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            Third quarter revenues increased 58% to $173.6 million

        Third quarter EPS more than tripled to $0.14 per diluted share

                   Company maintains 2007 earnings guidance

HOUSTON, Nov. 7 /PRNewswire-FirstCall/ — ION Geophysical Corporation
(NYSE: IO) today announced third quarter 2007 net income of $12.6 million, or
$0.14 per diluted share, on revenues of $173.6 million compared to net income
of $2.9 million, or $0.04 per diluted share, on revenues of $110.0 million for
the same period a year ago. During the quarter, the Company shipped the
remaining five of the fourteen land seismic imaging systems awarded last
December by Oil & Natural Gas Corporation, Ltd. (ONGC). However, because of
certain provisions in the contract, $2.4 million of year-to-date revenues, or
approximately $0.03 per diluted share, was deferred to later this year when
the remaining systems are expected to be commissioned.

Bob Peebler, President and Chief Executive Officer of ION, said, “We are
very pleased with record third quarter revenues of $173.6 million. Our Land
Imaging Systems revenues increased by more than 70% compared to the third
quarter of 2006 with continued solid sales in vibroseis vehicles, and the
shipment of the remaining five ONGC systems. All that remains to do with the
ONGC order is to complete commissioning of the remaining systems upon ONGC’s
request. We also had another excellent quarter in our Marine Imaging Systems
and shipped the first order of DigiFIN(TM), our new lateral streamer control
technology.

“Finally, we successfully completed the re-branding of I/O, now ION
Geophysical, which better reflects our evolution over the past several years
from primarily manufacturing seismic equipment to offering a much broader
toolkit encompassing seismic hardware, survey design and command & control
software, advanced data processing and reservoir imaging services and seismic
data libraries.”

THIRD QUARTER 2007

Revenues increased 58% to $173.6 million from the third quarter of 2006,
with ION Systems sales increasing 64% to $127.1 million. The increased
revenues were the result of strong sales in all of our segments, including the
Land Imaging Systems, Marine Imaging Systems and Data Management Solutions
businesses.

Land Imaging Systems revenues increased 72% to $79.1 million from
$46.1 million a year ago, driven by continued robust vibroseis vehicle sales
and the delivery of the remaining five systems that were part of the original
fourteen system ONGC order. Marine Imaging Systems revenues increased 49% to
$37.1 million compared to $24.9 million a year ago. Strong sales of
positioning and source products and the delivery of the first DigiFIN order
generated record-breaking revenues for the quarter. Our Data Management
Solutions business, primarily our Concept Systems subsidiary, also had a
record quarter, attributed primarily to solid sales of our ORCA(R) and
GATOR(R) command and control systems.

The ION Solutions division, which includes GXT, generated $46.5 million
compared to $32.4 million in the same period a year ago. The 44% increase in
revenues was mainly driven by increased multi-client seismic library sales.

Gross margin for the third quarter 2007 remained flat with 2006 at
approximately 30%. Gross margin in the Land Imaging Systems segment continues
to be impacted by stronger than expected sales of lower margin vibroseis
vehicles. Marine Imaging Systems experienced strong margin improvements
related to its source and seabed product lines (including VSO), which was
supplemented by a significant increase in higher margin sales in
marine-oriented software from Concept Systems.

Operating expenses for the third quarter fell to 20 percent of revenues as
compared to 24 percent of revenues for the same period last year despite a
$3.8 million increase in research and development primarily attributed to
FireFly(R) and DigiFIN. Marketing and sales expense increased $1.1 million as
a result of increased sales activity. General and administrative expenses as a
percentage of revenues decreased to 7.2% compared to 8.2% during the third
quarter of last year. The decline in G&A expenses as a percentage of revenues
reflects the continuing effort to match the company’s administrative costs
with its sales growth.

Income from operations in the third quarter more than doubled to
$16.9 million compared to $6.5 million in the third quarter of 2006. EBITDA
(earnings before net interest expense, taxes, depreciation and amortization)
for the third quarter increased 91% to $34.3 million compared to $18.0 million
in the third quarter of 2006. A reconciliation of EBITDA to reported earnings
can be found at the end of this press release.

YEAR TO DATE 2007

Revenues for the first nine months ended September 30, 2007 increased 49%
to $503.8 million compared to $337.3 million for the first nine months of
2006. Gross margin for the first nine months of 2007 was 27% compared to 31%
in the comparable period of 2006. Included in the $166.5 million in
year-over-year revenue increase is an aggregate $36.3 million in revenue with
an average margin of 8% that represents unique and one time transactions
including the sale of the first FireFly system being used by Apache and BP, an
ongoing strategic risk-sharing multi-client project and the sale of a VSO
replacement cable for the original VSO system. This unusual grouping of
special items had a distorting effect on the overall gross margins of the
business and accounts for approximately two of the four point difference year
over year. The remaining amount is attributed to overall business mix,
including the impact of lower than average margins related to our ONGC sale
and the large non-recurring, higher-margin multi-client seismic library sale
in the second quarter of 2006.

Operating expenses for the first nine months of 2007 were 20% compared to
24% during the same period last year. Research and Development expenses were
7% of revenue, consistent with the prior year.

Income from operations for the first three quarters of 2007 totaled
$34.3 million, an increase of 51% over the comparable period in 2006. For the
first nine months of 2007, ION reported net income of $22.8 million, or $0.26
per diluted share, compared to net income of $13.9 million, or $0.17 per
diluted share, in 2006. EBITDA for the first nine months was $75.9 million
compared to $52.8 million in the same period of 2006.

OUTLOOK

The following statements are based on our current expectations. These
statements are forward looking and actual results may differ materially.
Factors affecting these forward-looking statements are detailed below.

Brian Hanson, Executive Vice President and Chief Financial Officer of ION,
commented, “Based on our year-to-date results and our current pipeline of
business, we are reiterating the earnings guidance we provided on February 28,
2007 as we continue to anticipate 2007 earnings to be between $0.45 and $0.60
per diluted share. As we have stated throughout the year, we anticipate the
fourth quarter to be positively impacted by the influence of natural budgeting
cycles on our data library business and the delivery of the fourth VSO system
to RXT.”

CONFERENCE CALL

ION has scheduled a conference call for Thursday, November 8, 2007, at
9:30 a.m. Eastern Time. To participate in the conference call, dial
303-262-2131 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 November 22,
2007. To access the replay, dial 303-590-3000 and use pass code 11099838.

Investors, analysts and the general public will also have the opportunity
to listen to the conference call live over the Internet by visiting
http://www.iongeo.com. Also, an archive of the web cast will be available
shortly after the call on the company’s website.

About ION

ION is a leading provider of geophysical technology, services, and
solutions for the global oil & gas industry. ION’s offerings allow E&P
operators to obtain higher resolution images of the subsurface to reduce the
risk of exploration and reservoir development, and enable seismic contractors
to acquire geophysical data more efficiently. Additional information about
ION is available at http://www.iongeo.com.

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 include statements concerning estimated revenues, earnings and
earnings per share for fiscal 2007, and estimated gross margins, EBITDA and
operating expenses as a percentage of revenue for fiscal 2007, future sales
and market growth, 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 timing and development of the Company’s products and
services and market acceptance of the Company’s new and revised product
offerings; risks associated with competitor’s 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; the risks 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 line.
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, including its Annual Report on Form 10-K for the year ended
December 31, 2006.

     CONTACTS: R. Brian Hanson
     Chief Financial Officer
     ION Geophysical (281) 879-3672

     Jack Lascar / Karen Roan
     DRG&E (713) 529-6600

                               Tables to follow



                 ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF OPERATIONS
                   (In thousands, except per share amounts)
                                 (Unaudited)

                                      Three Months Ended   Nine Months Ended
                                        September 30,        September 30,
                                        2007     2006      2007       2006

    Product revenues                  $126,246  $76,824  $385,587   $235,302
    Service revenues                    47,306   33,149   118,166    102,011
      Total net revenues               173,552  109,973   503,753    337,313

    Cost of products                    90,302   55,829   281,739    169,397
    Cost of services                    31,498   21,131    86,810     64,183
      Gross profit                      51,752   33,013   135,204    103,733

    Operating expenses:
      Research and development          11,554    7,762    34,715     23,032
      Marketing and sales               10,906    9,813    31,151     28,458
      General and administrative        12,428    8,985    35,024     29,524
        Total operating expenses        34,888   26,560   100,890     81,014
    Income from operations              16,864    6,453    34,314     22,719
    Interest expense                    (1,764)  (1,484)   (5,017)    (4,309)
    Interest income                        273      630     1,412      1,517
    Other expense                         (823)    (687)   (1,470)    (1,309)
      Income before income taxes and
       change in accounting principle   14,550    4,912    29,239     18,618
    Income tax expense                   1,322    1,419     4,671      3,332
      Net income before change in
       accounting principle             13,228    3,493    24,568     15,286
    Cumulative effect of change in
     accounting principle                    -        -         -        398
      Net income                        13,228    3,493    24,568     15,684
    Preferred stock dividends and
     accretion                             589      636     1,780      1,801
      Net income applicable to common
       shares                          $12,639   $2,857   $22,788    $13,883

    Basic net income per share:
      Net income per basic share
       before change in accounting
       principle                         $0.16    $0.04     $0.28      $0.17
      Cumulative effect of change in
       accounting principle                  -        -         -          -
      Net income per basic share         $0.16    $0.04     $0.28      $0.17

    Diluted net income per share:
      Net income per diluted share
       before change in accounting
       principle                         $0.14    $0.04     $0.26      $0.17
      Cumulative effect of change in
       accounting principle                  -        -         -          -
      Net income per diluted share       $0.14    $0.04     $0.26      $0.17

    Weighted average number of
     common shares outstanding:
      Basic                             81,047   79,575    80,607     79,344
      Diluted                           97,780   81,354    97,426     80,976



                 ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS
                                (In thousands)
                                 (Unaudited)

                                                  September 30,  December 31,
                                                      2007          2006
                                    ASSETS
    Current assets:
      Cash and cash equivalents                      $26,035      $17,056
      Restricted cash                                  3,635        1,044
      Accounts receivable, net                       115,282      167,747
      Current portion of notes receivable, net         9,761        6,299
      Unbilled receivables                            48,914       28,599
      Inventories                                    141,675      115,520
      Prepaid expenses and other current assets       16,784        9,854
        Total current assets                         362,086      346,119
    Notes receivable                                     453        4,968
    Non-current deferred income tax asset              6,314        6,197
    Property, plant and equipment, net                37,550       38,129
    Multi-client data library, net                    53,353       33,072
    Investments at cost                                4,436        4,254
    Goodwill                                         157,120      156,091
    Intangible and other assets, net                  58,249       66,306
        Total assets                                $679,561     $655,136

                     LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:
      Notes payable and current maturities
       of long-term debt                              $7,730       $6,566
      Accounts payable                                49,455       47,844
      Accrued expenses                                59,000       50,819
      Accrued multi-client data library royalties     26,435       27,197
      Deferred revenue                                18,124       37,442
      Deferred income tax liability                    5,909        5,909
        Total current liabilities                    166,653      175,777
    Long-term debt, net of current maturities         71,528       70,974
    Non-current deferred income tax liability          3,881        4,142
    Other long-term liabilities                        4,249        4,588
        Total liabilities                            246,311      255,481

    Cumulative convertible preferred stock            30,000       29,987

    Stockholders' equity:
      Common stock                                       822          810
      Additional paid-in capital                     502,917      493,605
      Accumulated deficit                           (100,307)    (123,095)
      Accumulated other comprehensive income           6,402        4,859
      Treasury stock                                  (6,584)      (6,511)
        Total stockholders' equity                   403,250      369,668
        Total liabilities and stockholders'
         equity                                     $679,561     $655,136



                    Reconciliation of EBITDA to Net Income
                             (Non-GAAP Measures)
                                (In thousands)
                                 (Unaudited)

EBITDA is a Non-GAAP measurement that is presented as an additional
indicator of operating performance and is not a substitute for net income or
net income per share calculated under generally accepted accounting principals
(GAAP). We believe that EBITDA provides useful information to investors
because it is an indicator of the strength and performance of our ongoing
business operations, including our ability to service our debt. The
calculation of EBITDA shown below is based upon amounts derived from the
company’s financial statements prepared in conformity with GAAP.

                                        Three Months Ended  Nine Months Ended
                                           September 30,      September 30,
                                          2007     2006      2007      2006

    Net income applicable to common
     shares                             $12,639   $2,857   $22,788   $13,883
    Interest expense                      1,764    1,484     5,017     4,309
    Interest income                        (273)    (630)   (1,412)   (1,517)
    Income tax expense                    1,322    1,419     4,671     3,332
    Depreciation and amortization
     expense                             18,885   12,898    44,835    32,816
    EBITDA                              $34,337  $18,028   $75,899   $52,823

SOURCE ION Geophysical Corporation

CONTACT: R. Brian Hanson, Chief Financial Officer of ION Geophysical
Corporation, 1-281-879-3672; or Jack Lascar or Karen Roan, both of DRG&E,
1-713-529-6600, for ION Geophysical Corporation
Web site: http://www.iongeo.com
(IO)