Spectrum ASA: 3rd Quarter 2016 Financial Results

 

     SPECTRUM GROUP
     Quarter   Quarter   9 months   9 months   12 Months 
     ended   ended   ended   ended   ended 
    30.09.16 30.09.15 30.09.16 30.09.15 31.12.15
 (USD 1000)     (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Audited) 
               
Net operating revenue   20 447 *   18 203  52 273  67 833  109 844
        
EBIT   (2 478)(5 194)   (19 097)   (797)    (5 169)     
        
Net Profit / (Loss)      (3 985)(5 123)   (22 807)   (3 160)   (8 654)     
        
Cash flow from operating activities    2 844  27 247    40 819  60 198   98 199
        
Investment in Multi-Client library    8 050  13 032  43 197  146 895  174 618
        
Multi-Client library Net book value  212 120  231 067  212 120  231 067  220 686
        
Cash and cash equivalents     7 649  29 458  7 649  29 458  23 373
        
* includes other revenue related to tax credit in Brazil of MUSD 8.7   
 
 

Q3 Highlights

  • Net Multi-Client revenues in the quarter totaled MUSD 11.4 (2015: MUSD 18.0)
  • Net Multi-Client revenues were comprised of late sales of MUSD 9.7 (2015: MUSD 16.2), prefunding on Multi-Client investments of MUSD 1.5 (2015: MUSD 1.8) and other revenue of MUSD 0.2 (2015: MUSD 0.0)
  • EBIT for the quarter was MUSD (2.5) (2015: MUSD (5.2))
  • Multi-Client investments were MUSD 8.1 with 18.9% prefunding rate (2015: MUSD 13.0 with 13.8% prefunding rate)
  • Operational cash flow of MUSD 2.8 (2015: MUSD 27.2)
  • Other revenue of MUSD 8.7, based on transaction tax credits filed in Brazil, booked in the quarter

9 months Highlights

  • Net Multi-Client revenues totaled MUSD 42.5 (2015: MUSD 67.1)
  • Net Multi-Client revenues were comprised of late sales of MUSD 23.0 (2015: MUSD 52.0), prefunding on Multi-Client investments of MUSD 16.2 (2015: MUSD 11.8) and other revenue of MUSD 3.4 (2015: MUSD 3.4).
  • EBIT was MUSD (19.1) (2015: MUSD (0.8))
  • Multi-Client investments were MUSD 43.2 with 37.4% prefunding rate (2015: Multi-Client investments were MUSD 146.9. Investments in new acquisitions were MUSD 37.9 with 31.1% prefunding rate)
  • Operational cash flow was MUSD 40.8 (2015: MUSD 60.2)
 
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Q3 2016 Financial Report
Q3 2016 Presentation



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Source: Spectrum ASA via GlobeNewswire

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