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ION第三季度绩效报告

2013/12/12 17:16:20 下午

2013 年 11 月 6 日下午5:54:05


将重组支出用于对地震系统部门的合理重组

休斯顿 2013年11月6日电/美通社/‑‑ION 地球物理集团公司(纽约证券交易所代码:IO)今日公布了2013年第三季度的亏损情况,其净损失为2.021亿美元或摊薄后每股 (1.29)美元,其中包括了数额为(1.82 亿)美元的重组以及特殊项目损失,此类项目对集团亏损的影响为摊薄后每股(1.16)美元。如不计此类重组和特殊项目,ION地球物理集团公司7980万美元的收入中净损失为2010万美元或摊薄后每股(0.13)美元,而在2012 年第三季度,1.363亿美元的收入中净收益达1490万美元或摊薄后每股0.09美元。
在该季度,公司将各个重组和特殊项目做如下记录:

  • 7290万美元,对应其他费用开支,主要与公司在WesternGeco法律事件上的开支增加有关;
  • 3050万美元,对应销售成本,其中2500万美元涉及存货减记和地震系统部门内的遣散相关费用,还有550万美元则来自解决方案部门中陆地多客户端数据库费用的部分减记;
  • 1140万美元,对应营业费用,其中920万美元为对应向OceanGeo(原名GeoRXT)合资企业收取的所有应收款项进行的减记,剩余220万美元则涉及地震系统部门中的遣散相关费用;
  • 6210万美元来自为公司递延税项资产设立的估价备抵;
  • 500万美元则为ION将优先股转换为ION普通股相关的开销。

在1.82亿美元的总费用中,约有1600万美元属于现金项目。有关对重组和特殊项目的对账信息表格在本新闻稿最后可见。

公司总裁兼首席执行官布莱恩·汉森 (Brian Hanson) 表示:“公司第三季度的业绩显然让人失望,我们的收入与去年同期相比下降了41%。解决方案部门遭遇了新风险项目投资活动和数据库收入的明显下滑,表明多客户端程序项目近期有所疲软。今年,海洋专用程序的市场产能过剩,承包商能够为多客户市场提供服务。 而过剩的产能又导致承购水平低于预期,因此我们当前已经推迟了对新项目的投入。”
“我们期望在第四季度增加对充分承购的3D北美陆地项目以及多个新2D海洋项目的多客户端程序的投入。”
“由于欧洲、中东和墨西哥湾市场需求旺盛以及我们宽带处理解决方案WiBandTM的需求持续不断,今年的前九个月中,我们的数据处理业务收入稳固。然而,我们第三季度的数据处理业务收入与去年同期相比有所下降,这是由于一份价值约为700万美元的客户合同尚未正式签署,导致该收入无法计入。”
“由于客户整合导致的海上承包商市场疲软,我们的软件部门与去年同期相比依旧表现薄弱。不过,在9月SEG勘探地球物理学家学会 (Society of Exploration Geophysicists) 展览上发布的NarwhalTM冰管理系统广受认可。我们在本季度获得了第一笔营业收入,我们期望在随后的季度中对NarwhalTM做更多更新。”
“在第三季度中,我们对地震系统部门进行了重组,体现我们拖缆产品组合业已成熟。首先,我们将部门工作重点放在海底作业市场上,同时降低现有拖缆产品线成本结构,将对其进行管理,以加强盈利能力。通过重组,地震系统部门每年节约的营业成本约为1200万美元。”
“在第三季度,由于陆地市场持续疲软,陆上设备供应商对有线和无线采集系统的竞争激烈,INOVA 合资企业为此启动了重组项目。INOVA内部重组试图在更低的收入水平下对业务进行盈利运营。由于我们滞后一个财务季度报告INOVA的财务情况,INOVA重组费用的份额将在我们第四季度的业绩中得以体现。”
“我们也将把在OceanGeo中的剩余投资额和应收账款减记为零。在为该合资企业开发一批新项目前,我们持有的 30% 股份以对该公司不久将来的收益影响较小视为合适。我们会尽快继续帮助该合资企业争取新项目。”
“关于法律事务开支的额外增加,正如我们在十月披露的8-K表格一样,WesternGeco诉讼案件的初级法院对补充赔偿金下达指令,判决额外产品的赔偿金计算应综合考虑陪审团之前提出的合理专利使用费,以及对每件产品带来的利润损失应支付的赔偿金。根据在初级法院的这些后续进展,我们推断需增加相关开支并记录额外的非现金费用用于弥补这些补充赔偿金和利息。在法院指令中,审判长还判定有关补充装置的侵权行为非出于故意,WesternGeco无权获得增加的赔偿金。在初级法院对本案件做出最终判决后,我们会就此案件向位于华盛顿哥伦比亚特区的美国联邦巡回区上诉法院提起上诉。该上诉过程将需要一段时间,但我们仍然相信,我们将最终胜诉。”
 

2013 年第三季度

总收入下滑至7980万美元,降幅为41%,而2012 年第三季度总收入为1.363亿美元。公司所有三个部门的收入均下降。
由于新风险项目投资、数据库和数据处理业务收入的下降,解决方案部门的收入跌至4340 万美元,而去年同期为9210万美元。新风险项目投资收入下降的原因在于承销水平低于预期而导致新项目的推迟。数据库收入与去年同期相比下降则是因为在关键地理位置的许可证出售招标的进一步推迟。数据处理业务收入下降是由于一份价值约为700万美元的客户合同尚未正式签署,导致该收入无法计入。地震系统部门销售额降至2630万美元,而在2012年第三季度该数字为3110万美元,本次下降的主要原因是新定位系统销售相关的收入缩减,部分抵消了针对公司现有客户群修理和更换系统销售收入的增加。软件部门销售额从1310万美元下降到1010万美元,其主要原因是客户整合带来的Orca®和Gator® 许可证出售收入减少。不计重组和特殊项目的影响,合并毛利润率和经营利润率分别为19%和 (18)%,而去年同期分别为41%和18%。毛利润率和经营利润率的下跌主要归咎于解决方案部门收入偏低。

公司股权投资包括持有INOVA地球物理公司49%的股份以及OceanGeo公司30%的股份。公司将其在INOVA的股份以滞后一个财务季度的方式记录。因此,公司在2013年第二季度INOVA财务业绩中的份额在公司第三季度的业绩中才能体现。在第三季度中,公司确认其对INOVA股权投资的损失金额为(20万)美元,而去年为(170万)美元。另外,在2013年第三季度,公司将其对OceanGeo股权投资的损失金额记为(500 万)美元,而之前提到的应收款项减记不在其中。参见随附的有关INOVA和OceanGeo财务业绩摘要的财务报告。

公司的实际税率为 (41)%,而2012年第三季度为28%。实际税率变化的原因来自2013年第三季度递延税项估价备抵的设立。递延税项估价备抵与本季度的重组和特殊费用以及之前为应对WesternGeco诉讼而计入的非现金准备有关。
截至2013年9月30日,公司拥有1.75亿美元的信用额度以支持充分运作。截至2013年 9月30日,对于2.636 亿美元的流动资产总额,公司所持有的现金和现金等价物合计8860 万美元。调整后的未计利息、税项、折旧及摊销前的利润 (EBITDA) 为(420 万)美元,而2012年第三季度为5680万美元。调整后的EBITDA对账信息可参见本新闻稿中的财务报告。


2013年年初至今

与2012年同期的3.532 亿美元总收入相比,目前收入降至3.305 亿美元,跌幅为6%。解决方案部门的收入下降了4%,为 2.212 亿美元,主要原因是本年度数据库销售的减缓。地震系统部门收入下降了9%,主要原因为与新定位系统销售相关收入的减少部分抵消了修理和更换系统销售收入的增加。由于客户整合引起的Orca和Gator收入减少,软件部门收入的降幅达16%。
不计重组和特殊项目的影响,合并毛利润率降至26%,而2012 年前三个季度为40%,经营利润率为 (2)%,而2012年同期为14%。毛利润率和经营利润率的下跌的原因是,解决方案部门和软件部门收入的下降以及在2013年前六个月中解决方案部门的3D海洋项目出现成本超支。
公司确认其对INOVA股权投资的亏损金额为(300万)美元,而2012年的收益为460万美元。下降的直接原因是收入减少了12%,具体是因为震源车销售额和设备租赁收入的减少部分抵消了G3i 系统销售额的增加。另外,公司将其对OceanGeo股权投资的损失金额记为(740 万)美元,而之前提到的应收款项减记不在其中。
如计入重组和特殊项目,公司公布的净损失为2.717亿美元或摊薄后每股 (1.73) 美元。除了上面强调的项目之外,2013 年前九个月的财务状况还受到第二季度约1.10亿美元费用的影响,该费用因公司增加其对WesternGeco法律事务的开支而产生。如不计重组和特殊项目,公司公布的净亏损为1820 万美元或摊薄后每股 (0.12) 美元,而2012年前九个月的净收益为3510万美元或摊薄后每股0.22 美元。
 

展望
公司首席财务官雷格·海因莱因 (Greg Heinlein) 表示:“我们因某些产品线而对地震系统部门进行合理重组采取了艰难而必要的措施。这些主要的非现金费用体现了我们正在进一步向以E&P 客户为中心的服务模式转型。我们相信,随着当前振荡的市场通过自我纠正脱离失衡的状态,这些举措将帮助ION在2014年更好地在这些市场中立足。”
“对于未来,我们预计会开始利用充足的运营净亏损减少税额,所以我们的实际税率应该会在2014年大幅降低。由于在今年前九个月我们缩减了对多客户端程序的投资,我们现预计完整年度的开支范围将在1亿至1.2亿美元之间。”“正如之前提到的最近市场震荡不定,我们正在谨慎管理自己的业务,实现正向现金流,并从1.75亿美元的可用信用额度以及九月底留存的将近9000万美元现金中得到安慰。”
 

电话会议
公司已经安排了一场电话会议,会议时间为 2013年11月7日周四东部时间上午10:00。会议中的幻灯片演示将于东部时间上午9:00在ION官方网站的“投资者关系”(Investor Relations) 栏下公布。欲参与本次电话会议,请提前至少10分钟拨打 480-629-9863,请求接入ION电话会议。在电话会议现场直播结束后的两个小时左右将提供本次电话会议的录制回放,录制内容最迟保留到2013年11月21日。收听电话会议重放,请拨打303-590-3030 并使用接入号4644944#。
投资者、分析人士以及一般公众也有机会通过互联网访问www.iongeochina.com网站同步收听电话会议。电话会议结束后网络广播信息会立即在公司网站上公布。
 

关于ION
ION地球物理集团公司是为全球石油和天然气行业提供地球物理勘探技术、服务以及解决方案的供应商,在业界居于领先地位。ION 所提供的技术服务旨在为石油天然气公司获得地下高分辨地震成像的同时减少勘探作业的风险,并确保物探承包商的地震数据采集过程更为安全高效。请登陆www.iongeochina.com了解更多关于 ION 的信息。
 

联系人
雷格·海因莱因 (Greg Heinlein)
高级副总裁兼首席财务官
+1.281.552.3011


此处包含的信息包括一定的前瞻性陈述,符合 1933 年《证券法》第 27A 条以及 1934《证券交易法》第 21E 条的规定。这些前瞻性陈述可能涉及未来的销售额、收入和市场增长、销售时间、未来流动性和现金流水平、未来预期收入和收益、预计从存货中获得的销售额、预计从 INOVA 地球物理和OceanGeo合资企业以及相关交易获得的收益、预期的诉讼结果以及除历史性事实陈述外的其他陈述。实际结果可能与这些前瞻性陈述中的描述大不相同。所有前瞻性陈述提出了许多假设,涉及各种风险和不确定性。这些风险和不确定性包括与诉讼有关的风险,比如WesternGeco的起诉;公司产品和服务的时间安排和开发以及公司新产品和更新产品的上市能力;对于 INOVA 地球物理和OceanGeo合资企业的经营运作;公司负债水平和条件;由此对竞争对手的产品和价格产生的压力;公司当前依赖的相对较少的客户;公司收入中很大一部分来自海外销售额这一事实;资金来源可能不足;公司无力通过生产产品维护或增加市场份额;收取应收账款包含的风险;以及技术和市场变化对公司产品线的影响。对于可能影响实际业绩的其他风险因素,公司将不时披露其向证券交易委员会 (SEC) 提交的报表表格,包括其在 10-K 表格中提供的截至 2012 年 12 月 31 日的公司年报以及在 10-Q 表格中提供的 2013 年季报和 8-K 表格中提交的 2013 年现状报告。

 

 

 

 

 

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,


 

2013


 

2012


 

2013


 

2012

Service revenues

$

44,679


 

 

$

93,023


 

 

$

224,231


 

 

$

232,501


 

Product revenues

35,159


 

 

43,300


 

 

106,259


 

 

120,746


 

Total net revenues

79,838


 

 

136,323


 

 

330,490


 

 

353,247


 

Cost of services

52,256


 

 

59,136


 

 

188,494


 

 

149,863


 

Cost of products

42,686


 

 

21,229


 

 

85,525


 

 

60,327


 

Gross profit (loss)

(15,104)


 

 

55,958


 

 

56,471


 

 

143,057


 

Operating expenses:


 

 

 

 

 

 

 

Research, development and engineering

10,288


 

 

7,504


 

 

28,665


 

 

25,536


 

Marketing and sales

8,416


 

 

8,091


 

 

25,364


 

 

24,162


 

General, administrative and other operating expenses

22,720


 

 

15,314


 

 

50,277


 

 

43,695


 

Total operating expenses

41,424


 

 

30,909


 

 

104,306


 

 

93,393


 

Income (loss) from operations

(56,528)


 

 

25,049


 

 

(47,835)


 

 

49,664


 

Interest expense, net

(4,281)


 

 

(1,237)


 

 

(8,103)


 

 

(4,119)


 

Equity in earnings (losses) of investments

(5,192)


 

 

(1,684)


 

 

(10,414)


 

 

4,561


 

Other expense, net

(74,301)


 

 

(936)


 

 

(180,392)


 

 

(727)


 

Income (loss) before income taxes

(140,302)


 

 

21,192


 

 

(246,744)


 

 

49,379


 

Income tax expense

56,954


 

 

6,037


 

 

19,450


 

 

13,666


 

Net income (loss)

(197,256)


 

 

15,155


 

 

(266,194)


 

 

35,713


 

Net loss attributable to noncontrolling interest

498


 

 

42


 

 

515


 

 

436


 

Net income (loss) attributable to ION

(196,758)


 

 

15,197


 

 

(265,679)


 

 

36,149


 

Preferred stock dividends

338


 

 

338


 

 

1,014


 

 

1,014


 

Conversion payment of preferred stock

5,000


 

 

-


 

 

5,000


 

 

-


 

Net income (loss) applicable to common shares

$

(202,096)


 

 

$

14,859


 

 

$

(271,693)


 

 

$

35,135


 

Net income (loss) per share:


 

 

 

 

 

 

 

Basic

$

(1.29)


 

 

$

0.10


 

 

$

(1.73)


 

 

$

0.23


 

Diluted

$

(1.29)


 

 

$

0.09


 

 

$

(1.73)


 

 

$

0.22


 

Weighted average number of common shares outstanding:


 

 

 

 

 

 

 

Basic

157,143


 

 

155,918


 

 

156,842


 

 

155,698


 

Diluted

157,143


 

 

162,852


 

 

156,842


 

 

162,680


 

 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)


 

 

 

 

 

September30,
2013


 

December31,
2012

ASSETS


 

 

 

Current assets:


 

 

 

Cash and cash equivalents

$

88,585


 

 

$

60,971


 

Accounts receivable, net

62,901


 

 

127,136


 

Unbilled receivables

82,894


 

 

89,784


 

Inventories

61,404


 

 

70,675


 

Prepaid expenses and other current assets

25,698


 

 

25,605


 

Total current assets

321,482


 

 

374,171


 

Deferred income tax asset

-


 

 

28,414


 

Property, plant, equipment and seismic rental equipment, net

49,360


 

 

33,772


 

Multi-client data library, net

242,870


 

 

230,315


 

Equity method investments

69,624


 

 

73,925


 

Goodwill

55,322


 

 

55,349


 

Intangible assets, net

11,986


 

 

14,841


 

Other assets

15,199


 

 

9,796


 

Total assets

$

765,843


 

 

$

820,583


 

 

 

 

 

LIABILITIES AND EQUITY


 

 

 

Current liabilities:


 

 

 

Current maturities of long-term debt

$

5,193


 

 

$

3,496


 

Accounts payable

31,808


 

 

28,688


 

Accrued expenses

60,360


 

 

124,095


 

Accrued multi-client data library royalties

24,661


 

 

26,300


 

Deferred revenue

20,361


 

 

26,899


 

Total current liabilities

142,383


 

 

209,478


 

Long-term debt, net of current maturities

180,530


 

 

101,832


 

Other long-term liabilities

207,044


 

 

8,131


 

Total liabilities

529,957


 

 

319,441


 

Redeemable noncontrolling interest

1,881


 

 

2,123


 

Equity:


 

 

 

Cumulative convertible preferred stock

-


 

 

27,000


 

Common stock

1,633


 

 

1,564


 

Additional paid-in capital

877,891


 

 

848,669


 

Accumulated deficit

(625,976)


 

 

(360,297)


 

Accumulated other comprehensive loss

(13,300)


 

 

(11,886)


 

Treasury stock

(6,565)


 

 

(6,565)


 

Total stockholders' equity

233,683


 

 

498,485


 

Noncontrolling interests

322


 

 

534


 

Total equity

234,005


 

 

499,019


 

Total liabilities and equity

$

765,843


 

 

$

820,583


 

 


 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


 

 

 

Nine Months Ended September 30,


 

2013


 

2012

Cash flows from operating activities:


 

 

 

Net income (loss)

$

(266,194)


 

 

$

35,713


 

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


 

 

 

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

13,146


 

 

11,532


 

Amortization of multi-client data library

50,892


 

 

66,911


 

Amortization of debt costs

928


 

 

187


 

Stock-based compensation expense

5,707


 

 

4,473


 

Equity in (earnings) losses of investments

10,414


 

 

(4,561)


 

Gain on sale of cost-method investment

(3,591)


 

 

-


 

Accrual for loss contingency related to legal proceedings

181,776


 

 

10,000


 

Write-down of multi-client data library

5,461


 

 

-


 

Write-down of receivables from OceanGeo

9,157


 

 

-


 

Write-down of excess and obsolete inventory

21,197


 

 

-


 

Deferred income taxes

7,768


 

 

795


 

Change in operating assets and liabilities:


 

 

 

Accounts receivable

57,010


 

 

37,526


 

Unbilled receivables

6,890


 

 

(40,898)


 

Inventories

(13,157)


 

 

(8,540)


 

Accounts payable, accrued expenses and accrued royalties

(31,550)


 

 

12,812


 

Deferred revenue

(6,527)


 

 

(12,316)


 

Other assets and liabilities

12,585


 

 

(2,302)


 

Net cash provided by operating activities

61,912


 

 

111,332


 

Cash flows from investing activities:


 

 

 

Investment in multi-client data library

(68,908)


 

 

(105,600)


 

Purchase of property, plant, equipment and seismic rental assets

(14,374)


 

 

(13,566)


 

Net advances to INOVA Geophysical

(8,000)


 

 

-


 

Investment in and advances to OceanGeo B.V. (formerly named GeoRXT B.V.)

(9,500)


 

 

-


 

Proceeds from sale of a cost-method investment

4,150


 

 

-


 

Maturity of short-term investments

-


 

 

20,000


 

Investment in convertible note

(2,000)


 

 

(2,000)


 

Other investing activities

76


 

 

-


 

Net cash used in investing activities

(98,556)


 

 

(101,166)


 

Cash flows from financing activities:


 

 

 

Proceeds from issuance of notes

175,000


 

 

-


 

Payments under amended revolving line of credit

(97,250)


 

 

(51,000)


 

Borrowings under amended revolving line of credit

-


 

 

148,250


 

Repayment of term loan

-


 

 

(98,250)


 

Payments on long-term debt

(3,296)


 

 

(2,776)


 

Cost associated with issuance of notes

(6,731)


 

 

-


 

Cost associated with debt amendment

-


 

 

(1,313)


 

Payment of preferred dividends

(1,014)


 

 

(1,014)


 

Conversion payment of preferred stock

(5,000)


 

 

-


 

Proceeds from exercise of stock options

2,367


 

 

563


 

Other financing activities

790


 

 

338


 

Net cash provided by (used in) financing activities

64,866


 

 

(5,202)


 

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

(608)


 

 

113


 

Net increase in cash and cash equivalents

27,614


 

 

5,077


 

Cash and cash equivalents at beginning of period

60,971


 

 

42,402


 

Cash and cash equivalents at end of period

$

88,585


 

 

$

47,479


 

 

 


 

Reconciliation of Restructuring and Special Items to Diluted Earnings 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 income (loss) from operations or net income (loss) excluding certain charges or amounts. This adjusted income 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 table below for supplemental financial data and the corresponding reconciliation to GAAP financials for the three and nine months ended September 30, 2013:


 

 

 

Three Months Ended September 30, 2013


 

 

 

Restructuring and Special Items by Segment


 

 

 

As Reported


 

Systems(1)


 

Solutions(2)


 

Corporate and Other


 

As Adjusted

Net revenues

$

79,838


 

 

$

-


 

 

$

-


 

 

$

-


 

 

$

79,838


 

Cost of sales

94,942


 

 

(25,080)


 

 

(5,461)


 

 

-


 

 

64,401


 

Gross profit (loss)

(15,104)


 

 

25,080


 

 

5,461


 

 

-


 

 

15,437


 

Operating expenses

41,424


 

 

(2,216)


 

 

-


 

 

(9,157)(3)


 

 

30,051


 

Income (loss) from operations

(56,528)


 

 

27,296


 

 

5,461


 

 

9,157


 

 

(14,614)


 

Operating margin

(71)%


 

 

 

 

 

 

 

 

(18)%


 

Interest expense, net

(4,281)


 

 

-


 

 

-


 

 

-


 

 

(4,281)


 

Equity in losses of investments

(5,192)


 

 

-


 

 

-


 

 

-


 

 

(5,192)


 

Other expense, net

(74,301)


 

 

-


 

 

-


 

 

72,940(4)


 

 

(1,361)


 

Income tax expense (benefit)

56,954


 

 

-


 

 

-


 

 

(62,106)(5)


 

 

(5,152)


 

Net income (loss)

(197,256)


 

 

27,296


 

 

5,461


 

 

144,203


 

 

(20,296)


 

Net loss attributable to noncontrolling interest

498


 

 

-


 

 

-


 

 

-


 

 

498


 

Net income (loss) attributable to ION

(196,758)


 

 

27,296


 

 

5,461


 

 

144,203


 

 

(19,798)


 

Preferred stock dividends

5,338


 

 

-


 

 

-


 

 

(5,000)(6)


 

 

338


 

Net income (loss) applicable to common shares

$

(202,096)


 

 

$

27,296


 

 

$

5,461


 

 

$

149,203


 

 

$

(20,136)


 

Net income (loss) per share:


 

 

 

 

 

 

 

 

 

Basic

$

(1.29)


 

 

 

 

 

 

 

 

$

(0.13)


 

Diluted

$

(1.29)


 

 

 

 

 

 

 

 

$

(0.13)


 

Weighted average number of common shares outstanding:


 

 

 

 

 

 

 

 

 

Basic

157,143


 

 

 

 

 

 

 

 

157,143


 

Diluted

157,143


 

 

 

 

 

 

 

 

157,143


 

 


 

Nine Months Ended September 30, 2013


 

 

 

Restructuring and Special Items by Segment


 

 

 

As Reported


 

Systems(1)


 

Solutions(2)


 

Corporate and Other


 

As Adjusted

Net revenues

$

330,490


 

 

$

-


 

 

$

-


 

 

$

-


 

 

$

330,490


 

Cost of sales

274,019


 

 

(25,080)


 

 

(5,461)


 

 

-


 

 

243,478


 

Gross profit

56,471


 

 

25,080


 

 

5,461


 

 

-


 

 

87,012


 

Operating expenses

104,306


 

 

(2,216)


 

 

-


 

 

(9,157)(3)


 

 

92,933


 

Income (loss) from operations

(47,835)


 

 

27,296


 

 

5,461


 

 

9,157


 

 

(5,921)


 

Operating margin

(14)%


 

 

 

 

 

 

 

 

(2)%


 

Interest expense, net

(8,103)


 

 

-


 

 

-


 

 

-


 

 

(8,103)


 

Equity in losses of investments

(10,414)


 

 

-


 

 

-


 

 

-


 

 

(10,414)


 

Other expense, net

(180,392)


 

 

-


 

 

-


 

 

182,940(4)


 

 

2,548


 

Income tax expense (benefit)

19,450


 

 

-


 

 

-


 

 

(23,606)(5)


 

 

(4,156)


 

Net income (loss)

(266,194)


 

 

27,296


 

 

5,461


 

 

215,703


 

 

(17,734)


 

Net loss attributable to noncontrolling interest

515


 

 

-


 

 

-


 

 

-


 

 

515


 

Net income (loss) attributable to ION

(265,679)


 

 

27,296


 

 

5,461


 

 

215,703


 

 

(17,219)


 

Preferred stock dividends

6,014


 

 

-


 

 

-


 

 

(5,000)(6)


 

 

1,014


 

Net income (loss) applicable to common shares

$

(271,693)


 

 

$

27,296


 

 

$

5,461


 

 

$

220,703


 

 

$

(18,233)


 

Net income (loss) per share:


 

 

 

 

 

 

 

 

 

Basic

$

(1.73)


 

 

 

 

 

 

 

 

$

(0.12)


 

Diluted

$

(1.73)


 

 

 

 

 

 

 

 

$

(0.12)


 

Weighted average number of common shares outstanding:


 

 

 

 

 

 

 

 

 

Basic

156,842


 

 

 

 

 

 

 

 

156,842


 

Diluted

156,842


 

 

 

 

 

 

 

 

156,842


 

 


 

 

 

 

 

 

 

(1)

 

Represents excess and obsolete inventory write-downs and severance-related charges as a result of a restructuring of the Systems segment. In addition, the Company is in the process of performing the required impairment testing of the Systems segment goodwill.


 

 

(2)

Represents the partial write-down of a land multi-client data library program.


 

 

(3)

Represents the write-down of the remaining carrying value of all receivables due from OceanGeo.


 

 

(4)

The third quarter primarily represents an additional accrual to the WesternGeco legal matter regarding supplemental damages. The nine months also reflects the Company's second quarter loss contingency accrual related to the WesternGeco legal matter.


 

 

(5)

Represents a charge to income tax expense related to the Company establishing a valuation allowance on its net deferred tax assets.


 

 

 

 

 

(6)

Represents a payment related to the conversion of ION preferred stock into ION common shares.

 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

SUMMARY OF SEGMENT INFORMATION

(In thousands)

(Unaudited)


 

 

 

 

 

Three Months Ended September 30,


 

Nine Months Ended September 30,


 

2013


 

2012


 

2013


 

2012


 

 

Net revenues:


 

 

 

 

 

 

 

Solutions:


 

 

 

 

 

 

 

New Venture

$

11,945


 

 

$

40,817


 

 

$

93,630


 

 

$

91,355


 

Data Library

5,184


 

 

22,756


 

 

36,153


 

 

55,259


 

Total multi-client revenues

17,129


 

 

63,573


 

 

129,783


 

 

146,614


 

Data Processing

26,318


 

 

28,546


 

 

91,453


 

 

83,601


 

Total

$

43,447


 

 

$

92,119


 

 

$

221,236


 

 

$

230,215


 

Systems:


 

 

 

 

 

 

 

Towed Streamer

$

15,342


 

 

$

17,529


 

 

$

41,461


 

 

$

47,060


 

Ocean Bottom

159


 

 

7,969


 

 

7,307


 

 

13,104


 

Other

10,766


 

 

5,616


 

 

33,194


 

 

30,475


 

Total

$

26,267


 

 

$

31,114


 

 

$

81,962


 

 

$

90,639


 

Software:


 

 

 

 

 

 

 

Software Systems

$

8,892


 

 

$

12,186


 

 

$

24,297


 

 

$

30,107


 

Services

1,232


 

 

904


 

 

2,995


 

 

2,286


 

Total

$

10,124


 

 

$

13,090


 

 

$

27,292


 

 

$

32,393


 

Total

$

79,838


 

 

$

136,323


 

 

$

330,490


 

 

$

353,247


 

 


 

Three Months Ended September 30, 2013


 

Three Months Ended September 30, 2012


 

As Reported


 

Restructuring and Special Items


 

As Adjusted


 

 

 

Gross profit (loss):


 

 

 

 

 

 

 

Solutions(1)

$

(8,487)


 

 

$

5,461


 

 

$

(3,026)


 

 

$

33,142


 

Systems(1)

(13,987)


 

 

25,080


 

 

11,093


 

 

12,731


 

Software

7,370


 

 

-


 

 

7,370


 

 

10,085


 

Total

$

(15,104)


 

 

$

30,541


 

 

$

15,437


 

 

$

55,958


 

Gross margin:


 

 

 

 

 

 

 

Solutions(1)

(20)

%


 

13

%


 

(7)

%


 

36

%

Systems(1)

(53)

%


 

95

%


 

42

%


 

41

%

Software

73

%


 

-

%


 

73

%


 

77

%

Total

(19)

%


 

38

%


 

19

%


 

41

%

Income (loss) from operations:


 

 

 

 

 

 

 

Solutions(1)

$

(18,163)


 

 

$

5,461


 

 

$

(12,702)


 

 

$

22,341


 

Systems(1)

(23,610)


 

 

27,296


 

 

3,686


 

 

6,335


 

Software

6,280


 

 

-


 

 

6,280


 

 

9,186


 

Corporate and other(1)

(21,035)


 

 

9,157


 

 

(11,878)


 

 

(12,813)


 

Total

$

(56,528)


 

 

$

41,914


 

 

$

(14,614)


 

 

$

25,049


 

Operating margin:


 

 

 

 

 

 

 

Solutions(1)

(42)

%


 

13

%


 

(29)

%


 

24

%

Systems(1)

(90)

%


 

104

%


 

14

%


 

20

%

Software

62

%


 

-

%


 

62

%


 

70

%

Corporate and other(1)

(26)

%


 

11

%


 

(15)

%


 

(9)

%

Total

(71)

%


 

53

%


 

(18)

%


 

18

%

 


 

Nine Months Ended September 30, 2013


 

Nine Months Ended September 30, 2012


 

As Reported


 

Restructuring and Special Items


 

As Adjusted


 

 

 

Gross profit:


 

 

 

 

 

 

 

Solutions(1)

$

33,600


 

 

$

5,461


 

 

$

39,061


 

 

$

81,031


 

Systems(1)

3,195


 

 

25,080


 

 

28,275


 

 

37,777


 

Software

19,676


 

 

-


 

 

19,676


 

 

24,249


 

Total

$

56,471


 

 

$

30,541


 

 

$

87,012


 

 

$

143,057


 

Gross margin:


 

 

 

 

 

 

 

Solutions(1)

15

%


 

3

%


 

18

%


 

35

%

Systems(1)

4

%


 

30

%


 

34

%


 

42

%

Software

72

%


 

-

%


 

72

%


 

75

%

Total

17

%


 

9

%


 

26

%


 

40

%

Income (loss) from operations:


 

 

 

 

 

 

 

Solutions(1)

$

215


 

 

$

5,461


 

 

$

5,676


 

 

$

49,381


 

Systems(1)

(21,172)


 

 

27,296


 

 

6,124


 

 

16,070


 

Software

16,396


 

 

-


 

 

16,396


 

 

21,547


 

Corporate and other(1)

(43,274)


 

 

9,157


 

 

(34,117)


 

 

(37,334)


 

Total

$

(47,835)


 

 

$

41,914


 

 

$

(5,921)


 

 

$

49,664


 

Operating margin:


 

 

 

 

 

 

 

Solutions(1)

-

%


 

3

%


 

3

%


 

21

%

Systems(1)

(26)

%


 

33

%


 

7

%


 

18

%

Software

60

%


 

-

%


 

60

%


 

67

%

Corporate and other(1)

(13)

%


 

3

%


 

(10)

%


 

(11)

%

Total

(14)

%


 

12

%


 

(2)

%


 

14

%

 


 

 

 

 

 

 

(1)

 

See the tables titled 'Reconciliation of Restructuring and Special Items to Diluted Earnings per Share' for descriptions of these restructuring and special items for three and nine months ended September 30, 2013.


 

 

 

 

 

 

INOVA GEOPHYSICAL EQUIPMENT LIMITED

SUMMARIZED FINANCIAL HIGHLIGHTS

(In thousands)

(Unaudited)


 

The Company accounts for its 49% interest in INOVA Geophysical as an equity method investment and records its share of earnings and losses of INOVA Geophysical on a one fiscal quarter lag basis. The following table reflects the summarized financial information for INOVA Geophysical for the three months ended June 30, 2013 and 2012 and the nine-month periods from October 1 to June 30, 2013 and 2012:


 

 

 

 

 

Three Months Ended June 30,


 

Period from October 1

through June 30,


 

2013


 

2012


 

2013


 

2012

Net revenues

$

61,241


 

 

$

47,447


 

 

$

142,947


 

 

$

163,224


 

Gross profit

$

12,243


 

 

$

6,296


 

 

$

26,378


 

 

$

39,762


 

Income (loss) from operations

$

1,658


 

 

$

(4,029)


 

 

$

(7,103)


 

 

$

11,390


 

Net income (loss)

$

(488)


 

 

$

(3,454)


 

 

$

(6,518)


 

 

$

10,917


 

 

OCEANGEO B.V.

SUMMARIZED FINANCIAL HIGHLIGHTS

(In thousands)

(Unaudited)


 

The Company accounts for its 30% interest in OceanGeo B.V. ("OceanGeo") (formerly named GeoRXT B.V.) as an equity method investment and records its share of earnings and losses of OceanGeo on a current basis. The following table reflects the summarized financial information for OceanGeo for the three months ended September 30, 2013 and the period from March 1, 2013 to September 30, 2013:


 

 

 

 

 

Three Months Ended September 30, 2013


 

Period from March 1 to September 30, 2013

Net revenues(1)

$

-


 

 

$

19,668


 

Gross profit (loss)

$

(11,359)


 

 

$

(11,237)


 

Income (loss) from operations

$

(16,733)


 

 

$

(23,609)


 

Net income (loss)

$

(17,553)


 

 

$

(24,598)


 

 

 

 

 

 

 

(1)

During the three months ended September 30, 2013, OceanGeo vessels and crew remained idle. OceanGeo is actively bidding on new projects, which, if awarded, are expected to begin work in the fourth quarter.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Adjusted EBITDA to Net Income (Loss)

(Non-GAAP Measure)

(In thousands)

(Unaudited)


 

The term Adjusted EBITDA represents net income (loss) before interest expense, interest income, income taxes, depreciation and amortization and other similar non-cash charges including, without limitation, equity in (earnings) losses of investments and 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 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 September 30,


 

Nine Months Ended September 30,


 

2013


 

2012


 

2013


 

2012

Net income (loss)

$

(197,256)


 

 

$

15,155


 

 

$

(266,194)


 

 

$

35,713


 

Interest expense, net

4,281


 

 

1,237


 

 

8,103


 

 

4,119


 

Income tax expense

56,954


 

 

6,037


 

 

19,450


 

 

13,666


 

Depreciation and amortization expense

19,057


 

 

32,700


 

 

64,038


 

 

78,443


 

Equity in (earnings) losses of investments

5,192


 

 

1,684


 

 

10,414


 

 

(4,561)


 

Accrual for loss contingency related to legal proceedings

71,776


 

 

-


 

 

181,776


 

 

-


 

Write-down of multi-client data library

5,461


 

 

-


 

 

5,461


 

 

-


 

Write-down of receivables from OceanGeo

9,157


 

 

-


 

 

9,157


 

 

-


 

Write-down of excess and obsolete inventory

21,197


 

 

-


 

 

21,197


 

 

-


 

Adjusted EBITDA

$

(4,181)


 

 

$

56,813


 

 

$

53,402


 

 

$

127,380


 

  以上数据来自ION地球物理集团公司 

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