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July 28, 2015 6:54 AM ET

Energy Equipment and Services

Company Overview of Tesla Exploration Ltd.

Company Overview

Tesla Exploration Ltd., a geophysical services company, provides specialized seismic services in North America, Europe, Africa, and internationally. The company offers three-component (3C) technologies for full wave seismic recording services. Its 3C technology facilitates its clients to acquire shear wave seismic data in addition to the pressure wave data captured and processed for seismic imaging. The company also provides various geophysical services, including survey design and management; project management/permits; seismic data acquisition; seismic data processing and reprocessing; seismic data interpretation; in-seam seismic data acquisition, processing, and interpretation; coal bed m...

4500 8A Street NE

Calgary, AB T2E 4J7

Canada

81 Employees

Phone:

403-216-0999

Fax:

403-216-0989

Key Executives for Tesla Exploration Ltd.

Chief Executive Officer, President and Director
Total Annual Compensation: $293.2K
President of Tesla USA
Total Annual Compensation: $204.8K
Senior Vice President of Tesla Canada
Total Annual Compensation: $213.2K
Corporate Vice President
Total Annual Compensation: $175.1K
Compensation as of Fiscal Year 2014.

Tesla Exploration Ltd. Key Developments

Tesla Exploration Ltd. Provides Update to its Credit Facility Renewal

Tesla Exploration Ltd. announced that it is continuing to work with its current bank lender on the annual extension of its credit facility agreement, which is normally completed in May of each year. The company has requested amendments to certain terms, including a temporary waiver of its Funded Debt to EBITDA covenant and changes to the borrowing base formula which determines its loan limits. The amendments have been requested to avoid a breach of these covenants. Tesla has also received a preliminary proposal from another party for an additional loan, which it is pursuing while concurrently working with its bank lender on the terms of the credit facility. The company expects to provide a further update regarding the credit facility and the proposed new loan, when negotiated.

Tesla Exploration Ltd. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Tesla Exploration Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, revenue was CAD 26,189,000 compared to CAD 61,493,000 in the same period last year. Net loss was CAD 14,711,000 or CAD 0.67 basic earnings per share against net earnings of CAD 3,129,000 or CAD 0.14 basic earnings per share a year ago. The increase in the consolidated net loss was due to the above noted decline in operating results. In addition, the loss was increased by the derecognition of deferred tax assets in the quarter. Adjusted EBITDA was CAD 17,000 or CAD 0.00 basic earnings per share compared to CAD 10,057,000 or CAD 0.45 basic earnings per share a year ago. The decline was due to a decrease in absolute gross margin for reasons noted above offset by a decrease in general and administrative costs quarter-over-quarter. Cash flow used in operations was CAD 191,000 or CAD 0.01 basic earnings per share compared to cash from operations of CAD 7,342,000 or CAD 0.33 basic earnings per share in the same period last year. Capital expenditures were CAD 473,000 compared to CAD 16,210,000 in the same period last year.

Tesla Exploration Ltd. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

Tesla Exploration Ltd. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company's consolidated revenues including reimbursables decreased 45% to $27.1 million compared to $49.2 million in 2013 due to lower activity levels for Tesla Canada and Tesla USA as many clients cut exploration budgets due to falling commodity prices. This more than offset the increase in revenue from Tesla International which received revenue from crews operating in the UK as well as Africa and from the settlement of a contract termination in Africa. Revenue excluding reimbursables also decreased 22% to $24.8 million from $31.8 million, due to the significant decrease in revenue from North American land operations. The company had Adjusted EBITDA of $5.1 million or $0.24 per basic share compared to $4.3 million $0.19 per basic share in the fourth quarter of 2013. The increase in overall margin was aided by lower general and administrative costs and the exclusion of bad debt provisions. The company had consolidated net loss of $2.4 million or $0.11 per share, a 41% decline from the consolidated net loss of $1.7 million or $0.08 per basic share in the fourth quarter of 2013. Excluding goodwill impairment, net loss for the fourth quarter was $0.3 million or $0.01 per share. The increase in Adjusted EBITDA as well as an increase in the recovery of income tax, and a stock-based compensation recovery all contributed to the improvement. Cash flow from operations was $5.8 million or $0.26 per basic share against $3.3 million or $0.15 per basic share a year ago. Capital expenditures were $5.2 million against $1.3 million a year ago. For the year, the company's revenues excluding reimbursables decreased 15% to $114.6 million from $135.4 million in 2013. Improvement in activity levels for Tesla International was more than offset by declines in activity levels for Tesla Canada, Tesla USA and Tesla Offshore. The company had Adjusted EBITDA of $11.7 million or $0.53 per basic share compared to $27.1 million or $1.21 per basic share in 2013. The decrease was due to the decreased margins reported on operations in 2014. The company had a consolidated loss of $11.5 million or $0.52 per basic share  compared to net income of $1.0 million or $0.05 per basic share in 2013. Excluding the goodwill impairment loss the consolidated loss was $9.4 million or $0.42 per share. The decrease is due to lower Adjusted EBITDA as well as increased depreciation expense related to the Hawk systems purchased in June 2013 and January 2014 and the AUV purchased in February 2014 and an increased provision for bad debts. This was partially offset by an income tax recovery as opposed to expense and a recovery of stock-based compensation. Cash flow from operations was $11.9 million or $0.54 per basic share against $26.6 million or $1.19 per basic share a year ago. Capital expenditures were $27.9 million against $21.7 million a year ago.

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