Oslo, Norway, 4th April 2018.
Based on preliminary figures for Q1 2018, management expects to report Net Revenue of approximately USD 26 million for the quarter (USD 25 million in Q1 2017). The Net Revenue indicated is based on the revenue recognition principles used in 2017.
IFRS 15 is effective from 1st January 2018 and the new standard's impact on early sales revenue recognition has still not been concluded. Spectrum management will internally continue to report revenue using the Percentage Of Completion (POC) principle.
Spectrum expects to report secured Net Interest Bearing Debt of USD 3 million and a cash balance of USD 20 million as of 31th March 2018.
Spectrum will report Q1 2018 financial results 20th April 2018.
For further information please contact:
Henning Olset, CFO
Mobile: +47 92 26 69 48
E-mail: henning.olset@spectrumgeo.com
Rune Eng, CEO
Mobile: +47 91 57 08 45
E-mail: rune.eng@spectrumgeo.com