This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

SAExploration Announces Third Quarter 2013 Financial Results And Awarding Of New Projects

Stocks in this article: SAEX

SAExploration Holdings, Inc. (NASDAQ:SAEX, OTCBB:SAEXW)(“SAE” or “the Company”) today announced financial results for the third quarter (“Q3”) and nine months ended September 30, 2013, and the receipt of new project awards in Alaska and South America with an aggregate value of approximately $152 million.

Brian Beatty, CEO and President of SAE, commented, “As previously announced, we experienced significant operational adversity during Q3 2013, including mechanical issues on a contracted vessel in Malaysia, project initiation delays relating to the environmental permitting process on two contracts in South America, and the further delay of a previously paused 3D project in Alaska. This confluence of unusual and unprecedented circumstances significantly impacted our Q3 2013 results, with the situation in Malaysia having a considerable effect on our profits due to the fixed-price nature of that particular contract. I am grateful for the quick and professional response of our personnel, which allowed the projects in Malaysia, Colombia, and Bolivia to resume and move towards completion. The situation in Alaska was disappointing and unforeseen. Due to the lack of clarity on if and when the project might resume, we have removed the remaining expected revenue from this particular contract from our internal projections and backlog, and have re-focused resources in the region on obtaining new contracts, such as the two new Alaska projects announced today.”

Mr. Beatty continued, “We believe that the issues that impacted our results were confined to Q3 2013. Our operations have normalized, and we expect to return to profitability in the fourth quarter (“Q4”) of 2013. We remain confident in the fundamentals underlying our business and the long-term prospects of our industry. Our expanding global client base will continue to benefit from SAE’s expertise and experience with operating in logistically complex and challenging areas, an industry-leading QHSE record, state-of-the-art equipment, and expert knowledge in creating infrastructure, such as roads and bridges, transporting heavy equipment, providing accommodations and lodging, and in establishing community relations.”

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs