SAExploration Holdings, Inc. (NASDAQ: SAEX, OTCQB:
SXPLW) today announced its financial results for the third
quarter of 2018.
Third Quarter 2018 Summary
- Revenue of $15.0 million, compared to $22.5 million in
Q3 2017
- Gross (loss) profit of $(4.0) million, or (26.9)% of
revenues, compared to $1.5 million, or 6.6% of revenues, in Q3
2017
- Adjusted gross (loss) profit, a non-GAAP measure, of
$(1.1) million, or (7.2)% of revenues, compared to $4.3 million, or
19.1% of revenues, in Q3 2017
- Net loss attributable to SAExploration of $25.3
million, compared to $13.8 million in Q3 2017
- Adjusted EBITDA, a non-GAAP measure, of $(8.9) million,
compared to $(1.2) million in Q3 2017
- Contracted backlog of $173.2 million through 2019 and
$383.7 million of bids outstanding as of September 30,
2018
- Acquired substantially all of the assets of Geokinetics
in a transformative and accretive transaction for $21.7 million,
including transaction advisory fees and other acquisition
costs
- Recapitalized balance sheet and improved liquidity
through series of transactions, including upsizing credit facility
to $30.0 million, repaying $1.9 million of stub notes, and
converting 8% Series A preferred stock into common stock and
warrants
- Further simplified capital structure and reduced
interest expense through a private placement of $60.0 million 6%
convertible notes due 2023 with proceeds used to repay certain
existing credit facilities and provide working
capital
Jeff Hastings, Chairman and CEO of SAE,
commented, “As expected, activity in many of our markets remained
historically low during the third quarter, due to the continued and
sustained lack of exploration spending. However, despite the first
nine months of 2018 being one of the most challenging periods in
our history, I am encouraged by the effort put into formulating and
executing the necessary changes to realign SAE’s business model and
financial structure for long-term success. Beginning in January and
ending in September, we initiated and completed a comprehensive
strategy to further reduce our overall leverage and interest
expense, enhance our liquidity, and effect much needed
consolidation in a fragmented industry by opportunistically
acquiring accretive assets. Even though we would always prefer to
be busier at the field level, I believe these strategic initiatives
could prove to be well timed if exploration spending increases,
particularly given how soon we could deploy and benefit from our
expanded and upgraded equipment profile.”
Mr. Hastings continued, “Looking forward, we are
beginning to see some positive momentum with customers evaluating
and approving new projects. As evidenced by our improved backlog,
we currently expect to see higher than normal activity in the
fourth quarter, which historically, has been a seasonally weak
period for SAE. Most of this activity will result from active
contracts in the Lower 48, as well as from the start of our
recently-announced ocean-bottom marine project in Asia. As our
customers continue to formulate their plans for 2019, we think it
is possible that we could see some improvement in exploration
spending return to a market driven almost exclusively by
production-related spending. In particular, the ocean-bottom marine
market appears to be the most active, with a large number of
opportunities competing for limited available capacity in the nodal
market. While the ocean-bottom marine market remains a relatively
new market for SAE, we expect the overall healthy economic
conditions to benefit our ability to compete and secure additional
projects.”
Mr. Hastings concluded, “During the fourth
quarter, we plan to continue the integration of the Geokinetics
asset acquisition, which we expect will involve cost reductions and
asset sales as we trim down to keep an efficient and productive
equipment fleet without redundancies. We also continue to maintain
our core focus on maximizing potential cash flow from ongoing and
new projects. While we cannot control exploration spending, nor
predict when growth may return, we are executing on a plan to put
SAE in the best possible position to not only be sustainable in the
current market environment, but to prosper in any broader recovery.
We believe the strategic steps we have taken with the asset
acquisition and the related capital structure transactions, along
with the continued support of our employees and key stakeholders,
will enable us to achieve our goal of leveraging SAE’s outstanding
operational history to become a market leader in seismic data
acquisition and processing services worldwide.”
Third Quarter 2018 Results
SAE reported revenues of $15.0 million for the
third quarter of 2018, an 11.1% decrease from the second quarter of
2018 and a 33.2% decrease from the third quarter of 2017. The
decrease from the second quarter of 2018 was due to fewer projects
in Colombia offset by an increase in projects in North America. The
decrease from the third quarter of 2017 was due to more projects in
North America offset by fewer projects in Colombia.
SAE reported adjusted gross (loss) profit of
$(1.1) million for the third quarter of 2018 compared to adjusted
gross (loss) profit of $(2.8) million for the second quarter of
2018 and adjusted gross (loss) profit of $4.3 million for the third
quarter of 2017. Adjusted EBITDA was $(8.9) million for the third
quarter of 2018 compared to $(7.6) million for the second quarter
of 2018 and $(1.2) million for the third quarter of 2017. Both
adjusted gross loss and adjusted EBITDA in the third quarter of
2018 were negatively impacted by less favorable pricing when taking
into account the fixed costs involved in our projects. Adjusted
gross (loss) profit and adjusted EBITDA are non–GAAP financial
measures and are described in the attached tables under “Non–GAAP
Measures.”
For the third quarter of 2018, SAE reported a
net loss of $25.3 million, or $27.80 basic and diluted loss per
share, compared to a net loss of $33.3 million, or $44.90 basic and
diluted loss per share for the second quarter of 2018. For the
third quarter of 2017, SAE reported a net loss of $13.8 million, or
$29.30 basic and diluted loss per share.
As of September 30, 2018, cash and cash
equivalents totaled $20.3 million, working capital was $14.1
million, total debt at face value, excluding net unamortized
premiums or discounts, was $111.0 million, and total stockholders’
equity was $37.6 million.
Capital expenditures for the third quarter of
2018 were $0.3 million compared to $0.1 million in the third
quarter of 2017. The low level of capital expenditures in both
periods was primarily due to the continuation of unfavorable
conditions in the oil and natural gas industry.
As of September 30, 2018, SAE’s backlog was
$173.2 million and bids outstanding totaled $383.7 million. Please
note, however, this backlog includes the recently contracted $100.0
million ocean-bottom marine project award, of which approximately
70% of the revenues are expected to be third-party pass-through
revenues at cost. Approximately 98% of the backlog is comprised of
data acquisition projects and the remainder is comprised of data
processing projects. Additionally, approximately 41% of the data
acquisition projects are located in North America, split primarily
between Alaska and the Lower 48, with the balance attributable to
projects in Asia. SAE currently expects to complete approximately
31% of the projects in its backlog as of September 30, 2018 during
the fourth quarter of 2018, with the remainder scheduled to be
performed during 2019. The estimations of realization from SAE’s
backlog can be impacted by a number of factors, however, including
deteriorating industry conditions, customer delays or
cancellations, permitting or project delays and environmental
conditions.
Investor Conference Call
SAE will host a conference call on Tuesday,
November 13, 2018 at 10:00 a.m. Eastern Time to discuss its
unaudited consolidated financial results for the third quarter
ended September 30, 2018. Participants can access the conference
call by dialing (855) 433-0934 (toll-free) or (484) 756-4291
(toll). SAE will also offer a live webcast of the conference call
on the Investors section of its website at
www.saexploration.com.
To listen live via the company’s website, please
go to the website at least 15 minutes prior to the start of the
call to register and download any necessary audio software. A
replay of the webcast for the conference call will be archived on
the company’s website and can be accessed by visiting the Investors
section of SAE’s website.
About SAExploration Holdings,
Inc.
SAE is an internationally-focused oilfield
services company offering a full range of vertically-integrated
seismic data acquisition and logistical support services in remote
and complex environments throughout Alaska, Canada, South America,
Southeast Asia and West Africa. In addition to the acquisition of
2D, 3D, time-lapse 4D and multi-component seismic data on land, in
transition zones and offshore in depths reaching 3,000 meters, SAE
offers a full suite of logistical support and data processing
services, such as program design, planning and permitting, camp
services and infrastructure, surveying, drilling, environmental
assessment and reclamation and community relations. SAE operates
crews around the world, performing major projects for its blue-chip
customer base, which includes major integrated oil companies,
national oil companies and large independent oil and gas
exploration companies. Operations are supported through a
multi-national presence in Houston, Alaska, Canada, Peru, Colombia,
Bolivia, Australia and Singapore. For more information, please
visit SAE’s website at www.saexploration.com.
The information in SAE’s website is not, and
shall not be deemed to be, a part of this notice or incorporated in
filings SAE makes with the Securities and Exchange
Commission.
Forward–Looking Statements
This press release contains certain
"forward–looking statements" within the meaning of the U.S. federal
securities laws with respect to SAE. These statements can be
identified by the use of words or phrases such as “expects,”
“estimates,” “projects,” “budgets,” “forecasts,” “anticipates,”
“intends,” “plans,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions. These
forward–looking statements include statements regarding SAE's
financial condition, results of operations and business and SAE's
expectations or beliefs concerning future periods and possible
future events. These statements are subject to significant known
and unknown risks and uncertainties that could cause actual results
to differ materially from those stated in, and implied by, this
press release. Risks and uncertainties that could cause actual
results to vary materially from SAE’s expectations are described
under “Risk Factors” and “Cautionary Note Regarding Forward-Looking
Statements” in SAE’s filings with the Securities and Exchange
Commission. Except as required by applicable law, SAE is not under
any obligation to, and expressly disclaims any obligation to,
update or alter its forward looking statements, whether as a result
of new information, future events, changes in assumptions or
otherwise.
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share
amounts) |
(Unaudited) |
|
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
Revenue from
services |
|
$ |
15,003 |
|
|
$ |
22,452 |
|
|
$ |
69,009 |
|
|
$ |
122,180 |
|
Cost of services |
|
|
16,085 |
|
|
|
18,172 |
|
|
|
61,800 |
|
|
|
87,575 |
|
Depreciation and
amortization expense |
|
|
2,951 |
|
|
|
2,809 |
|
|
|
7,667 |
|
|
|
9,007 |
|
Gross (loss)
profit |
|
|
(4,033 |
) |
|
|
1,471 |
|
|
|
(458 |
) |
|
|
25,598 |
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
14,858 |
|
|
|
6,005 |
|
|
|
46,998 |
|
|
|
18,880 |
|
|
|
|
|
|
|
|
|
|
Operating (loss)
income |
|
|
(18,891 |
) |
|
|
(4,534 |
) |
|
|
(47,456 |
) |
|
|
6,718 |
|
|
|
|
|
|
|
|
|
|
Other (expense) income,
net: |
|
|
|
|
|
|
|
|
Interest
expense, net |
|
|
(4,738 |
) |
|
|
(7,496 |
) |
|
|
(10,225 |
) |
|
|
(24,415 |
) |
Costs
incurred on debt restructuring |
|
|
– |
|
|
|
(208 |
) |
|
|
– |
|
|
|
(208 |
) |
Foreign
exchange (loss) gain, net |
|
|
(331 |
) |
|
|
341 |
|
|
|
(2,510 |
) |
|
|
(695 |
) |
Other
income (expense), net |
|
|
27 |
|
|
|
2 |
|
|
|
181 |
|
|
|
(83 |
) |
Total
other expense, net |
|
|
(5,042 |
) |
|
|
(7,361 |
) |
|
|
(12,554 |
) |
|
|
(25,401 |
) |
|
|
|
|
|
|
|
|
|
Loss before income
taxes |
|
|
(23,933 |
) |
|
|
(11,895 |
) |
|
|
(60,010 |
) |
|
|
(18,683 |
) |
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
1,364 |
|
|
|
1,950 |
|
|
|
107 |
|
|
|
4,175 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(25,297 |
) |
|
|
(13,845 |
) |
|
|
(60,117 |
) |
|
|
(22,858 |
) |
|
|
|
|
|
|
|
|
|
Less: net income (loss)
attributable to noncontrolling interest |
|
|
10 |
|
|
|
(75 |
) |
|
|
904 |
|
|
|
1,972 |
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to SAExploration |
|
$ |
(25,307 |
) |
|
$ |
(13,770 |
) |
|
$ |
(61,021 |
) |
|
$ |
(24,830 |
) |
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per common share |
|
$ |
(27.80 |
) |
|
$ |
(29.30 |
) |
|
$ |
(141.82 |
) |
|
$ |
(52.94 |
) |
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding (basic and diluted) |
|
|
1,120 |
|
|
|
470 |
|
|
|
804 |
|
|
|
469 |
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands, except number of
shares) |
|
|
|
September
30,2018 |
|
December 31,2017 |
ASSETS |
|
(Unaudited) |
|
|
Current assets: |
|
|
|
|
Cash and cash
equivalents |
|
$ |
20,341 |
|
|
$ |
3,613 |
|
Restricted cash |
|
|
– |
|
|
|
41 |
|
Accounts
receivable, net |
|
|
19,165 |
|
|
|
6,105 |
|
Deferred
costs on contracts |
|
|
448 |
|
|
|
2,107 |
|
Prepaid
expenses and other current assets |
|
|
3,164 |
|
|
|
6,395 |
|
Total
current assets |
|
|
43,118 |
|
|
|
18,261 |
|
|
|
|
|
|
Property and equipment,
net of accumulated depreciation of $79,336 and $72,649,
respectively |
|
|
38,080 |
|
|
|
32,946 |
|
Goodwill |
|
|
1,782 |
|
|
|
1,832 |
|
Intangible assets, net
of accumulated amortization of $807 and $732, respectively |
|
|
4,182 |
|
|
|
671 |
|
Long–term accounts
receivable, net |
|
|
59,117 |
|
|
|
78,102 |
|
Deferred income
taxes |
|
|
4,914 |
|
|
|
4,592 |
|
Other assets |
|
|
3,242 |
|
|
|
5,534 |
|
Total assets |
|
$ |
154,435 |
|
|
$ |
141,938 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT) |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
7,594 |
|
|
$ |
4,551 |
|
Accrued
liabilities |
|
|
6,891 |
|
|
|
6,311 |
|
Income
and other taxes payable |
|
|
5,581 |
|
|
|
7,887 |
|
Current
portion of long–term debt |
|
|
6,954 |
|
|
|
995 |
|
Deferred
revenue |
|
|
2,043 |
|
|
|
1,477 |
|
Total
current liabilities |
|
|
29,063 |
|
|
|
21,221 |
|
|
|
|
|
|
Long–term debt,
net |
|
|
87,349 |
|
|
|
120,298 |
|
Other long–term
liabilities |
|
|
381 |
|
|
|
608 |
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
Common
stock, 1,747,990 and 471,177 shares outstanding, respectively |
|
|
– |
|
|
|
– |
|
Additional paid-in capital |
|
|
231,644 |
|
|
|
133,742 |
|
Accumulated deficit |
|
|
(194,033 |
) |
|
|
(133,306 |
) |
Accumulated other comprehensive loss |
|
|
(3,077 |
) |
|
|
(5,082 |
) |
Treasury
stock, at cost, 111,003 and 1,901 shares outstanding,
respectively |
|
|
(1,866 |
) |
|
|
(113 |
) |
Total
stockholders’ equity (deficit) attributable to SAExploration |
|
|
32,668 |
|
|
|
(4,759 |
) |
Noncontrolling interest |
|
|
4,974 |
|
|
|
4,570 |
|
Total
stockholders’ equity (deficit) |
|
|
37,642 |
|
|
|
(189 |
) |
Total liabilities and
stockholders’ equity (deficit) |
|
$ |
154,435 |
|
|
$ |
141,938 |
|
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE (LOSS) INCOME |
(In thousands) |
(Unaudited) |
|
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(25,297 |
) |
|
$ |
(13,845 |
) |
|
$ |
(60,117 |
) |
|
$ |
(22,858 |
) |
Other comprehensive
income (loss): |
|
|
|
|
|
|
|
|
Foreign
currency translation adjustment |
|
|
192 |
|
|
|
(362 |
) |
|
|
2,005 |
|
|
|
(434 |
) |
Comprehensive loss |
|
|
(25,105 |
) |
|
|
(14,207 |
) |
|
|
(58,112 |
) |
|
|
(23,292 |
) |
Less: comprehensive
income (loss) attributable to noncontrolling interest |
|
|
10 |
|
|
|
(75 |
) |
|
|
904 |
|
|
|
1,972 |
|
Comprehensive loss
attributable to SAExploration |
|
$ |
(25,115 |
) |
|
$ |
(14,132 |
) |
|
$ |
(59,016 |
) |
|
$ |
(25,264 |
) |
REVENUE FROM SERVICES BY REGION |
(In thousands) |
(Unaudited) |
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
12,556 |
|
83.7 |
% |
|
$ |
2,723 |
|
12.1 |
% |
|
$ |
44,995 |
|
65.2 |
% |
|
$ |
50,518 |
|
41.3 |
% |
South America |
|
|
1,525 |
|
10.2 |
% |
|
|
19,729 |
|
87.9 |
% |
|
|
23,092 |
|
33.5 |
% |
|
|
32,224 |
|
26.4 |
% |
Southeast Asia |
|
|
714 |
|
4.7 |
% |
|
|
– |
|
0.0 |
% |
|
|
714 |
|
1.0 |
% |
|
|
4,266 |
|
3.5 |
% |
West Africa |
|
|
– |
|
– |
% |
|
|
– |
|
0.0 |
% |
|
|
– |
|
– |
% |
|
|
35,172 |
|
28.8 |
% |
Other |
|
|
208 |
|
1.4 |
% |
|
|
|
|
|
|
208 |
|
0.3 |
% |
|
|
|
|
Total |
|
$ |
15,003 |
|
100.0 |
% |
|
$ |
22,452 |
|
100.0 |
% |
|
$ |
69,009 |
|
100.0 |
% |
|
$ |
122,180 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non–GAAP Measures
We define Adjusted EBITDA as net loss plus
interest expense, income taxes, depreciation and amortization,
provision for doubtful accounts, non–cash equity–based
compensation, (gain) loss on disposal of property and equipment,
foreign exchange loss (gain), (gain) on extinguishment of long-term
debt, costs incurred on debt restructuring, and certain
non–recurring expenses. Adjusted Gross (Loss) Profit is defined as
gross (loss) profit plus depreciation and amortization expense
related to cost of services.
Adjusted EBITDA is used by our management as a
supplemental financial measure to assess: (i) the financial
performance of our assets without regard to financing methods,
capital structures, taxes, historical cost basis or non-recurring
expenses; (ii) our liquidity and operating performance over time in
relation to other companies that own similar assets and calculate
Adjusted EBITDA in a similar manner; and (iii) the ability of our
assets to generate cash sufficient to pay potential interest cost.
We consider Adjusted EBITDA as presented below to be the primary
measure of period–over–period changes in our operational cash flow
performance.
Our management uses Adjusted Gross (Loss) Profit
as a substantial financial measure to assess the cost management
and performance of our projects. Within the seismic data services
industry, gross profit is presented both with and without
depreciation and amortization expense on equipment used in
operations and, therefore, we also use this measure to assess our
performance over time in relation to other companies that own
similar assets and calculate gross profit in the same manner.
Adjusted EBITDA and Adjusted Gross (Loss) Profit
are not defined under GAAP, and we acknowledge that these are not
measures of operating income, operating performance or liquidity
presented in accordance with GAAP. When assessing our operating
performance or liquidity, investors and others should not consider
this data in isolation or as a substitute for any other measure of
financial performance or liquidity presented in accordance with
GAAP. In addition, our calculations of Adjusted EBITDA and Adjusted
Gross (Loss) Profit may not be comparable to EBITDA, gross profit
or other similarly titled measures utilized by other companies
since such other companies may not calculate EBITDA, gross profit
or similarly titled measures in the same manner. Further, the
results presented by Adjusted EBITDA and Adjusted Gross (Loss)
Profit cannot be achieved without incurring the costs that the
measure excludes.
|
Reconciliation of Net Loss to Adjusted
EBITDA |
($ in thousands) |
(Unaudited) |
|
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(25,297 |
) |
|
$ |
(13,845 |
) |
|
$ |
(60,117 |
) |
|
$ |
(22,858 |
) |
Interest expense,
net |
|
|
4,738 |
|
|
|
7,496 |
|
|
|
10,225 |
|
|
|
24,415 |
|
Income taxes |
|
|
1,364 |
|
|
|
1,950 |
|
|
|
107 |
|
|
|
4,175 |
|
Depreciation and
amortization expense (1) |
|
|
3,092 |
|
|
|
2,900 |
|
|
|
7,960 |
|
|
|
9,300 |
|
Provision for doubtful
accounts |
|
|
– |
|
|
|
– |
|
|
|
19,120 |
|
|
|
– |
|
Non–cash equity–based
compensation |
|
|
6,473 |
|
|
|
384 |
|
|
|
9,114 |
|
|
|
1,649 |
|
(Gain) loss on disposal
of property and equipment, net |
|
|
(130 |
) |
|
|
12 |
|
|
|
(315 |
) |
|
|
(71 |
) |
Foreign exchange loss
(gain), net (2) |
|
|
331 |
|
|
|
(341 |
) |
|
|
2,510 |
|
|
|
695 |
|
Gain on extinguishment
of long–term debt |
|
|
– |
|
|
|
– |
|
|
|
(53 |
) |
|
|
– |
|
Costs incurred on debt
restructuring |
|
|
– |
|
|
|
208 |
|
|
|
– |
|
|
|
208 |
|
Non–recurring expenses
(3)(4) |
|
|
538 |
|
|
|
81 |
|
|
|
974 |
|
|
|
261 |
|
Adjusted EBITDA |
|
$ |
(8,891 |
) |
|
$ |
(1,155 |
) |
|
$ |
(10,475 |
) |
|
$ |
17,774 |
|
|
(1) Additional depreciation and amortization
expense not related to cost of services was $141 and $91 for the
three months ended September 30, 2018 and 2017, respectively, and
$293 for both the nine months ended September 30, 2018 and
2017 |
|
(2) Includes both realized and unrealized foreign
exchange transactions |
|
(3) In 2018, consists of various non–operating
expenses incurred at the corporate location. |
|
(4) In 2017, consists of severance payments
incurred in Peru and Alaska and various non–operating expenses
incurred at the corporate location |
Reconciliation of Gross (Loss) Profit to
Adjusted Gross (Loss) Profit |
($ in thousands) |
(Unaudited) |
|
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
Gross (loss) profit as
presented |
|
$ |
(4,033 |
) |
|
$ |
1,471 |
|
|
$ |
(458 |
) |
|
$ |
25,598 |
|
Depreciation and
amortization expense (1) |
|
|
2,951 |
|
|
|
2,809 |
|
|
|
7,667 |
|
|
|
9,007 |
|
Adjusted gross (loss)
profit |
|
$ |
(1,082 |
) |
|
$ |
4,280 |
|
|
$ |
7,209 |
|
|
$ |
34,605 |
|
|
(1) Depreciation and amortization on equipment
used in operations |
|
Contact
SAExploration Holdings, Inc.
Ryan Abney
Vice President, Finance
(281) 258-4400
rabney@saexploration.com
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