Thank you, Chris.
Let me begin by discussing our first quarter 2021 consolidated results.
For the first quarter ended April 30, 2021, revenues were $90.8 million, an increase of $4 million, or 5% as compared to the revenue for the fiscal fourth quarter of 2020. Once again, the revenue increase reflected the impact of improving market activity across two of our geo markets and multiple product lines, particularly the Southwest segment up 26%, driven by our directional drilling, coil tubing, and rentals product lines.
Now to detail our revenue contribution by end-market, Q1 2021 revenue was 27% drilling, 49% completion, 13% production and 10% intervention services, which compares to 24%, 49%, 13%, and 13% respectively in the fourth quarter of 2020. Revenues become a much larger contributor to KLXE revenue in Q1 2021.
Our directional drilling business experienced material increase in activity from Q4 to Q1 as rig count continue to rebound off 2020 lows and as of the end of Q1, we believe we have approximately 8% market share. Directional drilling is now one of our largest product lines at KLXE.
Turning to the completion side of our business, the biggest drivers of our completion business remains our coiled tubing and rentals product lines. They made great strides pulling through our plug sales and flow tubing services to our integrated coiled tubing offering throughout each of our geo markets.
Moving to our consolidated profitability, I would note that we changed our presentation this quarter and now breakout depreciation expense from cost of sales on the face of the income statement. Jumping into our results, adjusted operating loss was $25.6 million for the quarter, adjusted EBITDA loss and adjusted EBITDA loss margins were negative $9.4 million and negative 10% respectively.
As Chris alluded, the increase in our adjusted EBITDA loss was a result of seasonal weather issues, winter storm Uri and customer scheduling and well issues particularly in the Rockies. I'd also note that our cost of sales is burdened by $2.1 million per quarter related to five legacy coiled tubing operating leases, which impacts our comparability to peers. I'll begin the segment review with the Rockies. The Rocky Mountain segment fiscal first quarter revenue of $24.3 million decreased by $5.1 million, or 17% as compared with the fiscal fourth quarter of 2020. The sequential decrease in revenue was primarily driven by reduced activity levels as a result of certain customer scheduling and well issues. Adjusted operating loss for the fiscal first quarter was $6.8 million as compared with adjusted operating income of $1 million in the fiscal fourth quarter of 2020. Adjusted EBITDA loss was $1.6 million as compared to the fiscal fourth quarter adjusted EBITDA of $6.5 million. The erosion and profitability was related to unforeseen customer scheduling and well issues.
Now moving to our Southwest segment, our Southwest segment increased its revenue substantially by 26% as compared to the fiscal fourth quarter of 2020 generating revenues of $38 million. The significant increase in revenue was driven by meaningful increases and directional drilling and completion rental activity. Q1 adjusted operating loss was $6.6 million compared to fiscal fourth quarter adjusted operating loss of $6.4 million and adjusted EBITDA loss was $700,000 compared to fiscal fourth quarter adjusted EBITDA of $1.1 million.
Now, to finish out the segment discussion with the Northeast and Mid-Con. Fiscal fourth quarter revenues were $28.5 million up 4% as compared to fiscal fourth quarter of 2020. Adjusted operating loss for the fiscal first quarter was $6.1 million and improved $4.3 million as compared with adjusted operating loss of $10.4 million in the fiscal fourth quarter of 2020. Adjusted EBITDA loss was $2.1 million as compared to the fiscal fourth quarter adjusted EBITDA loss of $5.4 million. The improvement and adjusted EBITDA loss was primarily driven by the $4.6 million account receivable reserve recognized in fiscal fourth quarter 2020 in response to a customer bankruptcy, which is detailed in our 10-K filing. pro forma for this reserve, the adjusted EBITDA loss actually increased by $800,000, primarily due to impacts from winter storm Uri, which impacted the East Texas in Arcotex region, which are included in our Mid-Con segment.
Our adjusted corporate and other EBITDA loss for the fiscal first quarter remains largely unchanged sequentially at approximately $5 million. With that said, the cost synergies from the merger are now materially benefiting the results of KLXE. When comparing first quarter SG&A expense to standalone legacy KLXE 2020 SG&A expense, the first quarter 2021 SG&A expense is $1.4 million lower than that of standalone KLXE in the first quarter of 2020. On a pro forma basis for the QES merger, first quarter 2021 adjusted G&A expense was 38% or $8 million below pro forma first quarter 2020 adjusted SG&A expense. Annualized, this would represent $32 million of savings and recall that 100% of the merger synergies were not yet benefiting KLX for the entirety of Q1 2021.
Now let me review our consolidated balance sheet and cash flow.
Our long-term debt $244 million less cash resulted in a net debt position as of the end of the first quarter of approximately $206 million.
As of April 30 2021, cash on hand was approximately $38 million and total liquidity was $79 million. Preservation of our cash and liquidity continues to be a top priority. And as Chris mentioned, we expect materially higher activity through the remainder of the year, we will continue to proactively manage our cost structure and working capital as a business continues to ramp in Q2 in order to maximize margin and cash flow. We would also expect that our borrowing base would increase in conjunction with the 15% to 20% increase in revenue Chris mentioned earlier on the call.
In addition to the $4.4 million of incremental annualized cost savings Chris mentioned previously, there's another item that will benefit cash flow going forward. Back in Q3 2020, we took a non-cash charge for our grounded corporate aircraft lease, where there were still quarterly cash lease payments of roughly $700,000, which burned our Q1 quarterly cash flow that lease officially ended on April 30, and the plain was returned to the lessor following end of lease inspections in May and early June and is now fully off our books. The three months ended April 30 2021 cash flow used in operations was $11.3 million and free cash flow loss was $7.4 million. There was no cash interest paid in Q1 2021. And our next semi-annual interest payment is due in Q2. Cash flow use in operations was partially offset by a $4.8 million on wind and our investment in networking capital during the fiscal first quarter. Capital expenditures for the quarter were approximately $2.2 million, most of which was tied to maintenance-oriented spending.
We continue to scrutinize all capital spending and reduce our full-year CapEx spend. We now expect total CapEx for fiscal 2021 to be in the range of $14 million to $16 million.
We also monetize $6 million of assets during Q1 primarily comprised of real property as part of our ongoing efforts to finalize our facility footprint integration.
Going forward, we would expect additional monetization of obsolete facilities and assets, including three facilities that are currently held for sale. With that, I will now turn the call back to Chris.