UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (date of earliest event reported): August 12, 2019 (August 9, 2019)
KLX Energy Services Holdings, Inc.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
001-38609 |
|
36-4904146 |
|
(State or other |
|
(Commission File Number) |
|
(I.R.S. Employer |
|
1300 Corporate Center Way, Wellington, Florida |
|
33414-2105 |
Registrant’s telephone number, including area code: (561) 383-5100
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class: |
|
Trading Symbol(s) |
|
Name of each exchange on which registered: |
|
Common Stock, $0.01 Par Value |
|
KLXE |
|
The Nasdaq Global Select Market |
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 8.01 Other Events
On August 9, 2019, the Board of Directors of KLX Energy Services Holdings, Inc. (the “Company”) authorized a share repurchase program providing for the repurchase of up to $50 million of the Company’s common stock. The timing, price and volume of repurchases will be based on market conditions, relevant legal requirements and other factors. The stock repurchases may be made from time to time, through transactions in the open market or through privately negotiated transactions, at times and prices considered appropriate by the Company. There is no set start or end date for the share repurchase program and it may be suspended or discontinued at any time.
A copy of the Company’s press release announcing these matters is attached to this Current Report on Form 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
|
Exhibit |
|
Description |
|
99.1 |
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 12, 2019
|
|
KLX ENERGY SERVICES HOLDINGS, INC. | ||
|
|
|
| |
|
|
|
| |
|
|
By: |
/s/ Thomas P. McCaffrey | |
|
|
|
Name: |
Thomas P. McCaffrey |
|
|
|
Title: |
Senior Vice President and Chief Financial Officer |
KLX ENERGY SERVICES ANNOUNCES SHARE REPURCHASE AUTHORIZATION
WELLINGTON, FL — August 12, 2019 — KLX Energy Services Holdings, Inc. (the “Company”) (NASDAQ:KLXE) announced today that its Board of Directors has authorized a share repurchase program. The program authorization is for a maximum of $50 million. The Company expects to complete the intensive capital investment phase of its strategy by the end of fiscal year 2019 and is therefore expecting strong free cash flow in fiscal year 2020.
The Company’s strategy to roll out large diameter coiled tubing spreads to all its Geographical Segments and to pull through its broad range of asset light services in conjunction with the coiled tubing roll out has been working successfully. The Company, which currently has 8 large diameter coiled tubing spreads in operation, expects to take delivery of 5 additional large diameter coiled tubing spreads by the end of fiscal year 2019.
The Company may repurchase shares on the open market or through privately negotiated transactions at times and prices considered appropriate by the Company, at the discretion of management, and subject to its assessment of alternative uses of capital, stock trading price, general market conditions and other factors. There is no set start or end date for the new share repurchase program and it may be suspended or discontinued at any time.
About KLX Energy Services
KLX Energy Services is a leading U.S. onshore provider of mission critical oilfield services focused on completion, intervention and production activities for the most technically demanding wells. KLX Energy Services’ experienced and technically skilled personnel are supported by a broad portfolio of specialized tools and equipment, including innovative proprietary tools developed by the Company’s in-house R&D team. KLX Energy Services supports its customers on a 24/7 basis from over 40 service facilities located in the major onshore oil and gas producing regions of the United States.
CONTACT:
Michael Perlman
Treasurer and Senior Director, Investor Relations
KLX Energy Services Holdings, Inc.
(561) 273-7148
Michael.Perlman@klxenergy.com