SAExploration Holdings, Inc. announced unaudited consolidated financial results for the first quarter ended March 31, 2018. Revenues decreased 56.9% to $37.1 million from $86.2 million in the first quarter of 2017, primarily due to a decrease in the number and size of projects in Alaska compared to last year, and no activity in West Africa, where the company had a significant ocean-bottom marine project in first quarter 2017, partially offset by year-over-year increases in revenue in Colombia and Canada. Loss before income taxes was $0.9 million during the quarter, compared to income before income taxes of $10.6 million in the first quarter 2017. The decrease was largely due to lower gross profit generated on lower revenue, partially offset by a decrease in interest expense, which was $3.1 million during the period, compared to $8.4 million in the first quarter 2017. Net loss available to common stockholders was $38.5 million, or $3.79 per diluted share, compared to net income available to common stockholders of $6.8 million, or $0.73 per diluted share, in the first quarter 2017. Net loss was impacted by a number of factors during first quarter 2018, including: Decreased revenue and lower gross profit; Higher effective tax rate; and Amortization of Series A Preferred Stock discount; partially offset by Lower interest expense. Adjusted EBITDA was $6.0 million compared to $22.7 million in the first quarter 2017. Capital expenditures were $0.1 million during the quarter, compared to $2.2 million in the first quarter 2017. The low level of capital expenditures in the first quarter 2018 was primarily due to the continuation of unfavorable conditions in the oil and gas industry, which presented limited to no growth opportunities requiring SAE to make capital expenditures. Income from operations was $2.320 million against $18.627 million a year ago.

Due to current activity levels, the company continues to expect its capital expenditures for 2018 to be less than $5.0 million.