SAExploration Holdings, Inc. (NASDAQ:SAEX) has revealed on Tuesday the 135-to-1 reverse split consummation. As a result, the company’s stock are now traded on a split-adjusted basis since the opening bell on Wednesday.
Reverse Stock Split
SAExploration Holdings shareholders has voted last month to allow the Board of Directors to effect the reverse stock split that affects all outstanding and issued common shares. Specifically, every 135 outstanding and issued shares have been automatically converted to one share. Nonetheless, the voting power and ownership percentage of the shareholders are not generally affected by the reverse stock split. The minimal changes in these aspects are largely dependent on the resulting fractional shares.
Q1 Financial Highlights
SAExploration Holdings issued its first quarter results last May. The company reported a 13.10% year-over-year increase in revenue to $90.20 million from $79.70 million. The surge in revenue is primarily attributed to the strong performance in North and South America.
Furthermore, the gross profit for the period came in at $26.40 million, which is up from last year’s gross profit of $21 million.
Meanwhile, net income was seen at $14.20 million, which is equivalent to a diluted earnings per share (EPS) of $0.82. This post a significant increase from the net income of $1.20 million or a diluted EPS of $0.08 recorded during the same period in 2015.
All that said, the first quarter of the fiscal year (FY) 2016 is by far the company’s best-performing quarter yet. Brian Beatty, SAExploration Holdings CEO and President, regarded the company’s dedicated employees for their utmost commitment that led to a fruitful quarter amidst various obstacles in the industry.
Beatty ensured that SAExploration Holdings is constantly working on its long-term growth prospects and goals of becoming a stronger company with an improved financial position.
SAExploration Holdings concluded the first quarter with a total cash and cash equivalents of $12.40 million and a working capital of $56.70 million. Moreover, the period ended with a total contract backlog of $125.80 million, most of which are land-based agreements. Nearly 70% of these projects under the total contract backlog are expected to be completed this year.