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Revenue growth of 13%, driven by Imaging Services and Marlin projects

HOUSTON, Oct. 30, 2019 /PRNewswire/ — ION Geophysical Corporation (NYSE: IO) today reported total net revenues of $53.2 million in the third quarter 2019, a 13% increase compared to total net revenues of $47.2 million one year ago.  Both segment revenues increased during the quarter, driven by Imaging Services and Marlin™ projects.  ION’s net loss was $3.7 million, or a loss of $0.26 per share, compared to a net loss of $7.5 million, or a loss of $0.54 per share in the third quarter 2018.  Excluding special items in both periods, the Company reported an Adjusted net loss of $3.0 million, or a loss of $0.21 per share, compared to an Adjusted net loss of $7.3 million, or a loss of $0.52 per share in the third quarter 2018.  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 $15.5 million for the third quarter 2019, an increase from $13.0 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.

Net cash flows from operations were $5.0 million during the third quarter 2019, compared to $(7.1) million in the third quarter 2018.  Total net cash flows, including investing and financing activities, were $(1.7) million, compared to $(14.3) million one year ago.  At September 30, 2019, the Company had total liquidity of $65.5 million, consisting of $27.9 million of cash on hand and $37.6 million of available borrowing capacity under its $50.0 million revolving credit facility.  There were no outstanding amounts under the credit facility at September 30, 2019.

“While our third quarter financial performance was an improvement year-on-year, we haven’t launched the scale of new multi-client programs we had originally anticipated,” stated Chris Usher, ION’s President and Chief Executive Officer.  “This quarter, we sanctioned two new 3D multi-client programs and rolled out an enhanced frequency source offering that will differentiate us in the growing multi-client seabed space.  We see some modest market improvements and believe we are well positioned for our E&P clients’ highly targeted exploration investments.”

“I am also pleased with our tangible progress on a portfolio of growth initiatives.  We achieved record Marlin revenues, commercialized another 4Sea component for the seabed market, completed a 5-year Marlin SmartPorts™ agreement with our UK launch partner, and successfully demonstrated a port security system with the U.S. Navy.”

For the first nine months of 2019, the Company reported total net revenues of $132.0 million, a 25% increase compared to total net revenues of $105.5 million one year ago.  ION’s net loss was $33.7 million, or a loss of $2.39 per share, compared to a net loss of $51.8 million, or a loss of $3.81 per share in the first nine months of 2018.  Excluding special items in both periods, the Company reported an Adjusted net loss of $28.2 million, or a loss of $2.00 per share, compared to an Adjusted net loss of $47.8 million, or a loss of $3.52 per share in the first nine months of 2018.  Adjusted EBITDA was $22.7 million for the first nine months of 2019, compared to $5.2 million one year ago.

Net cash flows from operations were $19.3 million, compared to $(7.3) million in the first nine months of 2018.  Total net cash flows, including investing and financing activities, were $(5.7) million in the first nine months of 2019, compared to $(22.0) million one year ago.

THIRD QUARTER 2019

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

Three Months Ended September 30,

2019

2018

% Change

E&P Technology & Services

$

40,241

$

36,321

11

%

Operations Optimization

12,998

10,879

19

%

Total

$

53,239

$

47,200

13

%

Within the E&P Technology & Services segment, multi-client revenues were $33.2 million, an increase of 3%.  Within multi-client, data library revenues increased primarily from sales of the Company’s Brazil 3D reimaging programs, and to a lesser extent revenues from data sales in North America.  This increase was mostly offset by a decline in new venture revenues due to the scale and timing of new multi-client programs.  Imaging Services revenues were $7.0 million, an increase of 70%.  As mentioned last quarter, Imaging Services backlog at June 30, 2019 was at its highest level since 2015, which resulted in the significant increase in revenues during the third quarter 2019.  Imaging Services backlog remains near these levels, which should lead to a year-over-year increase in Imaging Services revenues during the fourth quarter 2019.

Within the Operations Optimization segment, Optimization Software & Services revenues were $6.9 million, a 25% increase from the third quarter 2018 due to increased deployments and associated engineering services related to ION’s Marlin offshore operations optimization software.  Devices revenues were $6.1 million, a 14% increase from the third quarter 2018, driven by an increase in marine equipment replacement and repairs.

Consolidated gross margin for the quarter was 47%, compared to 35% in the third quarter 2018.  Gross margin in E&P Technology & Services was 46%, compared to 33% one year ago.  The improved E&P Technology & Services gross margin resulted from the increase in Imaging Services revenues and more favorable mix of multi-client revenues.  Operations Optimization gross margin was 54%, compared to 53% one year ago.

Consolidated operating expenses were $21.4 million, compared to $18.9 million, and operating margin was 7%, compared to (5)% in the third quarter 2018.  Excluding special items, consolidated operating expenses, as adjusted, were $20.7 million, compared to $18.7 million in the third quarter 2018, and operating margin, as adjusted, was 9%, compared to (5)% in the third quarter 2018.  The improvement in operating margin, as adjusted, was primarily due to the increase in revenues, partially offset by the increase in operating expenses, as adjusted, primarily related to compensation expenses.

YEAR-TO-DATE 2019

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

Nine Months Ended September 30,

2019

2018

% Change

E&P Technology & Services

$

95,867

$

76,077

26

%

Operations Optimization

36,103

29,374

23

%

Total

$

131,970

$

105,451

25

%

Within the E&P Technology & Services segment, multi-client revenues were $79.4 million, an increase of 29%.  Within multi-client, data library revenues significantly increased primarily due to sales of North and South American data.  This increase was partially offset by a decline in new venture revenues due to the scale and timing of new multi-client programs.  Imaging Services revenues were $16.4 million, an increase of 14%, associated with the increased revenues in the third quarter.

Within the Operations Optimization segment, Optimization Software & Services revenues were $17.6 million, a 17% increase from the first nine months of 2018.  Devices revenues were $18.5 million, a 29% increase from the first nine months of 2018.  The change in revenues during the first nine months is fairly consistent with the changes described in the prior section.

Consolidated gross margin for the first nine months was 42%, compared to 21% in the first nine months of 2018.  Gross margin in E&P Technology & Services was 38%, compared to 15% one year ago.  The improved E&P Technology & Services gross margin was a result of both an increase in and more favorable mix of multi-client revenues.  Operations Optimization gross margin was 52%, compared to 51% one year ago.

Consolidated operating expenses were $69.4 million, compared to $59.4 million, and operating margin was (11)%, compared to (36)% in the first nine months of 2018.  Excluding special items, consolidated operating expenses, as adjusted, were $63.9 million, compared to $55.4 million, and operating margin, as adjusted, was (7)%, compared to (32)% in the first nine months of 2018.  The improvement in operating margin, as adjusted, was primarily due to the increase in revenues, partially offset by an increase in operating expenses, as adjusted, related to increased research and development and compensation expenses.

CONFERENCE CALL

The Company has scheduled a conference call for Thursday, October 31, 2019, 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 November 14, 2019.  To access the replay, dial (877) 660-6853 and use pass code 13694672#.

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

ION develops and leverages innovative technologies, creating value through data capture, analysis and optimization to enhance critical decision-making, enabling superior returns.  For more information, visit iongeo.com.

Contact
Steve Bate
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; and political, execution, regulatory, and currency risks. These risks and uncertainties also include risks associated with the WesternGeco litigation and other related proceedings. We cannot predict the outcome of this litigation or the related proceedings. For additional information regarding these various risks and uncertainties, including the WesternGeco litigation, see our Form 10-K for the year ended December 31, 2018, filed on February 7, 2019. 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 September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

Service revenues

$

41,990

$

37,105

$

100,525

$

77,943

Product revenues

11,249

10,095

31,445

27,508

Total net revenues

53,239

47,200

131,970

105,451

Cost of services

22,690

25,924

61,931

70,286

Cost of products

5,261

4,801

15,256

13,354

Gross profit

25,288

16,475

54,783

21,811

Operating expenses:

Research, development and engineering

4,878

5,030

15,421

13,544

Marketing and sales

5,591

5,209

17,444

16,314

General, administrative and other operating expenses

10,961

8,688

36,550

29,564

Total operating expenses

21,430

18,927

69,415

59,422

Income (loss) from operations

3,858

(2,452)

(14,632)

(37,611)

Interest expense, net

(3,155)

(3,022)

(9,378)

(9,769)

Other income (expense), net

(242)

91

(938)

(616)

Income (loss) before income taxes

461

(5,383)

(24,948)

(47,996)

Income tax expense

3,790

2,079

7,916

3,305

Net loss

(3,329)

(7,462)

(32,864)

(51,301)

Less: Net income attributable to noncontrolling interest

(394)

(74)

(841)

(527)

Net loss attributable to ION

$

(3,723)

$

(7,536)

$

(33,705)

$

(51,828)

Net loss per share:

Basic

$

(0.26)

$

(0.54)

$

(2.39)

$

(3.81)

Diluted

$

(0.26)

$

(0.54)

$

(2.39)

$

(3.81)

Weighted average number of common shares outstanding:

Basic

14,181

14,003

14,104

13,586

Diluted

14,181

14,003

14,104

13,586

 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

ASSETS

September 30,
 2019

December 31,
 2018

Current assets:

Cash and cash equivalents

$

27,894

$

33,551

Accounts receivable, net

23,832

26,128

Unbilled receivables

30,990

44,032

Inventories, net

12,934

14,130

Prepaid expenses and other current assets

6,626

7,782

Total current assets

102,276

125,623

Deferred income tax asset, net

8,435

7,191

Property, plant and equipment, net

12,903

13,041

Multi-client data library, net

69,723

73,544

Goodwill

22,276

22,915

Right-of-use assets

37,155

47,803

Other assets

2,222

2,435

Total assets

$

254,990

$

292,552

LIABILITIES AND (DEFICIT) EQUITY

Current liabilities:

Current maturities of long-term debt

$

1,110

$

2,228

Accounts payable

43,565

34,913

Accrued expenses

42,807

31,411

Accrued multi-client data library royalties

17,514

29,256

Deferred revenue

5,310

7,710

Current maturities of operating lease liabilities

11,648

12,214

Total current liabilities

121,954

117,732

Long-term debt, net of current maturities

119,402

119,513

Operating lease liabilities, net of current maturities

35,214

45,592

Other long-term liabilities

1,526

1,891

Total liabilities

278,096

284,728

(Deficit) Equity:

Common stock

142

140

Additional paid-in capital

955,705

952,626

Accumulated deficit

(959,797)

(926,092)

Accumulated other comprehensive loss

(21,440)

(20,442)

Total stockholders’ (deficit) equity

(25,390)

6,232

Noncontrolling interest

2,284

1,592

Total (deficit) equity

(23,106)

7,824

Total liabilities and (deficit) equity

$

254,990

$

292,552

 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

Cash flows from operating activities:

Net loss

$

(3,329)

$

(7,462)

$

(32,864)

$

(51,301)

Adjustments to reconcile net loss to cash provided by (used in) operating activities:

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

805

2,124

2,903

6,902

Amortization of multi-client data library

10,391

12,987

29,787

32,544

Stock-based compensation expense

905

465

3,736

2,508

Deferred income taxes

(781)

(444)

(1,248)

(2,310)

Changes in operating assets and liabilities:

Accounts receivable

(6,619)

(8,279)

2,115

(4,383)

Unbilled receivables

(8,803)

(10,857)

12,772

13,156

Inventories

(6)

(201)

729

(646)

Accounts payable, accrued expenses and accrued royalties

7,582

1,062

1,528

(9,567)

Deferred revenue

939

1,924

(2,398)

1,479

Other assets and liabilities

3,955

1,561

2,244

4,294

Net cash provided by (used in) operating activities

5,039

(7,120)

19,304

(7,324)

Cash flows from investing activities:

Investment in multi-client data library

(6,443)

(6,129)

(21,225)

(19,911)

Proceeds from sale (purchase) of property, plant and equipment

140

111

(1,272)

(313)

Net cash used in investing activities

(6,303)

(6,018)

(22,497)

(20,224)

Cash flows from financing activities:

Payments under revolving line of credit

(15,000)

(15,000)

(10,000)

Borrowings under revolving line of credit

15,000

15,000

Payments on notes payable and long-term debt

(554)

(372)

(1,960)

(30,071)

Net proceeds from issuance of stock

(220)

46,999

Dividend payment to noncontrolling interest

(200)

Other financing activities

(104)

(608)

(655)

(1,489)

Net cash (used in) provided by financing activities

(658)

(1,200)

(2,615)

5,239

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

253

32

151

296

Net decrease in cash, cash equivalents and restricted cash

(1,669)

(14,306)

(5,657)

(22,013)

Cash, cash equivalents and restricted cash at beginning of period

29,866

44,712

33,854

52,419

Cash, cash equivalents and restricted cash at end of period

$

28,197

$

30,406

$

28,197

$

30,406

The following table is a reconciliation of cash and cash equivalents to total cash, cash equivalents and restricted cash:

September 30,

2019

2018

Cash and cash equivalents

$

27,894

$

30,043

Restricted cash included in prepaid expenses and other current assets

303

60

Restricted cash included in other long-term assets

303

Total cash, cash equivalents and restricted cash shown in statements of cash flows

$

28,197

$

30,406

 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

SUMMARY OF SEGMENT INFORMATION

(In thousands)

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

Net revenues:

E&P Technology & Services:

New Venture

$

5,905

$

18,218

$

24,394

$

40,069

Data Library

27,288

13,956

55,030

21,629

Total multi-client revenues

33,193

32,174

79,424

61,698

Imaging Services

7,048

4,147

16,443

14,379

Total

40,241

36,321

95,867

76,077

Operations Optimization:

Devices

6,103

5,356

18,455

14,275

Optimization Software & Services

6,895

5,523

17,648

15,099

Total

12,998

10,879

36,103

29,374

Total net revenues

$

53,239

$

47,200

$

131,970

$

105,451

Gross profit (loss):

E&P Technology & Services

$

18,316

$

12,139

$

36,113

$

11,626

Operations Optimization

6,972

5,736

18,670

14,980

Segment gross profit

25,288

17,875

54,783

26,606

Other

(1,400)

(a)

(4,795)

(a)

Total gross profit

$

25,288

$

16,475

$

54,783

$

21,811

Gross margin:

E&P Technology & Services

46

%

33

%

38

%

15

%

Operations Optimization

54

%

53

%

52

%

51

%

Segment gross margin

47

%

38

%

42

%

25

%

Other

%

(3)

%

%

(4)

%

Total gross margin

47

%

35

%

42

%

21

%

Income (loss) from operations:

E&P Technology & Services

$

11,878

$

6,578

$

15,500

$

(4,422)

Operations Optimization

2,994

1,963

5,808

3,992

Support and other

(11,014)

(b)

(10,993)

(b)

(35,940)

(c)

(37,181)

(c)

Income (loss) from operations

3,858

(2,452)

(14,632)

(37,611)

Interest expense, net

(3,155)

(3,022)

(9,378)

(9,769)

Other income (expense), net

(242)

91

(938)

(616)

Income (loss) before income taxes

$

461

$

(5,383)

$

(24,948)

$

(47,996)

(a)  Relates to gross loss primarily related to depreciation expense of our previously reported Ocean Bottom Integrated Technologies segment.

(b)  Includes loss from operations of previously reported Ocean Bottom Integrated Technologies segment of $0.7 million and $2.8 million for the three months ended September 30, 2019 and 2018, respectively, which includes item (a) above and operating  expenses of $0.7 million and $1.4 million for the three months ended September 30, 2019 and 2018, respectively.

(c)  Includes loss from operations of previously reported Ocean Bottom Integrated Technologies segment of $2.3 million and $8.6 million for the nine months ended September 30, 2019 and 2018, respectively, which includes item (a) above and operating expenses of $2.3 million and $3.8 million for the nine months ended September 30, 2019 and 2018, respectively.

 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

Summary of Net Revenues by Geographic Area

(In thousands)

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

Latin America

$

22,720

$

19,910

$

50,572

$

37,356

North America

12,182

13,095

32,984

25,452

Europe

8,335

8,202

24,850

19,811

Asia Pacific

2,744

3,718

8,287

11,581

Africa

2,874

1,121

7,541

8,362

Middle East

3,899

717

6,364

1,907

Commonwealth of Independent States

485

437

1,372

982

Total net revenues

$

53,239

$

47,200

$

131,970

$

105,451

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 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 September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

Net loss

$

(3,329)

$

(7,462)

$

(32,864)

$

(51,301)

Interest expense, net

3,155

3,022

9,378

9,769

Income tax expense

3,790

2,079

7,916

3,305

Depreciation and amortization expense

11,196

15,111

32,690

39,446

Severance expense

2,810

EBITDA excluding non-recurring items

14,812

12,750

19,930

1,219

Stock appreciation rights expense

732

275

2,742

4,013

Adjusted EBITDA

$

15,544

$

13,025

$

22,672

$

5,232

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 and nine months ended September 30, 2019 and 2018:

Three Months Ended September 30, 2019

Three Months Ended September 30, 2018

As Reported

Special

Items

As Adjusted

As Reported

Special
Items

As Adjusted

Net revenues

$

53,239

$

$

53,239

$

47,200

$

$

47,200

Cost of sales

27,951

27,951

30,725

30,725

Gross profit

25,288

25,288

16,475

16,475

Operating expenses

21,430

(732)

(1)

20,698

18,927

(275)

(2)

18,652

Income (loss) from operations

3,858

732

4,590

(2,452)

275

(2,177)

Interest expense, net

(3,155)

(3,155)

(3,022)

(3,022)

Other income (expense), net

(242)

(242)

91

91

Income (loss) before income taxes

461

732

1,193

(5,383)

275

(5,108)

Income tax expense

3,790

3,790

2,079

2,079

Net loss

(3,329)

732

(2,597)

(7,462)

275

(7,187)

Less: Net income attributable to noncontrolling interest

(394)

(394)

(74)

(74)

Net loss attributable to ION

$

(3,723)

$

732

$

(2,991)

$

(7,536)

$

275

$

(7,261)

Net loss per share:

Basic

$

(0.26)

$

(0.21)

$

(0.54)

$

(0.52)

Diluted

$

(0.26)

$

(0.21)

$

(0.54)

$

(0.52)

Weighted average number of common shares outstanding:

Basic

14,181

14,181

14,003

14,003

Diluted

14,181

14,181

14,003

14,003

 

Nine Months Ended September 30, 2019

Nine Months Ended September 30, 2018

As Reported

Special

Items

As Adjusted

As Reported

Special
Items

As Adjusted

Net revenues

$

131,970

$

$

131,970

$

105,451

$

$

105,451

Cost of sales

77,187

77,187

83,640

83,640

Gross profit

54,783

54,783

21,811

21,811

Operating expenses

69,415

(5,552)

(3)

63,863

59,422

(4,013)

(4)

55,409

Loss from operations

(14,632)

5,552

(9,080)

(37,611)

4,013

(33,598)

Interest expense, net

(9,378)

(9,378)

(9,769)

(9,769)

Other income (expense), net

(938)

(938)

(616)

(616)

Loss before income taxes

(24,948)

5,552

(19,396)

(47,996)

4,013

(43,983)

Income tax expense

7,916

7,916

3,305

3,305

Net loss

(32,864)

5,552

(27,312)

(51,301)

4,013

(47,288)

Less: Net income attributable to noncontrolling interest

(841)

(841)

(527)

(527)

Net loss attributable to ION

$

(33,705)

$

5,552

$

(28,153)

$

(51,828)

$

4,013

$

(47,815)

Net loss per share:

Basic

$

(2.39)

$

(2.00)

$

(3.81)

$

(3.52)

Diluted

$

(2.39)

$

(2.00)

$

(3.81)

$

(3.52)

Weighted average number of common shares outstanding:

Basic

14,104

14,104

13,586

13,586

Diluted

14,104

14,104

13,586

13,586

(1)  Represents stock appreciation right awards expense for the quarter ended September 30, 2019.

(2)  Represents stock appreciation right awards and related expenses for the quarter ended September 30, 2018.

(3)  Represents severance expense of $2.8 million and stock appreciation right awards expense of $2.7 million for the nine months ended September 30, 2019.

(4)  Represents stock appreciation right awards and related expenses for the nine months ended September 30, 2018.

 

Cision View original content:http://www.prnewswire.com/news-releases/ion-reports-third-quarter-2019-results-300948573.html

SOURCE ION Geophysical Corporation