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SAExploration Announces Third Quarter 2016 Financial Results

HOUSTON, Nov. 03, 2016 (GLOBE NEWSWIRE) -- SAExploration Holdings, Inc. (SAEX) (“SAE” or the “Company”) today announced its consolidated financial results for the third quarter (“Q3”) and nine months ended September 30, 2016.

Third Quarter 2016 Summary

  • Revenue of $33.0 million, compared to $57.9 million in the same period last year
  • Gross profit of $1.4 million, or 4.2% of revenues, compared to $13.8 million, or 23.7% of revenues, in the same period last year
  • Adjusted gross profit of $5.5 million, or 16.7% of revenues, compared to $18.2 million, or 31.5% of revenues, in Q3 2015
  • Net loss attributable to the Corporation of $(17.4) million, compared to $(0.1) million in Q3 2015
  • Adjusted EBITDA of $(0.4) million, or (1.1)% of revenues, compared to $10.5 million, or 18.1% of revenues, in the same period last year
  • Contracted backlog of $67.5 million through 2017 and $502.7 million of bids outstanding
  • Received $24.4 million in Alaskan tax credit certificates, with another $60.5 million expected within next twelve months
  • Granted access to remaining $15.0 million of funding under $30.0 million Senior Term Loan Facility

Jeff Hastings, Chairman and Chief Executive Officer of SAE, commented, “While our third quarter results were challenged compared to our first half performance, we are encouraged with how SAE is positioned in this current market environment. Total revenues in the third quarter, excluding Alaska tax credit projects, increased to $32.7 million from $3.0 million in Q3 2015. Our execution in the field remains well above industry norms, and we continue to realize the positive impact of our previously implemented cost reduction initiatives. While we expect similar activity levels in the fourth quarter of 2016 to what we...


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