Newpark Q3 2021 net loss $10.5M; CEO Paul Howes to retire Feb 2022, succeeded by Matthew Lanigan

NPK International Inc.

2021-Q3 EPS reported -$0.24 revenue$435,218,000

Revenue $151.8M (+7% seq, +57% YoY); net loss $10.5M ($0.11/sh) vs $6.0M loss in Q2 2021.
Fluids Systems rev $108.0M (+11% seq) but op loss $6.6M, including $4.0M charges from Hurricane Ida and restructuring.
Industrial Solutions rev $43.8M (op income $8.1M, 18% margin), with seasonal T&D slowdown offset by site access sales.
CEO Paul Howes to retire on Feb 28, 2022 and resign from board; President/COO Matthew Lanigan to become CEO and board member.
Hurricane Ida and COVID impacted results; working capital consumed $14M cash; net capex $6M for mat rental fleet expansion.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Paul L. Howes

Chief Executive Officer

NPKI · NPK International Inc.

Effective: 2022-02-28
Successor: Matthew Lanigan
Filed: November 2, 2021, 7:59 PM ET

Paul L. Howes, Chief Executive Officer of the Company, intends to retire on February 28, 2022 (the “Retirement Date”) as an officer of the Company.

Appointed

Matthew Lanigan

President and Chief Executive Officer

NPKI · NPK International Inc.

Effective: 2022-02-28
Filed: November 2, 2021, 7:59 PM ET

Matthew Lanigan, who currently serves as President and Chief Operating Officer of the Company, will become President and Chief Executive Officer of the Company

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Paul L. Howes departed as Chief Executive Officer at NPK International Inc..

Action: retire
Role: Chief Executive Officer

Exact text from the filing

Paul L. Howes, Chief Executive Officer of the Company, intends to retire on February 28, 2022 (the “Retirement Date”) as an officer of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Matthew Lanigan was appointed as President and Chief Executive Officer at NPK International Inc..

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

Matthew Lanigan, who currently serves as President and Chief Operating Officer of the Company, will become President and Chief Executive Officer of the Company

View on SEC.gov

NPK International Inc. filing history →

Source: SEC EDGAR

accession 0000071829-21-000136

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