ION Sinks Deeper into Red

ION Geophysical has reported revenues of $24.7 million in the second quarter 2018, a 46% decrease compared to revenues of $46.0 million one year ago.

ION’s net loss was $25.9 million, or $(1.86) per share, compared to a net loss of $10.4 million, or $(0.88) per share in the second quarter 2017.

Excluding special items in the second quarter 2018, the company reported an adjusted net loss of $23.4 million, or $(1.68) per share.

The company reported Adjusted EBITDA of $(7.9) million for the second quarter 2018, a decrease from the Adjusted EBITDA of $13.6 million one year ago.

At June 30, 2018, the ION had $44.3 million of cash on hand, and nothing drawn from its $23.3 million of available borrowing capacity under its revolving credit facility.

Brian Hanson, ION’s President and CEO, said, “We are disappointed with the quarterly results, where a number of deals in our pipeline did not close. The opportunities did not disappear; the timing of the decision slipped, setting the potential for a strong back half of the year.

“For example, we experienced a decrease in multi-client revenues partially due to a delayed license round that resulted in certain customers pushing their commitments to our program to the second half of 2018. For this reason, and based on heightened activity and momentum, we still believe that 2018 will be a significant improvement on 2017 on a full-year basis.”

For the first half of 2018, the company reported revenues of $58.3 million, a net loss of $44.3 million, or $(3.31) per share, compared revenues of $78.6 million, a net loss of $33.8 million, or $(2.85) per share in the first half of 2017.

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