HOUSTON, May 6, 2020 /PRNewswire/ -- ION Geophysical
Corporation (NYSE: IO) today reported total net revenues of
$56.4 million in the first quarter
2020, a 53% increase compared to total net revenues of $37.0 million one year ago primarily due to
an increase in 2D multi-client data library sales. ION's
operating income was $6.3 million
compared to an operating loss of $15.9
million in the first quarter 2019. ION's net loss was
$2.3 million, or a loss of
$0.16 per share, compared to a net
loss of $21.4 million, or a loss of
$1.52 per share in the first quarter
2019. Excluding special items in both periods, the Company
reported an Adjusted net income of $4.7
million, or $0.33 per share,
compared to an Adjusted net loss of $16.9
million, or a loss of $1.20
per share in the first quarter 2019. A reconciliation of
special items to the reported financial results can be found in the
tables of this press release.
The Company reported Adjusted EBITDA of $22.9 million for the first quarter 2020, an
increase from $(0.1) million one year
ago. A reconciliation of Adjusted EBITDA to the closest
comparable GAAP numbers can be found in the tables of this press
release.
"We achieved the best first quarter performance in six years
despite challenges from both coronavirus and oil price volatility,"
said Chris Usher, ION's President
and Chief Executive Officer. "Our strong revenues of
$56 million generated positive
operating income and $23 million in
Adjusted EBITDA, and, as a result, we expect our liquidity position
to improve as revenues are collected in the second quarter. Our
first quarter results reflect the value of our offshore data
library and validate the combined effectiveness of our strategic
refocus and over $20 million cost
reductions. Our team creatively closed a number of large
multi-client contracts, some of which were delayed from the fourth
quarter, even after E&P market dynamics changed. I remain
confident in ION's value proposition to cost-effectively support
customers' data-driven decision-making in this lower-for-longer
exploration and production environment.
"In response to the COVID-19 pandemic and oil price volatility,
we worked closely with our clients to understand the impact of
E&P budget reductions and proactively re-planned the
business. Our asset light strategy avoids significant fixed
costs and provides flexibility to quickly scale the business to
meet demand. In April, we announced another $18 million of cost reductions, building on the
over $20 million of cost savings made
in January, to preserve cash and manage liquidity. We also
qualified for and received $6.9
million of government relief in April. In addition, we
expect the sale of our 49% share in the non-strategic INOVA land
seismic equipment joint venture with BGP to deliver an additional
$12 million liquidity boost in the
second half of the year, subject to closing conditions.
"I couldn't be prouder of our team's response during this
unprecedented pandemic. They rallied and rapidly adjusted to
new ways of working while maintaining business continuity and
accelerating our strategy execution. Our employees were
dynamic in their response and looked for opportunities instead of
simply hunkering down and cutting costs. We quickly shifted
to new digital engagement models with customers and deployed new
technology solutions that facilitate remote offshore operations
management. For example, Marlin™ SmartPort is being used by
port staff to control port operations from home, and our Software
group launched a 'smart operations' navigation and simultaneous
operations offering for E&P customers to remotely oversee their
offshore operations.
"I am also gratified to have resolved our decade-long patent
litigation with WesternGeco, closing a significant chapter that
once threatened the survival of our business. Over the course
of the case, the companies' portfolios and competitive landscape
changed dramatically and we both believe expanding our mutually
beneficial multi-client collaboration makes more sense moving
forward.
"The combination of our business continuity plans and cost
reduction initiatives enable ION to remain agile and support
clients while navigating these uncertain times. I believe we
are better positioned given our first quarter results, and with
backlog and recurring revenue in some parts of our business, that
we can mitigate some of the immediate impacts of the market
disruption."
FIRST QUARTER 2020
The Company's segment revenues for the first quarter were as
follows (in thousands):
|
|
Three Months Ended
March 31,
|
|
|
|
|
2020
|
|
2019
|
|
% Change
|
E&P Technology
& Services
|
|
$
|
46,514
|
|
|
$
|
27,103
|
|
|
72
|
%
|
Operations
Optimization
|
|
9,900
|
|
|
9,853
|
|
|
—
|
%
|
Total
|
|
$
|
56,414
|
|
|
$
|
36,956
|
|
|
53
|
%
|
Within the E&P Technology & Services segment,
multi-client revenues were $41.6
million, an increase of 78%. This result was driven by
increased sales of ION's global 2D data library, partly offset by a
reduction in new venture revenues. Imaging and Reservoir
Services revenues were $4.9 million,
an increase of 34%, from working through existing backlog.
Within the Operations Optimization segment, Optimization
Software & Services revenues were $4.4
million, a 12% decrease from the first quarter 2019 due to
reduced command and control hardware sales, and to a lesser extent,
a COVID-19 reduced seismic activity and associated services demand.
Devices revenues were $5.5 million, a
14% increase from the first quarter 2019, due to increased sales of
towed streamer equipment spares and repairs.
Consolidated gross margin for the quarter was 50%, compared to
27% in the first quarter 2019. Gross margin in E&P
Technology & Services was 51% compared to 20% one year
ago. The improved E&P Technology & Services gross
margin resulted from the increase in 2D data library
revenues. Operations Optimization gross margin was 47%, a
slight increase compared to 46% one year ago.
Consolidated operating expenses were $22.0 million, compared to $25.8 million, and operating margin was 11%,
compared to (43)% in the first quarter 2019. Excluding
special items, consolidated operating expenses, as adjusted, were
$15.9 million, compared to
$21.4 million in the first quarter
2019, and operating margin, as adjusted, was 24%, compared to (31)%
in the first quarter 2019. The improvement in operating
margin, as adjusted, was primarily due to the increase in revenues,
combined with lower operating expenses, from cost reduction
measures.
Income tax expense was $5.9
million compared to $1.4
million in the first quarter 2019. The income tax expense
includes $2.2 million of valuation
allowance established against our recognized deferred tax assets in
our non-U.S. businesses. The Company's income tax expense primarily
relates to results generated by our non-U.S. businesses.
At March 31, 2020, the Company had
total liquidity of $53.8 million,
consisting of $42.7 million of cash
on hand and $11.1 million of
remaining available borrowing capacity under its maximum
$50.0 million revolving credit
facility. In response to the market uncertainty
resulting from the COVID-19 pandemic and weaker oil and gas prices,
the Company drew $27.0 million under
its revolving credit facility in March that remains outstanding and
in its cash balances. As of May 5,
2020, the Company's cash on hand increased to a balance of
$52.8 million, including revolver
borrowings of $27.0 million, compared
to $42.7 million at March 31, 2020.
CONFERENCE CALL
The Company has scheduled a conference call for Thursday, May 7, 2020, 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,
2020. To access the replay, dial (877) 660-6853 and use pass
code 13698479#.
Investors, analysts and the general public will also have the
opportunity to listen to the conference call live over the Internet
by visiting iongeo.com. An archive of the webcast will be
available shortly after the call on the Company's website.
About ION
Leveraging innovative technologies, ION delivers powerful
data-driven decision-making to offshore energy, ports and defense
industries, enabling clients to optimize operations and deliver
superior returns. Learn more at iongeo.com.
Contact
Mike Morrison
Executive Vice President and Chief Financial Officer
+1.281.552.3011
The information 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 information 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 the risks associated with the
timing and development of ION Geophysical
Corporation's products and services; pricing pressure;
decreased demand; changes in oil prices; political, execution,
regulatory, and currency risks; the COVID-19 pandemic; and
agreements made or adhered to by members of OPEC and other oil
producing countries to maintain production levels. For additional
information regarding these various risks and uncertainties, see
our Form 10-K for the year ended December 31, 2019, filed
on February 6, 2020. Additional risk factors, which could
affect actual results, are disclosed by the Company in its filings
with the Securities and Exchange Commission ("SEC"),
including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the
year. The Company expressly disclaims any obligation to revise or
update any forward-looking statements.
Tables to follow
ION GEOPHYSICAL
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands,
except per share data)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2020
|
|
2019
|
Service
revenues
|
$
|
47,485
|
|
|
$
|
28,128
|
|
Product
revenues
|
8,929
|
|
|
8,828
|
|
Total net
revenues
|
56,414
|
|
|
36,956
|
|
Cost of
services
|
22,275
|
|
|
22,446
|
|
Cost of
products
|
4,628
|
|
|
4,598
|
|
Impairment of
multi-client data library
|
1,167
|
|
|
—
|
|
Gross
profit
|
28,344
|
|
|
9,912
|
|
Operating
expenses:
|
|
|
|
Research, development
and engineering
|
4,008
|
|
|
5,357
|
|
Marketing and
sales
|
4,858
|
|
|
5,793
|
|
General,
administrative and other operating expenses
|
9,002
|
|
|
14,699
|
|
Impairment of
goodwill
|
4,150
|
|
|
—
|
|
Total operating
expenses
|
22,018
|
|
|
25,849
|
|
Income (loss) from
operations
|
6,326
|
|
|
(15,937)
|
|
Interest expense,
net
|
(3,221)
|
|
|
(3,112)
|
|
Other income
(expense), net
|
429
|
|
|
(792)
|
|
Income (loss) before
income taxes
|
3,534
|
|
|
(19,841)
|
|
Income tax
expense
|
5,874
|
|
|
1,407
|
|
Net loss
|
(2,340)
|
|
|
(21,248)
|
|
Less: Net (income)
loss attributable to noncontrolling interest
|
77
|
|
|
(112)
|
|
Net loss attributable
to ION
|
$
|
(2,263)
|
|
|
$
|
(21,360)
|
|
Net loss per
share:
|
|
|
|
Basic
|
$
|
(0.16)
|
|
|
$
|
(1.52)
|
|
Diluted
|
$
|
(0.16)
|
|
|
$
|
(1.52)
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
Basic
|
14,230
|
|
|
14,033
|
|
Diluted
|
14,230
|
|
|
14,033
|
|
ION GEOPHYSICAL
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(In
thousands)
(Unaudited)
|
|
ASSETS
|
March 31,
2020
|
|
December 31,
2019
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
42,663
|
|
|
$
|
33,065
|
|
Accounts receivable,
net
|
51,149
|
|
|
29,548
|
|
Unbilled
receivables
|
8,356
|
|
|
11,815
|
|
Inventories,
net
|
12,820
|
|
|
12,187
|
|
Prepaid expenses and
other current assets
|
5,681
|
|
|
6,012
|
|
Total current
assets
|
120,669
|
|
|
92,627
|
|
Deferred income tax
asset, net
|
7,905
|
|
|
8,734
|
|
Property, plant and
equipment, net
|
12,706
|
|
|
13,188
|
|
Multi-client data
library, net
|
54,344
|
|
|
60,384
|
|
Goodwill
|
18,298
|
|
|
23,585
|
|
Right-of-use
assets
|
42,166
|
|
|
32,546
|
|
Other
assets
|
3,299
|
|
|
2,130
|
|
Total
assets
|
$
|
259,387
|
|
|
$
|
233,194
|
|
LIABILITIES AND
DEFICIT
|
|
|
|
Current
liabilities:
|
|
|
|
Current maturities of
long-term debt
|
$
|
28,646
|
|
|
$
|
2,107
|
|
Accounts
payable
|
43,827
|
|
|
49,316
|
|
Accrued
expenses
|
29,078
|
|
|
30,328
|
|
Accrued multi-client
data library royalties
|
21,424
|
|
|
18,831
|
|
Deferred
revenue
|
4,882
|
|
|
4,551
|
|
Current maturities of
operating lease liabilities
|
9,873
|
|
|
11,055
|
|
Total current
liabilities
|
137,730
|
|
|
116,188
|
|
Long-term debt, net
of current maturities
|
119,296
|
|
|
119,352
|
|
Operating lease
liabilities, net of current maturities
|
40,531
|
|
|
30,833
|
|
Other long-term
liabilities
|
433
|
|
|
1,453
|
|
Total
liabilities
|
297,990
|
|
|
267,826
|
|
Deficit:
|
|
|
|
Common
stock
|
142
|
|
|
142
|
|
Additional paid-in
capital
|
957,254
|
|
|
956,647
|
|
Accumulated
deficit
|
(976,554)
|
|
|
(974,291)
|
|
Accumulated other
comprehensive loss
|
(21,099)
|
|
|
(19,318)
|
|
Total stockholders'
deficit
|
(40,257)
|
|
|
(36,820)
|
|
Noncontrolling
interest
|
1,654
|
|
|
2,188
|
|
Total
deficit
|
(38,603)
|
|
|
(34,632)
|
|
Total liabilities and
deficit
|
$
|
259,387
|
|
|
$
|
233,194
|
|
ION GEOPHYSICAL
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
thousands)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2020
|
|
2019
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
|
(2,340)
|
|
|
$
|
(21,248)
|
|
Adjustments to
reconcile net loss to cash provided by (used in) operating
activities:
|
|
|
|
Depreciation and
amortization (other than multi-client data library)
|
840
|
|
|
1,035
|
|
Amortization of
multi-client data library
|
8,020
|
|
|
11,100
|
|
Stock-based
compensation expense
|
617
|
|
|
1,293
|
|
Impairment of
multi-client data library
|
1,167
|
|
|
—
|
|
Impairment of
goodwill
|
4,150
|
|
|
—
|
|
Deferred income
taxes
|
421
|
|
|
(1,398)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(21,868)
|
|
|
(2,870)
|
|
Unbilled
receivables
|
2,666
|
|
|
29,498
|
|
Inventories
|
(772)
|
|
|
81
|
|
Accounts payable,
accrued expenses and accrued royalties
|
1,688
|
|
|
(2,013)
|
|
Deferred
revenue
|
355
|
|
|
(333)
|
|
Other assets and
liabilities
|
(1,910)
|
|
|
253
|
|
Net cash (used in)
provided by operating activities
|
(6,966)
|
|
|
15,398
|
|
Cash flows from
investing activities:
|
|
|
|
Investment in
multi-client data library
|
(9,668)
|
|
|
(8,767)
|
|
Proceeds from
purchase of property, plant and equipment
|
(496)
|
|
|
(807)
|
|
Net cash used in
investing activities
|
(10,164)
|
|
|
(9,574)
|
|
Cash flows from
financing activities:
|
|
|
|
Borrowings under
revolving line of credit
|
27,000
|
|
|
—
|
|
Payments on notes
payable and long-term debt
|
(760)
|
|
|
(715)
|
|
Other financing
activities
|
(10)
|
|
|
(239)
|
|
Net cash provided by
(used in) financing activities
|
26,230
|
|
|
(954)
|
|
Effect of change in
foreign currency exchange rates on cash, cash equivalents and
restricted cash
|
470
|
|
|
81
|
|
Net increase in cash,
cash equivalents and restricted cash
|
9,570
|
|
|
4,951
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
33,118
|
|
|
33,854
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
42,688
|
|
|
$
|
38,805
|
|
ION GEOPHYSICAL
CORPORATION AND SUBSIDIARIES
SUMMARY OF SEGMENT
INFORMATION
(In
thousands)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2020
|
|
2019
|
Net
revenues:
|
|
|
|
E&P Technology
& Services:
|
|
|
|
New
Venture
|
$
|
1,441
|
|
|
$
|
13,471
|
|
Data
Library
|
40,131
|
|
|
9,948
|
|
Total multi-client
revenues
|
41,572
|
|
|
23,419
|
|
Imaging and Reservoir
Services
|
4,942
|
|
|
3,684
|
|
Total
|
46,514
|
|
|
27,103
|
|
Operations
Optimization:
|
|
|
|
Devices
|
5,473
|
|
|
4,820
|
|
Optimization Software
& Services
|
4,427
|
|
|
5,033
|
|
Total
|
9,900
|
|
|
9,853
|
|
Total net
revenues
|
$
|
56,414
|
|
|
$
|
36,956
|
|
Gross profit
(loss):
|
|
|
|
E&P Technology
& Services
|
$
|
23,730
|
|
(1)
|
$
|
5,440
|
|
Operations
Optimization
|
4,614
|
|
|
4,516
|
|
Segment gross
profit
|
28,344
|
|
|
9,956
|
|
Other
|
—
|
|
|
(44)
|
|
Total gross
profit
|
$
|
28,344
|
|
|
$
|
9,912
|
|
Gross
margin:
|
|
|
|
E&P Technology
& Services
|
51
|
%
|
|
20
|
%
|
Operations
Optimization
|
47
|
%
|
|
46
|
%
|
Total gross
margin
|
50
|
%
|
|
27
|
%
|
Income (loss) from
operations:
|
|
|
|
E&P Technology
& Services
|
$
|
17,952
|
|
(1)
|
$
|
(1,615)
|
|
Operations
Optimization
|
(3,259)
|
|
(2)
|
170
|
|
Support and
other
|
(8,367)
|
|
|
(14,492)
|
|
Income (loss) from
operations
|
6,326
|
|
|
(15,937)
|
|
Interest expense,
net
|
(3,221)
|
|
|
(3,112)
|
|
Other income
(expense), net
|
429
|
|
|
(792)
|
|
Income (loss) before
income taxes
|
$
|
3,534
|
|
|
$
|
(19,841)
|
|
|
|
(1)
|
Includes impairment
of multi-client data library of $1.2 million for the three months
ended March 31, 2020.
|
(2)
|
Includes impairment
of goodwill of $4.2 million for the three months ended March 31,
2020.
|
ION GEOPHYSICAL
CORPORATION AND SUBSIDIARIES
Summary of Net
Revenues by Geographic Area
(In
thousands)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2020
|
|
2019
|
North
America
|
$
|
31,810
|
|
|
$
|
7,157
|
|
Latin
America
|
9,804
|
|
|
13,531
|
|
Asia
Pacific
|
9,288
|
|
|
1,867
|
|
Europe
|
3,810
|
|
|
10,392
|
|
Middle
East
|
954
|
|
|
1,359
|
|
Africa
|
591
|
|
|
2,389
|
|
Other
|
157
|
|
|
261
|
|
Total net
revenues
|
$
|
56,414
|
|
|
$
|
36,956
|
|
ION GEOPHYSICAL CORPORATION AND
SUBSIDIARIES
Reconciliation of Adjusted EBITDA to Net
Loss
(Non-GAAP Measure)
(In
thousands)
(Unaudited)
The term EBITDA (excluding non-recurring items) represents net
loss before net interest expense, income taxes, depreciation and
amortization and other non-recurring charges such as impairment
charges and severance expenses. The term Adjusted EBITDA is
EBITDA (excluding non-recurring items) but also excludes the impact
of fair value adjustments related to the Company's outstanding
stock appreciation awards. EBITDA (excluding non-recurring
items) and Adjusted EBITDA are not measures 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, EBITDA (excluding
non-recurring items) and Adjusted EBITDA may not be comparable to
other similarly titled measures of other companies. The Company has
included EBITDA (excluding non-recurring items) and Adjusted EBITDA
as a supplemental disclosure because its management believes that
EBITDA (excluding non-recurring items) and Adjusted EBITDA 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,
|
|
2020
|
|
2019
|
Net loss
|
$
|
(2,340)
|
|
|
$
|
(21,248)
|
|
Interest expense,
net
|
3,221
|
|
|
3,112
|
|
Income tax
expense
|
5,874
|
|
|
1,407
|
|
Depreciation and
amortization expense
|
8,860
|
|
|
12,135
|
|
Impairment of
multi-client data library
|
1,167
|
|
|
—
|
|
Impairment of
goodwill
|
4,150
|
|
|
—
|
|
Severance
expense
|
3,102
|
|
|
—
|
|
EBITDA excluding
non-recurring items
|
24,034
|
|
|
(4,594)
|
|
Stock appreciation
rights (credit) expense
|
(1,094)
|
|
|
4,460
|
|
Adjusted
EBITDA
|
$
|
22,940
|
|
|
$
|
(134)
|
|
ION GEOPHYSICAL CORPORATION AND
SUBSIDIARIES
Description of Special Items and
Reconciliation of GAAP (As Reported) to Non-GAAP (As Adjusted)
Measures
(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 adjusted income (loss) from operations or
adjusted net income (loss), which excludes 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 tables below for supplemental financial data
and the corresponding reconciliation to GAAP financials for the
three months ended March 31, 2020 and
2019:
|
Three Months Ended
March 31, 2020
|
|
Three Months Ended
March 31, 2019
|
|
As
Reported
|
|
Special Items
|
|
As
Adjusted
|
|
As
Reported
|
|
Special
Items
|
|
As
Adjusted
|
Net
revenues
|
$
|
56,414
|
|
|
$
|
—
|
|
|
$
|
56,414
|
|
|
$
|
36,956
|
|
|
$
|
—
|
|
|
$
|
36,956
|
|
Cost of
sales
|
28,070
|
|
|
(1,167)
|
|
(1)
|
26,903
|
|
|
27,044
|
|
|
—
|
|
|
27,044
|
|
Gross
profit
|
28,344
|
|
|
1,167
|
|
|
29,511
|
|
|
9,912
|
|
|
—
|
|
|
9,912
|
|
Gross
margin
|
50
|
%
|
|
2
|
%
|
|
52
|
%
|
|
27
|
%
|
|
—
|
%
|
|
27
|
%
|
Operating
expenses
|
22,018
|
|
|
(6,158)
|
|
(2)
|
15,860
|
|
|
25,849
|
|
|
(4,460)
|
|
(3)
|
21,389
|
|
Income (loss) from
operations
|
6,326
|
|
|
7,325
|
|
|
13,651
|
|
|
(15,937)
|
|
|
4,460
|
|
|
(11,477)
|
|
Operating
margin
|
11
|
%
|
|
13
|
%
|
|
24
|
%
|
|
(43)
|
%
|
|
12
|
%
|
|
(31)
|
%
|
Interest expense,
net
|
(3,221)
|
|
|
—
|
|
|
(3,221)
|
|
|
(3,112)
|
|
|
—
|
|
|
(3,112)
|
|
Other income
(expense), net
|
429
|
|
|
—
|
|
|
429
|
|
|
(792)
|
|
|
—
|
|
|
(792)
|
|
Income (loss) before
income taxes
|
3,534
|
|
|
7,325
|
|
|
10,859
|
|
|
(19,841)
|
|
|
4,460
|
|
|
(15,381)
|
|
Income tax
expense
|
5,874
|
|
|
350
|
|
(1)
|
6,224
|
|
|
1,407
|
|
|
—
|
|
|
1,407
|
|
Net income
(loss)
|
(2,340)
|
|
|
6,975
|
|
|
4,635
|
|
|
(21,248)
|
|
|
4,460
|
|
|
(16,788)
|
|
Less: Net income
attributable to noncontrolling interest
|
77
|
|
|
—
|
|
|
77
|
|
|
(112)
|
|
|
—
|
|
|
(112)
|
|
Net income (loss)
attributable to ION
|
$
|
(2,263)
|
|
|
$
|
6,975
|
|
|
$
|
4,712
|
|
|
$
|
(21,360)
|
|
|
$
|
4,460
|
|
|
$
|
(16,900)
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.16)
|
|
|
|
|
$
|
0.33
|
|
|
$
|
(1.52)
|
|
|
|
|
$
|
(1.20)
|
|
Diluted
|
$
|
(0.16)
|
|
|
|
|
$
|
0.33
|
|
|
$
|
(1.52)
|
|
|
|
|
$
|
(1.20)
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
14,230
|
|
|
|
|
14,230
|
|
|
14,033
|
|
|
|
|
14,033
|
|
Diluted
|
14,230
|
|
|
|
|
14,286
|
|
|
14,033
|
|
|
|
|
14,033
|
|
|
|
(1)
|
Represents the
impairment of multi-client data library of $1.2 million and the
related tax impact of $0.4 million for the three months ended March
31, 2020.
|
(2)
|
Represents impairment
of goodwill of $4.2 million and severance expense of $3.1 million,
partially offset by stock appreciation right awards credit of $1.1
million for the three months ended March 31, 2020.
|
(3)
|
Represents stock
appreciation right awards expense for the three months ended March
31, 2019.
|
View original
content:http://www.prnewswire.com/news-releases/ion-reports-first-quarter-2020-results-301054261.html
SOURCE ION Geophysical Corporation