SAExploration Holdings, Inc. announced unaudited earnings results for the second quarter and six months ended June 30, 2017. For the quarter, revenue from services was $13,559,000 compared to $57,049,000 a year ago. Loss from operations of $7,375,000 compared to income from operations of $9,144,000 a year ago. Loss before income taxes was $17,355,000 compared to income of $3,616,000 a year ago. Net loss was $17,840,000 compared to net income of $877,000 a year ago. Loss per basic and diluted were $1.91 compared to earnings of $1.97 a year ago. Adjusted LBITDA was $3,786,000 compared to adjusted EBITDA was $14,324,000 a year ago. Net loss attributable to the corporation was $17,905,000 compared to net income of $255,000 a year ago. Revenues decreased, primarily due to a decrease in the number or size of projects in Alaska and South America when compared to the same period last year. The decrease in income before income taxes was largely due to significantly lower gross profit and higher other expense compared to second quarter of 2016. Capital expenditures for the quarter were $0.1 million, compared to $0.5 million in second quarter of 2016. 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.

For the six months, revenue from services was $99,728,000 compared to $147,202,000 a year ago. Income from operations of $11,252,000 compared to $28,841,000 a year ago. Loss before income taxes was $6,788,000 compared to income of $20,905,000 a year ago. Net loss was $9,013,000 compared to net income of $17,501,000 a year ago. Loss per basic and diluted was $1.18 compared to earnings per diluted share of $112.13 a year ago. Adjusted EBITDA was $18,929,000 compared to $38,402 a year ago. Net loss attributable to the corporation was $11,060,000 compared to net income of $14,495,000 a year ago. Capital expenditures were $2.2 million, compared to $0.7 million in the first half of 2016. Capital expenditures in the first half of 2017 primarily relate to the remaining cash payments for the purchase of a set of vibrators in the fourth quarter of 2016, as well as the purchase of additional camp equipment and vibrators in the first quarter of 2017.

The company expects its total capital expenditures for 2017 will be under $5.0 million.