based macroeconomic improvement that benefited all our business lines in our fiscal fourth quarter, and this is directly reflected in our financial results. 2020 fiscal fourth quarter revenues were up approximately 22% sequentially to $87 million and Adjusted EBITDA improved approximately $3 million.\n\"I'm also pleased to report that following the QES merger, the integration of our operations was successfully completed ahead of schedule,\" continued Baker. \"With the closure of our Florida legacy corporate headquarters and the relocation of all key functions to Houston having been completed in the third quarter, we then undertook eliminating redundancies and duplicative functions throughout our operations in the fourth quarter. In May 2020, we stated that we expected to generate annualized cost synergies of $40.0 million within twelve months. As part of the integration process, during the third quarter, we identified additional cost savings and have now fully realized a total of $46.0 million in projected savings, approximately six months ahead of schedule. I'm very proud of the team an...