(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| ||||||||
(Address of principal executive offices) | (Zip Code) |
Not Applicable |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
NEWPARK RESOURCES, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | November 1, 2022 | By: | /s/ Gregg S. Piontek | ||||||||
Gregg S. Piontek | |||||||||||
Senior Vice President and Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
![]() | NEWS RELEASE | ||||||||||
Contacts: | Gregg Piontek Senior Vice President and Chief Financial Officer Newpark Resources, Inc. gpiontek@newpark.com 281-362-6800 | ||||||||||
FOR IMMEDIATE RELEASE |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(In thousands, except per share data) | September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||
Revenues | $ | 219,853 | $ | 194,144 | $ | 151,797 | $ | 590,435 | $ | 435,218 | |||||||||||||||||||
Cost of revenues | 187,884 | 168,206 | 132,273 | 507,078 | 376,370 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 24,207 | 24,330 | 23,864 | 72,970 | 67,755 | ||||||||||||||||||||||||
Other operating (income) loss, net | (345) | (80) | 1,723 | (375) | (141) | ||||||||||||||||||||||||
Impairments and other charges | 29,417 | 7,905 | — | 37,322 | — | ||||||||||||||||||||||||
Operating loss | (21,310) | (6,217) | (6,063) | (26,560) | (8,766) | ||||||||||||||||||||||||
Foreign currency exchange (gain) loss | (1,424) | (583) | 25 | (1,943) | (83) | ||||||||||||||||||||||||
Interest expense, net | 1,875 | 1,638 | 2,176 | 4,719 | 6,748 | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 210 | — | 1,000 | ||||||||||||||||||||||||
Loss before income taxes | (21,761) | (7,272) | (8,474) | (29,336) | (16,431) | ||||||||||||||||||||||||
Provision for income taxes | 2,834 | 480 | 2,011 | 490 | 5,414 | ||||||||||||||||||||||||
Net loss | $ | (24,595) | $ | (7,752) | $ | (10,485) | $ | (29,826) | $ | (21,845) | |||||||||||||||||||
Calculation of EPS: | |||||||||||||||||||||||||||||
Net loss - basic and diluted | $ | (24,595) | $ | (7,752) | $ | (10,485) | $ | (29,826) | $ | (21,845) | |||||||||||||||||||
Weighted average common shares outstanding - basic | 93,737 | 92,657 | 91,932 | 92,843 | 91,264 | ||||||||||||||||||||||||
Dilutive effect of stock options and restricted stock awards | — | — | — | — | — | ||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 93,737 | 92,657 | 91,932 | 92,843 | 91,264 | ||||||||||||||||||||||||
Net loss per common share - basic: | $ | (0.26) | $ | (0.08) | $ | (0.11) | $ | (0.32) | $ | (0.24) | |||||||||||||||||||
Net loss per common share - diluted: | $ | (0.26) | $ | (0.08) | $ | (0.11) | $ | (0.32) | $ | (0.24) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(In thousands) | September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Fluids Systems | $ | 168,621 | $ | 145,261 | $ | 107,955 | $ | 454,896 | $ | 292,897 | |||||||||||||||||||
Industrial Solutions | 51,232 | 48,883 | 41,976 | 135,539 | 134,033 | ||||||||||||||||||||||||
Industrial Blending | — | — | 1,866 | — | 8,288 | ||||||||||||||||||||||||
Total revenues | $ | 219,853 | $ | 194,144 | $ | 151,797 | $ | 590,435 | $ | 435,218 | |||||||||||||||||||
Operating income (loss) | |||||||||||||||||||||||||||||
Fluids Systems (1) | $ | (24,193) | $ | 425 | $ | (6,646) | $ | (20,394) | $ | (19,944) | |||||||||||||||||||
Industrial Solutions | 10,036 | 9,754 | 8,167 | 26,148 | 32,645 | ||||||||||||||||||||||||
Industrial Blending (2) | (526) | (8,912) | (64) | (10,324) | (1,269) | ||||||||||||||||||||||||
Corporate office | (6,627) | (7,484) | (7,520) | (21,990) | (20,198) | ||||||||||||||||||||||||
Total operating income (loss) | $ | (21,310) | $ | (6,217) | $ | (6,063) | $ | (26,560) | $ | (8,766) | |||||||||||||||||||
Segment operating margin | |||||||||||||||||||||||||||||
Fluids Systems | (14.3) | % | 0.3 | % | (6.2) | % | (4.5) | % | (6.8) | % | |||||||||||||||||||
Industrial Solutions | 19.6 | % | 20.0 | % | 19.5 | % | 19.3 | % | 24.4 | % | |||||||||||||||||||
Industrial Blending | NM | NM | (3.4) | % | NM | (15.3) | % |
(In thousands, except share data) | September 30, 2022 | December 31, 2021 | |||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 20,450 | $ | 24,088 | |||||||
Receivables, net | 211,496 | 194,296 | |||||||||
Inventories | 160,039 | 155,341 | |||||||||
Prepaid expenses and other current assets | 14,162 | 14,787 | |||||||||
Current assets held for sale | 71,191 | — | |||||||||
Total current assets | 477,338 | 388,512 | |||||||||
Property, plant and equipment, net | 189,899 | 260,256 | |||||||||
Operating lease assets | 23,195 | 27,569 | |||||||||
Goodwill | 46,853 | 47,283 | |||||||||
Other intangible assets, net | 20,664 | 24,959 | |||||||||
Deferred tax assets | 5,995 | 2,316 | |||||||||
Other assets | 2,740 | 1,991 | |||||||||
Total assets | $ | 766,684 | $ | 752,886 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current debt | $ | 23,431 | $ | 19,210 | |||||||
Accounts payable | 104,803 | 84,585 | |||||||||
Accrued liabilities | 42,693 | 46,597 | |||||||||
Current liabilities held for sale | 1,882 | — | |||||||||
Total current liabilities | 172,809 | 150,392 | |||||||||
Long-term debt, less current portion | 133,637 | 95,593 | |||||||||
Noncurrent operating lease liabilities | 19,534 | 22,352 | |||||||||
Deferred tax liabilities | 8,803 | 11,819 | |||||||||
Other noncurrent liabilities | 9,929 | 10,344 | |||||||||
Total liabilities | 344,712 | 290,500 | |||||||||
Common stock, $0.01 par value (200,000,000 shares authorized and 111,357,108 and 109,330,733 shares issued, respectively) | 1,114 | 1,093 | |||||||||
Paid-in capital | 639,196 | 634,929 | |||||||||
Accumulated other comprehensive loss | (74,807) | (61,480) | |||||||||
Retained earnings (deficit) | (6,504) | 24,345 | |||||||||
Treasury stock, at cost (17,310,231 and 16,981,147 shares, respectively) | (137,027) | (136,501) | |||||||||
Total stockholders’ equity | 421,972 | 462,386 | |||||||||
Total liabilities and stockholders’ equity | $ | 766,684 | $ | 752,886 |
Nine Months Ended September 30, | |||||||||||
(In thousands) | 2022 | 2021 | |||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (29,826) | $ | (21,845) | |||||||
Adjustments to reconcile net loss to net cash provided by (used in) operations: | |||||||||||
Impairments and other non-cash charges | 37,322 | — | |||||||||
Depreciation and amortization | 30,259 | 32,009 | |||||||||
Stock-based compensation expense | 5,102 | 5,721 | |||||||||
Provision for deferred income taxes | (5,717) | 282 | |||||||||
Credit loss expense | 721 | 426 | |||||||||
Gain on sale of assets | (2,550) | (6,863) | |||||||||
Gain on insurance recovery | — | (849) | |||||||||
Loss on extinguishment of debt | — | 1,000 | |||||||||
Amortization of original issue discount and debt issuance costs | 724 | 3,062 | |||||||||
Change in assets and liabilities: | |||||||||||
Increase in receivables | (26,494) | (26,382) | |||||||||
Increase in inventories | (58,722) | (2,536) | |||||||||
Increase in other assets | (3,976) | (2,535) | |||||||||
Increase in accounts payable | 24,751 | 25,292 | |||||||||
Increase in accrued liabilities and other | 313 | 6,888 | |||||||||
Net cash provided by (used in) operating activities | (28,093) | 13,670 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (17,720) | (19,103) | |||||||||
Proceeds from sale of property, plant and equipment | 2,497 | 11,730 | |||||||||
Proceeds from insurance property claim | — | 85 | |||||||||
Net cash used in investing activities | (15,223) | (7,288) | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings on lines of credit | 241,487 | 166,012 | |||||||||
Payments on lines of credit | (199,549) | (150,132) | |||||||||
Purchases of Convertible Notes | — | (28,137) | |||||||||
Proceeds from term loan | 3,754 | 8,258 | |||||||||
Proceeds from financing obligation | — | 8,004 | |||||||||
Debt issuance costs | (999) | (295) | |||||||||
Purchases of treasury stock | (2,619) | (1,435) | |||||||||
Other financing activities | (2,251) | (458) | |||||||||
Net cash provided by financing activities | 39,823 | 1,817 | |||||||||
Effect of exchange rate changes on cash | (2,083) | (1,349) | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (5,576) | 6,850 | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 29,489 | 30,348 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 23,913 | $ | 37,198 |
Consolidated | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
(In thousands) | September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||
Net loss (GAAP) | $ | (24,595) | $ | (7,752) | $ | (10,485) | $ | (29,826) | $ | (21,845) | |||||||||||||||||||
Impairments and other charges | 29,417 | 7,905 | — | 37,322 | — | ||||||||||||||||||||||||
Fourchon, Louisiana hurricane-related costs | — | — | 2,596 | — | 2,596 | ||||||||||||||||||||||||
Facility exit costs and other | 526 | 1,031 | 1,691 | 1,558 | 1,691 | ||||||||||||||||||||||||
Severance costs | — | 153 | 640 | 519 | 1,697 | ||||||||||||||||||||||||
Gain on legal settlement | — | — | — | — | (1,000) | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 210 | — | 1,000 | ||||||||||||||||||||||||
Gain on insurance recovery | — | — | (849) | — | (849) | ||||||||||||||||||||||||
Tax on adjustments | (110) | (249) | — | (437) | — | ||||||||||||||||||||||||
Tax benefit on restructuring of certain subsidiary legal entities | — | — | — | (3,111) | — | ||||||||||||||||||||||||
Adjusted net income (loss) (non-GAAP) | $ | 5,238 | $ | 1,088 | $ | (6,197) | $ | 6,025 | $ | (16,710) |
Adjusted net income (loss) (non-GAAP) | $ | 5,238 | $ | 1,088 | $ | (6,197) | $ | 6,025 | $ | (16,710) | |||||||||||||||||||
Weighted average common shares outstanding - basic | 93,737 | 92,657 | 91,932 | 92,843 | 91,264 | ||||||||||||||||||||||||
Dilutive effect of stock options and restricted stock awards | 446 | 1,794 | — | 1,348 | — | ||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 94,183 | 94,451 | 91,932 | 94,191 | 91,264 | ||||||||||||||||||||||||
Adjusted net income (loss) per common share - diluted (non-GAAP): | $ | 0.06 | $ | 0.01 | $ | (0.07) | $ | 0.06 | $ | (0.18) |
Consolidated | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
(In thousands) | September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||
Net income (loss) (GAAP) | $ | (24,595) | $ | (7,752) | $ | (10,485) | $ | (29,826) | $ | (21,845) | |||||||||||||||||||
Interest expense, net | 1,875 | 1,638 | 2,176 | 4,719 | 6,748 | ||||||||||||||||||||||||
Provision (benefit) for income taxes | 2,834 | 480 | 2,011 | 490 | 5,414 | ||||||||||||||||||||||||
Depreciation and amortization | 9,696 | 10,111 | 10,516 | 30,259 | 32,009 | ||||||||||||||||||||||||
EBITDA (non-GAAP) | (10,190) | 4,477 | 4,218 | 5,642 | 22,326 | ||||||||||||||||||||||||
Impairments and other charges | 29,417 | 7,905 | — | 37,322 | — | ||||||||||||||||||||||||
Fourchon, Louisiana hurricane-related costs | — | — | 2,596 | — | 2,596 | ||||||||||||||||||||||||
Facility exit costs and other | 388 | 761 | 1,691 | 1,150 | 1,691 | ||||||||||||||||||||||||
Severance costs | — | 153 | 640 | 519 | 1,697 | ||||||||||||||||||||||||
Gain on legal settlement | — | — | — | — | (1,000) | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 210 | — | 1,000 | ||||||||||||||||||||||||
Gain on insurance recovery | — | — | (849) | — | (849) | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 19,615 | $ | 13,296 | $ | 8,506 | $ | 44,633 | $ | 27,461 |
Consolidated | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
(In thousands) | September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities (GAAP) | $ | (5,082) | $ | (25,801) | $ | (12,167) | $ | (28,093) | $ | 13,670 | |||||||||||||||||||
Capital expenditures | (8,205) | (1,894) | (8,626) | (17,720) | (19,103) | ||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 554 | 1,368 | 2,522 | 2,497 | 11,730 | ||||||||||||||||||||||||
Free Cash Flow (non-GAAP) | $ | (12,733) | $ | (26,327) | $ | (18,271) | $ | (43,316) | $ | 6,297 |
Fluids Systems | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
(In thousands) | September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||
Revenues | $ | 168,621 | $ | 145,261 | $ | 107,955 | $ | 454,896 | $ | 292,897 | |||||||||||||||||||
Operating income (loss) (GAAP) | $ | (24,193) | $ | 425 | $ | (6,646) | $ | (20,394) | $ | (19,944) | |||||||||||||||||||
Depreciation and amortization | 3,598 | 3,862 | 4,421 | 11,517 | 13,585 | ||||||||||||||||||||||||
EBITDA (non-GAAP) | (20,595) | 4,287 | (2,225) | (8,877) | (6,359) | ||||||||||||||||||||||||
Impairments and other charges | 29,417 | — | — | 29,417 | — | ||||||||||||||||||||||||
Fourchon, Louisiana hurricane-related costs | — | — | 2,596 | — | 2,596 | ||||||||||||||||||||||||
Facility exit costs and other | — | — | 1,691 | — | 1,691 | ||||||||||||||||||||||||
Severance costs | — | 84 | 564 | 235 | 1,177 | ||||||||||||||||||||||||
Other | — | — | (849) | — | (849) | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 8,822 | $ | 4,371 | $ | 1,777 | $ | 20,775 | $ | (1,744) | |||||||||||||||||||
Operating Margin (GAAP) | (14.3) | % | 0.3 | % | (6.2) | % | (4.5) | % | (6.8) | % | |||||||||||||||||||
Adjusted EBITDA Margin (non-GAAP) | 5.2 | % | 3.0 | % | 1.6 | % | 4.6 | % | (0.6) | % |
Industrial Solutions | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
(In thousands) | September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||
Revenues | $ | 51,232 | $ | 48,883 | $ | 41,976 | $ | 135,539 | $ | 134,033 | |||||||||||||||||||
Operating income (GAAP) | $ | 10,036 | $ | 9,754 | $ | 8,167 | $ | 26,148 | $ | 32,645 | |||||||||||||||||||
Depreciation and amortization | 5,367 | 5,362 | 4,740 | 16,171 | 14,344 | ||||||||||||||||||||||||
EBITDA (non-GAAP) | 15,403 | 15,116 | 12,907 | 42,319 | 46,989 | ||||||||||||||||||||||||
Severance costs | — | 93 | 15 | 161 | 253 | ||||||||||||||||||||||||
Gain on legal settlement | — | — | — | — | (1,000) | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 15,403 | $ | 15,209 | $ | 12,922 | $ | 42,480 | $ | 46,242 | |||||||||||||||||||
Operating Margin (GAAP) | 19.6 | % | 20.0 | % | 19.5 | % | 19.3 | % | 24.4 | % | |||||||||||||||||||
Adjusted EBITDA Margin (non-GAAP) | 30.1 | % | 31.1 | % | 30.8 | % | 31.3 | % | 34.5 | % |
Industrial Blending | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
(In thousands) | September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||
Revenues | $ | — | $ | — | $ | 1,866 | $ | — | $ | 8,288 | |||||||||||||||||||
Operating loss (GAAP) | $ | (526) | $ | (8,912) | $ | (64) | $ | (10,324) | $ | (1,269) | |||||||||||||||||||
Depreciation and amortization | 138 | 270 | 253 | 678 | 825 | ||||||||||||||||||||||||
EBITDA (non-GAAP) | (388) | (8,642) | 189 | (9,646) | (444) | ||||||||||||||||||||||||
Impairment | — | 7,905 | — | 7,905 | — | ||||||||||||||||||||||||
Facility exit costs and other | 388 | 761 | — | 1,150 | — | ||||||||||||||||||||||||
Severance costs | — | (24) | 61 | 123 | 61 | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | — | $ | — | $ | 250 | $ | (468) | $ | (383) |
(In thousands) | September 30, 2022 | December 31, 2021 | |||||||||
Current debt | $ | 23,431 | $ | 19,210 | |||||||
Long-term debt, less current portion | 133,637 | 95,593 | |||||||||
Total Debt | 157,068 | 114,803 | |||||||||
Total stockholders’ equity | 421,972 | 462,386 | |||||||||
Total Capital | $ | 579,040 | $ | 577,189 | |||||||
Ratio of Total Debt to Capital | 27.1 | % | 19.9 | % | |||||||
Total Debt | $ | 157,068 | $ | 114,803 | |||||||
Less: cash and cash equivalents | (20,450) | (24,088) | |||||||||
Net Debt | 136,618 | 90,715 | |||||||||
Total stockholders’ equity | 421,972 | 462,386 | |||||||||
Total Capital, Net of Cash | $ | 558,590 | $ | 553,101 | |||||||
Ratio of Net Debt to Capital | 24.5 | % | 16.4 | % |
Cover Page |
Nov. 01, 2022 |
---|---|
Cover [Abstract] | |
Entity Central Index Key | 0000071829 |
Document Type | 8-K |
Document Period End Date | Nov. 01, 2022 |
Entity Registrant Name | Newpark Resources, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-02960 |
Entity Tax Identification Number | 72-1123385 |
Entity Address, Address Line One | 9320 Lakeside Boulevard, |
Entity Address, Address Line Two | Suite 100 |
Entity Address, City or Town | The Woodlands, |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77381 |
City Area Code | 281 |
Local Phone Number | 362-6800 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Common Stock | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | NR |
Security Exchange Name | NYSE |
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