HOUSTON,
TEXAS - November 8, 2012 - Geokinetics Inc. "the Company"
(NYSE MKT: GOK) today announced its financial results for the
quarter ended September 30, 2012.
Third
Quarter 2012 Results
Geokinetics Inc. reported a loss
applicable to common shareholders for the quarter ended September
30, 2012 of $8.9 million, or $(0.46) per basic and diluted
share. This compares to a loss applicable to common
shareholders of $44.4 million, or ($2.44) per basic and diluted
share, for the quarter ended September 30, 2011. Consolidated
revenues for the three months ended September 30, 2012 totaled
$141.7 million compared to $206.1 million for the comparable period
in 2011, a decrease of 31%. Adjusted EBITDA (a non-GAAP
financial measurement, defined below) decreased to $32.2 million
for the quarter ended September 30, 2012 from $36.9 million for the
same period of 2011. However, adjusted EBITDA as a percentage
of revenue increased to 23% for the three months ended September
30, 2012, as compared to 18% for the same period in 2011.
Geokinetics
Inc. and Subsidiaries
Summary of Results
(In thousands, except per share
amounts)
(Unaudited)
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
2012 |
|
2011 |
|
2012 |
|
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Data
Acquisition: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
proprietary |
|
$ |
20,540 |
|
$ |
41,412 |
|
$ |
94,011 |
|
$ |
118,095 |
|
|
International
proprietary |
|
|
110,507 |
|
|
123,519 |
|
|
286,240 |
|
|
325,288 |
|
|
Multi-client |
|
|
8,788 |
|
|
38,841 |
|
|
53,219 |
|
|
89,401 |
|
Total
Data Acquisition |
|
|
139,835 |
|
|
203,772 |
|
|
433,470 |
|
|
532,784 |
|
Data
processing & integrated reservoir geosciences |
|
|
3,225 |
|
|
4,129 |
|
|
10,584 |
|
|
10,537 |
|
Eliminations |
|
|
(1,366) |
|
|
(1,849) |
|
|
(4,075) |
|
|
(4,084) |
Total
revenues |
|
|
141,694 |
|
|
206,052 |
|
|
439,979 |
|
|
539,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
9,023 |
|
|
(52,102) |
|
|
(16,167) |
|
|
(101,536) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
|
(6,302) |
|
|
(42,105) |
|
|
(56,992) |
|
|
(110,312) |
|
Preferred stock dividends and accretion costs |
|
|
(2,551) |
|
|
(2,333) |
|
|
(7,494) |
|
|
(6,807) |
Loss
applicable to common stockholders |
|
$ |
(8,853) |
|
$ |
(44,438) |
|
$ |
(64,486) |
|
$ |
(117,119) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
basic and diluted shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
common share |
|
$ |
(0.46) |
|
$ |
(2.44) |
|
$ |
(3.39) |
|
$ |
(6.52) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA (as defined below) |
|
$ |
32,168 |
|
$ |
36,920 |
|
$ |
72,459 |
|
$ |
64,815 |
Backlog
Backlog was $370.8 million as of
September 30, 2012 compared to $394.0 million in the previous
quarter. We anticipate that approximately 37% of the backlog
at September 30, 2012 will be completed in the fourth quarter of
2012 and 63% will be completed in 2013 and 2014.
Third
Quarter 2012 Financial and Operating Highlights
Data
Acquisition:
North America Proprietary
-
North America proprietary seismic data
acquisition revenues for the three months ended September 30, 2012
totaled $20.5 million compared to $41.4 million for the same period
of 2011, a decrease of 51%. The decrease resulted from
decreased crew activity due to postponed projects which resumed
late in the 3rd quarter of
2012, and from permit delays for certain projects in the U.S.
In addition, we experienced a reduction in reimbursable revenues in
the U.S. primarily resulting from variations in the usage mix of
specialized survey technologies versus dynamite energy sources as
compared to 2011.
-
Adjusted EBITDA (as defined below) for the North
America proprietary acquisition business was $0.4 million for the
quarter ended September 30, 2012 compared to $4.4 million for the
same period in 2011. The decrease was primarily the result of
decreased crew activity and idle crew costs incurred.
-
Backlog for the North America proprietary
acquisition business at September 30, 2012 was $40.0 million, an
increase of 67% compared to June 30, 2012. We expect to
realize approximately 75% of the current backlog in the fourth
quarter of 2012.
International Proprietary
-
International proprietary seismic data
acquisition revenues for the three months ended September 30, 2012
totaled $110.5 million compared to $123.5 million for the same
period of 2011, a decrease of 11%. The decrease was
attributed to decreased activity in the Asia Pacific region and
certain locations in Latin America offset by increased activity in
Mexico and Suriname.
-
Adjusted EBTIDA (as defined below) for the
International proprietary acquisition business was $29.9 million
for the quarter ended September 30, 2012 compared to $4.7 million
for the same period in 2011. The increase was primarily the
result of increased activity and productivity in Mexico and
Suriname, and the cessation of operations in North Africa offset by
decreased activity in the Asia Pacific region.
-
Backlog for the International proprietary
acquisition business at September 30, 2012 was $290.9 million, a
decrease of 6% compared to June 30, 2012. Of the current
backlog for this business, $168.2 million, or 57.4%, is with
national oil companies (NOCs) or partnerships including NOCs.
Moreover, $46.8 million or 16.0% of the backlog for this business
is in shallow water transition zones and ocean-bottom-cable
environments. We expect to realize approximately 30% of the
current backlog in this business in the fourth quarter of
2012.
Multi-client
- Multi-client revenues for the
three months ended September 30, 2012 totaled $8.8 million compared
to $38.8 million for the same period of 2011. The decrease was
primarily due to permit delays in certain areas of the U.S. and a
decrease in projects due to lower gas prices.
- Adjusted EBTIDA (as defined
below) for the Multi-client business was $7.7 million for the
quarter ended September 30, 2012 compared to $38.3 million for the
same period in 2011. The decrease was primarily due to permit
delays in certain areas of the U.S. and a decrease in projects due
to lower gas prices.
- Backlog for the Multi-client
business at September 30, 2012 was $29.7 million, a decrease of 45%
compared to June 30, 2012. We expect to realize approximately
51% of the current backlog in the fourth quarter of 2012.
Data
Processing & Integrated Reservoir Geosciences
-
Data Processing and Integrated Reservoir
Geosciences revenues for the three months ended September 30, 2012
totaled $3.2 million compared to $4.1 million for the same period
of 2011, a decrease of 22%. The decrease was primarily the result
of decreased activity in the U.S.
-
Adjusted EBITDA (as defined below) for the Data
Processing & Integrated Reservoir Geosciences business was $0.5
million for the quarter ended September 30, 2012 compared to $1.0
million for the same period in 2011.
-
Backlog for the Data Processing & Integrated
Reservoir Geosciences business at September 30, 2012 was $10.3
million, an increase of 56% compared to June 30, 2012. We expect to
realize approximately 38% of the current backlog in this business
in the fourth quarter of 2012.
Other
Expenses
- General and administrative
expense for the three months ended September 30, 2012 totaled $12.5
million as compared to $21.3 million for the same period in
2011. The decrease was primarily the result of cost
containment efforts resulting in reduction of payroll costs, rent,
marketing expense, contract services and travel, partially offset
by professional services costs related to our restructuring
efforts.
- Depreciation and amortization
expense for the three months ended September 30, 2012 totaled $23.1
million as compared to $49.0 million for the same period of
2011. Amortization of multi-client data for the three months
ended September 30, 2012 and 2011 was $5.9 million and $32.0
million, respectively.
Financial
Condition
- Cash and cash equivalents totaled
$30.7 million as of September 30, 2012. Restricted cash totaled
$3.3 million as of September 30, 2012.
- During 2011 we incurred operating
losses primarily due to the Mexico liftboat incident, delays in
project commencements, low asset utilization, and idle crew costs,
which resulted in serious concerns about our liquidity. In an
effort to address these liquidity issues that continued into 2012,
our management instituted a number of steps, including closing some
regional offices and exiting certain operations around the world
where the long-term prospects for profitability were not in line
with our business goals. Additionally, our management
continues to focus on cost reductions, potential additional sales
of assets, further centralization of bidding and management
services to provide a higher level of control over costs and
bidding on seismic acquisition services under careful consideration
of required capital expenditures for additional equipment or
restrictions in cash required for bid or performance bonds.
Although management has continued to focus on improving liquidity
through the implementation of the actions described above, we
anticipate that additional efforts will be required to address our
high levels of indebtedness. We continue to work with our
financial advisor to address this and other issues with a focus on
effecting an out-of-court restructuring of our indebtedness and
capital structure. In particular, we are currently in
discussions with some of our lenders, preferred stockholders and
certain noteholders regarding a restructuring of certain of our
indebtedness. However, the outcome of these discussions is not
certain at this time.
- Capital expenditures as of
September 30, 2012 were approximately $13.2 million, which includes
$2.4 million of capital leases. Our Board of Directors has
approved a capital expenditure budget for 2012 of approximately
$17.0 million. In addition, 2012 multi-client data library
investments were approximately $37.2 million as of September 30,
2012. All of the expected multi-client projects have
pre-funding levels ranging from 80% to 100% of their anticipated
cash expenses.
Third
Quarter 2012 Average Crew Count Review and Fourth Quarter 2012
Outlook
|
3Q12 |
|
4Q12E |
North
America Data Acquisition |
|
|
|
Land
Proprietary |
3.75 |
|
5.50 |
Land
Multi-Client |
1.00 |
|
2.00 |
|
4.75 |
|
7.50 |
|
|
|
|
International Data Acquisition |
|
|
|
Land
Proprietary |
5.25 |
|
6.25 |
Shallow
Water (Ocean-Bottom-Cable/Transition Zone) |
1.25 |
|
2.50 |
|
6.50 |
|
8.75 |
|
|
|
|
Total |
11.25 |
|
16.25 |
Conference
Call and Webcast Information
Geokinetics Inc. has scheduled a conference call for Friday,
November 9, 2012, at 10:00 a.m. EST (9:00 a.m. CST). To
participate in the conference call, dial (866) 383-8009 for
domestic callers, and (617) 597-5342 for international callers a
few minutes before the call begins using pass code 47538851 and ask
for the Geokinetics 3rd Quarter Earnings Conference Call. A
replay of the call will be available approximately two hours after
the live broadcast ends and will be accessible until November 17,
2012. To access the replay, dial (888) 286-8010 for domestic
callers or (617) 801-6888 for international callers, in both cases
using pass code
28318598.
The webcast may be accessed online
through Geokinetics' website at http://www.geokinetics.com in the
Investors section. A webcast archive will also be available
at http://www.geokinetics.com shortly after the call and will be
accessible for approximately 90 days. For more information
regarding the conference call, please contact Gary L. Pittman,
Executive Vice President and Chief Financial Officer, by
dialing 713-850-7600 or by email at
gary.pittman@geokinetics.com.
Geokinetics Inc. is a leading provider of seismic
data acquisition, seismic data processing services and multi-client
seismic data to the oil and gas industry worldwide. Headquartered
in Houston, Texas, Geokinetics is the largest Western contractor
acquiring seismic data onshore and in transition zones in oil and
gas basins around the world. Geokinetics has the crews, experience
and capacity to provide cost-effective world class data to its
international and North American clients. For more information on
Geokinetics, visit http://www.geokinetics.com.
Forward-Looking Statements
This press release includes "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, as
amended (the "Exchange Act"). All statements, other than
statements of historical facts, included in this earnings release
that address activities, events or developments that Geokinetics
expects, believes or anticipates will or may occur in the future
are forward-looking statements. These statements include but
are not limited to statements about the business outlook for the
year, backlog and bid activity, business strategy, the
implementation of cost-saving and liquidity enhancing measures and
strategic and financial alternatives, related financial performance
and all statements with respect to future events. These
statements are based on certain assumptions made by Geokinetics
based on management's experience and perception of historical
trends, industry conditions, market position, future operations,
profitability, liquidity, backlog, capital resources and other
factors believed to be appropriate. Such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of Geokinetics, which may cause
actual results to differ materially from those implied or expressed
by the forward-looking statements. These include risks relating to
financial performance and results, job delays or cancellations,
reductions in oil and gas prices, the continued disruption in
worldwide financial markets, impact from severe weather conditions,
our ability to implement cost-saving and liquidity enhancing
measures and strategic and financial alternatives and other
important factors that could cause actual results to differ
materially from those projected, or backlog not to be completed, as
described in our reports filed with the Securities and Exchange
Commission. Backlog consists of written orders and estimates of
Geokinetics' services which it believes to be firm, however, in
many instances, the contracts are cancelable by customers so
Geokinetics may never realize some or all of its backlog which may
lead to lower than expected financial performance.
Although
Geokinetics believes that the expectations reflected in such
statements are reasonable, it can give no assurance that such
expectations will be correct. All of Geokinetics'
forward-looking statements, whether written or oral, are expressly
qualified by these cautionary statements and any other cautionary
statements that may accompany such forward-looking
statements. Any forward-looking statement speaks only as of
the date on which such statement is made and Geokinetics undertakes
no obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Geokinetics
Inc. and Subsidiaries
GAAP Reconciliation
(In thousands, except per share
amounts)
We define Adjusted EBITDA as Net
Income (Loss) (the most directly comparable Generally Accepted
Accounting Principles (GAAP) financial measure) before Interest,
Taxes, Other Income (Expense) (including foreign exchange
gains/losses, gains/losses, loss on early redemption of debt, from
changes in fair value of derivative liabilities and other
income/expense), Asset Impairments and Depreciation and
Amortization. "Adjusted EBITDA", as used and defined by the
Company, may not be comparable to similarly titled measures
employed by other companies and is not a measure of performance
calculated in accordance with GAAP. Adjusted EBITDA should
not be considered in isolation or as a substitute for operating
income, net income or loss, cash flows provided by or used in
operating, investing and financing activities, or other income or
cash flow statement data prepared in accordance with GAAP.
However, we believe Adjusted EBITDA is useful to an investor in
evaluating its operating performance because this measure: (1) is
widely used by investors in the energy industry to measure a
company's operating performance without regard to items excluded
from the calculation of such term, which can vary substantially
from company to company depending upon accounting methods and book
value of assets, capital structure and the method by which assets
were acquired, among other factors; (2) helps investors to more
meaningfully evaluate and compare the results of our operations
from period to period by removing the effect of its capital
structure and asset base from its operating structure; and (3) is
used by our management for various purposes, including as a measure
of operating performance, in presentations to its Board of
Directors, as a basis for strategic planning and forecasting, and
as a component for setting incentive compensation. There are
significant limitations to using Adjusted EBITDA as a measure of
performance, including the inability to analyze the effect of
certain recurring and non-recurring items that materially affect
our net income or loss, and the lack of comparability of results of
operations of different companies.
See below for reconciliation from
Loss Applicable to Common Stockholders to Adjusted EBITDA amounts
referred to above:
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Loss applicable to
common shareholders |
$ |
(8,853) |
|
$ |
(44,438) |
|
$ |
(64,486) |
|
$ |
(117,119) |
Preferred stock
dividends and accretion costs |
|
2,551 |
|
|
2,333 |
|
|
7,494 |
|
|
6,807 |
Net loss |
|
(6,302) |
|
|
(42,105) |
|
|
(56,992) |
|
|
(110,312) |
Provision for income
taxes |
|
3,634 |
|
|
1,882 |
|
|
10,776 |
|
|
4,710 |
Interest expenses,
net of interest income |
|
12,699 |
|
|
10,951 |
|
|
38,274 |
|
|
35,041 |
Other income, net
(as defined above) |
|
(1,008) |
|
|
(22,830) |
|
|
(8,225) |
|
|
(30,975) |
Asset
impairments |
|
- |
|
|
40,000 |
|
|
- |
|
|
40,000 |
Depreciation and
amortization (1) |
|
23,145 |
|
|
49,022 |
|
|
88,626 |
|
|
126,351 |
Adjusted EBITDA |
$ |
32,168 |
|
$ |
36,920 |
|
$ |
72,459 |
|
$ |
64,815 |
-
Includes $5.9, $32.0, $35.8 million and $71.4
million, respectively, in amortization expense related to
multi-client data library.
Geokinetics
Inc. and Subsidiaries
Condensed Consolidated Balance
Sheets
(In thousands, except share
amounts)
|
|
|
September 30, |
|
December 31, |
|
|
|
2012 |
|
2011 |
ASSETS |
(Unaudited) |
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
30,725 |
|
$ |
44,647 |
|
Accounts receivable,
net |
|
135,617 |
|
|
160,736 |
|
Other current assets |
|
31,646 |
|
|
33,017 |
|
|
Total current assets |
|
197,988 |
|
|
238,400 |
|
|
|
|
|
|
Property and equipment, net |
|
167,362 |
|
|
212,636 |
Multi-client data library, net |
|
30,718 |
|
|
41,512 |
Other assets, net |
|
19,645 |
|
|
21,624 |
|
|
Total assets |
$ |
415,713 |
|
$ |
514,172 |
|
|
|
|
|
|
LIABILITIES, MEZZANINE EQUITY AND
STOCKHOLDERS' DEFICIT |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
35,992 |
|
$ |
79,300 |
|
Other accrued and current
liabilities |
|
131,820 |
|
|
136,023 |
|
|
Total current liabilities |
|
167,812 |
|
|
215,323 |
|
|
|
|
|
|
Long-term debt and capital lease
obligations, net of current portion |
|
349,646 |
|
|
350,183 |
Mandatorily redeemable preferred
stock |
|
60,488 |
|
|
53,210 |
Other liabilities |
|
12,846 |
|
|
14,962 |
|
|
Total liabilities |
|
590,792 |
|
|
633,678 |
|
|
|
|
|
|
Mezzanine equity: |
|
|
|
|
|
|
Preferred stock, Series B Senior
Convertible, $10.00 par value; 2,500,000 shares authorized, 377,769
shares issued and outstanding at September 30, 2012 and 351,444
shares issued and outstanding at December 31, 2011 |
|
90,726 |
|
|
83,313 |
|
|
|
|
|
|
Stockholders'
deficit |
|
(265,805) |
|
|
(202,819) |
|
|
Total liabilities, mezzanine equity and
stockholders' deficit |
$ |
415,713 |
|
$ |
514,172 |
Geokinetics
Inc. and Subsidiaries
Condensed Consolidated Statements of
Operations
(In thousands, except per share
amounts)
(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
2012 |
|
|
2011 |
|
2012 |
|
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
$ |
141,694 |
|
$ |
206,052 |
|
$ |
439,979 |
|
$ |
539,237 |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating |
|
96,978 |
|
|
147,811 |
|
|
317,332 |
|
|
418,998 |
|
Depreciation and amortization |
|
23,145 |
|
|
49,022 |
|
|
88,626 |
|
|
126,351 |
|
General and administrative |
|
12,548 |
|
|
21,321 |
|
|
50,188 |
|
|
55,424 |
|
Asset impairments |
|
- |
|
|
40,000 |
|
|
- |
|
|
40,000 |
|
|
Total expenses |
|
132,671 |
|
|
258,154 |
|
|
456,146 |
|
|
640,773 |
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from operations |
|
9,023 |
|
|
(52,102) |
|
|
(16,167) |
|
|
(101,536) |
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(12,699) |
|
|
(10,951) |
|
|
(38,274) |
|
|
(35,041) |
|
Gain from change in fair value of
derivative liabilities |
|
(334) |
|
|
22,409 |
|
|
5,270 |
|
|
31,381 |
|
Other, net |
|
1,342 |
|
|
421 |
|
|
2,955 |
|
|
(406) |
|
|
Total other income (expense), net |
|
(11,691) |
|
|
11,879 |
|
|
(30,049) |
|
|
(4,066) |
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
(2,668) |
|
|
(40,223) |
|
|
(46,216) |
|
|
(105,602) |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
3,634 |
|
|
1,882 |
|
|
10,776 |
|
|
4,710 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
(6,302) |
|
|
(42,105) |
|
|
(56,992) |
|
|
(110,312) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends and
accretion costs |
|
(2,551) |
|
|
(2,333) |
|
|
(7,494) |
|
|
(6,807) |
|
|
|
|
|
|
|
|
|
|
|
|
Loss applicable to common
stockholders |
$ |
(8,853) |
|
$ |
(44,438) |
|
$ |
(64,486) |
|
$ |
(117,119) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For Basic and Diluted Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share |
$ |
(0.46) |
|
$ |
(2.44) |
|
$ |
(3.39) |
|
$ |
(6.52) |
|
|
Weighted average common shares outstanding |
|
19,048 |
|
|
18,225 |
|
|
19,020 |
|
|
17,964 |
Geokinetics
Inc. and Subsidiaries
Condensed Consolidated Statements of Cash
Flows
(In thousands)
(Unaudited)
|
Nine Months Ended September
30, |
|
2012 |
|
2011 |
OPERATING ACTIVITIES |
|
|
|
|
|
Net loss |
$ |
(56,992) |
|
$ |
(110,312) |
Adjustments to reconcile net loss to
net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
88,626 |
|
|
126,351 |
|
Asset impairments |
|
- |
|
|
40,000 |
|
Loss on prepayment of debt,
amortization of deferred financing costs, and accretion of debt
discount |
|
4,355 |
|
|
4,789 |
|
Change in fair value of derivative
liabilities |
|
(5,270) |
|
|
(31,381) |
|
Other, net |
|
3,560 |
|
|
(984) |
Changes in operating assets and
liabilities: |
|
|
|
|
|
|
Changes in operating assets |
|
26,651 |
|
|
2,598 |
|
Changes in operating liabilities |
|
(36,539) |
|
|
28,523 |
|
|
Net cash provided by operating activities |
|
24,391 |
|
|
59,584 |
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
Investment in multi-client data
library, net |
|
(37,189) |
|
|
(63,888) |
|
Purchases and acquisition of property
and equipment |
|
(10,790) |
|
|
(14,031) |
|
Purchases of other assets |
|
(569) |
|
|
(1,616) |
|
Proceeds from sale/disposal of
assets |
|
15,895 |
|
|
7,588 |
|
|
Net cash used in investing activities |
|
(32,653) |
|
|
(71,947) |
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
Proceeds from issuance of debt |
|
(2,072) |
|
|
60,348 |
|
Payments on debt |
|
- |
|
|
(33,000) |
|
Other, net |
|
(3,588) |
|
|
(4,183) |
|
|
Net cash provided by (used in) financing
activities |
|
(5,660) |
|
|
23,165 |
|
|
|
|
|
Net increase (decrease) in cash |
|
(13,922) |
|
|
10,802 |
Cash and cash
equivalents at the beginning of period |
|
44,647 |
|
|
42,851 |
Cash and cash
equivalents at the end of period |
$ |
30,725 |
|
$ |
53,653 |
|
|
|
|
|
Supplemental
disclosures of cash flow information (in thousands): |
|
|
|
|
|
Cash disclosures: |
|
|
|
|
|
|
Interest paid |
$ |
19,998 |
|
$ |
18,499 |
|
Income taxes paid |
$ |
4,451 |
|
$ |
4,144 |
Non-cash disclosures: |
|
|
|
|
|
|
Capitalized depreciation to
multi-client data library |
$ |
2,896 |
|
$ |
4,491 |
|
Purchase of property and equipment
under capital lease and vendor financings, net of down
payments |
$ |
2,430 |
|
$ |
6,743 |
|
Deferred financing costs paid in
common stock |
$ |
- |
|
$ |
3,980 |
Contact:
Gary L. Pittman
Chief Financial Officer
Geokinetics
(713) 850-7600
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Geokinetics Inc. via Thomson Reuters ONE
HUG#1656080
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