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SAExploration Announces Second Quarter 2013 Financial Results

Stocks in this article: SAEX

SAExploration Holdings, Inc. (NASDAQ:SAEX)(OTCBB:SAEXW)(“SAE” or “the Company”) today announced financial results for the second quarter and six months ended June 30, 2013.

Brian Beatty, CEO and President of SAE, commented, “Revenue and gross margin for Q2 2013 were consistent with our normalized results in prior years. Revenue in Q2 2012 was positively impacted due to a contract in North America that contained an unusually high level of third-party revenue that is not typical of our operations in other geographies. We also incurred one-time expenses of approximately $0.6 million in Q2 2013 related to our June 2013 merger with Trio Merger Corp. We believe that this merger is another important step in our growth, as it provides access to the public markets, elevates our industry profile, and strengthens our ability to enhance long-term value for our stockholders. Excluding these charges, we were profitable for Q2 2013.

“We are confident in our ability to continue executing on our growth strategy, which we commenced six years ago. We have maintained financial stability while securing the capital resources necessary to position SAE for continued success. We are currently involved in projects in various stages within the U.S., Canada, Colombia, Peru, and Malaysia. Each of these projects requires a level of logistics complexity that fits within our specialized niche, and we are seeing increasing customer interest and activity within these regions. We have a history of success in these areas, long-standing relationships with oversight authorities and local communities, and a strong quality, health, safety, and environmental record which will continue to deliver value to our customers.”

Mr. Beatty concluded, “We are optimistic about the balance of 2013. We ended Q2 2013 with a very healthy backlog of $285 million, up from $200.7 million at the end of the 2013 first quarter (“Q1 2013”). Our success at winning bids from customers has remained very strong, as evidenced by the announcement of $123.0 million of new contracts during Q2 2013 for projects in South America, North America, and Southeast Asia. We expect the majority of these projects will begin in Q3 2013 and continue through Q1 2014.”

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