KLXE to Begin Trading on the Nasdaq on September 17; Schedules Non-Deal Road Show September 25, 26 and 27 in Houston, New Yo...
September 17 2018 - 6:00AM
KLX Energy Services Holdings, Inc. (“KLX Energy Services” or the
“Company”) (NASDAQ: KLXE), a leading U.S. onshore provider of
value-added, mission critical oilfield services focused on
completion, intervention and production activities, completed the
spin-off from KLX Inc. into an independent, publicly-owned company
on Friday, September 14, 2018. On April 30, 2018, KLX Inc. agreed
to sell its Aerospace Solutions business to The Boeing Company in a
$4.25 billion all cash transaction valued at 15.7X 2017 EBITDA,
after having previously sold the KLX Inc. predecessor company, B/E
Aerospace to Rockwell Collins for $8.6 billion or approximately 14X
LTM EBITDA. The sale to The Boeing Company is expected to close in
the fourth calendar quarter of 2018.
Chairman and Chief Executive Officer of KLX Energy Services,
Amin J. Khoury commented, “As a stand-alone public company, we will
be focused on expanding our product service lines (“PSLs”) and
growing market shares within each geographic area. The Company also
plans to pursue sector consolidation in order to add new services
and product lines that are additive to the existing portfolio and
by continuing to develop next generation proprietary tools.”
Mr. Khoury continued, “As reported in the KLX Inc. second
quarter earnings release, the Energy Services business reported
strong results for the period ended July 31, 2018, with revenues up
approximately 60 percent and Adjusted EBITDA up approximately 600
percent, as compared to the same period of the prior year.”
KLX Energy Services will begin “regular-way” trading on the
NASDAQ on September 17, 2018. At the time of the spin-off, KLX
Energy Services will be well positioned financially with no funded
debt, $50 million of cash and an undrawn $100 million ABL Credit
Facility. The Company will host an investor conference in Houston
on Tuesday, September 25, at 9:00 AM (CT). A live audio webcast of
the presentation will be available on the investor relations page
of the Company’s website at www.klxenergy.com. The Company will
also host investors on September 26 and 27 in New York
and Boston, respectively.
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RECONCILIATION OF ENERGY SERVICES GROUP
OPERATING EARNINGS (LOSS) |
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TO ADJUSTED OPERATING EARNINGS (LOSS) AND
ADJUSTED EBITDA |
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(In Millions) |
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THREE MONTHS ENDED |
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July 31, 2018 |
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July 31, 2017 |
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ESG operating earnings
(loss) |
$ |
12.2 |
|
$ |
(7.8 |
) |
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One-time costs
1 |
|
1.9 |
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- |
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Adjusted ESG
operating earnings (loss) |
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14.1 |
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(7.8 |
) |
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Depreciation and
amortization |
|
9.6 |
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|
8.6 |
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Non-cash
compensation |
|
2.5 |
|
|
3.0 |
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Adjusted EBITDA |
$ |
26.2 |
|
$ |
3.8 |
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Note: Reconciliation of pre-spin-off results of the KLX Energy
Services Group |
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1
One-time costs related to the pending spin-off of ESG |
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CONTACT:Michael PerlmanTreasurer
and Senior Director, Investor RelationsKLX Inc.(561) 273-7148
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