KLX Energy Services Announces Third Quarter 2019 Cost Reduction Program; Separately Announces Non-Cash Asset Impairment Charge; Generates Strong Third Quarter Cash Flow
KLX Energy Services Holdings, Inc. (KLXE)
Last klx energy services holdings, inc. earnings: 3/9 06:00 am
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Source: GlobeNewswire
WELLINGTON, Fla., Nov. 19, 2019 (GLOBE NEWSWIRE) -- KLX Energy Services Holdings, Inc. (“KLX Energy Services” or the “Company”) (NASDAQ: KLXE), a leading U.S. onshore provider of mission critical, asset light oilfield services, announced a major cost reduction program to address the abrupt deterioration in industry conditions, which accelerated downward through the end of the third quarter ended October 31, 2019. Amin J. Khoury, Chairman and Chief Executive Officer of KLX Energy Services commented, “Contemporaneously with the abrupt decline in activity, we took steps to align our business with current customer demand. Specifically, we implemented an approximate 17 percent reduction in force, as compared with the Company’s July 31, 2019 staffing levels, consistent with the approximate 18 percent sequential quarterly decline in our third quarter revenues. We aggressively cut costs in every area of our business, and we warm stacked the vast majority of our Permian based wireline a
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