SAExploration Holdings (SAEX) saw its loss widen to $22.11 million, or $2.37 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $13.03 million, or $101.15 a share.
Revenue during the quarter grew 7.26 percent to $25.37 million from $23.65 million in the previous year period. Gross margin for the quarter period stood at positive 3.39 percent as compared to a negative 0.74 percent for the previous year period. Operating margin for the quarter stood at negative 47.52 percent as compared to a negative 37.80 percent for the previous year period.
Operating loss for the quarter was $12.06 million, compared with an operating loss of $8.94 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $2.13 million compared to negative $2.44 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 8.40 percent for the quarter compared to negative 10.34 percent in the last year period.
Jeff Hastings, Chairman and chief executive officer of SAE, commented, "This past year was another challenging period for the company and the industry. Pricing pressure and overcapacity, compounded by already significantly reduced customer activity from the prior year, created a difficult operating environment. However, our business is built on the ability to adapt to adversity. Despite the headwinds faced last year, our focused and disciplined strategy produced another strong year. The benefits of our approach were not only evident in our ability to meaningfully increase operating margins in 2015 amid an aggressive downturn, but also in our ability to substantially maintain these improved margins in 2016."
Working capital increases
SAExploration Holdings has recorded an increase in the working capital over the last year. It stood at $40.81 million as at Dec. 31, 2016, up 10.81 percent or $3.98 million from $36.83 million on Dec. 31, 2015. Current ratio was at 1.79 as on Dec. 31, 2016, up from 1.75 on Dec. 31, 2015.
Debt comes down
SAExploration Holdings has recorded a decline in total debt over the last one year. It stood at $117.96 million as on Dec. 31, 2016, down 17.91 percent or $25.74 million from $143.70 million on Dec. 31, 2015. Total debt was 58.50 percent of total assets as on Dec. 31, 2016, compared with 90.49 percent on Dec. 31, 2015.
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