Tesco (TESO) Misses Q4 EPS by 1c; Will Suspend Dividend
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Tesco Corporation Reports Fourth Quarter 2015 Results and Announces Suspension of Dividend
March 1, 2016 6:00 AM EST- Revenues declined to $52.2 million as a result of challenging market conditions
- Adjusted EBITDA was $(2.0) million, or 3.8% of revenue
- The quarter ended with cash of $51.5 million and no debt
- Reported diluted EPS was a loss of $2.00 and adjusted EPS was a loss of $0.33
- Restructuring programs to date expected to yield $50 million of annualized savings
- Dividend suspension will improve 2016 cash flow by $8 million
HOUSTON, March 1, 2016 /PRNewswire/ -- Tesco Corporation ("Tesco" or the "Company") (NASDAQ: TESO) today reported fourth quarter and... More
