Oslo, Norway, 4th January 2019.
Based on preliminary figures for Q4 2018, management expects to report Gross Revenue of approximately USD 71 million (USD 56 million in Q4 2017) and Net Revenue of approximately USD 53 million for the quarter (USD 46 million in Q4 2017). The difference between Gross Revenue and Net Revenue in Q4 2018 is primarily sales made on risk share projects. The expected Net Revenue is split between Late Sales of approximately USD 49 million (USD 36 million in Q4 2017) and Early Sales of approximately USD 4 million (USD 10 million in Q4 2017). The reduction in expected Early Sales is due to ongoing projects in Q4 2018 mainly being done in partnership under a risk share model.
The Revenue indicated is based on the Percentage Of Completion (POC) principle used by Spectrum for management reporting and external segment reporting.
Spectrum expects to report secured Net Interest Bearing Debt of negative USD 7 million as the cash balance of USD 38 million as of 31st December 2018 exceeds the secured Interest Bearing Debt of USD 31 million.
Spectrum will report Q4 2018 financial results on February 8th, 2019.
For further information please contact:
Dean Zuzic, CFO Mobile: +47 41 43 35 60 E-mail: dean.zuzic@spectrumgeo.com