SAExploration Holdings, Inc (SAEX) has reported 51.93 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $6.84 million, or $0.73 a share in the quarter, compared with $14.24 million, or $110.08 a share for the same period last year. Revenue during the quarter dropped 4.42 percent to $86.17 million from $90.15 million in the previous year period. Gross margin for the quarter contracted 15 basis points over the previous year period to 29.18 percent. Total expenses were 78.38 percent of quarterly revenues, up from 78.15 percent for the same period last year. That has resulted in a contraction of 23 basis points in operating margin to 21.62 percent.
Operating income for the quarter was $18.63 million, compared with $19.70 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $22.72 million compared with $24.08 million in the prior year period. At the same time, adjusted EBITDA margin contracted 35 basis points in the quarter to 26.36 percent from 26.71 percent in the last year period.
Jeff Hastings, Chairman and Chief executive officer of SAE, commented, “We are very pleased with the performance and results we produced during the first quarter, specifically with our ability to maintain the excellent level of execution and efficiency demonstrated in the first quarters of 2016 and 2015. Activity in the first quarter held firm, supported by a seasonal project on the North Slope of Alaska, and the successful execution of a major deep water ocean-bottom nodal project in West Africa. This was done in the face of continued pressure throughout the industry and all of our geographic markets, as producers remain patient and diligent in their evaluation of capital spending plans.”
Working capital declines
SAExploration Holdings, Inc has witnessed a decline in the working capital over the last year. It stood at $44.76 million as at Mar. 31, 2017, down 21.13 percent or $11.99 million from $56.75 million on Mar. 31, 2016. Current ratio was at 1.52 as on Mar. 31, 2017, down from 1.72 on Mar. 31, 2016. Days sales outstanding went down to 86 days for the quarter compared with 93 days for the same period last year.
At the same time, days payable outstanding went down to 30 days for the quarter from 37 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 $118.82 million as on Mar. 31, 2017, down 18.96 percent or $27.80 million from $146.62 million on Mar. 31, 2016. Total debt was 54.73 percent of total assets as on Mar. 31, 2017, compared with 73.17 percent on Mar. 31, 2016. Interest coverage ratio deteriorated to 2.23 for the quarter from 4.89 for the same period last year. 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: [email protected]
