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HOUSTON, Aug. 2, 2017 /PRNewswire/ —

Second Quarter Highlights:

  • Revenues of $46.0 million, a 27% increase over second quarter 2016
  • Net loss of $10.4 million, or $(0.88) per share, compared to a net loss of $25.3 million, or $(2.22) per share, or an adjusted net loss of $21.2 million, or $(1.85) per share in second quarter 2016
  • Operating margin improvement to (8)%, compared to (46)% in second quarter 2016
  • Adjusted EBITDA of $13.6 million, compared to $(3.3) million in second quarter 2016
  • Net cash inflows from operations of $1.7 million, compared to $(14.8) million in second quarter 2016
  • Significant increase in backlog of multi-client new venture programs, and when combined with Imaging Services, resulted in $48 million of backlog at June 30th, compared to $25 million sequentially and $30 million one year ago

Year-to-Date Highlights:

  • Revenues of $78.6 million, a 34% increase over first half of 2016
  • Net loss of $33.8 million, or $(2.85) per share, compared to a net loss of $60.4 million, or $(5.48) per share in the first half of 2016
  • Adjusted net loss of $28.8 million, or $(2.43) per share, compared to an adjusted net loss of $56.2 million, or $(5.10) per share in the first half of 2016
  • Adjusted EBITDA of $13.6 million, compared to $(20.5) million in the first half of 2016
  • Net cash inflows from operations of $3.6 million, compared to $(12.3) million in the first half of 2016

ION Geophysical Corporation (NYSE: IO) today reported a second quarter 2017 net loss of $10.4 million, or $(0.88) per share, on revenues of $46.0 million, compared to a net loss of $25.3 million, or $(2.22) per share, on revenues of $36.2 million in second quarter 2016.  Excluding special items one year ago, the Company’s second quarter 2016 adjusted net loss was $21.2 million, or $(1.85) per share.  A reconciliation of special items to the financial results can be found in the tables of this press release.

The Company reported an Adjusted EBITDA of $13.6 million for second quarter 2017, compared to $(3.3) million in the same period last year.  A reconciliation of Adjusted EBITDA to the closest comparable GAAP numbers can be found in the tables of this press release. 

Net cash flows from operations were $1.7 million during the second quarter 2017, compared to $(14.8) million in second quarter 2016.  Total net cash flows including investing and financing activities were $(6.4) million, compared to $(24.2) million in second quarter 2016.

Brian Hanson, ION’s President and Chief Executive Officer, commented, “Over the last 18 months, we have targeted opportunities less dependent on cycle recovery, such as specific geographical areas and production optimization offerings, and we are starting to see these efforts pay off.  Similar to the first quarter, our second quarter revenues improved significantly driven by continued strong sales of our 3D multi-client reimaging programs as well as a new 2D program we launched during the quarter.  We expect this momentum to continue in the back half of the year, partially driven by the significant backlog we’ve built.  Our E&P Technology & Services segment ended the quarter with $48 million in backlog of multi-client and data processing programs, compared to $25 million at the end of the first quarter and $30 million in the second quarter of 2016.  Our multi-client backlog is the highest it’s been since the third quarter of 2013.

“We are continuing to see new venture activity pick up.  In our first quarter earnings call, we mentioned we had sanctioned three new programs that met our strict underwriting standards that we expected to launch within the next 90 days.  Of the three we sanctioned, one has been acquired, one is in progress and the third we anticipate starting acquisition in the next month.

“Our E&P Operations Optimization segment continues to be hampered by low utilization levels and day rates among our contractor customers.  While our Optimization Software & Services revenues were flat, our Devices revenues increased 16% due in part to new technology sales to non-traditional customers for scientific and military applications and from incremental sales from recently commercialized products.

“In our Ocean Bottom Seismic (OBS) Services segment, we are actively pursuing multiple tenders for longer-term work while our crew remained idle during the quarter.  Aligned with oil and gas companies’ focus on production, we expect significant improvement in the overall OBS market in 2017 and beyond.  Unfortunately due to political issues in the geographic areas where our current product technology is most competitive, we no longer envision the crew going back to work in the near-term.

“The new OBS technology we mentioned last quarter, 4Sea®, opens a much larger market due to the system’s increased flexibility and efficiency.  We introduced this system to all major consumers of OBS projects at the European Association of Geophysical Contractors annual meeting in June and it was extremely well received.  We have worked quietly for over three years to develop this system and believe it will be extremely competitive.  We are now bidding all future projects that start in late 2018 and beyond with ION’s new 4Sea system.”

For the first half of 2017, the Company reported a net loss of $33.8 million, or $(2.85) per share, compared to a net loss of $60.4 million, or $(5.48) per share in the first half of 2016.  Excluding special items in both periods, the Company reported an adjusted net loss of $28.8 million, or $(2.43) per share, compared to an adjusted net loss of $56.2 million, or $(5.10) per share in the first half of 2016.

First half of 2017 Adjusted EBITDA was $13.6 million, compared to $(20.5) million in the first half of 2016.  Net cash flows from operations were $3.6 million, compared to $(12.3) million in the first half of 2016.  Total net cash flows including investing and financing activities were $(9.4) million, compared to $(32.5) million in the first half of 2016.

As of June 30, 2017, the Company had total liquidity of $55.0 million, consisting of $43.3 million of cash on hand and $11.7 million of undrawn borrowing base availability under its revolving credit facility.  The borrowing base under the maximum $40.0 revolving credit facility was $21.7 million and there was $10.0 million of indebtedness outstanding at June 30, 2017. The current available amount has been reduced due to a decline in eligible receivables that collateralize the facility.

SECOND QUARTER 2017

The Company’s segment revenues for the second quarter were as follows (in thousands):

Three Months Ended June 30,

2017

2016

% Change

E&P Technology & Services

$

33,882

$

18,618

82

%

E&P Operations Optimization

12,119

11,101

9

%

Ocean Bottom Seismic Services

6,433

Total

$

46,001

$

36,152

27

%

Within the E&P Technology & Services segment, new venture revenues were $20.0 million, an increase of over 300% from second quarter 2016; data library revenues were $9.7 million, a 55% increase; and Imaging Services revenues were $4.2 million, a 46% decrease.  The increase in new venture revenues was the result of continued revenue from the Company’s 3D multi-client reimaging programs and a new 2D program that began in the second quarter.  The 3D multi-client reimaging programs are offshore Mexico and Brazil and the other is a 2D multi-client program offshore West Africa that was acquired during the second quarter.  The increase in data library sales spanned the breadth of the Company’s diverse global portfolio without concentration in a particular geographic region.  The decrease in Imaging Services revenues is a result of the shift the Company made to higher return multi-client programs.  The imaging revenues from multi-client programs are reflected as part of new venture or data library revenues depending on the program status, whereas revenues from proprietary imaging programs are reflected as part of Imaging Services.  The Imaging Services group is fully utilized, with a large portion of the Company’s capacity dedicated to these higher return multi-client programs. 

Within the E&P Operations Optimization segment, Devices revenues were $7.7 million, a 16% increase from second quarter 2016.  While Devices continues to be impacted by reduced seismic contractor activity, the increase in revenues are related to new system sales to non-traditional customers for scientific and military applications and from incremental sales from recently commercialized products.  Optimization Software & Services revenues were $4.4 million, flat compared to the revenues from second quarter 2016.  Excluding the effect of foreign currencies, Optimization Software & Services revenues were up 11% in local GBP currency. 

The OBS Services segment contributed no revenues during the second quarter 2017 as the crew has remained idle since completion of a survey offshore Nigeria in the third quarter 2016.

Consolidated gross margin was 34%, compared to 13% in second quarter 2016 and 19% in first quarter 2017.  Gross margin in E&P Technology & Services increased to 35%, up from (19)% one year ago.  This increase was the result of the increase in revenues associated with the Company’s higher margin 3D reimaging programs in addition to the increase in data library sales.  E&P Operations Optimization gross margin increased to 52%, up from 46% in second quarter 2016, the result of the increase in Devices’ revenues.  These increases were partially offset by the decline in gross margin in OBS Services as the crew remained idle in second quarter 2017.

Consolidated operating expenses were $19.2 million, down 10% from $21.4 million in second quarter 2016.  Operating margin was (8)%, compared to (46)% in second quarter 2016.  The improvement in operating margin was the result of a higher margin revenue mix, together with the impact of the $95 million annualized cost reduction initiatives enacted during 2014 – 2016.

YEAR-TO-DATE 2017

The Company’s segment revenues for the first half of the year were as follows (in thousands):

Six Months Ended June 30,

2017

2016

% Change

E&P Technology & Services

$

57,192

$

31,636

81

%

E&P Operations Optimization

21,365

20,748

3

%

Ocean Bottom Seismic Services

6,433

Total

$

78,557

$

58,817

34

%

Within the E&P Technology & Services segment, new venture revenues were $26.9 million, an almost 250% increase from the first half of 2016; data library revenues were $20.3 million, a 93% increase; and Imaging Services revenues were $9.9 million, a 25% decrease.  The changes in the first half revenues are consistent with the changes as described in the second quarter section above.

Within the E&P Operations Optimization segment, Devices revenues were $12.7 million, a 6% increase from the first half of 2016.  Optimization Software & Services revenues were $8.7 million, flat compared to the revenues from the first half of 2016.  Excluding the effect of foreign currencies, Optimization Software & Services revenues were up 13% in local GBP currency. 

The OBS Services segment contributed no revenues during the first half of 2017 as the crew remained idle during the period.

Consolidated gross margin was 28%, compared to (7)% in the first half of 2016.  Gross margin in E&P Technology & Services improved to 28%, up from (42)% in the first half of 2016.  This increase was the result of the increase in revenues associated with the Company’s higher margin 3D reimaging programs in addition to the increase in data libraries sales.  E&P Operations Optimization gross margin increased to 52%, up from 47% in the first half of 2016, a result of the increase in Devices’ revenues.

Consolidated operating expenses were $39.2 million, down 8% from $42.6 million in the first half of 2016.  Operating margin was (22)%, compared to (79)% in the first half of 2016.  The increase in operating margin was due to the increase in higher margin revenues, in addition to the decrease in operating expenses due to the Company’s cost reduction efforts.

CONFERENCE CALL

The Company has scheduled a conference call for Thursday, August 3, 2017, 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 August 17, 2017.  To access the replay, dial (877) 660-6853 and use pass code 13665027#.

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 iongeo.com.

Contact
Steve BateExecutive 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 any additional damages or adverse rulings in the WesternGeco litigation 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, 2016 and its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed during 2017.

Tables to follow

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2017

2016

2017

2016

Service revenues

$

34,454

$

25,430

$

58,282

$

38,586

Product revenues

11,547

10,722

20,275

20,231

Total net revenues

46,001

36,152

78,557

58,817

Cost of services

24,827

27,175

47,126

53,012

Cost of products

5,556

4,124

9,712

9,882

Gross profit (loss)

15,618

4,853

21,719

(4,077)

Operating expenses:

Research, development and engineering

4,107

4,761

7,602

10,370

Marketing and sales

4,931

4,684

9,417

8,694

General, administrative and other operating expenses

10,152

11,996

22,184

23,576

Total operating expenses

19,190

21,441

39,203

42,640

Loss from operations

(3,572)

(16,588)

(17,484)

(46,717)

Interest expense, net

(4,241)

(4,702)

(8,705)

(9,436)

Other income (expense), net

192

(1,717)

(4,876)

(1,597)

Loss before income taxes

(7,621)

(23,007)

(31,065)

(57,750)

Income tax expense

2,402

2,256

1,984

2,549

Net loss

(10,023)

(25,263)

(33,049)

(60,299)

Net income attributable to noncontrolling interests

(418)

(79)

(734)

(57)

Net loss attributable to ION

$

(10,441)

$

(25,342)

$

(33,783)

$

(60,356)

Net loss per share:

Basic

$

(0.88)

$

(2.22)

$

(2.85)

$

(5.48)

Diluted

$

(0.88)

$

(2.22)

$

(2.85)

$

(5.48)

Weighted average number of common shares outstanding:

Basic

11,875

11,415

11,847

11,008

Diluted

11,875

11,415

11,847

11,008

 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

ASSETS

June 30, 
2017

December 31,
2016

Current assets:

Cash and cash equivalents

$

43,272

$

52,652

Accounts receivable, net

18,992

20,770

Unbilled receivables

18,883

13,415

Inventories

14,623

15,241

Prepaid expenses and other current assets

5,866

9,559

Total current assets

101,636

111,637

Property, plant, equipment and seismic rental equipment, net

58,899

67,488

Multi-client data library, net

96,844

105,935

Goodwill

23,354

22,208

Intangible assets, net

2,386

3,103

Other assets

1,733

2,845

Total assets

$

284,852

$

313,216

LIABILITIES AND EQUITY

Current liabilities:

Current maturities of long-term debt

$

39,983

$

14,581

Accounts payable

24,478

26,889

Accrued expenses

30,266

26,240

Accrued multi-client data library royalties

22,651

23,663

Deferred revenue

9,276

3,709

Total current liabilities

126,654

95,082

Long-term debt, net of current maturities

116,206

144,209

Other long-term liabilities

18,577

20,527

Total liabilities

261,437

259,818

Equity:

Common stock

119

118

Additional paid-in capital

900,574

899,198

Accumulated deficit

(858,462)

(824,679)

Accumulated other comprehensive loss

(20,032)

(21,748)

Total stockholders’ equity

22,199

52,889

Noncontrolling interest

1,216

509

Total equity

23,415

53,398

Total liabilities and equity

$

284,852

$

313,216

 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2017

2016

2017

2016

Cash flows from operating activities:

Net loss

$

(10,023)

$

(25,263)

$

(33,049)

$

(60,299)

Adjustments to reconcile net loss to cash provided by operating activities:

Depreciation and amortization (other than multi-client data library)

4,353

5,744

9,030

11,416

Amortization of multi-client data library

12,675

7,105

21,933

14,244

Stock-based compensation expense

535

867

1,169

1,610

Loss on extinguishment of debt

2,182

2,182

Accrual for loss contingency related to legal proceedings

5,000

Deferred income taxes

977

327

(932)

381

Change in operating assets and liabilities:

Accounts receivable

(2,681)

(5,231)

2,075

23,980

Unbilled receivables

(194)

(4,254)

(5,542)

(2,042)

Inventories

714

979

440

1,329

Accounts payable, accrued expenses and accrued royalties

(3,571)

5,040

(6,059)

(5,518)

Deferred revenue

(1,672)

1,678

5,521

1,151

Other assets and liabilities

543

(3,992)

4,053

(773)

Net cash provided by (used in) operating activities

1,656

(14,818)

3,639

(12,339)

Cash flows from investing activities:

Cash invested in multi-client data library

(5,119)

(2,321)

(8,482)

(8,648)

Purchase of property, plant, equipment and seismic rental assets

(866)

(74)

(915)

(340)

Net cash used in investing activities

(5,985)

(2,395)

(9,397)

(8,988)

Cash flows from financing activities:

Borrowings under revolving line of credit

15,000

15,000

Repurchase of common stock

(964)

Payments on notes payable and long-term debt

(1,451)

(2,574)

(3,157)

(4,786)

Costs associated with issuance of debt

(4,859)

(6,174)

Payment to repurchase bonds

(15,000)

(15,000)

Costs associated with issuance of equity

(123)

Other financing activities

(10)

(173)

13

Net cash used in financing activities

(1,461)

(7,433)

(3,453)

(11,911)

Effect of change in foreign currency exchange rates on cash and cash equivalents

(578)

409

(169)

738

Net decrease in cash and cash equivalents

(6,368)

(24,237)

(9,380)

(32,500)

Cash and cash equivalents at beginning of period

49,640

76,670

52,652

84,933

Cash and cash equivalents at end of period

$

43,272

$

52,433

$

43,272

$

52,433

 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

SUMMARY OF SEGMENT INFORMATION

(In thousands)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2017

2016

2017

2016

Net revenues:

E&P Technology & Services:

New Venture

$

19,986

$

4,579

$

26,935

$

7,885

Data Library

9,710

6,275

20,316

10,547

Total multi-client revenues

29,696

10,854

47,251

18,432

Imaging Services

4,186

7,764

9,941

13,204

Total

33,882

18,618

57,192

31,636

E&P Operations Optimization:

Devices

7,679

6,626

12,669

11,985

Optimization Software & Services

4,440

4,475

8,696

8,763

Total

12,119

11,101

21,365

20,748

Ocean Bottom Seismic Services

6,433

6,433

Total

$

46,001

$

36,152

$

78,557

$

58,817

Gross profit (loss):

E&P Technology & Services

$

11,921

$

(3,533)

$

15,931

$

(13,306)

E&P Operations Optimization

6,258

5,064

11,045

9,783

Ocean Bottom Seismic Services

(2,561)

3,322

(5,257)

(554)

Total

$

15,618

$

4,853

$

21,719

$

(4,077)

Gross margin:

E&P Technology & Services

35

%

(19)

%

28

%

(42)

%

E&P Operations Optimization

52

%

46

%

52

%

47

%

Ocean Bottom Seismic Services

%

52

%

%

(9)

%

Total

34

%

13

%

28

%

(7)

%

Income (loss) from operations:

E&P Technology & Services

$

6,353

$

(9,410)

$

5,257

$

(24,124)

E&P Operations Optimization

3,022

1,882

4,571

3,483

Ocean Bottom Seismic Services

(3,860)

360

(7,868)

(7,271)

Support and other

(9,087)

(9,420)

(19,444)

(18,805)

Loss from operations

(3,572)

(16,588)

(17,484)

(46,717)

Interest expense, net

(4,241)

(4,702)

(8,705)

(9,436)

Other income (expense), net

192

(1,717)

(4,876)

(1)

(1,597)

Loss before income taxes

$

(7,621)

$

(23,007)

$

(31,065)

$

(57,750)

(1)

Includes a $5 million loss contingency related to the Company’s patent litigation with WesternGeco.

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES
Reconciliation of Adjusted EBITDA to Net Loss
(Non-GAAP Measure)
(In thousands)
(Unaudited)

The term Adjusted EBITDA represents net loss before interest expense, interest income, income taxes, depreciation and amortization charges, and other non-cash charges including an 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 liquidity, 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 June 30,

Six Months Ended June 30,

2017

2016

2017

2016

Net loss

$

(10,023)

$

(25,263)

$

(33,049)

$

(60,299)

Interest expense, net

4,241

4,702

8,705

9,436

Income tax expense

2,402

2,256

1,984

2,549

Depreciation and amortization expense

17,028

12,849

30,963

25,660

Accrual for loss contingency related to legal proceedings

5,000

Loss on extinguishment of debt

2,182

2,182

Adjusted EBITDA

$

13,648

$

(3,274)

$

13,603

$

(20,472)

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES
Reconciliation of Special Items to 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 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 June 30, 2016 and the six months ended June 30, 2017 and 2016:

Three Months Ended June 30, 2016

As Reported

Special
Items

As Adjusted

Net revenues

$

36,152

$

$

36,152

Cost of sales

31,299

(1,077)

30,222

Gross profit

4,853

1,077

5,930

Operating expenses

21,441

(932)

20,509

Loss from operations

(16,588)

2,009

(1)

(14,579)

Interest expense, net

(4,702)

(4,702)

Other income (expense), net

(1,717)

2,182

(2)

465

Income tax expense

2,256

2,256

Net loss

(25,263)

4,191

(21,072)

Net income attributable to noncontrolling interest

(79)

(79)

Net loss attributable to ION

$

(25,342)

$

4,191

$

(21,151)

Net loss per share:

Basic

$

(2.22)

$

(1.85)

Diluted

$

(2.22)

$

(1.85)

Weighted average number of common shares outstanding:

Basic

11,415

11,415

Diluted

11,415

11,415

 

Six Months Ended June 30, 2017

Six Months Ended June 30, 2016

As Reported

Special
Items

As Adjusted

As Reported

Special
Items

As Adjusted

Net revenues

$

78,557

$

$

78,557

$

58,817

$

$

58,817

Cost of sales

56,838

56,838

62,894

(1,077)

61,817

Gross profit (loss)

21,719

21,719

(4,077)

1,077

(3,000)

Operating expenses

39,203

39,203

42,640

(932)

41,708

Loss from operations

(17,484)

(17,484)

(46,717)

2,009

(1)

(44,708)

Interest expense, net

(8,705)

(8,705)

(9,436)

(9,436)

Other expense, net

(4,876)

5,000

(3)

124

(1,597)

2,182

(2)

585

Income tax expense

1,984

1,984

2,549

2,549

Net loss

(33,049)

5,000

(28,049)

(60,299)

4,191

(56,108)

Net income attributable to noncontrolling interest

(734)

(734)

(57)

(57)

Net loss attributable to ION

$

(33,783)

$

5,000

$

(28,783)

$

(60,356)

$

4,191

$

(56,165)

Net loss per share:

Basic

$

(2.85)

$

(2.43)

$

(5.48)

$

(5.10)

Diluted

$

(2.85)

$

(2.43)

$

(5.48)

$

(5.10)

Weighted average number of common shares outstanding:

Basic

11,847

11,847

11,008

11,008

Diluted

11,847

11,847

11,008

11,008

(1)

Represents severance charges during the second quarter 2016.

(2)

Represents costs on extinguishment of debt associated with the Company’s second quarter 2016 bond exchange.

(3)

Represents loss contingency accrual related to legal proceedings.

 

View original content:http://www.prnewswire.com/news-releases/ion-reports-second-quarter-2017-results-300498835.html

SOURCE ION Geophysical Corporation