SAExploration Holdings, Inc. announced unaudited consolidated earnings results for third quarter and nine months ended Sept. 30, 2016. For the quarter, the company reported revenue from services of $32,994,000, loss from operations of $5,544,000, loss before income taxes of $16,251,000, net loss of $17,397,000, net loss attributable to the corporation of $17,412,000, loss per share – basic and diluted of $2.62, adjusted ebitda of $350,000 compared to the revenue from services of $57,943,000, income from operations of $4,952,000, income before income taxes of $230,000, net income of $186,000, net loss attributable to the corporation of $109,000, loss per share – basic and diluted of $0.93, adjusted ebitda of $10,511,000 for the same quarter a year ago. Capital expenditures for the quarter were $0.1 million, compared to $0.7 million a year ago. The low level of capital expenditures in both periods was primarily due to the deteriorating conditions in the oil and gas industry, which presented limited to no growth opportunities requiring capital expenditures. Total revenues in third quarter decreased by $33 million or by 43.1% from $57.9 million in the third quarter of 2015, primarily due to a significant decrease in activity in Alaska compared to the same period last year. In the third quarter of 2016, there were no active projects performed in Alaska compared to multiple projects in the same period last year. However, total revenues, excluding Alaska tax credit projects in the third quarter, increased substantially to $33.7 million from a comparable figure of $3 million in third quarter of 2015, largely due to the completion of a major project in Bolivia and the progression of smaller projects in Colombia. In the same period in 2015, South America had minimal activity. For both periods in 2016, the decrease in income before income taxes was largely due to lower gross profit and much higher other expense.

For the year to date, the company reported revenue from services of $180,196,000, income from operations of $23,297,000, income before income taxes of $4,654,000, net income of $104,000, net loss attributable to the corporation of $2,917,000, loss per share – basic and diluted of $1.26, adjusted ebitda of $38,302,000 compared to the revenue from services of $204,486,000, income from operations of $24,528,000, income before income taxes of $8,820,000, net income of $7,286,000, net income attributable to the corporation of $3,158,000, earnings per share – basic and diluted of $28.01, adjusted ebitda of $40,839,000 for the same period a year ago. Capital expenditures for the first nine months of 2016 were $0.8 million, compared to $5.6 million in the first nine months of 2015. Year-to-date 2015 capital expenditures included the payment of some 2014 investments related to the company's Alaska operations. However, given the state of the industry and the significant reduction in oil and gas activity by exploration and production companies, any significant investment in capital expenditures, particularly in large equipment purchases, is highly unlikely until the broader market demonstrates a consistent and sustainable recovery. The decrease in income before income taxes was largely due to lower gross profit and higher other expense.

The company now expects its total capital expenditures for 2016 will be under $2.0 million.