SAExploration Holdings, Inc. (SAEX) saw its loss widen to $17.41 million, or $2.62 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.11 million, or $0.93 a share. Revenue during the quarter plunged 43.06 percent to $32.99 million from $57.94 million in the previous year period. Gross margin for the quarter contracted 1956 basis points over the previous year period to 4.17 percent. Operating margin for the quarter stood at negative 16.80 percent as compared to a positive 8.55 percent for the previous year period.
Operating loss for the quarter was $5.54 million, compared with an operating income of $4.95 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $0.35 million compared with $10.51 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 1.06 percent for the quarter compared to 18.14 percent in the last year period.
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 experienced in the fourth quarter of last year, we are optimistic that SAE has entered its trough and activity should begin to improve in 2017."
Working capital declines
SAExploration Holdings, Inc. has witnessed a decline in the working capital over the last year. It stood at $35.07 million as at Sep. 30, 2016, down 21.59 percent or $9.66 million from $44.73 million on Sep. 30, 2015. Current ratio was at 1.60 as on Sep. 30, 2016, down from 1.97 on Sep. 30, 2015. Days sales outstanding went up to 182 days for the quarter compared with 96 days for the same period last year.
At the same time, days payable outstanding went up to 59 days for the quarter from 56 for the same period last year.
Debt comes down
SAExploration Holdings, Inc. has recorded a decline in total debt over the last one year. It stood at $106.63 million as on Sep. 30, 2016, down 24.27 percent or $34.18 million from $140.81 million on Sep. 30, 2015. Total debt was 49.73 percent of total assets as on Sep. 30, 2016, compared with 80.87 percent on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
