SAEXPLORATION SELECTED INCOME STATEMENT DATA
($ in millions)
(unaudited)
(U.S. dollars in thousands) | 2010 | 2011 | YTD 2012 (1) | |||||||||
Revenue | $ | 140,521 | $ | 178,210 | $ | 209,300 | ||||||
Direct operating expenses | 118,938 | 151,618 | 163,046 | |||||||||
Gross profit | 21,582 | 26,592 | 46,254 | |||||||||
Selling, general, and administrative expenses | 6,865 | 16,117 | 19,585 | |||||||||
Depreciation expense | 177 | 190 | 8,483 | |||||||||
(Gain) Loss on sale of assets | (515 | ) | (2 | ) | 186 | |||||||
Income from operations | 15,056 | 10,287 | 18,000 | |||||||||
Other income (expense): | ||||||||||||
Other (income) expense, net | 3,822 | 66 | 77 | |||||||||
Interest (income) expense, net | 674 | 624 | 1,471 | |||||||||
Foreign exchange (gain) loss, net | 262 | (150 | ) | (522 | ) | |||||||
Total other (income) expense, net | 4,759 | 540 | 1,026 | |||||||||
Income before income taxes | 10,297 | 9,747 | 16,974 | |||||||||
Provision for income taxes | 1,206 | 2,994 | 6,727 | |||||||||
Net income | $ | 9,091 | $ | 6,753 | $ | 10,246 | ||||||
EBITDA reconciliation | ||||||||||||
Net income | $ | 9,091 | $ | 6,753 | $ | 10,246 | ||||||
Provision for income taxes | 1,206 | 2,994 | 6,727 | |||||||||
Interest (income) expense, net | 674 | 624 | 1,471 | |||||||||
Depreciation and amortization | 3,493 | 4,110 | 8,483 | |||||||||
EBITDA | $ | 14,464 | $ | 14,481 | $ | 26,928 |
(1) For period January 1, 2012 through September 30, 2012
SAEXPLORATION BALANCE SHEET
($ in millions)
(unaudited)
(U.S. dollars in thousands) | 2010(1) | 2011(1) | 2012(2) | |||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 7,232 | $ | 4,978 | $ | 13,921 | ||||||
Restricted cash | 176 | 108 | 3,700 | |||||||||
Accounts receivable | 22,956 | 33,872 | 54,421 | |||||||||
Prepaid expenses | 5,497 | 2,589 | 7,542 | |||||||||
Deferred expenses on contracts | 2,996 | 3,000 | 3,380 | |||||||||
Deferred tax asset, net | 728 | 2,270 | 1,252 | |||||||||
Other current assets | 675 | - | - | |||||||||
Total current assets | 40,259 | 46,817 | 84,216 | |||||||||
Property and equipment, net | 9,695 | 41,583 | 50,807 | |||||||||
Goodwill and other intangible assets, net | - | 3,813 | 3,765 | |||||||||
Other assets | - | 1,921 | - | |||||||||
Total assets | $ | 49,954 | $ | 94,134 | $ | 138,788 | ||||||
Current liabilities | ||||||||||||
Accounts payable | $ | 23,099 | $ | 44,216 | $ | 28,589 | ||||||
Accrued liabilities | 5,619 | 2,723 | 11,277 | |||||||||
Income and other taxes payable | 4,566 | 3,964 | 12,304 | |||||||||
Accrued payroll and related liabilities | 2,739 | 2,383 | 6,983 | |||||||||
Notes payable | 3,607 | 7,393 | 21,238 | |||||||||
Deferred revenue - current portion | - | 3,756 | 6,389 | |||||||||
Capital lease - current portion | - | 915 | 814 | |||||||||
Total current liabilities | 39,630 | 65,350 | 87,592 | |||||||||
Capital leases - non-current portion | - | 1,669 | 1,177 | |||||||||
Deferred revenue - non-current portion | - | 6,429 | 4,293 | |||||||||
Deferred tax liabilities, net | 146 | 1,553 | - | |||||||||
Long-term debt | - | - | 15,693 | |||||||||
Total liabilities | 39,776 | 75,001 | 108,755 | |||||||||
Total shareholders' equity | 10,178 | 19,133 | 30,034 | |||||||||
Total liabilities and shareholders' equity | $ | 49,954 | $ | 94,134 | $ | 138,788 |
(1) Fiscal years ending December 31
(2) Balance sheet data as of September 30, 2012