HOUSTON, May 6, 2015
/PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today
reported a first quarter 2015 net loss of $55.3 million, or $(0.34) per share, on revenues of $40.6 million, compared to an adjusted net income
of $6.4 million, or $0.04 per diluted share, on revenues of
$144.7 million in first quarter
2014. During the first quarter 2015, the Company initiated a
further restructuring program, recording charges of approximately
$4 million. A reconciliation of
restructuring and special items to the first quarter 2015 and 2014
can be found in the financial tables of this press release.
At March 31, 2015, the Company's cash and cash equivalents
were $144.4 million. The
Company consumed cash before financing activities of $27.5 million during the first quarter 2015,
compared to a generation of cash before financing activities of
$36.9 million in the prior year
period. First quarter 2015 Adjusted EBITDA was $(38.1) million, compared to $42.9 million in the first three months of
2014. A reconciliation of Adjusted EBITDA can be found in the
financial tables of this press release.
Brian Hanson, ION's President and
Chief Executive Officer, commented, "As we expected, our first
quarter results were impacted by the significant downturn in
exploration spending. The first quarter is usually our
softest, but this quarter was exceptionally weak, as many of our
E&P customers have delayed until recently finalizing their
budgets for 2015.
"Since identifying a softening in exploration spending as early
as the third quarter of 2013, we have been managing our business
conservatively with a focus on generating free cash flow. We
have continued to scrutinize lower performing parts of our
business, resulting in further restructuring of our Data Processing
and Systems businesses. During the first quarter, we
centralized our global data processing capabilities to core data
processing 'Centers of Excellence' in the U.S. and the U.K., and we
consolidated our marine equipment repair operations into two
locations in the U.S. and the U.A.E. Including actions taken
in December 2014, our restructurings
have resulted in an approximate 20% reduction of full-time
employees. In addition, in the second quarter, we
initiated a 10% salary reduction program among a majority of our
U.S. and U.K. employees. We expect these actions will result
in savings of approximately $25
million in 2015.
"While there still remains a significant amount of
uncertainty in the multi-client side of our Solutions segment, we
are starting to see increase in customer activity. In
addition, we are starting to see growth in the sales pipeline for
reprocessing existing seismic data. Our Systems and Software
businesses continue to be impacted by the reduction in vessel
capacity within the towed streamer seismic contractor market, and
we expect this trend to continue throughout 2015 and into 2016.
"Within our Ocean Bottom Services segment, OceanGeo has been
idle since late fourth quarter. We have been verbally
awarded and are working through the bid process towards a formal
contract for a longer-term project in Brazil, expected to begin in the fourth
quarter of this year or early 2016. To bridge the gap, we are
negotiating with other customers for short-term survey work.
Despite the extended market downturn and uncertainty, we see
significant long-term potential for OceanGeo and technologies to
improve ocean bottom survey productivity, and we expect demand for
ocean bottom production surveys (4D) to increase.
"We expected to be a net consumer of cash during the first half
of 2015, even though we are operating the business conservatively
with a focus on cash preservation. With most of our E&P
customers having finalized their budgets for 2015, we now expect to
see an increase in exploration spending over the back
half of the year, albeit at lower than historical
levels. As a result of our more constructive forecast for
exploration spending and our available liquidity, we will continue
to invest in key strategic opportunities, positioning us to take
advantage of market opportunities when seismic activity
resumes."
FIRST QUARTER 2015
The Company's segment revenues for the first quarter were as
follows (in thousands):
|
|
Three Months Ended
March 31,
|
|
|
|
|
2015
|
|
2014
|
|
% Change
|
Solutions
|
|
$
|
18,999
|
|
$
|
89,241
|
|
(79)%
|
Systems
|
|
12,769
|
|
24,848
|
|
(49)%
|
Software
|
|
8,810
|
|
10,039
|
|
(12)%
|
Ocean Bottom
Services
|
|
—
|
|
20,570
|
|
(100)%
|
Total
|
|
$
|
40,578
|
|
$
|
144,698
|
|
(72)%
|
Within the Solutions segment, new venture revenues were
$5.0 million, an 85% decrease from
first quarter 2014; data library revenues were $2.1 million, an 84% decrease; and data
processing revenues were $11.8
million, a 73% decrease. All businesses within the
Solutions segment were impacted by the continued slowdown in
exploration spending. A portion of the year-over-year decline
in data processing revenues was due to $15.0
million of revenues recognized in the first quarter 2014,
for work performed in 2013, that did not recur in first quarter
2015.
The decrease in Systems segment revenues was primarily due to a
reduction in sales of new marine positioning systems and a
reduction in repair and replacement revenues, both attributable to
a decrease in vessel capacity from 2014 to 2015.
Software segment revenues were down compared to record first
quarter revenues in 2014, primarily due to lower Orca®
licensing revenues and the effects of foreign currency
translation. While Software segment revenues were down year
over year, the segment generated overall gross and operating
margins of 63% and 38%, respectively, during the quarter.
As previously stated, the Company's Ocean Bottom Services
segment was impacted by OceanGeo's crew being idle, resulting in a
lack of revenue generation in first quarter 2015.
Consolidated gross margins were (39)% compared to 39% in first
quarter 2014, and operating margins were (115)% compared to 14% in
the prior year quarter. The decreases in gross and operating
margins were driven by the significant decline in revenues within
the Solutions segment and from lack of revenues generated in the
Company's Ocean Bottom Services segment.
Income tax expense was $1.0
million for first quarter 2015, related to income from the
Company's non-U.S. businesses. This foreign tax expense was
not offset by tax benefits on losses within the U.S. and other
jurisdictions, therefore producing a consolidated income tax
expense on a pre-tax loss.
CONFERENCE CALL
The Company has scheduled a conference call for Thursday,
May 7, 2015, at 10:00 a.m. Eastern
Time that will include a slide presentation to be posted in
the Investor Relations section of the ION website by 9:00 a.m. Eastern Time. To participate in
the conference call, dial (877) 407-0672 at least 10 minutes before
the call begins and ask for the ION conference call. A replay
of the call will be available approximately two hours after the
live broadcast ends and will be accessible until May 21, 2015. To access the replay, dial
(877) 660-6853 and use pass code 13606760#.
Investors, analysts and the general public will also have the
opportunity to listen to the conference call live over the Internet
by visiting www.iongeo.com. An archive of the webcast will be
available shortly after the call on the Company's website.
About ION
ION is a leading provider of technology-driven solutions to the
global oil & gas industry. ION's offerings are designed
to help companies reduce risk and optimize assets throughout the
E&P lifecycle. For more information, visit www.iongeo.com.
Contact
Steve Bate
Executive Vice President and Chief Financial Officer
+1.281.552.3011
The information included herein contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements may include
future sales, earnings and market growth, timing of sales, future
liquidity and cash levels, future estimated revenues and earnings,
sales expected to result from backlog, benefits expected to result
from OceanGeo, expected outcome of litigation and other
statements that are not of historical fact. Actual results
may vary materially from those described in these forward-looking
statements. All forward-looking statements reflect numerous
assumptions and involve a number of risks and uncertainties.
These risks and uncertainties include risks associated with pending
and future litigation, including the risk that the Company does not
prevail in its appeal of the judgment in the lawsuit with
WesternGeco and that the ultimate outcome of the lawsuit could have
a material adverse effect on the Company's financial results and
liquidity; the timing and development of the Company's products and
services and market acceptance of the Company's new and revised
product offerings; the performance of OceanGeo; the Company's level
and terms of indebtedness; competitors' product offerings and
pricing pressures resulting therefrom; the relatively small number
of customers that the Company currently relies upon; the fact
that a significant portion of the Company's revenues
is derived from foreign sales; that sources of capital may not
prove adequate; the Company's inability to produce products to
preserve and increase market share; collection of receivables; and
technological and marketplace changes affecting the Company's
product lines. Additional risk factors, which could affect
actual results, are disclosed by the Company from time to time in
its filings with the Securities and Exchange Commission ("SEC"),
including its Annual Report on Form 10-K for the year ended
December 31, 2014 and its Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K filed during
2015.
Tables to follow
ION GEOPHYSICAL
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands,
except per share data)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2015
|
|
2014
|
Service
revenues
|
$
|
20,080
|
|
|
$
|
110,696
|
|
Product
revenues
|
20,498
|
|
|
34,002
|
|
Total net
revenues
|
40,578
|
|
|
144,698
|
|
Cost of
services
|
45,534
|
|
|
72,071
|
|
Cost of
products
|
10,832
|
|
|
15,773
|
|
Gross profit
(loss)
|
(15,788)
|
|
|
56,854
|
|
Operating
expenses:
|
|
|
|
Research, development
and engineering
|
7,720
|
|
|
9,039
|
|
Marketing and
sales
|
7,833
|
|
|
9,213
|
|
General,
administrative and other operating expenses
|
15,348
|
|
|
18,931
|
|
Total operating
expenses
|
30,901
|
|
|
37,183
|
|
Income (loss) from
operations
|
(46,689)
|
|
|
19,671
|
|
Interest expense,
net
|
(4,625)
|
|
|
(4,797)
|
|
Equity in losses of
investments
|
—
|
|
|
(1,688)
|
|
Other income
(expense), net
|
(3,219)
|
|
|
68,526
|
|
Income (loss) before
income taxes
|
(54,533)
|
|
|
81,712
|
|
Income tax
expense
|
983
|
|
|
5,263
|
|
Net income
(loss)
|
(55,516)
|
|
|
76,449
|
|
Net (income) loss
attributable to noncontrolling interests
|
252
|
|
|
(470)
|
|
Net income (loss)
attributable to ION
|
$
|
(55,264)
|
|
|
$
|
75,979
|
|
Net income (loss) per
share:
|
|
|
|
Basic
|
$
|
(0.34)
|
|
|
$
|
0.46
|
|
Diluted
|
$
|
(0.34)
|
|
|
$
|
0.46
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
Basic
|
164,567
|
|
|
163,847
|
|
Diluted
|
164,567
|
|
|
164,061
|
|
ION GEOPHYSICAL
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(In
thousands)
(Unaudited)
|
|
ASSETS
|
March
31, 2015
|
|
December
31, 2014
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
144,438
|
|
|
$
|
173,608
|
|
Accounts receivable,
net
|
39,369
|
|
|
114,325
|
|
Unbilled
receivables
|
24,098
|
|
|
22,599
|
|
Inventories
|
42,976
|
|
|
51,162
|
|
Prepaid expenses and
other current assets
|
13,007
|
|
|
13,662
|
|
Total current
assets
|
263,888
|
|
|
375,356
|
|
Deferred income tax
asset
|
8,605
|
|
|
8,604
|
|
Property, plant,
equipment and seismic rental equipment, net
|
79,739
|
|
|
69,840
|
|
Multi-client data
library, net
|
128,598
|
|
|
118,669
|
|
Goodwill
|
26,289
|
|
|
27,388
|
|
Intangible assets,
net
|
6,276
|
|
|
6,788
|
|
Other
assets
|
10,064
|
|
|
10,612
|
|
Total
assets
|
$
|
523,459
|
|
|
$
|
617,257
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Current maturities of
long-term debt
|
$
|
7,242
|
|
|
$
|
7,649
|
|
Accounts
payable
|
29,150
|
|
|
36,863
|
|
Accrued
expenses
|
50,849
|
|
|
65,264
|
|
Accrued multi-client
data library royalties
|
15,604
|
|
|
35,219
|
|
Deferred
revenue
|
11,327
|
|
|
8,262
|
|
Total current
liabilities
|
114,172
|
|
|
153,257
|
|
Long-term debt, net
of current maturities
|
182,421
|
|
|
182,945
|
|
Other long-term
liabilities
|
144,979
|
|
|
143,804
|
|
Total
liabilities
|
441,572
|
|
|
480,006
|
|
Redeemable
noncontrolling interest
|
1,325
|
|
|
1,539
|
|
Equity:
|
|
|
|
Common
stock
|
1,647
|
|
|
1,645
|
|
Additional paid-in
capital
|
889,255
|
|
|
887,749
|
|
Accumulated
deficit
|
(789,673)
|
|
|
(734,409)
|
|
Accumulated other
comprehensive loss
|
(14,152)
|
|
|
(12,807)
|
|
Treasury
stock
|
(6,565)
|
|
|
(6,565)
|
|
Total stockholders'
equity
|
80,512
|
|
|
135,613
|
|
Noncontrolling
interest
|
50
|
|
|
99
|
|
Total
equity
|
80,562
|
|
|
135,712
|
|
Total liabilities and
equity
|
$
|
523,459
|
|
|
$
|
617,257
|
|
ION GEOPHYSICAL
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
thousands)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2015
|
|
2014
|
Cash flows from
operating activities:
|
|
|
|
Net income
(loss)
|
$
|
(55,516)
|
|
|
$
|
76,449
|
|
Adjustments to
reconcile net income (loss) to cash (used in) provided by operating
activities:
|
|
|
|
Depreciation and
amortization (other than multi-client data library)
|
6,525
|
|
|
7,904
|
|
Amortization of
multi-client data library
|
5,289
|
|
|
16,326
|
|
Stock-based
compensation expense
|
1,480
|
|
|
2,777
|
|
Equity in losses of
investments
|
—
|
|
|
1,688
|
|
Reduction of accrual
for loss contingency related to legal proceedings
|
—
|
|
|
(69,557)
|
|
Deferred income
taxes
|
(12)
|
|
|
(884)
|
|
Change in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
74,388
|
|
|
60,646
|
|
Unbilled
receivables
|
(1,523)
|
|
|
(18,945)
|
|
Inventories
|
(468)
|
|
|
(144)
|
|
Accounts payable,
accrued expenses and accrued royalties
|
(39,144)
|
|
|
(5,359)
|
|
Deferred
revenue
|
3,137
|
|
|
(4,678)
|
|
Other assets and
liabilities
|
(862)
|
|
|
(3,541)
|
|
Net cash (used in)
provided by operating activities
|
(6,706)
|
|
|
62,682
|
|
Cash flows from
investing activities:
|
|
|
|
Cash invested in
multi-client data library
|
(9,088)
|
|
|
(22,353)
|
|
Purchase of property,
plant, equipment and seismic rental assets
|
(11,994)
|
|
|
(1,997)
|
|
Repayment of advance
to INOVA Geophysical
|
—
|
|
|
1,000
|
|
Net investment in and
advances to OceanGeo B.V. prior to its consolidation
|
—
|
|
|
(3,074)
|
|
Other investing
activities
|
257
|
|
|
605
|
|
Net cash used in
investing activities
|
(20,825)
|
|
|
(25,819)
|
|
Cash flows from
financing activities:
|
|
|
|
Borrowings under
revolving line of credit
|
—
|
|
|
15,000
|
|
Payments on notes
payable and long-term debt
|
(2,066)
|
|
|
(2,755)
|
|
Other financing
activities
|
31
|
|
|
166
|
|
Net cash (used in)
provided by financing activities
|
(2,035)
|
|
|
12,411
|
|
Effect of change in
foreign currency exchange rates on cash and cash
equivalents
|
396
|
|
|
(24)
|
|
Net (decrease)
increase in cash and cash equivalents
|
(29,170)
|
|
|
49,250
|
|
Cash and cash
equivalents at beginning of period
|
173,608
|
|
|
148,056
|
|
Cash and cash
equivalents at end of period
|
$
|
144,438
|
|
|
$
|
197,306
|
|
ION GEOPHYSICAL
CORPORATION AND SUBSIDIARIES
SUMMARY OF SEGMENT
INFORMATION
(In
thousands)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2015
|
|
2014
|
Net
revenues:
|
|
|
|
Solutions:
|
|
|
|
New
Venture
|
$
|
5,029
|
|
|
$
|
32,738
|
|
Data
Library
|
2,137
|
|
|
13,217
|
|
Total multi-client
revenues
|
7,166
|
|
|
45,955
|
|
Data
Processing
|
11,833
|
|
|
43,286
|
|
Total
|
$
|
18,999
|
|
|
$
|
89,241
|
|
Systems:
|
|
|
|
Towed
Streamer
|
$
|
5,165
|
|
|
$
|
11,851
|
|
Other
|
7,604
|
|
|
12,997
|
|
Total
|
$
|
12,769
|
|
|
$
|
24,848
|
|
Software:
|
|
|
|
Software
Systems
|
$
|
7,729
|
|
|
$
|
9,154
|
|
Services
|
1,081
|
|
|
885
|
|
Total
|
$
|
8,810
|
|
|
$
|
10,039
|
|
Ocean Bottom
Services
|
$
|
—
|
|
|
$
|
20,570
|
|
Total
|
$
|
40,578
|
|
|
$
|
144,698
|
|
Gross profit
(loss):
|
|
|
|
Solutions
|
$
|
(10,392)
|
|
|
$
|
33,011
|
|
Systems
|
4,559
|
|
|
11,417
|
|
Software
|
5,590
|
|
|
7,257
|
|
Ocean Bottom
Services
|
(15,545)
|
|
|
5,169
|
|
Total
|
$
|
(15,788)
|
|
|
$
|
56,854
|
|
Gross
margin:
|
|
|
|
Solutions
|
(55)
|
%
|
|
37
|
%
|
Systems
|
36
|
%
|
|
46
|
%
|
Software
|
63
|
%
|
|
72
|
%
|
Ocean Bottom
Services
|
—
|
%
|
|
25
|
%
|
Total
|
(39)
|
%
|
|
39
|
%
|
Income (loss) from
operations:
|
|
|
|
Solutions
|
$
|
(21,778)
|
|
|
$
|
19,112
|
|
Systems
|
1,014
|
|
|
3,371
|
|
Software
|
3,335
|
|
|
5,128
|
|
Ocean Bottom
Services
|
(17,559)
|
|
|
4,162
|
|
Corporate and
other
|
(11,701)
|
|
|
(12,102)
|
|
Total
|
$
|
(46,689)
|
|
|
$
|
19,671
|
|
Operating
margin:
|
|
|
|
Solutions
|
(115)
|
%
|
|
21
|
%
|
Systems
|
8
|
%
|
|
14
|
%
|
Software
|
38
|
%
|
|
51
|
%
|
Ocean Bottom
Services
|
—
|
%
|
|
20
|
%
|
Corporate and
other
|
(29)
|
%
|
|
(8)
|
%
|
Total
|
(115)
|
%
|
|
14
|
%
|
ION GEOPHYSICAL CORPORATION AND
SUBSIDIARIES
Reconciliation of Adjusted EBITDA to Net
Income (Loss)
(Non-GAAP Measure)
(In
thousands)
(Unaudited)
The term Adjusted EBITDA represents net income (loss) before
interest expense, interest income, income taxes, depreciation and
amortization and other similar non-cash charges including, without
limitation, equity in (earnings) losses of investments and
the reduction of accrual for loss contingency related to
legal proceedings. Adjusted EBITDA is not a measure of
financial performance under generally accepted accounting
principles and should not be considered in isolation from or as a
substitute for net income (loss) or cash flow measures prepared in
accordance with generally accepted accounting principles or as a
measure of profitability or liquidity. Additionally, Adjusted
EBITDA may not be comparable to other similarly titled measures of
other companies. The Company has included Adjusted EBITDA as a
supplemental disclosure because its management believes that
Adjusted EBITDA provides useful information regarding our ability
to service debt and to fund capital expenditures and provides
investors a helpful measure for comparing its operating performance
with the performance of other companies that have different
financing and capital structures or tax rates.
|
|
Three Months Ended
March 31,
|
|
|
2015
|
|
2014
|
Net income
(loss)
|
|
$
|
(55,516)
|
|
|
$
|
76,449
|
|
Interest expense,
net
|
|
4,625
|
|
|
4,797
|
|
Income tax
expense
|
|
983
|
|
|
5,263
|
|
Depreciation and
amortization expense
|
|
11,814
|
|
|
24,230
|
|
Equity in losses of
investments
|
|
—
|
|
|
1,688
|
|
Reduction of accrual
for loss contingency related to legal proceedings
|
|
—
|
|
|
(69,557)
|
|
Adjusted
EBITDA
|
|
$
|
(38,094)
|
|
|
$
|
42,870
|
|
ION GEOPHYSICAL CORPORATION AND
SUBSIDIARIES
Reconciliation of Special Items to Diluted
Earnings (Loss) per Share
(Non-GAAP
Measure)
(In thousands, except per share
data)
(Unaudited)
The financial results are reported in accordance with GAAP.
However, management believes that certain non-GAAP performance
measures may provide users of this financial information,
additional meaningful comparisons between current results and
results in prior operating periods. One such non-GAAP financial
measure is income (loss) from operations or net income (loss)
excluding certain charges or amounts. This adjusted income (loss)
amount is not a measure of financial performance under GAAP.
Accordingly, it should not be considered as a substitute for income
(loss) from operations, net income (loss) or other income data
prepared in accordance with GAAP. See the table below for
supplemental financial data and the corresponding reconciliation to
GAAP financials three months ended March 31,
2015 and 2014:
|
Three Months Ended
March 31, 2015
|
|
Three Months Ended
March 31, 2014
|
|
As
Reported
|
|
Special Items(1)
|
|
As
Adjusted
|
|
As
Reported
|
|
Special Items(2)
|
|
As
Adjusted
|
Net
revenues
|
$
|
40,578
|
|
|
$
|
—
|
|
|
$
|
40,578
|
|
|
$
|
144,698
|
|
|
$
|
—
|
|
|
$
|
144,698
|
|
Cost of
sales
|
56,366
|
|
|
(1,813)
|
|
|
54,553
|
|
|
87,844
|
|
|
—
|
|
|
87,844
|
|
Gross profit
(loss)
|
(15,788)
|
|
|
1,813
|
|
|
(13,975)
|
|
|
56,854
|
|
|
—
|
|
|
56,854
|
|
Operating
expenses
|
30,901
|
|
|
(198)
|
|
|
30,703
|
|
|
37,183
|
|
|
—
|
|
|
37,183
|
|
Income (loss) from
operations
|
(46,689)
|
|
|
2,011
|
|
|
(44,678)
|
|
|
19,671
|
|
|
—
|
|
|
19,671
|
|
Interest expense,
net
|
(4,625)
|
|
|
—
|
|
|
(4,625)
|
|
|
(4,797)
|
|
|
—
|
|
|
(4,797)
|
|
Equity in losses of
investments
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,688)
|
|
|
—
|
|
|
(1,688)
|
|
Other income
(expense), net
|
(3,219)
|
|
|
1,913
|
|
|
(1,306)
|
|
|
68,526
|
|
|
(69,557)
|
|
|
(1,031)
|
|
Income tax
expense
|
983
|
|
|
—
|
|
|
983
|
|
|
5,263
|
|
|
|
|
5,263
|
|
Net income
(loss)
|
(55,516)
|
|
|
3,924
|
|
|
(51,592)
|
|
|
76,449
|
|
|
(69,557)
|
|
|
6,892
|
|
Net (income) loss
attributable to noncontrolling interest
|
252
|
|
|
(172)
|
|
|
80
|
|
|
(470)
|
|
|
—
|
|
|
(470)
|
|
Net income (loss)
attributable to ION
|
$
|
(55,264)
|
|
|
$
|
3,752
|
|
|
$
|
(51,512)
|
|
|
$
|
75,979
|
|
|
$
|
(69,557)
|
|
|
$
|
6,422
|
|
Net income (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.34)
|
|
|
|
|
$
|
(0.31)
|
|
|
$
|
0.46
|
|
|
|
|
$
|
0.04
|
|
Diluted
|
$
|
(0.34)
|
|
|
|
|
$
|
(0.31)
|
|
|
$
|
0.46
|
|
|
|
|
$
|
0.04
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
164,567
|
|
|
|
|
164,567
|
|
|
163,847
|
|
|
|
|
163,847
|
|
Diluted
|
164,567
|
|
|
|
|
164,567
|
|
|
164,061
|
|
|
|
|
164,061
|
|
|
|
(1)
|
Represents severance
and facility charges related to first quarter 2015
restructuring.
|
(2)
|
Represents a
reduction in the WesternGeco legal contingency due to the court
order issued in April 2014.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ion-reports-first-quarter-2015-results-300079043.html
SOURCE ION Geophysical Corporation