Seitel, Inc. provides onshore and offshore seismic data to the oil and gas industry in North America. It is involved in seismic data acquisition, data licensing, data processing, and reproduction activities. As of February 2016, the company owned approximately 43,500 square miles of 3D onshore data, consisting of 29,600 square miles in the United States and 13,950 square miles in Canada. It also owns a library of 3D offshore data covering parts of the shelf and certain deep water areas in the Western and Central U.S. Gulf of Mexico. In addition, the company owns or manages approximately 1.1 million linear miles of two-dimensional data. It serves independent oil and gas companies, integrated ...
10811 South Westview Circle Drive
Houston, TX 77043
Founded in 1982
Seitel Inc. Reports Unaudited Consolidated Earnings Results for Second Quarter and Six Months Ended June 30, 2016; Provides CapEx Outlook for Second Half and Full Year of 2016
Aug 10 16
Seitel Inc. reported unaudited consolidated earnings results for second quarter and six months ended June 30, 2016. For the quarter, the company’s revenue was $24,340,000 against $30,722,000 a year ago. Loss from operations was $5,144,000 against profit of $4,745,000 a year ago. Loss before income tax was $11,484,000 against $1,544,000 a year ago. Net loss was $9,235,000 against $2,276,000 a year ago. Cash EBITDA was $15,030,000 against $9,977,000 a year ago. The increase was a result of higher cash resales and lower SG&A expenses. Net cash used in operating activities was $5,935,000 against net cash from operations of $965,000 a year ago. The increase in the loss between quarters was primarily due to a reduction in revenues and higher amortization of its seismic data library partially offset by lower selling, general and administrative (“SG&A”) expenses and higher income tax benefit. The reduction in cash flows between the periods was primarily due to reduced collections on cash resales as a result of the low level of cash resale activity in the first quarter of 2016. The increase in cash EBITDA from the second quarter of 2015 was the result of higher cash resales and lower cash SG&A expenses.
For the six months, the company’s revenue was $36,290,000 against $55,048,000 a year ago. Loss from operations was $14,276,000 against $423,000 a year ago. Loss before income tax was $26,793,000 against $14,478,000 a year ago. Net loss was $23,099,000 against $9,922,000 a year ago. Cash EBITDA was $13,259,000 against $16,722,000 a year ago. The decrease was primarily due to a reduction in cash resales, partially offset by lower routine cash SG&A expenses. Net cash from operating activities was $4,754,000 against $46,030,000 a year ago. The decrease between these periods was primarily due to the first half of 2015, including significant collections from cash resale activity that occurred in the fourth quarter of 2014, as well as the reduced level of cash resales and lower acquisition underwriting revenue in 2016. Total capital expenditures were $10,750,000. Net cash capital expenditures were $109,000.
For the second half of 2016, the company expects total capital expenditure to be $16,100,000 and net cash capital expenditure to be $4,000,000.
For the year 2016, the company expects total capital expenditure to be $26,850,000 and net cash capital expenditure to be $3,891,000.