Brief: EMGS- Q1 Adjusted EBITDA Negative USD 0.8 Million

Voim ASA

07/05/2020 06:36

May 7 (Reuters) - Electromagnetic Geoservices ASA  EMGS.OL :
    * REG-EMGS REPORTS FIRST QUARTER 2020 RESULTS
    * Q1 TOTAL REVENUE $11.3 MILLION VERSUS $10.8 MILLION YEAR AGO
    * Q1 COMPANY RECORDED REVENUES OF USD 11.3 MILLION, UP FROM USD 10.8 MILLION IN Q1 2019
    * EMGS- Q1 ADJUSTED EBITDA NEGATIVE USD 0.8 MILLION, UP FROM NEGATIVE USD 1.2 MILLION IN Q1
2019
    * EMGS- 2020 WILL BE AN UNCERTAIN AND CHALLENGING YEAR FOR THE COMPANY
    * EMGS-  IS DEPENDENT UPON RECEIVING PAYMENT FOR MAJORITY OF $5.5 MILLION OUTSTANDING
RECEIVABLES
AND EARNED NOT INVOICED REVENUE RELATED TO CONTRACT IN AMERICAS
    * EMGS - WILL NEED TO IMPLEMENT OTHER MATERIAL COST REDUCTION MEASURES INCLUDING REDUCING
INTERTEST BEARING DEBT, NON-INTEREST BEARING LIABILITIES
    * EMGS -  SHOULD THESE EVENTS FAIL TO MATERIALISE IN TIMELY MANNER CO WILL NOT BE ABLE TO
CONTINUE
TO OPERATE

Source text for Eikon:  ID:nGNE45HDn9 
Further company coverage:  EMGS.OL 

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