SAExploration 8-K Trio Merger Corp. and Saexploration Agree to Merge

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