Tesla Exploration Ltd. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012; Appoints Nathaniel Usher as Director of Geoscience for Tesla Offshore; Tesla Canada Plans to Operate Six Crews During the First Quarter of 2013
November 12, 2012
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Tesla Exploration Ltd. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company reported revenue of CAD 28,853,000 against CAD 47,237,000 a year ago. Net loss was CAD 3,903,000 or CAD 0.17 per basic share against CAD 332,000 or CAD 0.01 per basic share a year ago. EBITDA was CAD 1,311,000 or CAD 0.06 per basic share against CAD 5,375,000 or CAD 0.24 per basic share a year ago. Cash flow from operations was CAD 2,317,000 or CAD 0.10 per basic share against CAD 5,642,000 or CAD 0.25 per basic share a year ago. Capital expenditures was CAD 2,214,000 against CAD 1,852,000 a year ago. The company's EBITDA decreased compared to the third quarter of 2011 due to the decline in absolute gross margin along with an increase in general and administrative costs across most segments. The company's consolidated net loss increased exceeding the consolidated net loss in the third quarter of 2011 due to the reduced EBITDA, increased depreciation related to the Hawk system and reduced gains from disposals and foreign exchange. This was partially offset by a reduction in tax expense.
For nine months, the company reported revenue of CAD 149,936,000 against CAD 163,130,000 a year ago. Net earnings were CAD 6,101,000 or CAD 0.27 per basic share against net loss of CAD 143,000 or CAD 0.01 per basic share a year ago. EBITDA was CAD 25,620,000 or CAD 1.13 per basic share against CAD 16,439,000 or CAD 0.72 per basic share a year ago. Cash flow from operations was CAD 25,130,000 or CAD 1.11 per basic share against CAD 16,344,000 or CAD 0.72 per basic share a year ago. Capital expenditures was CAD 23,667,000 against CAD 8,235,000 a year ago.
The company hired and appointed Nathaniel Usher as Director of Geoscience for Tesla Offshore. Mr. Usher previously worked for ARCO/BP for 30 years and will assist Tesla Offshore in optimizing use of state of the art technology in geophysical survey operations, including the Autonomous Underwater Vehicle service line, and to further the development of geohazards interpretation services for clients worldwide.
Tesla Canada plans to operate six crews during the first quarter of 2013 (down from eight), with a continued focus on 3C technology for oilsands projects and shale plays in western Canada. Tesla Canada will also utilize the company's Hawk system on a large program throughout the first quarter of 2013.
Tesla Exploration Ltd. is a geophysical services company. The Company provides seismic services in North America, Europe, Africa and other international locations. It operates through three segments: North American Land Seismic Acquisition, International Land Seismic Acquisition and Offshore Marine Survey. The North American Land Seismic Acquisition and International Land Seismic Acquisition segments offer three dimensional (3D) program design, project management and experience when acquiring two dimensional (2D) and 3D vibroseis, dynamite and airgun seismic surveys on all types of land terrain, rivers and lakes. The North American Land Seismic Acquisition segment includes operations in both the United States and Canada. The Offshore Marine Survey segment offers a set of survey services, with project planning and survey design, data acquisition, interpretation and final report preparation. It has presence in the Gulf of Mexico, Trinidad and the United Kingdom, among others.
Tesla Exploration Ltd. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012; Appoints Nathaniel Usher as Director of Geoscience for Tesla Offshore; Tesla Canada Plans to Operate Six Crews During the First Quarter of 2013