ION Cuts Loss

ION Geophysical has reported revenues of $57.9 million in the fourth quarter 2017, a 64% increase compared to revenues of $35.4 million one year ago.

ION’s net loss was $1.4 million, or $(0.12) per share, compared to a net loss of $6.5 million, or $(0.55) per share in the fourth quarter 2016.

Excluding special items in both periods, the company reported an adjusted net income of $4.7 million, or $0.38 per diluted share, compared to an adjusted net loss of $11.6 million, or $(0.99) per share in the fourth quarter 2016.

Net cash flows from operations were $18.0 million during the fourth quarter 2017, compared to $(1.7) million in the fourth quarter 2016. Total net cash flows, including investing and financing activities, were $11.8 million, compared to $(9.9) million in the fourth quarter 2016.

Brian Hanson, the company’s president and chief executive officer, said, “I am pleased with our performance not only in the fourth quarter, but also for every quarter throughout 2017. Although the market recovery has been slow for many, our efforts over the last two years to focus on select segments where capital is flowing, along with our asset light strategy, has paid off. As a niche business in the larger E&P market, we surgically targeted select geographic areas and production optimization opportunities less dependent on cycle recovery and where our differentiated technologies delivered significant value.

“We expect 2018 will be a better year for ION, and as usual, believe the back half of the year will be stronger than the first half. With almost $68 million in liquidity, we have sufficient capital to retire our third lien indentures of $28.5 million, which mature May 15, 2018. Overall, we have positioned ourselves to take advantage of a more normal 2018, and I look forward to speaking to you in more detail about our 2017 results and 2018 outlook on our earnings call.”

For the full year 2017, the company reported revenues of $197.6 million, compared to $172.8 million in 2016. Excluding Ocean Bottom Seismic Services revenues from 2016, revenues increased 45% from last year. ION’s net loss was $30.2 million, or $(2.55) per share, compared to a net loss of $65.1 million, or $(5.71) per share in 2016.

At December 31, 2017, the company had total liquidity of $67.6 million, consisting of $52.1 million of cash on hand and $15.5 million of undrawn borrowing base available under its revolving credit facility.

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