| Quarterly Results of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months
Ended |
|
| |
|
March 31, |
|
|
June 30, |
|
|
September 30, |
|
|
December 31, |
|
| 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$ |
130,647 |
|
|
$ |
134,977 |
|
|
$ |
131,804 |
|
|
$ |
128,388 |
|
|
Gross profit
|
|
|
17,007 |
|
|
|
18,106 |
|
|
|
14,664 |
|
|
|
19,872 |
|
|
Loss from continuing
operations (2)(3)
|
|
|
(4,005 |
) |
|
|
(21,665 |
) |
|
|
(97,998 |
) |
|
|
(10,372 |
) |
|
Loss (income) from
discontinued operations (2)(3)
|
|
|
(8,627 |
) |
|
|
8,816 |
|
|
|
(95,740 |
) |
|
|
(2,700 |
) |
|
Net loss attributable to
common stockholders (2)(3)
|
|
|
(12,632 |
) |
|
|
(12,849 |
) |
|
|
(193,738 |
) |
|
|
(13,072 |
) |
|
Loss per common share from
continuing operations (4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
(0.17 |
) |
|
|
(0.89 |
) |
|
|
(3.94 |
) |
|
|
(0.42 |
) |
|
Income (loss) per common
share from discontinued operations (4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
(0.36 |
) |
|
|
0.36 |
|
|
|
(3.85 |
) |
|
|
(0.11 |
) |
|
Net loss per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
(0.53 |
) |
|
|
(0.53 |
) |
|
|
(7.80 |
) |
|
|
(0.53 |
) |
| (1) |
Totals may not equal
corresponding amounts on the Consolidated Statements of Operations
due to rounding. |
| (2) |
During the fourth quarter
of 2013, the following unusual or non-recurring items were
recorded: |
| |
(a) |
The Company recorded an
additional charge of $7.0 million related to the pending settlement
of its 2010 class action litigation. |
| |
(b) |
The Company reduced its
self-insurance liabilities by $3.3 million based on actuarial
valuations performed in the period. |
| |
(c) |
The Company recorded a
reduction to depreciation expense of $3.2 million following the
completion of its assessment of the useful lives of the tangible
assets acquired in the Power Fuels acquisition. |
| (3) |
During the third quarter of
2013, the Company recorded the following unusual or non-recurring
items: |
| |
(a) |
The Company recorded a
charge for goodwill impairment related to its Industrial Solutions
business of $98.5 million. |
| |
(b) |
The Company recorded a
charge of $107.4 million to write-down the carrying values of
certain long-lived assets in its Shale Solutions
business. |
| |
(c) |
The Company recorded a
charge of $16.0 million related to the 2010 class action
litigation. |
| |
(d) |
The Company wrote off $4.3
million of cost-method investments, primarily related to its
minority ownership in a pipeline products supplier. |
| (4) |
During the second quarter
of 2013, the Company recorded charges for restructuring portions of
its business in the amount of $1.5 million and the impairment of
certain related assets totaling $3.5 million, along with a
reduction of $0.8 million to amounts previously accrued for the
settlement of the 2010 Derivative Action. |
| (5) |
During the first quarter of
2013, the Company recorded a $2.4 million charge related to
settlement of its 2010 Derivative Action litigation. |
| (6) |
Per-share amounts for all
periods reflect the one-for-ten reverse stock split, which was
effective December 3, 2013 (Note 4). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months
Ended |
|
| |
|
March 31, |
|
|
June 30, |
|
|
September 30, |
|
|
December 31, |
|
| 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$ |
54,959 |
|
|
$ |
58,749 |
|
|
$ |
59,220 |
|
|
$ |
83,743 |
|
|
Gross profit
|
|
|
6,986 |
|
|
|
4,326 |
|
|
|
5,981 |
|
|
|
1,416 |
|
|
Income (loss) from
continuing operations (2)(3)
|
|
|
(3,863 |
) |
|
|
5,414 |
|
|
|
(14,159 |
) |
|
|
6,011 |
|
|
Income (loss) from
discontinued operations (2)(3)
|
|
|
— |
|
|
|
5,329 |
|
|
|
4,814 |
|
|
|
(1,019 |
) |
|
Net Income (loss)
attributable to common stockholders (2)(3)
|
|
|
(3,863 |
) |
|
|
10,743 |
|
|
|
(9,345 |
) |
|
|
4,992 |
|
|
Income (loss) per common
share from continuing operations (4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.31 |
) |
|
|
0.37 |
|
|
|
(0.96 |
) |
|
|
0.33 |
|
|
Diluted
|
|
|
(0.31 |
) |
|
|
0.36 |
|
|
|
(0.96 |
) |
|
|
0.30 |
|
|
Income (loss) per common
share from discontinued operations (4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
— |
|
|
|
0.37 |
|
|
|
0.33 |
|
|
|
(0.06 |
) |
|
Diluted
|
|
|
— |
|
|
|
0.35 |
|
|
|
0.31 |
|
|
|
(0.06 |
) |
|
Net (loss) income per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.31 |
) |
|
|
0.74 |
|
|
|
(0.63 |
) |
|
|
0.28 |
|
|
Diluted
|
|
|
(0.31 |
) |
|
|
0.71 |
|
|
|
(0.65 |
) |
|
|
0.25 |
|
| (1) |
Totals may not equal
corresponding amounts on the Consolidated Statements of Operations
due to rounding. |
| (2) |
During the fourth quarter
of 2012, the following recorded the following unusual or
non-recurring items: |
| |
(a) |
The Company released
$17.8 million of deferred tax asset valuation allowance
associated with NOL’s because of a determination that the
realization of the associated tax benefits is more likely that not
based on future taxable income arising from the reversal of
deferred tax liabilities that the Company acquired in connection
with the Power Fuels merger. |
| |
(b) |
The Company recognized an
impairment of long-lived assets of $3.7 million for the write-down
of the carrying values of three saltwater disposal
wells. |
| |
(c) |
The Company recognized an
impairment of intangible assets of $2.4 million for the write-down
of a customer relationship intangible associated with a portion of
a prior business acquisition. |
| |
(d) |
The Company recorded a $1.4
million environmental accrual for the estimated costs necessary to
comply with Louisiana Department of Environmental Quality
requirements. |
| (3) |
During the second quarter
of 2012, the Company released $20.7 million of valuation
allowance associated with NOL’s because of a determination
that the realization of the associated deferred tax assets is more
likely than not based on future taxable income arising from the
reversal of deferred tax liabilities that the Company acquired in
connection with the TFI acquisition. |
| (4) |
Per-share amounts for all
periods reflect Nuverra’s 1-for-10 reverse stock split, which
was effective December 3, 2013 (Note 4). |
|