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February 13, 2016 9:46 PM 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
Compensation as of Fiscal Year 2014.

Tesla Exploration Ltd. Key Developments

Tesla Exploration Ltd. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended of September 30, 2015; Provides Earnings Guidance for the Full Year and First Half of 2016; Reports Impairment Charge for the Third Quarter of 2015

Tesla Exploration Ltd. reported unaudited earnings results for the third quarter and nine months ended of September 30, 2015. For the quarter, the company reported revenue of $30,255,000 compared to $18,940,000 a year ago. Net loss was $12,860,000 compared to $5,177,000 a year ago. Basic net loss per share was $0.59 compared to $0.24 a year ago. Adjusted EBITDA was $2,693,000 compared to adjusted LBITDA of $1,447,000 a year ago. Basic  adjusted EBITDA per share of $0.12 compared to adjusted LBITDA per share of $0.07 a year ago. Cash flow from operations was $3,364,000 compared to cash used in operations of $6,000 a year ago. Capital expenditures were $393,000 compared to $3,940,000 a year ago. Basic cash flow per share was $0.15. The improvement in Adjusted EBITDA was offset by a provision for bad debts of $1.6 million and a onetime impairment charge to goodwill of $8.4 million For the nine months, the company reported revenue of $74,618,000 compared to $105,063,000 a year ago. Net loss was $36,366,000 compared to $9,050,000 a year ago. Basic net loss per share was $1.66 compared to $0.41 a year ago. Adjusted EBITDA was $1,336,000 compared to $6,571,000 a year ago. Basic adjusted EBITDA per share of $0.06 compared to $0.30 a year ago. Cash flow from operations was $1,662,000 compared to $6,199,000 a year ago. Capital expenditures were $1,396,000 compared to $22,793,000 a year ago. Basic cash flow per share was $0.08 compared to $0.28 a year ago. The company expects reduced planned capital spending for 2015 and the first half of 2016. The company reported impairment charge for the third quarter of 2015. For the period, the company announced a onetime impairment charge to goodwill of $8.4 million.

Tesla Exploration Ltd. Completes Renewal of Credit Facility

Tesla Exploration Ltd. announced that it has completed the annual extension of its credit facility agreement with its lender (the New Facility) subject to final documentation of the agreement. The extension is effective until June 30, 2016, and provides the company with the financial flexibility required in its operations during the next ten months. In addition, the company has a UK operating facility in the amount of £4.0 million.

Tesla Exploration Ltd. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2015

Tesla Exploration Ltd. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenue of $18,175,000 compared to $24,630,000 a year ago. Adjusted LBITDA was $1,374,000 or $0.06 per basic share against $2,039,000 or $0.09 per basic share a year ago. The improvement was due to a decrease in general and administrative costs excluding bad debt expense quarter-over-quarter. Net loss was $8,795,000 or $0.40 per basic share against $7,002,000 or $0.32 per basic share a year ago. Cash flow used in operations of $1,510,000 or $0.07 per basic share compared to $1,078,000 or $0.05 per basic share a year ago. Capital expenditures were $530,000 compared to $2,643,000 for the last year. The increase in consolidated net loss was due to the above noted decline in operating results. For the six months, the company reported revenue of revenue of $44,364,000 compared to $86,123,000 a year ago. Adjusted LBITDA was $1,357,000 or $0.06 per basic share against adjusted EBITDA of $8,018,000 or $0.36 per basic share a year ago. Net loss was $23,506,000 or $1.07 per basic share against $3,873,000 or $0.17 per basic share a year ago. Cash used in operations of $1,702,000 or $0.08 per basic share compared to cash flow from operations of $6,264,000 or $0.28 per basic share a year ago. Capital expenditures were $1,003,000 compared to $18,853,000 for the last year.

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