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
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.