Civeo reports reduced net loss for Q2 2019 over loss in Q2 2018.
M2 EQUITYBITES-July 30, 2019-Civeo reports reduced net loss for Q2 2019 over loss in Q2 2018
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Civeo Corporation (NYSE:CVEO) on Monday reported for the second quarter ended 30 June 2019, a net loss of USD15.3m or USD0.09 per share, greatly improved compared to the net loss of USD48.3m or USD0.29 per share in the second quarter of 2018.
The second quarter net loss included asset impairments in Australia totalling USD5.5m or USD0.03 per share. The second quarter 2018 net loss was largely driven by an accounting impact of a non-cash beneficial conversion feature on the outstanding preferred shares totalling USD48.5m or USD0.29 per share.
The company in the second quarter generated revenues of USD122.2m, down from the revenues of USD130.2m in the similar quarter of last year. Adjusted EBITDA was USD26.5m, up from the adjusted EBITDA of USD24.5m in the second quarter of 2018.
Civeo is a provider of hospitality services in the Canadian oil sands and the Australian natural resource regions. It offers comprehensive lodging solutions with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services.
The company operates a total of 33 lodges and villages in Canada, Australia and the US at present.
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