ION announces preliminary second quarter 2020 revenues of ~$22 million, increasing cash by ~$24 million to $40 million (excluding net revolver borrowings)
Second quarter revenues were consistent with the Company's expectations due to customer spend contraction related to COVID-19 demand destruction and oil oversupply weighing on the commodity price. Despite unprecedented market conditions, first half revenues are greater than or equal to revenues in the comparable prior five years.
"In response to these challenges, we conservatively re-planned the business with a focus on cash optimization," said
"We further limited our active priorities to improve focus and execution on strategic initiatives, and ultimately deliver better results to shareholders. New offshore surveys are starting despite travel and border restrictions, and we are deep into negotiations on some exciting 3D new acquisition opportunities starting in 2020 and 2021. We just signed a deal for the first 3D multi-client program in
"I believe we are better positioned to mitigate some of the immediate impacts of the market disruption given our improved cash position, lower cost basis and strategy execution progress. We will remain agile and continue creatively supporting our clients with value-added solutions that enhance decision-making."
Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy, ports and defense industries, enabling clients to optimize operations and deliver superior returns. Learn more at iongeo.com.
ION (Investor relations)
Executive Vice President and Chief Financial Officer
ION (Media relations)
Vice President, Communications
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
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