SAExploration Holdings, Inc. (NASDAQ: SAEX, OTCQB:
SXPLW) today announced its consolidated financial results
for the fourth quarter (“Q4”) and fiscal year ended December 31,
2018.
Fourth Quarter 2018 Summary
- Revenue of $25.6 million, a 428.6% increase from $4.8
million in Q4 2017
- Gross loss of $2.1 million, or (8.3)% of revenues,
compared to a gross loss of $3.5 million, or (72.9)% of revenues,
in Q4 2017
- Adjusted gross profit, a non-GAAP measure, of $1.3
million, or 5.2% of revenues, compared to an adjusted gross loss of
$0.8 million, or (16.8)% of revenues, in Q4 2017
- Net loss attributable to SAExploration of $22.6
million, compared to a net loss attributable to SAExploration of
$15.9 million in Q4 2017
- Adjusted EBITDA, a non-GAAP measure, of $(8.0) million,
compared to $(6.8) million in Q4 2017
- Contracted backlog as of December 31, 2018 of $184.9
million, which does not include recently announced $60.0 million of
new projects, and $570.7 million of bids outstanding as of the same
date
Jeff Hastings, Chairman and CEO of SAE,
commented, “This past year was a dichotomy of extremes. On one
hand, we experienced our lowest level of revenue generation since
before 2011 when SAE first expanded from South America into North
America. On the other hand, we successfully identified and closed
what will likely be some of the more meaningful strategic
transactions this company will undertake. While we cannot control
variables such as commodity prices or exploration activity, I am
very proud of our ability to remain disciplined during a very
difficult period. Specifically, I’m encouraged by our focus on
positioning the company in the best possible way to capture
meaningful value when the cycle turns. We believe the underlying
fundamentals of our industry remain strong for the long-term. While
our customers have spent the last few years adjusting their asset
portfolios and investment strategies, we believe most of the major
oil and gas companies that underpin our global markets have found a
profitable formula at today’s commodity prices. The service we
provide to the oil and gas industry is very important to minimizing
risks, creating meaningful incremental value during cyclical
periods where efficiency gains and cost reductions at the wellhead
are ever more important.”
Mr. Hastings continued, “We are encouraged by
certain signals pointing towards a return to growth in activity in
certain markets. The ocean-bottom marine market continues to be a
bright spot for the seismic industry. We are currently performing a
large ocean-bottom marine project in India and a second in the
Middle East. Additionally, we recently announced another
ocean-bottom marine project in the Asia Pacific region. We expect
to complete these projects during the middle part of this
year. Additionally, we are optimistic that we will be successful in
converting new ocean-bottom marine opportunities to signed
contracts in the near future as the demand for ocean-bottom seismic
remains robust globally. A silver lining from last year was the
level of activity we experienced during the fourth quarter, which
was relatively higher than what we typically see during this
period, due to the Lower 48 operations we were able to build from
the Geokinetics asset acquisition. Despite our Lower 48 crews
encountering numerous weather delays, which negatively impacted our
margins during the fourth quarter of 2018, we hope the somewhat
steadier and more predictable activity levels in the Lower 48 will
give us the ability to offset the more unpredictable and lumpy
seasonal utilization levels from our international markets.”
Mr. Hastings concluded, “With a steadily
improving backlog and a healthy bidding landscape, together
with two full crews running on the North Slope as we speak,
ocean-bottom marine crews in Asia and the Middle East, and an
average of three to four crews targeting multiple
unconventional-focused resource plays in the Lower 48, we expect
meaningfully improved results during the first half of 2019 and
improved visibility on the second half of the year as well. We also
plan to continue to refine our integrated cost structure to
maximize efficiencies from the Geokinetics asset acquisition. Part
of this strategy may include selective asset sales while also
combining high-utilization assets with compatible opportunities in
our current backlog so that we achieve incremental value and cash
flow from a reduction in rental costs. 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 allow us to achieve our
goal of leveraging SAE’s outstanding operational record to become a
market leader in seismic data acquisition and processing services
worldwide.”
Fourth Quarter 2018 Results
SAE reported revenues of $25.6 million for the
fourth quarter of 2018, a 70.6% increase from the third quarter of
2018 and a 428.6% increase from the fourth quarter of 2017.
The increase from both the third quarter of 2018 and the fourth
quarter of 2017 was due to an increase in the number of projects in
North America offset by fewer projects in Colombia.
SAE reported adjusted gross profit of $1.3
million for the fourth quarter of 2018 compared to adjusted gross
loss of $1.1 million for the third quarter of 2018 and adjusted
gross loss of $0.8 million for the fourth quarter of 2017.
Adjusted EBITDA was $(8.0) million for the fourth quarter of 2018
compared to $(8.9) million for the third quarter of 2018 and $(6.8)
million for the fourth quarter of 2017. Both adjusted gross
profit and adjusted EBITDA in the fourth quarter of 2018 were
negatively impacted by less favorable pricing when taking into
account the fixed costs involved in SAE’s projects. Adjusted
gross profit (loss) and adjusted EBITDA are non–GAAP financial
measures and are described in the attached tables under “Non–GAAP
Measures.”
For the fourth quarter of 2018, SAE reported a
net loss of $22.6 million, or $7.75 basic and diluted loss per
share, compared to a net loss of $25.3 million, or $27.80 basic and
diluted loss per share for the third quarter of 2018. For the
fourth quarter of 2017, SAE reported a net loss of $15.9 million,
or $33.81 basic and diluted loss per share.
Capital expenditures for the fourth quarter of
2018 were $0.2 million compared to $0.3 million in the fourth
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.
Fiscal Year 2018 Results
SAE reported revenues of $94.6 million for 2018,
a 25.5% decrease from 2017. The decrease from 2017 was due to
fewer projects in South America, primarily Colombia, and no
projects in West Africa, partially offset by more projects in North
America, primarily in Canada and the Lower 48.
SAE reported adjusted gross profit of $8.5
million for 2018 compared to adjusted gross profit of $33.8 million
for 2017. Adjusted EBITDA was $(18.5) million for 2018
compared to $11.0 million for 2017. Both adjusted gross
profit and adjusted EBITDA in 2018 were negatively impacted by less
favorable pricing when taking into account the fixed costs involved
in SAE’s projects. Adjusted gross profit and adjusted EBITDA
are non–GAAP financial measures and are described in the attached
tables under “Non–GAAP Measures.”
For 2018, SAE reported a net loss of $82.7
million, or $102.25 basic and diluted loss per share, compared to a
net loss of $38.8 million, or $86.90 basic and diluted loss per
share for 2017.
As of December 31, 2018, cash and cash
equivalents totaled $7.2 million, working capital was $2.8 million,
total debt at face value, excluding net unamortized premiums or
discounts, was $108.3 million, and total stockholders’ equity was
$15.4 million.
Capital expenditures for the 2018 were $1.3
million compared to $2.7 million in 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 December 31, 2018, SAE’s backlog was
$184.9 million, which does not include the recently announced $60.0
million of new projects in Alaska and the Asia Pacific region. On
the same date, SAE’s bids outstanding totaled $570.7 million.
Approximately 99% of the backlog is comprised of data acquisition
projects and the remainder is comprised of data processing
projects. Additionally, approximately 48% of the data
acquisition projects are located in North America, with the balance
attributable to ocean-bottom marine projects in the Asia Pacific
region and the Middle East. SAE currently expects to complete
substantially all of the projects in its backlog as of December 31,
2018 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,
March 26, 2019 at 10:00 a.m. Eastern Time to discuss its
consolidated financial results for the fourth quarter and fiscal
year ended December 31, 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 a full–service global provider of seismic
data acquisition, logistical support, processing and integrated
reservoir geosciences services throughout North America, South
America, Asia Pacific 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 data processing and
interpretation services utilizing its proprietary, patent-protected
software, and also provides in-house logistical support 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.
With its global headquarters in Houston, Texas, SAE supports its
operations through a multi-national presence in the United States,
United Kingdom, Canada, Peru, Colombia, Bolivia, Malaysia,
Singapore, and Australia. 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)
|
|
Three Months EndedDecember
31, |
|
Year EndedDecember
31, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
Revenue from
services |
|
$ |
25,595 |
|
|
$ |
4,842 |
|
|
$ |
94,604 |
|
|
$ |
127,022 |
|
Cost of services |
|
|
24,265 |
|
|
|
5,654 |
|
|
|
86,065 |
|
|
|
93,229 |
|
Depreciation and
amortization expense |
|
|
3,444 |
|
|
|
2,718 |
|
|
|
11,111 |
|
|
|
11,725 |
|
Gross (loss)
profit |
|
|
(2,114 |
) |
|
|
(3,530 |
) |
|
|
(2,572 |
) |
|
|
22,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
12,935 |
|
|
|
6,716 |
|
|
|
59,933 |
|
|
|
25,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(15,049 |
) |
|
|
(10,246 |
) |
|
|
(62,505 |
) |
|
|
(3,528 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income,
net: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
|
(3,633 |
) |
|
|
(4,948 |
) |
|
|
(13,858 |
) |
|
|
(29,363 |
) |
Foreign
exchange loss, net |
|
|
(907 |
) |
|
|
(613 |
) |
|
|
(3,417 |
) |
|
|
(1,308 |
) |
Other
(expense) income, net |
|
|
(672 |
) |
|
|
19 |
|
|
|
(491 |
) |
|
|
(272 |
) |
Total
other expense, net |
|
|
(5,212 |
) |
|
|
(5,542 |
) |
|
|
(17,766 |
) |
|
|
(30,943 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes |
|
|
(20,261 |
) |
|
|
(15,788 |
) |
|
|
(80,271 |
) |
|
|
(34,471 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
2,317 |
|
|
|
138 |
|
|
|
2,424 |
|
|
|
4,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(22,578 |
) |
|
|
(15,926 |
) |
|
|
(82,695 |
) |
|
|
(38,784 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: net income
attributable to noncontrolling interest |
|
|
1 |
|
|
|
– |
|
|
|
905 |
|
|
|
1,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to SAExploration |
|
$ |
(22,579 |
) |
|
$ |
(15,926 |
) |
|
$ |
(83,600 |
) |
|
$ |
(40,756 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per common share |
|
$ |
(7.75 |
) |
|
$ |
(33.81 |
) |
|
$ |
(102.25 |
) |
|
$ |
(86.90 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding (basic and diluted) |
|
|
2,915 |
|
|
|
471 |
|
|
|
1,336 |
|
|
|
469 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (In
thousands, except number of shares)
|
|
December 31,2018 |
|
December 31,2017 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash
equivalents |
|
$ |
7,192 |
|
|
$ |
3,613 |
|
Restricted cash |
|
|
271 |
|
|
|
41 |
|
Accounts
receivable, net |
|
|
24,859 |
|
|
|
6,105 |
|
Deferred
costs on contracts |
|
|
3,717 |
|
|
|
1,780 |
|
Prepaid
expenses and other current assets |
|
|
2,813 |
|
|
|
6,722 |
|
Total
current assets |
|
|
38,852 |
|
|
|
18,261 |
|
|
|
|
|
|
Property and equipment,
net of accumulated depreciation of $81,904 and $72,649,
respectively |
|
|
35,334 |
|
|
|
32,946 |
|
Goodwill |
|
|
1,687 |
|
|
|
1,832 |
|
Intangible assets, net
of accumulated amortization of $932 and $732, respectively |
|
|
4,066 |
|
|
|
671 |
|
Long–term accounts
receivable, net |
|
|
52,804 |
|
|
|
78,102 |
|
Deferred income
taxes |
|
|
2,015 |
|
|
|
4,592 |
|
Other assets |
|
|
2,715 |
|
|
|
5,534 |
|
Total assets |
|
$ |
137,473 |
|
|
$ |
141,938 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT) |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
10,103 |
|
|
$ |
4,551 |
|
Accrued
liabilities |
|
|
10,498 |
|
|
|
6,311 |
|
Income
and other taxes payable |
|
|
3,331 |
|
|
|
7,887 |
|
Current
portion of long–term debt |
|
|
7,837 |
|
|
|
995 |
|
Deferred
revenue |
|
|
4,298 |
|
|
|
1,477 |
|
Total
current liabilities |
|
|
36,067 |
|
|
|
21,221 |
|
|
|
|
|
|
Long–term debt,
net |
|
|
85,653 |
|
|
|
120,298 |
|
Other long–term
liabilities |
|
|
380 |
|
|
|
608 |
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
Common
stock, 3,100,496 and 471,177 shares outstanding, respectively |
|
|
– |
|
|
|
– |
|
Additional paid-in capital |
|
|
232,661 |
|
|
|
133,742 |
|
Accumulated deficit |
|
|
(216,612 |
) |
|
|
(133,306 |
) |
Accumulated other comprehensive loss |
|
|
(3,035 |
) |
|
|
(5,082 |
) |
Treasury
stock, at cost, 111,245 and 1,901 shares outstanding,
respectively |
|
|
(1,866 |
) |
|
|
(113 |
) |
Total
stockholders’ equity (deficit) attributable to SAExploration |
|
|
11,148 |
|
|
|
(4,759 |
) |
Noncontrolling interest |
|
|
4,225 |
|
|
|
4,570 |
|
Total
stockholders’ equity (deficit) |
|
|
15,373 |
|
|
|
(189 |
) |
Total liabilities and
stockholders’ equity (deficit) |
|
$ |
137,473 |
|
|
$ |
141,938 |
|
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS(In thousands)
|
|
Three Months EndedDecember
31, |
|
Fiscal Years EndedDecember
31, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
Net loss |
|
$ |
(22,578 |
) |
|
$ |
(15,926 |
) |
|
$ |
(82,695 |
) |
|
$ |
(38,784 |
) |
Other comprehensive
income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment |
|
|
42 |
|
|
|
174 |
|
|
|
2,047 |
|
|
|
(260 |
) |
Comprehensive loss |
|
|
(22,536 |
) |
|
|
(15,752 |
) |
|
|
(80,648 |
) |
|
|
(39,044 |
) |
Less: comprehensive
income attributable to noncontrolling interest |
|
|
1 |
|
|
|
– |
|
|
|
905 |
|
|
|
1,972 |
|
Comprehensive loss
attributable to SAExploration |
|
$ |
(22,537 |
) |
|
$ |
(15,752 |
) |
|
$ |
(81,553 |
) |
|
$ |
(41,016 |
) |
REVENUE FROM SERVICES BY
REGION(In thousands)
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2018 |
|
% |
|
2017 |
|
|
% |
|
2018 |
|
% |
|
2017 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
21,472 |
|
83.9 |
% |
|
$ |
4,445 |
|
|
91.8 |
% |
|
$ |
66,467 |
|
70.3 |
% |
|
$ |
54,963 |
|
43.3 |
% |
South America |
|
|
232 |
|
0.9 |
% |
|
|
448 |
|
|
9.3 |
% |
|
|
23,324 |
|
24.7 |
% |
|
|
32,672 |
|
25.7 |
% |
Asia Pacific |
|
|
3,891 |
|
15.2 |
% |
|
|
— |
|
|
— |
|
|
|
4,813 |
|
5.0 |
% |
|
|
4,266 |
|
3.4 |
% |
West Africa |
|
|
— |
|
— |
|
|
|
(51 |
) |
|
-1.1 |
% |
|
|
— |
|
— |
|
|
|
35,121 |
|
27.6 |
% |
Total |
|
$ |
25,595 |
|
100.0 |
% |
|
$ |
4,842 |
|
|
100.0 |
% |
|
$ |
94,604 |
|
100.0 |
% |
|
$ |
127,022 |
|
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, loss (gain) on disposal of property and equipment,
foreign exchange loss (gain), (gain) on extinguishment of long-term
debt, and certain non–recurring expenses. Adjusted Gross
Profit (Loss) 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 Profit (Loss)
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 Profit (Loss)
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 Profit (Loss) may not be
comparable to EBITDA, gross (loss) profit or other similarly titled
measures utilized by other companies since such other companies may
not calculate EBITDA, gross (loss) profit or similarly titled
measures in the same manner. Further, the results presented
by Adjusted EBITDA and Adjusted Gross Profit (Loss) cannot be
achieved without incurring the costs that the measure excludes.
Unaudited Reconciliation of Net Loss to
Non-GAAP Adjusted EBITDA(In
thousands)
|
|
Three Months EndedDecember
31, |
|
Year EndedDecember
31, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(22,578 |
) |
|
$ |
(15,926 |
) |
|
$ |
(82,695 |
) |
|
$ |
(38,784 |
) |
Interest expense,
net |
|
|
3,633 |
|
|
|
4,948 |
|
|
|
13,858 |
|
|
|
29,363 |
|
Income taxes |
|
|
2,317 |
|
|
|
138 |
|
|
|
2,424 |
|
|
|
4,313 |
|
Depreciation and
amortization expense (1) |
|
|
3,604 |
|
|
|
2,799 |
|
|
|
11,564 |
|
|
|
12,099 |
|
Provision for doubtful
accounts |
|
|
402 |
|
|
|
– |
|
|
|
19,522 |
|
|
|
– |
|
Non–cash equity–based
compensation |
|
|
1,016 |
|
|
|
276 |
|
|
|
10,131 |
|
|
|
1,925 |
|
Loss (gain) on disposal
of property and equipment, net |
|
|
623 |
|
|
|
(30 |
) |
|
|
308 |
|
|
|
(101 |
) |
Foreign exchange loss
(gain), net (2) |
|
|
907 |
|
|
|
613 |
|
|
|
3,417 |
|
|
|
1,308 |
|
Gain on extinguishment
of long–term debt |
|
|
– |
|
|
|
– |
|
|
|
(53 |
) |
|
|
– |
|
Non–recurring expenses
(3)(4) |
|
|
2,035 |
|
|
|
363 |
|
|
|
3,009 |
|
|
|
832 |
|
Adjusted EBITDA |
|
$ |
(8,041 |
) |
|
$ |
(6,819 |
) |
|
$ |
(18,515 |
) |
|
$ |
10,955 |
|
(1) |
Additional depreciation
and amortization expense not related to cost of services was $160
and $81 for the three months ended December 31, 2018 and 2017,
respectively, and $453 and $374 for the fiscal years ended December
31, 2018 and 2017, respectively |
|
|
(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 |
|
|
Unaudited Reconciliation of Gross (Loss)
Profit to Non-GAAP Adjusted Gross Profit (Loss)(In
thousands)
|
|
Three Months EndedDecember
31, |
|
Year EndedDecember
31, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
Gross (loss) profit as
presented |
|
$ |
(2,114 |
) |
|
$ |
(3,530 |
) |
|
$ |
(2,572 |
) |
|
$ |
22,068 |
Depreciation and
amortization expense (1) |
|
|
3,444 |
|
|
|
2,718 |
|
|
|
11,111 |
|
|
|
11,725 |
Adjusted gross profit
(loss) |
|
$ |
1,330 |
|
|
$ |
(812 |
) |
|
$ |
8,539 |
|
|
$ |
33,793 |
(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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