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2017-08-09 09:51:00

TESCO NET LOSS $25.8 MLN

TESCO NET LOSS $25.8 MLN

TESCO CORP.Tesco Corporation ("TESCO" or the "Company") (NASDAQ:TESO) reported second quarter 2017 financial and operating results.

 

TESCO CORPORATION
Condensed Consolidated Statements of Income
(in $ millions, except per share information)
 
  Three Months Ended June 30, Six Months Ended June 30,
  2017 2016 2017 2016
  (Unaudited)
Revenue 40.1 33.6 76.9 69.0
Operating expenses        
Cost of sales and services 44.8 43.7 87.3 90.5
Selling, general and administrative 6.0 7.7 12.4 14.0
Long-lived asset impairments 35.5
Research and engineering 0.8 1.4 1.6 3.0
  51.6 52.8 101.3 143.0
Operating loss (11.5) (19.2) (24.4) (74.0)
Interest expense (income), net (0.2 0.2
Foreign exchange loss 0.5 0.3 1.2
Other expense (income) (0.2) 0.1 (0.3)
Loss before income taxes (11.8) (19.1) (24.4) (75.4)
Income tax provision (benefit) 0.3 (0.2 1.4 0.3
Net loss (12.1) (18.9) (25.8) (75.7)
Loss per share:        
Basic (0.26) (0.47) (0.55) (1.90)
Diluted (0.26) (0.47) (0.55) (1.90)
Weighted average number of shares:        
Basic 46.7 40.4 46.7 39.8
Diluted 46.7 40.4 46.7 39.8

 

Tesco Corporation Reports Second Quarter 2017 Results

  • Liquidity of $72.5 million and no debt at the end of the second quarter, after funding approximately $5 million of working capital growth during the second quarter
  • Reported U.S. GAAP diluted EPS was a loss of $(0.26) on a net loss of $12.1 million and adjusted EPS was a loss of $(0.25) on an adjusted net loss of $11.6 million, after $0.5 million in charges
  • Adjusted EBITDA loss improved 17% to ($3.9) million in the second quarter
  • Revenue increased by 9% to $40.1 million, driven by stronger Tubular Services in North America

Fernando Assing, TESCO's President and Chief Executive Officer, commented, "Our business continues to improve and the second quarter results reflect the benefit of the stronger U.S. land market and growing CDS sales as customers continue to recognize the benefits of drilling automation. Despite some new product shipping delays to the third quarter, revenue and EBITDA both improved sequentially."

TESCO reported revenue of $40.1 million in the second quarter of 2017, up from $36.7 million, or 9%, in the first quarter of 2017, and up from $33.6 million, or 19%, in the second quarter of 2016. The sequential increase in revenue was primarily from higher land tubular services and CDS sales in the U.S.

TESCO reported a U.S. GAAP net loss of $12.1 million, or $(0.26) per share, in the second quarter of 2017. Adjusted net loss for the quarter was $11.6 million, or $(0.25) per share, excluding special items, consisting primarily of charges related to restructuring costs. This compares to a U.S. GAAP net loss of $13.7 million, or $(0.29) per diluted share, in the first quarter of 2017, and a U.S. GAAP net loss of $18.9 million, or (0.47) per diluted share, in the second quarter of 2016. Adjusted net loss in the first quarter of 2017 was $13.4 million, or $(0.29) per diluted share, and in the second quarter of 2016 was $15.8 million, or $(0.39) per diluted share.

Adjusted EBITDA loss was $3.9 million in the second quarter of 2017 compared to an adjusted EBITDA loss of $4.7 million in the first quarter of 2017 on a 9% revenue increase. For the second quarter of 2017, U.S. GAAP operating loss was $11.5 million and adjusted operating loss was $11.4 million. This compares to the first quarter 2017 U.S. GAAP operating loss of $12.9 million and adjusted operating loss of $12.1 million, which excluded $0.8 million of charges.

Cash and cash equivalents as of June 30, 2017 decreased from the first quarter of 2017 by $10.6 million to $72.5 million primarily due to higher accounts receivable and inventory. Accounts receivable was impacted by approximately $4 million due to payment delays on certain top drive shipments and slower collections than anticipated from several larger customers. These balances should be collected in the third quarter of 2017. In addition, inventory increased by approximately $3 million due to two top drive orders shifting to the third quarter of 2017 and higher aftermarket inventory to support recertification projects shipping in the third quarter of 2017.

Free cash flow was a use of cash of $10.5 million before approximately $0.3 million of restructuring payments.

-----

Earlier:

TESCO NET LOSS $13.7 MLN
2017, May, 11, 18:00:00

TESCO NET LOSS $13.7 MLN

TESCO reported a U.S. GAAP net loss of $13.7 million, or $(0.29) per share, in the first quarter of 2017. Adjusted net loss for the quarter was $13.4 million, or $(0.29) per share, excluding special items, consisting primarily of charges related to restructuring costs. This compares to a U.S. GAAP net loss of $20.1 million, or $(0.43) per diluted share, in the fourth quarter of 2016, and a U.S. GAAP net loss of $56.8 million, or $(1.45) per diluted share, in the first quarter of 2016. Adjusted net loss in the fourth quarter of 2016 was $13.3 million, or $(0.28) per diluted share, and in the first quarter of 2016 was $17.9 million, or $(0.46) per diluted share.

 
 TESCO NET LOSS $117.9 MLN
2017, March, 16, 18:30:00

TESCO NET LOSS $117.9 MLN

TESCO reported a U.S. GAAP net loss of $20.1 million, or $(0.43) per diluted share, for the fourth quarter ended December 31, 2016. Adjusted net loss for the quarter was $13.3 million, or $(0.28) per share, excluding special items, consisting primarily of several charges related to receivables and restructuring costs. This compares to a U.S. GAAP net loss of $22.1 million, or $(0.48) per diluted share in the third quarter of 2016, and a U.S. GAAP net loss of $78.1 million, or $(2.00) per diluted share, for the fourth quarter of 2015. Adjusted net loss in the third quarter of 2016 was $17.3 million, or $(0.37) per diluted share, and in the fourth quarter of 2015 was $13.4 million, or $(0.33) per diluted share.

 

 TESCO NET LOSS $97.8 MLN
2016, November, 22, 18:30:00

TESCO NET LOSS $97.8 MLN

Tesco reported a U.S. GAAP net loss of $22.1 million, or $(0.48) per share, for the third quarter ended September 30, 2016. Our adjusted net loss for the quarter was $17.3 million, or $(0.37) per share, excluding special items, consisting primarily of several charges related to inventory and restructuring costs. This compares to a U.S. GAAP net loss of $18.9 million, or $(0.47) per diluted share, in the second quarter of 2016, and a U.S. GAAP net loss of $19.9 million, or $(0.51) per diluted share, for the third quarter of 2015. Adjusted net loss in the second quarter of 2016 was $15.8 million, or $(0.39) per diluted share, and in the third quarter of 2015 was $12.5 million, or $(0.32) per diluted share.

 

 TESCO NEED MONEY
2016, June, 9, 18:30:00

TESCO NEED MONEY

Tesco Corporation (the "Company") (NASDAQ: TESO) today announced that it has priced its underwritten public offering of 7,000,000 common shares of the Company at a price to the public of $7.00 per share. The Company has granted the underwriter a 30-day option to purchase up to an additional 1,050,000 common shares at the offering price (less the underwriting discounts). The Company expects to close the sale of the common shares on June 14, 2016, subject to customary closing conditions.

 

 TESCO NET LOSS $133.8 MLN
2016, March, 3, 18:45:00

TESCO NET LOSS $133.8 MLN

Tesco reported revenue of $52.2 million for the fourth quarter ended December 31, 2015, down from $61.4 million, or 15%, in the third quarter of 2015 and down from $134.5 million, or 61%, in the fourth quarter of 2014. The sequential decline in revenue was primarily from lower activity and revenues in North America and Latin America for our rental and AMSS offerings.

 

 TESCO CORP LOSS $(35.7) MLN
2015, August, 6, 18:15:00

TESCO CORP LOSS $35.7 MLN

TESCO reported a net loss of $27.5 million, or $(0.71) per diluted share, for the second quarter ended June 30, 2015. Excluding certain special items, consisting of a valuation allowance on Canadian deferred tax assets, restructuring costs, specific warranty reserves for new products, certain foreign currency losses and specific bad debt expense related to an international customer, TESCO reported an adjusted net loss for the quarter of $8.0 million, or $(0.21) per diluted share. This compares to a net loss of $8.3 million, or $(0.21) per diluted share, in the first quarter of 2015, and net income of $12.7 million, or $0.31 per diluted share, for the second quarter of 2014. Adjusted net loss in the first quarter of 2015 was $3.3 million, or $(0.08) per diluted share, and in the second quarter of 2014 was $11.9 million, or $0.29 per diluted share.

 

 TESCO NAMED THE NEW BOSS
2014, August, 25, 18:00:00

TESCO NAMED THE NEW BOSS

Tesco appoints new president, chief executive officer

 

 

Tags: TESCO, CORPORATION