ION Geophysical Narrows Q1 Loss

ION Geophysical has reported revenues of $33.5 million in the first quarter 2018, a 3% increase compared to revenues of $32.6 million one year ago.

ION’s net loss was $18.4 million, or $(1.44) per share, compared to a net loss of $23.3 million, or $(1.98) per share in the first quarter 2017.

Excluding special items in both periods, the company reported an adjusted net loss of $17.2 million, or $(1.34) per share, compared to an adjusted net loss of $18.3 million, or $(1.55) per share in the first quarter 2017.

The company reported adjusted EBITDA of $0.1 million for the first quarter 2018, a slight improvement to the break-even adjusted EBITDA 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 $0.6 million during the first quarter 2018, compared to $1.8 million in the first quarter 2017. Total net cash flows, including investing and financing activities, were $(1.3) million, compared to $(3.2) million in the first quarter 2017.

At March 31, 2018, the company had total liquidity of $74.4 million, consisting of $50.8 million of cash on hand and $23.6 million of available and undrawn borrowing base under its revolving credit facility. At March 31, 2018, there was no indebtedness outstanding under the credit facility.

Related news

List of related news articles