Tuesday, March 12, 2019

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Business news for March 10 | Business - Manhattan Mercury

Posted: 10 Mar 2019 05:00 AM PDT

Bruce McMillan

employee gets

architect license

Garric D. Baker, an architect with Bruce McMillan Architects, completed all requirements for registration as a licensed architect in Kansas.

He recently received his license from the Kansas State Board of Technical Professions. As an architect with the firm, he is responsible for management of projects of all sizes from renovation/restoration of existing buildings to multi-million dollar new buildings.

He is active in young professionals organizations through the Chambers of Commerce in Manhattan, Junction City and Wamego, has served on local, state and central states region of the American Institute of Architects boards of directors and was 2017-18 president of the Kansas Barn Alliance, a nonprofit focusing on preservation of agricultural buildings.

Mosier physicians to retire

Steve Mosier and Mike Mosier will retire from practicing medicine on March 29.

Steve began his practice in Manhattan in 1977, following his family practice residency. He started Manhattan Family Physicians in 1979.

His brother, Mike, joined the practice in 1980 after completing his family practice residency. Combined, they have cared for patients in the Manhattan area for more than 80 years.

Manhattan Medical Group acquired Mosier & Mosier Family Physicians in August.

Lan Ly joined the practice in November, and Caitlyn Nguyen will join the practice in April to continue providing primary care to patients.

In addition, Gay Stewart, Shauna Spurling and Jason McCoy will assist the doctors at the 2900 Amherst Ave. office.

Hair Experts named top 10 salon in state

The National Beauty Elite Association honored Hair Experts, 1323 Anderson Ave., as a top 10 salon in the state of Kansas.

The association considered tens of thousands of salons for its inaugural top 10 award, but fewer than 1 percent of salons and spa nationally were eligible for this award.

To be considered for this award, the salon first must be nominated by the nominations committee, who screens and advances the finalists to the judges panel.

Finalists are scored on reviews, rating, customer satisfaction, creativity, professionalism, industry reputation and social media presence.

CivicPlus receives industry award

CivicPlus Technical Support received a Bronze Stevie Award in the Front-Line Customer Service Team of the Year — Technology Industries category in the 13th annual Stevie Awards for Sales & Customer Service.

The Stevie Awards organization stages seven business awards programs, including the prestigious American Business Awards and International Business Awards.

CivicPlus and other honorees received the award Feb. 22 during a gala banquet at Caesars Palace in Las Vegas.

The CivicPlus technical support team's submission documented achievements that included the creation and implementation of a company-wide crisis and controversy communication process to assist local government clients during times of emergency; the launch of the CivicPlus Status Page, a real-time, 24/7 information and transparency portal into the operational status of CivicPlus software; and the launch of self-service help centers and the integration of live chat support for all CivicPlus software solutions with an average response time of 1.4 minutes.

Google Paid Former Exec $35 Million After Harassment Claim - U.S. News & World Report

Posted: 11 Mar 2019 06:19 PM PDT

[unable to retrieve full-text content]Google Paid Former Exec $35 Million After Harassment Claim  U.S. News & World Report

SAN FRANCISCO (AP) — Court documents show Google paid former search executive Amit Singhal $35 million in an exit package when the exec was ...

Ingredion launches organic pea protein ingredient | 2019-03-11 - Food Business News

Posted: 11 Mar 2019 05:45 AM PDT

WESTCHESTER, ILL.  — Ingredion, Inc. has introduced Vitessence Pulse 1803 organic pea protein isolate for use in applications such as nutrition and sports bars, alternative meat and alternative dairy products, powdered and ready-to-drink beverages, and baked foods and baking mixes. The ingredient is characterized by a smooth, creamy texture and a flavor low in raw and green notes, according to Westchester-based Ingredion.

The ingredient contains a minimum of 80% protein. Quality Assurance International, San Diego, has certified it as organic through the U.S. Department of Agriculture's National Organic Program. Vitessence Pulse 1803 may replace allergens such as dairy and eggs, and it supports gluten-free claims.

"Vitessence Pulse 1803 organic pea protein isolate is not only an important step forward for Ingredion's new growth platform but underscores our commitment to accelerating plant-based protein production globally," said Yadu Dar, Ingredion's director, strategic business development and alliance management. "This means manufacturers now have access to a high-functioning, organic plant-based protein with a safe and reliable supply, enabling them to create high-protein products that meet and exceed consumer expectations."

Nuverra Announces Fourth Quarter and Full Year 2018 Results - Arizona Daily Star

Posted: 11 Mar 2019 01:00 PM PDT

- Q4 2018 revenue up 6% over the prior year driven by increased

business activity and improved pricing -

- Company achieves 2018 full year revenue growth of 12% -

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nuverra Environmental Solutions, Inc. (NYSE American: NES) ("Nuverra" or

the "Company") today announced financial and operating results for the

fourth quarter and full year ended December 31, 2018.

SUMMARY OF FINANCIAL RESULTS



  • Fourth quarter revenue was $49.2 million, a decrease of approximately
    0.9%, or $0.5 million, when compared to the third quarter of 2018
    which was primarily due to lower activity levels at the end of the
    year due to the holidays.


  • When compared to the same period in the prior year, fourth quarter
    revenue increased 6.0%, or $2.8 million, as a result of increases in
    both activity and pricing and the acquisition of Clearwater Solutions
    on October 5, 2018. These increases were offset by a decrease in
    revenue during the fourth quarter due to the exit of the Eagle Ford
    shale area in the first quarter of 2018.


  • Full year 2018 revenue was $197.5 million, an increase of $21.4
    million, or 12.2%, when compared with $176.1 million for 2017. The
    increase was primarily due to a 14.4% improvement in activity and a
    2.8% improvement in pricing, offset by a decrease in revenue due to
    the exit of the Eagle Ford shale area.


  • Net loss for the fourth quarter was $8.8 million as compared to $7.1
    million in the third quarter of 2018 and $30.9 million in the fourth
    quarter of 2017.


  • Adjusted EBITDA for the fourth quarter was $6.1 million, an increase
    of 55.0% when compared with the $3.9 million reported in the third
    quarter of 2018. The acquisition of Clearwater Solutions represented
    $1.7 million of the increase, with the remaining increase attributable
    to increases in pricing, offset by decreases in activity.


  • Fourth quarter 2018 adjusted EBITDA increased by $1.0 million, or
    18.6%, over the same period in the prior year which was mainly driven
    by the Clearwater Solutions acquisition, offset by a decrease in
    activity.


  • Total liquidity available for capital spending and other purposes of
    $25.5 million as of December 31, 2018.

"Nuverra enjoyed a stronger operating environment in 2018, reflecting

increased activity and selected pricing improvement," said Charlie

Thompson, Chief Executive Officer. "Revenue and adjusted EBITDA

increased meaningfully year over year. 2018 was a year of transition as

we made management, business process and technology changes, the

benefits of which we hope to see throughout 2019. We acquired three

disposal wells in the Northeast region that better positions us to serve

customers in that market, and we invested in 28 new trucks that will be

in service by the end of the second quarter. We exited the year with a

healthy leverage and liquidity position and hope to continue improving

the business throughout 2019."

FOURTH QUARTER 2018 RESULTS

Fourth quarter revenue was $49.2 million, a decrease of approximately

0.9%, or $0.5 million, when compared to the third quarter of 2018 which

was primarily due to lower activity levels at the end of the year due to

the holidays. When compared to the fourth quarter of 2017, fourth

quarter revenue increased by $2.8 million, or 6.0%, as a result of

increases in both activity and pricing and the acquisition of Clearwater

Solutions on October 5, 2018. These increases were offset by a decrease

in revenue during the fourth quarter due to the exit of the Eagle Ford

shale area in the first quarter of 2018.

Total costs and expenses for the fourth quarter were $55.7 million.

Total costs and expenses, adjusted for special items, were $52.9

million, or a $3.0 million decrease when compared with $55.9 million in

the third quarter of 2018 due primarily to lower direct operating

expenses as we were able to hire and retain more full time drivers

versus using higher cost third party drivers. Total costs and expenses,

adjusted for special items, decreased 15.0% compared with $62.3 million

in the fourth quarter of 2017, driven primarily by lower depreciation

Net loss for the fourth quarter was $8.8 million as compared to $7.1

million in the third quarter of 2018 and $30.9 million in the fourth

quarter of 2017. For the fourth quarter of 2018, the Company reported a

net loss, adjusted for special items, of $6.0 million. Special items in

the fourth quarter primarily included the loss on the sale of

underutilized assets, non-recurring legal and professional fees,

stock-based compensation expense, $0.8 million in transaction costs

incurred in connection with the Clearwater Solutions acquisition, $0.4

million in severance for the departure of the former CFO, as well as

$0.3 million in long-lived asset impairment charges for assets held for

sale in the Southern division. This compares with a net loss, adjusted

for special items, of $7.4 million in the third quarter of 2018 and

$17.3 million in the fourth quarter of 2017.

Adjusted EBITDA for the fourth quarter was $6.1 million, an increase of

$2.2 million, or 55.0%, when compared with the third quarter of 2018.

The acquisition of Clearwater Solutions represented $1.7 million of the

increase, with the remaining increase attributable to increases in

pricing, offset by decreases in activity. Fourth quarter adjusted EBITDA

margin was 12.4%, compared with 7.9% in the third quarter of 2018. When

compared with the fourth quarter of 2017, adjusted EBITDA increased by

$1.0 million, or 18.6%, which was mainly driven by the Clearwater

Solutions acquisition, offset by a decrease in activity. Fourth quarter

adjusted EBITDA margin was 12.4%, compared with 11.1% in the fourth

quarter of 2017.

FULL YEAR 2018 RESULTS

Revenue for the full year was $197.5 million, an increase of $21.4

million, or 12.2%, when compared with $176.1 million for 2017. Revenue

growth was driven primarily by a 14.4% increase in activity levels

including water transfer services in the Rocky Mountain and Northeast

divisions, offset by a decrease in activity levels for water transfer

services, including our permanent disposal water pipeline, in the

Southern division. Pricing increases in all divisions also contributed

to 2.8% of the increase in revenue during the current year. Offsetting

the higher activity levels and price increases was the exit of the Eagle

Ford shale area in the first quarter of 2018 which represented

approximately 5.0% of the decline in revenues as compared to 2017.

Net loss for the full year was $59.3 million. When adjusted for special

items, net loss for the full year was $36.0 million, compared with a net

loss, adjusted for special items, of $79.6 million in 2017. 2018 special

items primarily included $15.3 million in severance and stock-based

compensation expense related to the departure of the former CEO and CFO,

$4.8 million in long-lived asset impairment charges for assets held for

sale in the Southern, Northeast and Corporate divisions, $1.3 million in

transaction costs related to the acquisition of Clearwater Solutions,

$1.1 million of exit costs related to management's decision to exit the

Eagle Ford shale area, $1.7 million of capital reorganization costs

incurred after the chapter 11 filing recorded to "Reorganization items,

net," and non-routine litigation expenses and non-routine professional

Adjusted EBITDA for the full year was $16.5 million, an increase of

24.1% when compared with $13.3 million in 2017. Pricing increases and

the Clearwater Solutions acquisition drove the majority of the increase.

Adjusted EBITDA margin for 2018 was 8.4%, compared with 7.6% in 2017.

CASH FLOW AND LIQUIDITY

Net cash provided by operating activities for the full year ended

December 31, 2018 was $9.4 million, while asset sales net of capital

expenditures provided proceeds of $6.9 million. Free cash flow, defined

as cash from operations less net cash capital expenditures, totaled

$16.3 million for 2018, up from negative $23.7 million in 2017. Asset

sales were related to unused or underutilized assets and the proceeds

are expected to continue to be reinvested in returns-driven growth

projects during 2019, including the planned purchase of new water

transfer trucks for our fleet. Capital expenditures in 2018 primarily

consisted of new water transfer trucks in the Northeast division, new

water transfer equipment in the Rocky Mountain division, as well as

expenditures to extend the useful life and productivity on our existing

fleet of trucks, tanks, equipment and disposal wells.

Total liquidity available for capital spending and other purposes as of

December 31, 2018 was $25.5 million. This consisted of cash and

restricted cash of $8.0 million, $11.8 million of net availability under

the revolving facility and $5.7 million available as a delayed draw

under the second lien term loan facility. As of December 31, 2018, total

debt outstanding was $66.4 million, consisting of $21.9 million under

our senior secured term loan facility, $10.1 million under our second

lien term loan facility, $32.5 million under our bridge term loan, and

$1.9 million of capital leases for vehicle financings. On January 2,

2019, we received aggregate gross proceeds of $32.5 million from a

rights offering and repaid the bridge term loan in full.

BASIS OF PRESENTATION

As previously disclosed, the Company emerged from chapter 11 bankruptcy

on August 7, 2017, or the "Effective Date," and elected to apply fresh

start accounting as of July 31, 2017 to coincide with the timing of the

normal accounting period close. References to "Successor" relate to the

financial position and results of operations of the reorganized Company

subsequent to July 31, 2017, while references to "Predecessor" refer to

the financial position and results of operations of the Company on and

prior to July 31, 2017. The Successor and Predecessor GAAP results for

the applicable periods are presented in the tables following this

For discussion purposes, the Company has combined the Successor and

Predecessor periods to derive combined results for the year ended

December 31, 2017. However, because of various adjustments to the

condensed consolidated financial statements in connection with the

application of fresh start accounting, the results of operations for the

Successor period are not comparable to those of the Predecessor period.

The Company believes that, subject to consideration of the impact of

fresh start accounting, combining the results of the Successor and

Predecessor periods provides meaningful information about the financial

results of the Company, including revenues and costs that assist a

reader in understanding the financial results for the applicable periods.

About Nuverra

Nuverra Environmental Solutions, Inc. is a leading provider of water

logistics and oilfield services to customers focused on the development

and ongoing production of oil and natural gas from shale formations in

the United States. Our services include the delivery, collection, and

disposal of solid and liquid materials that are used in and generated by

the drilling, completion, and ongoing production of shale oil and

natural gas. We provide a suite of solutions to customers who demand

safety, environmental compliance and accountability from their service

providers. Find additional information about Nuverra in documents filed

Forward-Looking Statements

This press release contains forward-looking statements within the

meaning of Section 27A of the United States Securities Act of 1933, as

amended, and Section 21E of the United States Securities Exchange Act of

1934, as amended. You can identify these and other forward-looking

statements by the use of words such as "anticipates," "expects,"

"intends," "plans," "predicts," "believes," "seeks," "estimates," "may,"

"might," "will," "should," "would," "could," "potential," "future,"

"continue," "ongoing," "forecast," "project," "target" or similar

expressions, and variations or negatives of these words.

These statements relate to our expectations for future events and time

periods. All statements other than statements of historical fact are

statements that could be deemed to be forward-looking statements, and

any forward-looking statements contained herein are based on information

available to us as of the date of this press release and our current

expectations, forecasts and assumptions, and involve a number of risks

and uncertainties. Accordingly, forward-looking statements should not be

relied upon as representing our views as of any subsequent date. Future

performance cannot be ensured, and actual results may differ materially

from those in the forward-looking statements. Some factors that could

cause actual results to differ include, among others: financial results

that may be volatile and may not reflect historical trends due to, among

other things, changes in commodity prices or general market conditions,

acquisition and disposition activities, fluctuations in consumer trends,

pricing pressures, transportation costs, changes in raw material or

labor prices or rates related to our business and changing regulations

or political developments in the markets in which we operate; risks

associated with our indebtedness, including changes to interest rates,

decreases in our borrowing availability, our ability to manage our

liquidity needs and to comply with covenants under our credit

facilities; the loss of one or more of our larger customers;

difficulties in successfully executing our growth initiatives, including

identifying and completing acquisitions and divestitures, successfully

integrating acquired business operations, and identifying and managing

risks inherent in acquisitions and divestitures, as well as differences

in the type and availability of consideration or financing for such

acquisitions and divestitures; our ability to attract and retain key

executives and qualified employees in key areas of our business; our

ability to attract and retain a sufficient number of qualified truck

drivers in light of industry-wide driver shortages and high-turnover;

the availability of less favorable credit and payment terms due to

changes in industry condition or our financial condition, which could

constrain our liquidity and reduce availability under our revolving

credit facility; higher than forecasted capital expenditures to maintain

and repair our fleet of trucks, tanks, equipment and disposal wells;

control of costs and expenses; changes in customer drilling, completion

and production activities, operating methods and capital expenditure

plans, including impacts due to low oil and/or natural gas prices or the

economic or regulatory environment; risks associated with the limited

trading volume of our common stock on the NYSE American Stock Exchange,

including potential fluctuation in the trading prices of our common

stock; the effects of our completed restructuring on the Company and the

interest of various constituents; risks and uncertainties associated

with our completed restructuring process, including the outcome of a

pending appeal of the order confirming the plan of reorganization; risks

associated with the reliance on third-party analyst and expert market

projections and data for the markets in which we operate; present and

possible future claims, litigation or enforcement actions or

investigations; risks associated with changes in industry practices and

operational technologies and the impact on our business; risks

associated with the operation, construction, development and closure of

saltwater disposal wells, solids and liquids treatment and

transportation assets, landfills and pipelines, including access to

additional locations and rights-of-way, permitting and licensing,

environmental remediation obligations, unscheduled delays or

inefficiencies and reductions in volume due to micro- and macro-economic

factors or the availability of less expensive alternatives; the effects

of competition in the markets in which we operate, including the adverse

impact of competitive product announcements or new entrants into our

markets and transfers of resources by competitors into our markets;

changes in economic conditions in the markets in which we operate or in

the world generally, including as a result of political uncertainty;

reduced demand for our services due to regulatory or other influences

related to extraction methods such as hydraulic fracturing, shifts in

production among shale areas in which we operate or into shale areas in

which we do not currently have operations; the unknown future impact of

changes in laws and regulation on waste management and disposal

activities, including those impacting the delivery, storage, collection,

transportation, treatment and disposal of waste products, as well as the

use or reuse of recycled or treated products or byproducts; risks

involving developments in environmental or other governmental laws and

regulations in the markets in which we operate and our ability to

effectively respond to those developments including laws and regulations

relating to oil and natural gas extraction businesses, particularly

relating to water usage, and the disposal, transportation and treatment

of liquid and solid wastes; and natural disasters, such as hurricanes,

earthquakes and floods, or acts of terrorism, or extreme weather

conditions, that may impact our business locations, assets, including

wells or pipelines, distribution channels, or which otherwise disrupt

our or our customers' operations or the markets we serve.

The forward-looking statements contained, or incorporated by reference,

herein are also subject generally to other risks and uncertainties that

are described from time to time in the Company's filings with the SEC.

Readers are cautioned not to place undue reliance on these

forward-looking statements, which reflect management's views as of the

date of this press release. The Company undertakes no obligation to

update any such forward-looking statements, whether as a result of new

information, future events, changes in expectations or otherwise.

Additional risks and uncertainties are disclosed from time to time in

the Company's filings with the SEC, including our Annual Reports on Form

10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.


 

NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS


(In thousands, except per share amounts)



 


 

Successor



Three Months Ended



December 31,



2018

 

2017

Revenue:





Service revenue


$

45,252



$

41,775


Rental revenue


 

3,949

 


 

4,655

 

Total revenue



49,201




46,430


Costs and expenses:





Direct operating expenses



38,447




40,967


General and administrative expenses



7,327




5,687


Depreciation and amortization



9,703




21,230


Impairment of long-lived assets



252




2,500


Other, net


 

2

 


 



 

Total costs and expenses


 

55,731

 


 

70,384

 

Loss from operations



(6,530

)



(23,954

)

Interest expense, net



(2,278

)



(1,409

)

Other income, net



213




117


Reorganization items, net


 

(70

)


 

(6,037

)

Loss before income taxes



(8,665

)



(31,283

)

Income tax (expense) benefit


 

(138

)


 

381

 

Net loss


$

(8,803

)


$

(30,902

)





 

Earnings per common share:


 


 

Net loss per basic common share


$

(0.72

)


$

(2.64

)



 


 

Net loss per diluted common share


$

(0.72

)


$

(2.64

)





 

Weighted average shares outstanding:





Basic



12,226




11,696


Diluted



12,226




11,696






 

 

NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS


(In thousands, except per share amounts)



 


 

Successor

 

 

Predecessor




 

Five Months



Seven Months



Year Ended


Ended



Ended



December 31,


December 31,



July 31,



2018


2017



2017

Revenue:








Service revenue


$

181,793



$

72,395




$

86,564


Rental revenue


15,681

 


7,793

 



9,319

 

Total revenue


197,474



80,188




95,883


Costs and expenses:








Direct operating expenses


158,896



67,077




81,010


General and administrative expenses


38,510



10,615




22,552


Depreciation and amortization


46,434



38,551




28,981


Impairment of long-lived assets


4,815



4,904







Other, net


1,119

 




 





 

Total costs and expenses


249,774

 


121,147

 



132,543

 

Operating loss


(52,300

)


(40,959

)



(36,660

)

Interest expense, net


(5,973

)


(2,187

)



(22,792

)

Other income, net


896



411




4,247


Reorganization items, net


(1,679

)


(5,507

)



223,494

 

(Loss) income before income taxes


(59,056

)


(48,242

)



168,289


Income tax (expense) benefit


(207

)


347

 



322

 

Net (loss) income


$

(59,263

)


$

(47,895

)



$

168,611

 








 

Earnings per common share:


 


 



 

Net (loss) income per basic common share


$

(5.01

)


$

(4.09

)



$

1.12

 



 


 



 

Net (loss) income per diluted common share


$

(5.01

)


$

(4.09

)



$

0.97

 








 

Weighted average shares outstanding:








Basic


11,829



11,696




150,940


Diluted


11,829



11,696




174,304


 

NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


(In thousands)



 


 

Successor



December 31,



2018

 

2017

Assets





Cash


$

7,302



$

5,488


Restricted cash


656



1,296


Accounts receivable, net


31,392



30,965


Inventories


3,358



4,089


Prepaid expenses and other receivables


2,435



8,594


Other current assets


1,582



226


Assets held for sale


2,782

 


2,765

 

Total current assets


49,507

 


53,423

 

Property, plant and equipment, net


215,640



229,874


Equity investments


41



48


Intangibles, net


1,112



547


Goodwill


29,518



27,139


Deferred income taxes






84


Other assets


118

 


207

 


Total assets




$

295,936

 


$

311,322

 

Liabilities and Shareholders' Equity





Accounts payable


$

9,061



$

7,946


Accrued liabilities


16,670



13,939


Current contingent consideration


500



500


Current portion of long-term debt


38,305



5,525


Derivative warrant liability


34

 


477

 

Total current liabilities


64,570

 


28,387

 

Deferred income taxes


181






Long-term debt


27,628



33,524


Other long-term liabilities


7,130

 


6,438

 

Total liabilities


99,509

 


68,349

 

Commitments and contingencies





Shareholders' equity:





Preferred stock









Common stock


122



117


Additional paid-in capital


303,463



290,751


Accumulated deficit


(107,158

)


(47,895

)

Total shareholders' equity


196,427

 


242,973

 

Total liabilities and shareholders' equity


$

295,936

 


$

311,322

 









 

 

NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS


(In thousands)



 


 

Successor

 

 

Predecessor




 

Five Months



Seven Months



Year Ended


Ended



Ended



December 31,


December 31,



July 31,



2018


2017



2017

Cash flows from operating activities:








Net (loss) income


$

(59,263

)


$

(47,895

)



$

168,611


Adjustments to reconcile net (loss) income to net cash provided by
(used in) operating activities:








Depreciation and amortization of intangible assets


46,434



38,551




28,981


Amortization of debt issuance costs, net


186








2,135


Accrued interest added to debt principal


119



473




11,474


Stock-based compensation


12,717



677




457


Impairment of long-lived assets


4,815



4,904







Gain on sale of UGSI


(75

)


(76

)






Loss (gain) on disposal of property, plant and equipment


(895

)


5,695




(258

)

Bad debt (recoveries) expense


(328

)


91




788


Change in fair value of derivative warrant liability


(443

)


(239

)



(4,025

)

Deferred income taxes


265



(242

)



(337

)

Other, net


355



4,503




(11,295

)

Reorganization items, non-cash











(218,600

)

Changes in operating assets and liabilities:








Accounts receivable


1,798



(3,521

)



(4,528

)

Prepaid expenses and other receivables


800



(312

)



472


Accounts payable and accrued liabilities


3,634



(5,034

)



3,682


Other assets and liabilities, net


(670

)


(4,036

)



3,494

 

Net cash provided by (used in) operating activities


9,449

 


(6,461

)



(18,949

)

Cash flows from investing activities:








Proceeds from the sale of property, plant and equipment


19,140



4,034




3,083


Purchases of property, plant and equipment


(12,241

)


(2,231

)



(3,149

)

Proceeds from the sale of UGSI


75



76







Cash paid for acquisitions, net of cash acquired


(42,292

)




 





 

Net cash (used in) provided by investing activities


(35,318

)


1,879

 



(66

)

Cash flows from financing activities:








Proceeds from Predecessor revolving credit facility











106,785


Payments on Predecessor revolving credit facility











(129,964

)

Proceeds from Predecessor term loan











15,700


Proceeds from debtor in possession term loan











6,875


Proceeds from Successor First and Second Lien Term Loans


10,000








36,053


Payments on Successor First and Second Lien Term Loans


(13,434

)


(1,241

)






Proceeds from Successor revolving facility


226,371



79,464







Payments on Successor revolving facility


(226,371

)


(79,464

)






Proceeds from Bridge Term Loan


32,500











Payments for debt issuance costs


(167

)







(1,053

)

Payments on vehicle financing and other financing activities


(1,856

)


(2,391

)



(2,797

)

Net cash provided by (used in) financing activities


27,043

 


(3,632

)



31,599

 

Change in cash and restricted cash


1,174

 


(8,214

)



12,584

 

Cash, beginning of period


5,488



7,193




994


Restricted cash, beginning of period


1,296

 


7,805

 



1,420

 

Cash and restricted cash, beginning of period


6,784

 


14,998

 



2,414

 

Cash, end of period


7,302



5,488




7,193


Restricted cash, end of period


656

 


1,296

 



7,805

 

Cash and restricted cash, end of period


$

7,958

 


$

6,784

 



$

14,998

 














 

Nuverra Environmental Solutions, Inc.

Investor Relations

602-903-7802

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