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SAExploration Announces Second Quarter 2016 Financial Results

HOUSTON, Aug. 03, 2016 (GLOBE NEWSWIRE) -- SAExploration Holdings, Inc. (SAEX) (“SAE” or the “Company”) today announced its consolidated financial results for the second quarter (“Q2”) and six months (“1H”) ended June 30, 2016.

Second Quarter 2016 Summary

  • Revenue of $57.0 million, compared to $66.9 million in the same period last year
  • Revenue from projects excluding tax credit programs increased 1.6% to $49.2 million, up from $48.4 million in Q2 2015
  • Gross profit, excluding depreciation expense, of $20.5 million, compared to $21.0 million in Q2 2015
  • Gross margin, excluding depreciation expense, of 36.0%, up from 31.4% in Q2 2015
  • Income before taxes of $3.6 million, up 5.5% from $3.4 million last year
  • Reverse-split adjusted diluted EPS of $1.97, compared to $18.96 in Q2 2015
  • Adjusted EBITDA of $14.1 million, up 6.2% from $13.2 million in the same period last year
  • Adjusted EBITDA margin of 24.6%, up from 19.8% in Q2 2015
  • Contracted backlog of $86.5 million through 2017 and $383.4 million of bids outstanding
  • Secured $30.0 million in new capital, with $15.0 million drawn to-date
  • Successfully completed restructuring and recapitalization of balance sheet

Jeff Hastings, Chief Executive Officer of SAE, commented, “We are encouraged by the strong performance we continue to produce in this challenging environment. Our year-to-date results demonstrate our continuing focus on maximizing efficiencies throughout the organization. Our operational execution in the field remains well above historical levels. When considered in light of the extraordinary efforts recently completed to realign our capital structure and ensure our longevity, we are excited...