Tesco (TESO) Misses Q4 EPS by 1c; Will Suspend Dividend

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Go back to Tesco (TESO) Misses Q4 EPS by 1c; Will Suspend Dividend

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