Spectrum ASA : 2nd Quarter 2016 Financial Results

 

Summary
			SPECTRUM GROUP
			Quarter	Quarter	6 months	6 months	12 Months
			ended	ended	ended	ended	ended
			30.06.16	30.06.15	30.06.16	30.06.15	31.12.15
(USD 1000)			(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Net operating revenue			13 601	34 743	31 826	49 630	109 844
EBIT			(9 898)	8 701	(16 690)	4 397	(5 169)
Net Profit / (Loss)			(10 993)	5 286	(18 893)	1 964	(8 654)
Cash flow from operating activities			(6 037)	15 199	37 977	33 193	98 199
Investment in Multi-Client library			7 414	120 244	35 147	133 408	174 618
Multi-Client library Net book value			220 393	233 364	220 393	233 364	220 686
Cash and cash equivalents			14 882	17 445	14 882	17 445	23 373

 

 

Q2 Highlights

• Net Multi-Client revenues in the quarter totaled MUSD 13.2 (2015: MUSD 34.5)
• Net Multi-Client revenues were comprised of late sales of MUSD 7.8 (2015: MUSD 31.9), prefunding on Multi-Client investments of MUSD 5.4 (2015: MUSD 2.6)
• EBIT for the quarter was MUSD (9.9) (2015: MUSD 8.7)
• Multi-Client investments were MUSD 7.4 with 73.0% prefunding rate (2015: Multi-Client investments were MUSD 120.2. Investments in new acquisitions were MUSD 11.5 with 22.7% prefunding rate )
• Operational cash flow in Q2 was MUSD (6.0) (2015: MUSD 15.2)

6 months Highlights

• Net Multi-Client revenues totaled MUSD 31.1 (2015: MUSD 49.1)
• Net Multi-Client revenues were comprised of late sales of MUSD 13.3 (2015: MUSD 35.8), prefunding on Multi-Client investments of MUSD 14.6 (2015: MUSD 10.0) and other revenue of MUSD 3.1 (2015: MUSD 3.4).
• EBIT was MUSD (16.7) (2015: MUSD 4.4)
• Multi-Client investments were MUSD 35.1 with 41.7% prefunding rate (2015: Multi-Client investments were MUSD 133.4. Investments in new acquisitions were MUSD 24.8 with 40.3% prefunding rate
• Operational cash flow was MUSD 38.0 (2015: MUSD 33.2)
  

 

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Q2 2015 Presentation
Q2 2016 Financial Report

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Source: Spectrum ASA via Globenewswire

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