Brief: EMGS Q2 Adjusted EBITDA Swings To Loss $2.0 Million

Voim ASA

23/07/2020 06:36

July 23 (Reuters) - Electromagnetic Geoservices ASA
 EMGS.OL :
    * REG-EMGS REPORTS SECOND QUARTER 2020 RESULTS
    * Q2 REVENUE $7.5 MILLION VERSUS $14.5  MILLION YEAR AGO
    * Q2 LOSS ADJUSTED. EBITDA $2.0 MILLION VERSUS PROFIT  $2.1
MILLION YEAR AGO
    * Q2 FREE CASH DECREASED WITH USD 6.2 MILLION DURING
QUARTER, TO
USD 9.8 MILLION
    * THERE REMAINS MATERIAL UNCERTAINTY RELATED TO THE
COMPANY’S
ABILITY TO CONTINUE AS A GOING CONCERN.
    * RENEGOTIATION OF ATLANTIC GUARDIAN CHARTER PARTY IMPROVED
OUTLOOK BY REDUCING OPERATING COST BASE BY MORE THAN $1.5
MILLION
    * NO GUARANTEES CAN BE GIVEN AS TO WHETHER COMPANY WILL BE
ABLE TO
PRESERVE SUFFICIENT LIQUIDITY

Source text for Eikon:  ID:nGNE7xGrzx 
Further company coverage:  EMGS.OL 

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