SAExploration reports Q4 EPS ($7.75) versus ($33.81) in Q417
SAE reported Q4 revenues of $25.6M 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. Jeff Hastings, Chairman and CEO of SAE, said: "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."