Investor News Article

ION reports second quarter 2019 results

Revenue growth of 69%, driven by data library, marine equipment and Marlin sales

HOUSTON, July 31, 2019 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today reported total net revenues of $41.8 million in the second quarter 2019, a 69% increase compared to total net revenues of $24.7 million one year ago, driven primarily by a significant increase in data library sales, an increase in marine equipment replacement and repair revenues, and continued increases in Marlin™ deployments.  ION's net loss was $8.6 million, or a loss of $0.61 per share, compared to a net loss of $25.9 million, or a loss of $1.86 per share in the second quarter 2018.  Excluding special items in both periods, the Company reported an Adjusted net loss of $8.3 million, or a loss of $0.59 per share, compared to an Adjusted net loss of $23.4 million, or a loss of $1.68 per share in the second 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 $7.3 million for the second quarter 2019, an increase from the Adjusted EBITDA of $(7.9) 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 $(1.1) million during the second quarter 2019, compared to $(0.8) million in the second quarter 2018.  Total net cash flows, including investing and financing activities, were $(8.9) million, compared to $(6.4) million one year ago.  At June 30, 2019, the Company had total liquidity of $67.6 million, consisting of $29.6 million of cash on hand and $38.0 million of available borrowing capacity under its $50.0 million revolving credit facility, of which nothing was drawn during the first six months of 2019.

"We had a strong quarter, especially given the continued fiscal discipline among E&P operators," stated Chris Usher, ION's President and Chief Executive Officer.  "Our revenues and earnings were up significantly both year-on-year and sequentially.  As expected, we had very focused engagement from our E&P clients on targeted exploration programs primarily in North and South America.  While 2019 E&P spending levels are projected to be up slightly, it continues to be unclear how robust exploration activity and funding will be this year.  However, we remain cautiously optimistic given the uptick in backlog since the end of last year and the new venture interest we're seeing.  Indications from our customers are that the towed streamer space is experiencing modest improvement, while the ocean bottom segment is continuing to expand with strong double digit growth.

"I'm also pleased with our management transition.  We are well aligned and committed to accelerate progress executing our strategy.  We sanctioned six new multi-client programs so far this year.  We also made significant headway on the commercialization of 4Sea™ and SailWing™, which target one of the real growth segments in our industry.  We signed a memorandum of understanding with iSEISMIC to deploy the complete 4Sea next generation ocean bottom system.  In addition, we leased our first SailWing system and new rechargeable battery technology under recurring revenue business models.  We are also continuing to expand and enhance our Marlin offshore operations optimization software for both E&P and adjacent markets.  Our Optimization Services revenues were at an all-time high, driven by Marlin deployments.  The Marlin SmartPort™ pilot in the UK is progressing nicely.  It's a major digital transformation effort that will take the client from paper, radio and physical whiteboard operations management to a holistic digital capability that will give them a competitive edge over other ports.  The opportunity for ION, with thousands of ports worldwide, is quite exciting."

For the first half of 2019, the Company reported total net revenues of $78.7 million, a 35% increase compared to total net revenues of $58.3 million one year ago.  ION's net loss was $30.0 million, or a loss of $2.13 per share, compared to a net loss of $44.3 million, or a loss of $3.31 per share in the first half of 2018.  Excluding special items in both periods, the Company reported an Adjusted net loss of $25.2 million, or a loss of $1.79 per share, compared to an Adjusted net loss of $40.6 million, or a loss of $3.03 per share in the first half of 2018.  Adjusted EBITDA was $7.1 million in the first half of 2019, compared to $(7.8) million one year ago.

Net cash flows from operations were $14.3 million, compared to $(0.2) million in the first half of 2018.  Total net cash flows, including investing and financing activities, were $(4.0) million in the first half of 2019, compared to $(7.7) million one year ago.

SECOND QUARTER 2019

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



Three Months Ended June 30,





2019


2018


% Change

E&P Technology & Services


$

28,523



$

15,188



88

%

Operations Optimization


13,252



9,555



39

%

Total


$

41,775



$

24,743



69

%

Within the E&P Technology & Services segment, multi-client revenues were $22.8 million, an increase of 132%.  Data library revenues increased 932% and new venture revenues declined by 38% compared to the second quarter 2018.  The increase in data library revenues came from diverse geographic areas in North and South America.  The decrease in new venture revenue was primarily due to the timing of new programs.  Imaging Services revenues were $5.7 million, an increase of 7%.  While Imaging Services revenues modestly increased, a significant number of new projects closed during the quarter, further increasing Imaging Services backlog to its highest level since 2015.  This increase in backlog should lead to an increase in Imaging Services revenues during the remainder of 2019.

Within the Operations Optimization segment, Optimization Software & Services revenues were $5.7 million, a 19% increase from the second quarter 2018 due to an increase in deployments and associated engineering services of ION's Marlin offshore operations optimization software.  Devices revenues were $7.5 million, a 58% increase from the second quarter 2018, driven by an increase in marine equipment replacement and repairs.

Consolidated gross margin for the quarter was 47%, compared to (6)% in the second quarter 2018.  Gross margin in E&P Technology & Services was 43%, compared to (32)% one year ago.  The improved E&P Technology & Services gross margin was a result of both an increase in and more favorable mix of data library revenues.  Operations Optimization gross margin was 55%, compared to 52% one year ago.  The increase in Operations Optimization gross margin was due to the increase in revenues.

Consolidated operating expenses were $22.1 million, compared to $21.0 million, and operating margin was (6)%, compared to (91)% in the second quarter 2018.  Excluding special items, consolidated operating expenses, as adjusted, were $21.8 million, compared to $18.5 million, and operating margin, as adjusted, was (5)%, compared to (81)% in the second quarter 2018.  The increase in operating expenses, as adjusted, was due in part to an increase in research and development and compensation expenses.  The improvement in operating margin, as adjusted, was due to the increase in revenues, partially offset by the increase in operating expenses, as adjusted.

YEAR-TO-DATE 2019

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



Six Months Ended June 30,





2019


2018


% Change

E&P Technology & Services


$

55,626



$

39,756



40

%

Operations Optimization


23,105



18,495



25

%

Total


$

78,731



$

58,251



35

%

Within the E&P Technology & Services segment, multi-client revenues were $46.2 million, an increase of 57%.  Data library revenues increased 262% and new venture revenues declined 15% compared to the first half of 2018.  Imaging Services revenues were $9.4 million, a decrease of 8%.  The change in revenues during the first six months is fairly consistent with the changes described in the foregoing section.

Within the Operations Optimization segment, Optimization Software & Services revenues were $10.8 million, a 12% increase from the first half of 2018.  Devices revenues were $12.4 million, a 38% increase from the first half of 2018.   The change in revenues during the first six months is fairly consistent with the changes described in the foregoing section.

Consolidated gross margin for the six months was 37%, compared to 9% in the first half of 2018.  Gross margin in E&P Technology & Services was 32%, compared to (1)% one year ago.  The improved E&P Technology & Services gross margin was a result of both an increase in and more favorable mix of data library revenues.  Operations Optimization gross margin was 51%, compared to 50% one year ago.

Consolidated operating expenses were $48.0 million, compared to $40.5 million, and operating margin was (23)%, compared to (60)% in the first half of 2018.  Excluding special items, consolidated operating expenses, as adjusted, were $43.2 million, compared to $36.8 million, and operating margin, as adjusted, was (17)%, compared to (54)% in the first half of 2018.  The improvement in operating margin, as adjusted, was primarily due to the significant increase in second quarter 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, August 1, 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 August 15, 2019.  To access the replay, dial (877) 660-6853 and use pass code 13691773#.

Investors, analysts and the general public will also have the opportunity to listen to the conference call live over the Internet by visiting www.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 June 30,


Six Months Ended June 30,


2019


2018


2019


2018

Service revenues

$

30,407



$

15,752



$

58,535



$

40,838


Product revenues

11,368



8,991



20,196



17,413


Total net revenues

41,775



24,743



78,731



58,251


Cost of services

16,795



22,033



39,241



44,362


Cost of products

5,397



4,227



9,995



8,553


Gross profit (loss)

19,583



(1,517)



29,495



5,336


Operating expenses:








Research, development and engineering

5,186



4,259



10,543



8,514


Marketing and sales

6,060



6,007



11,853



11,105


General, administrative and other operating expenses

10,890



10,736



25,589



20,876


Total operating expenses

22,136



21,002



47,985



40,495


Loss from operations

(2,553)



(22,519)



(18,490)



(35,159)


Interest expense, net

(3,111)



(2,911)



(6,223)



(6,747)


Other income (expense), net

96



84



(696)



(707)


Loss before income taxes

(5,568)



(25,346)



(25,409)



(42,613)


Income tax expense

2,719



154



4,126



1,226


Net loss

(8,287)



(25,500)



(29,535)



(43,839)


Less: Net income attributable to noncontrolling interest

(335)



(366)



(447)



(453)


Net loss attributable to ION

$

(8,622)



$

(25,866)



$

(29,982)



$

(44,292)


Net loss per share:








Basic

$

(0.61)



$

(1.86)



$

(2.13)



$

(3.31)


Diluted

$

(0.61)



$

(1.86)



$

(2.13)



$

(3.31)


Weighted average number of common shares outstanding:








Basic

14,098



13,928



14,065



13,374


Diluted

14,098



13,928



14,065



13,374


 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)


ASSETS

June 30,
 2019


December 31,
 2018

Current assets:




Cash and cash equivalents

$

29,563



$

33,551


Accounts receivable, net

17,603



26,128


Unbilled receivables

22,524



44,032


Inventories, net

13,393



14,130


Prepaid expenses and other current assets

7,754



7,782


Total current assets

90,837



125,623


Deferred income tax asset, net

7,659



7,191


Property, plant and equipment, net

13,114



13,041


Multi-client data library, net

66,461



73,544


Goodwill

22,907



22,915


Right-of-use assets

39,926



47,803


Other assets

1,517



2,435


Total assets

$

242,421



$

292,552


LIABILITIES AND (DEFICIT) EQUITY




Current liabilities:




Current maturities of long-term debt

$

1,376



$

2,228


Accounts payable

36,399



34,913


Accrued expenses

32,243



31,411


Accrued multi-client data library royalties

16,469



29,256


Deferred revenue

4,386



7,710


Current maturities of operating lease liabilities

11,820



12,214


Total current liabilities

102,693



117,732


Long-term debt, net of current maturities

119,445



119,513


Operating lease liabilities, net of current maturities

38,063



45,592


Other long-term liabilities

1,601



1,891


Total liabilities

261,802



284,728


(Deficit) Equity:




Common stock

142



140


Additional paid-in capital

954,904



952,626


Accumulated deficit

(956,074)



(926,092)


Accumulated other comprehensive loss

(20,412)



(20,442)


Total stockholders' (deficit) equity

(21,440)



6,232


Noncontrolling interest

2,059



1,592


Total (deficit) equity

(19,381)



7,824


Total liabilities and (deficit) equity

$

242,421



$

292,552


 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)



Three Months Ended June 30,


Six Months Ended June 30,


2019


2018


2019


2018

Cash flows from operating activities:








Net loss

$

(8,287)



$

(25,500)



$

(29,535)



$

(43,839)


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








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

1,063



2,255



2,098



4,778


Amortization of multi-client data library

8,296



9,764



19,396



19,557


Stock-based compensation expense

1,538



1,231



2,831



2,043


Deferred income taxes

931



(1,749)



(467)



(1,866)


Changes in operating assets and liabilities:








Accounts receivable

11,604



13,980



8,734



3,896


Unbilled receivables

(7,923)



3,094



21,575



24,013


Inventories

654



(281)



735



(445)


Accounts payable, accrued expenses and accrued royalties

(4,041)



(474)



(6,054)



(10,629)


Deferred revenue

(3,004)



(2,826)



(3,337)



(445)


Other assets and liabilities

(1,964)



(306)



(1,711)



2,733


Net cash provided by (used in) operating activities

(1,133)



(812)



14,265



(204)


Cash flows from investing activities:








Investment in multi-client data library

(6,015)



(4,542)



(14,782)



(13,782)


Purchase of property, plant and equipment

(605)



(363)



(1,412)



(424)


Net cash used in investing activities

(6,620)



(4,905)



(16,194)



(14,206)


Cash flows from financing activities:








Payments under revolving line of credit







(10,000)


Payments on notes payable and long-term debt

(691)



(555)



(1,406)



(29,699)


Net proceeds from issuance of stock







47,219


Dividend payment to noncontrolling interest



(200)





(200)


Other financing activities

(312)



(306)



(551)



(881)


Net cash (used in) provided by financing activities

(1,003)



(1,061)



(1,957)



6,439


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

(183)



377



(102)



264


Net decrease in cash, cash equivalents and restricted cash

(8,939)



(6,401)



(3,988)



(7,707)


Cash, cash equivalents and restricted cash at beginning of period

38,805



51,113



33,854



52,419


Cash, cash equivalents and restricted cash at end of period

$

29,866



$

44,712



$

29,866



$

44,712


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


June 30,


2019


2018

Cash and cash equivalents

$

29,563



$

44,349


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

$

29,866



$

44,712



 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

SUMMARY OF SEGMENT INFORMATION

(In thousands)

(Unaudited)



Three Months Ended June 30,


Six Months Ended June 30,



2019


2018


2019


2018


Net revenues:









E&P Technology & Services:









New Venture

$

5,018



$

8,125



$

18,489



$

21,851



Data Library

17,794



1,725



27,742



7,673



Total multi-client revenues

22,812



9,850



46,231



29,524



Imaging Services

5,711



5,338



9,395



10,232



Total

28,523



15,188



55,626



39,756



Operations Optimization:









Devices

7,532



4,761



12,352



8,919



Optimization Software & Services

5,720



4,794



10,753



9,576



Total

13,252



9,555



23,105



18,495



Total net revenues

$

41,775



$

24,743



$

78,731



$

58,251



Gross profit (loss):









E&P Technology & Services

$

12,357



$

(4,856)



$

17,797



$

(513)



Operations Optimization

7,226



4,933



11,698



9,244



Segment gross profit

19,583



77



29,495



8,731



Other (a)



(1,594)


(a)



(3,395)


(a)

Total gross profit (loss)

$

19,583



$

(1,517)



$

29,495



$

5,336



Gross margin:









E&P Technology & Services

43

%


(32)

%


32

%


(1)

%


Operations Optimization

55

%


52

%


51

%


50

%


Segment gross margin

47

%


%


37

%


15

%


Other

%


(6)

%


%


(6)

%


Total gross margin

47

%


(6)

%


37

%


9

%


Income (loss) from operations:









E&P Technology & Services

$

5,237



$

(10,206)



$

3,622



$

(11,000)



Operations Optimization

2,644



1,243



2,814



2,029



Support and other

(10,434)


(b)

(13,556)


(b)

(24,926)


(c)

(26,188)


(c)

Loss from operations

(2,553)



(22,519)



(18,490)



(35,159)



Interest expense, net

(3,111)



(2,911)



(6,223)



(6,747)



Other income (expense), net

96



84



(696)



(707)



Loss before income taxes

$

(5,568)



$

(25,346)



$

(25,409)



$

(42,613)




(a)  Relates to gross loss of 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 $2.9 million for the three months ended June 30, 2019 and 2018, respectively, which includes item (a) above and operating expenses of $0.7 million and $1.3 million for the three months ended June 30, 2019 and 2018, respectively.

(c)  Includes loss from operations of previously reported Ocean Bottom Integrated Technologies segment of $1.6 million and $5.8 million for the six months ended June 30, 2019 and 2018, respectively, which includes item (a) above and operating expenses of $1.6 million and $2.4 million for the six months ended June 30, 2019 and 2018, respectively.


 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

Summary of Net Revenues by Geographic Area

(In thousands)

(Unaudited)



Three months ended June 30,


Six months ended June 30,


2019


2018


2019


2018

Latin America

$

14,321



$

7,594



$

27,852



$

17,446


North America

13,645



4,309



20,802



12,357


Europe

6,123



6,060



16,515



11,609


Asia Pacific

3,676



3,929



5,543



7,863


Africa

2,278



2,222



4,667



7,241


Middle East

1,106



441



2,465



1,190


Commonwealth of Independent States

626



188



887



545


Total net revenues

$

41,775



$

24,743



$

78,731



$

58,251


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 interest expense, interest income, 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 June 30,


Six Months Ended June 30,


2019


2018


2019


2018

Net loss

$

(8,287)



$

(25,500)



$

(29,535)



$

(43,839)


Interest expense, net

3,111



2,911



6,223



6,747


Income tax expense

2,719



154



4,126



1,226


Depreciation and amortization expense

9,359



12,019



21,494



24,335


Severance expense

2,810





2,810




EBITDA excluding non-recurring items

9,712



(10,416)



5,118



(11,531)


Stock appreciation rights expense (credit)

(2,450)



2,495



2,010



3,738


Adjusted EBITDA

$

7,262



$

(7,921)



$

7,128



$

(7,793)


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 six months ended June 30, 2019 and 2018:


Three Months Ended June 30, 2019


Three Months Ended June 30, 2018


As Reported


Special

Items


As Adjusted


As Reported


Special
Items


As Adjusted

Net revenues

$

41,775



$



$

41,775



$

24,743



$



$

24,743


Cost of sales

22,192





22,192



19,407





19,407


Gross profit

19,583





19,583



5,336





5,336


Operating expenses

22,136



(360)


(1)

21,776



21,002



(2,495)


(2)

18,507


Loss from operations

(2,553)



360



(2,193)



(22,519)



2,495



(20,024)


Interest expense, net

(3,111)





(3,111)



(2,911)





(2,911)


Other income (expense), net

96





96



84





84


Loss before income taxes

(5,568)



360



(5,208)



(25,346)



2,495



(22,851)


Income tax expense

2,719





2,719



154





154


Net loss

(8,287)



360



(7,927)



(25,500)



2,495



(23,005)


Less: Net income attributable to noncontrolling interest

(335)





(335)



(366)





(366)


Net loss attributable to ION

$

(8,622)



$

360



$

(8,262)



$

(25,866)



$

2,495



$

(23,371)


Net loss per share:












Basic

$

(0.61)





$

(0.59)



$

(1.86)





$

(1.68)


Diluted

$

(0.61)





$

(0.59)



$

(1.86)





$

(1.68)


Weighted average number of common shares outstanding:












Basic

14,098





14,098



13,928





13,928


Diluted

14,098





14,098



13,928





13,928









Six Months Ended June 30, 2019


Six Months Ended June 30, 2018


As Reported


Special

Items


As Adjusted


As Reported


Special
Items


As Adjusted

Net revenues

$

78,731



$



$

78,731



$

58,251



$



$

58,251


Cost of sales

49,236





49,236



52,915





52,915


Gross profit

29,495





29,495



5,336





5,336


Operating expenses

47,985



(4,820)


(3)

43,165



40,495



(3,738)


(4)

36,757


Loss from operations

(18,490)



4,820



(13,670)



(35,159)



3,738



(31,421)


Interest expense, net

(6,223)





(6,223)



(6,747)





(6,747)


Other income (expense), net

(696)





(696)



(707)





(707)


Loss before income taxes

(25,409)



4,820



(20,589)



(42,613)



3,738



(38,875)


Income tax expense

4,126





4,126



1,226





1,226


Net loss

(29,535)



4,820



(24,715)



(43,839)



3,738



(40,101)


Less: Net income attributable to noncontrolling interest

(447)





(447)



(453)





(453)


Net loss attributable to ION

$

(29,982)



$

4,820



$

(25,162)



$

(44,292)



$

3,738



$

(40,554)


Net loss per share:












Basic

$

(2.13)





$

(1.79)



$

(3.31)





$

(3.03)


Diluted

$

(2.13)





$

(1.79)



$

(3.31)





$

(3.03)


Weighted average number of common shares outstanding:












Basic

14,065





14,065



13,374





13,374


Diluted

14,065





14,065



13,374





13,374



(1)  Represents severance expense of $2.8 million partly offset by stock appreciation right awards credit of $2.4 million.

(2)  Represents stock appreciation right awards and related expenses in the second quarter of 2018.

(3)  Represents severance expense of $2.8 million and stock appreciation right awards expense of $2.0 million.

(4)  Represents stock appreciation right awards and related expenses in the first half of 2018.

 

Cision View original content:http://www.prnewswire.com/news-releases/ion-reports-second-quarter-2019-results-300894296.html

SOURCE ION Geophysical Corporation

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