ION reports third quarter 2019 results

Date : 10/30/2019 @ 8:15PM
Source : PR Newswire (US)
Stock : ION Geophysical Corporation New (IO)
Quote : 8.39  -0.1 (-1.18%) @ 1:00AM
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ION reports third quarter 2019 results

ION Geophysical (NYSE:IO)
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2 Months : From Oct 2019 to Dec 2019

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HOUSTON, Oct. 30, 2019 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today reported total net revenues of $53.2 million in the third quarter 2019, a 13% increase compared to total net revenues of $47.2 million one year ago.  Both segment revenues increased during the quarter, driven by Imaging Services and Marlin™ projects.  ION's net loss was $3.7 million, or a loss of $0.26 per share, compared to a net loss of $7.5 million, or a loss of $0.54 per share in the third quarter 2018.  Excluding special items in both periods, the Company reported an Adjusted net loss of $3.0 million, or a loss of $0.21 per share, compared to an Adjusted net loss of $7.3 million, or a loss of $0.52 per share in the third 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 $15.5 million for the third quarter 2019, an increase from $13.0 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 $5.0 million during the third quarter 2019, compared to $(7.1) million in the third quarter 2018.  Total net cash flows, including investing and financing activities, were $(1.7) million, compared to $(14.3) million one year ago.  At September 30, 2019, the Company had total liquidity of $65.5 million, consisting of $27.9 million of cash on hand and $37.6 million of available borrowing capacity under its $50.0 million revolving credit facility.  There were no outstanding amounts under the credit facility at September 30, 2019.

"While our third quarter financial performance was an improvement year-on-year, we haven't launched the scale of new multi-client programs we had originally anticipated," stated Chris Usher, ION's President and Chief Executive Officer.  "This quarter, we sanctioned two new 3D multi-client programs and rolled out an enhanced frequency source offering that will differentiate us in the growing multi-client seabed space.  We see some modest market improvements and believe we are well positioned for our E&P clients' highly targeted exploration investments."

"I am also pleased with our tangible progress on a portfolio of growth initiatives.  We achieved record Marlin revenues, commercialized another 4Sea component for the seabed market, completed a 5-year Marlin SmartPorts™ agreement with our UK launch partner, and successfully demonstrated a port security system with the U.S. Navy."

For the first nine months of 2019, the Company reported total net revenues of $132.0 million, a 25% increase compared to total net revenues of $105.5 million one year ago.  ION's net loss was $33.7 million, or a loss of $2.39 per share, compared to a net loss of $51.8 million, or a loss of $3.81 per share in the first nine months of 2018.  Excluding special items in both periods, the Company reported an Adjusted net loss of $28.2 million, or a loss of $2.00 per share, compared to an Adjusted net loss of $47.8 million, or a loss of $3.52 per share in the first nine months of 2018.  Adjusted EBITDA was $22.7 million for the first nine months of 2019, compared to $5.2 million one year ago.

Net cash flows from operations were $19.3 million, compared to $(7.3) million in the first nine months of 2018.  Total net cash flows, including investing and financing activities, were $(5.7) million in the first nine months of 2019, compared to $(22.0) million one year ago.


THIRD QUARTER 2019

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



Three Months Ended September 30,





2019


2018


% Change

E&P Technology & Services


$

40,241



$

36,321



11

%

Operations Optimization


12,998



10,879



19

%

Total


$

53,239



$

47,200



13

%

Within the E&P Technology & Services segment, multi-client revenues were $33.2 million, an increase of 3%.  Within multi-client, data library revenues increased primarily from sales of the Company's Brazil 3D reimaging programs, and to a lesser extent revenues from data sales in North America.  This increase was mostly offset by a decline in new venture revenues due to the scale and timing of new multi-client programs.  Imaging Services revenues were $7.0 million, an increase of 70%.  As mentioned last quarter, Imaging Services backlog at June 30, 2019 was at its highest level since 2015, which resulted in the significant increase in revenues during the third quarter 2019.  Imaging Services backlog remains near these levels, which should lead to a year-over-year increase in Imaging Services revenues during the fourth quarter 2019.

Within the Operations Optimization segment, Optimization Software & Services revenues were $6.9 million, a 25% increase from the third quarter 2018 due to increased deployments and associated engineering services related to ION's Marlin offshore operations optimization software.  Devices revenues were $6.1 million, a 14% increase from the third quarter 2018, driven by an increase in marine equipment replacement and repairs.

Consolidated gross margin for the quarter was 47%, compared to 35% in the third quarter 2018.  Gross margin in E&P Technology & Services was 46%, compared to 33% one year ago.  The improved E&P Technology & Services gross margin resulted from the increase in Imaging Services revenues and more favorable mix of multi-client revenues.  Operations Optimization gross margin was 54%, compared to 53% one year ago.

Consolidated operating expenses were $21.4 million, compared to $18.9 million, and operating margin was 7%, compared to (5)% in the third quarter 2018.  Excluding special items, consolidated operating expenses, as adjusted, were $20.7 million, compared to $18.7 million in the third quarter 2018, and operating margin, as adjusted, was 9%, compared to (5)% in the third quarter 2018.  The improvement in operating margin, as adjusted, was primarily due to the increase in revenues, partially offset by the increase in operating expenses, as adjusted, primarily related to compensation expenses.

YEAR-TO-DATE 2019

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



Nine Months Ended September 30,





2019


2018


% Change

E&P Technology & Services


$

95,867



$

76,077



26

%

Operations Optimization


36,103



29,374



23

%

Total


$

131,970



$

105,451



25

%

Within the E&P Technology & Services segment, multi-client revenues were $79.4 million, an increase of 29%.  Within multi-client, data library revenues significantly increased primarily due to sales of North and South American data.  This increase was partially offset by a decline in new venture revenues due to the scale and timing of new multi-client programs.  Imaging Services revenues were $16.4 million, an increase of 14%, associated with the increased revenues in the third quarter.

Within the Operations Optimization segment, Optimization Software & Services revenues were $17.6 million, a 17% increase from the first nine months of 2018.  Devices revenues were $18.5 million, a 29% increase from the first nine months of 2018.  The change in revenues during the first nine months is fairly consistent with the changes described in the prior section.

Consolidated gross margin for the first nine months was 42%, compared to 21% in the first nine months of 2018.  Gross margin in E&P Technology & Services was 38%, compared to 15% one year ago.  The improved E&P Technology & Services gross margin was a result of both an increase in and more favorable mix of multi-client revenues.  Operations Optimization gross margin was 52%, compared to 51% one year ago.

Consolidated operating expenses were $69.4 million, compared to $59.4 million, and operating margin was (11)%, compared to (36)% in the first nine months of 2018.  Excluding special items, consolidated operating expenses, as adjusted, were $63.9 million, compared to $55.4 million, and operating margin, as adjusted, was (7)%, compared to (32)% in the first nine months of 2018.  The improvement in operating margin, as adjusted, was primarily due to the increase in 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, October 31, 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 November 14, 2019.  To access the replay, dial (877) 660-6853 and use pass code 13694672#.

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


Nine Months Ended September 30,


2019


2018


2019


2018

Service revenues

$

41,990



$

37,105



$

100,525



$

77,943


Product revenues

11,249



10,095



31,445



27,508


Total net revenues

53,239



47,200



131,970



105,451


Cost of services

22,690



25,924



61,931



70,286


Cost of products

5,261



4,801



15,256



13,354


Gross profit

25,288



16,475



54,783



21,811


Operating expenses:








Research, development and engineering

4,878



5,030



15,421



13,544


Marketing and sales

5,591



5,209



17,444



16,314


General, administrative and other operating expenses

10,961



8,688



36,550



29,564


Total operating expenses

21,430



18,927



69,415



59,422


Income (loss) from operations

3,858



(2,452)



(14,632)



(37,611)


Interest expense, net

(3,155)



(3,022)



(9,378)



(9,769)


Other income (expense), net

(242)



91



(938)



(616)


Income (loss) before income taxes

461



(5,383)



(24,948)



(47,996)


Income tax expense

3,790



2,079



7,916



3,305


Net loss

(3,329)



(7,462)



(32,864)



(51,301)


Less: Net income attributable to noncontrolling interest

(394)



(74)



(841)



(527)


Net loss attributable to ION

$

(3,723)



$

(7,536)



$

(33,705)



$

(51,828)


Net loss per share:








Basic

$

(0.26)



$

(0.54)



$

(2.39)



$

(3.81)


Diluted

$

(0.26)



$

(0.54)



$

(2.39)



$

(3.81)


Weighted average number of common shares outstanding:








Basic

14,181



14,003



14,104



13,586


Diluted

14,181



14,003



14,104



13,586


 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)


ASSETS

September 30,
 2019


December 31,
 2018

Current assets:




Cash and cash equivalents

$

27,894



$

33,551


Accounts receivable, net

23,832



26,128


Unbilled receivables

30,990



44,032


Inventories, net

12,934



14,130


Prepaid expenses and other current assets

6,626



7,782


Total current assets

102,276



125,623


Deferred income tax asset, net

8,435



7,191


Property, plant and equipment, net

12,903



13,041


Multi-client data library, net

69,723



73,544


Goodwill

22,276



22,915


Right-of-use assets

37,155



47,803


Other assets

2,222



2,435


Total assets

$

254,990



$

292,552


LIABILITIES AND (DEFICIT) EQUITY




Current liabilities:




Current maturities of long-term debt

$

1,110



$

2,228


Accounts payable

43,565



34,913


Accrued expenses

42,807



31,411


Accrued multi-client data library royalties

17,514



29,256


Deferred revenue

5,310



7,710


Current maturities of operating lease liabilities

11,648



12,214


Total current liabilities

121,954



117,732


Long-term debt, net of current maturities

119,402



119,513


Operating lease liabilities, net of current maturities

35,214



45,592


Other long-term liabilities

1,526



1,891


Total liabilities

278,096



284,728


(Deficit) Equity:




Common stock

142



140


Additional paid-in capital

955,705



952,626


Accumulated deficit

(959,797)



(926,092)


Accumulated other comprehensive loss

(21,440)



(20,442)


Total stockholders' (deficit) equity

(25,390)



6,232


Noncontrolling interest

2,284



1,592


Total (deficit) equity

(23,106)



7,824


Total liabilities and (deficit) equity

$

254,990



$

292,552



 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)



Three Months Ended September 30,


Nine Months Ended September 30,


2019


2018


2019


2018

Cash flows from operating activities:








Net loss

$

(3,329)



$

(7,462)



$

(32,864)



$

(51,301)


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








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

805



2,124



2,903



6,902


Amortization of multi-client data library

10,391



12,987



29,787



32,544


Stock-based compensation expense

905



465



3,736



2,508


Deferred income taxes

(781)



(444)



(1,248)



(2,310)


Changes in operating assets and liabilities:








Accounts receivable

(6,619)



(8,279)



2,115



(4,383)


Unbilled receivables

(8,803)



(10,857)



12,772



13,156


Inventories

(6)



(201)



729



(646)


Accounts payable, accrued expenses and accrued royalties

7,582



1,062



1,528



(9,567)


Deferred revenue

939



1,924



(2,398)



1,479


Other assets and liabilities

3,955



1,561



2,244



4,294


Net cash provided by (used in) operating activities

5,039



(7,120)



19,304



(7,324)


Cash flows from investing activities:








Investment in multi-client data library

(6,443)



(6,129)



(21,225)



(19,911)


Proceeds from sale (purchase) of property, plant and equipment

140



111



(1,272)



(313)


Net cash used in investing activities

(6,303)



(6,018)



(22,497)



(20,224)


Cash flows from financing activities:








Payments under revolving line of credit

(15,000)





(15,000)



(10,000)


Borrowings under revolving line of credit

15,000





15,000




Payments on notes payable and long-term debt

(554)



(372)



(1,960)



(30,071)


Net proceeds from issuance of stock



(220)





46,999


Dividend payment to noncontrolling interest







(200)


Other financing activities

(104)



(608)



(655)



(1,489)


Net cash (used in) provided by financing activities

(658)



(1,200)



(2,615)



5,239


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

253



32



151



296


Net decrease in cash, cash equivalents and restricted cash

(1,669)



(14,306)



(5,657)



(22,013)


Cash, cash equivalents and restricted cash at beginning of period

29,866



44,712



33,854



52,419


Cash, cash equivalents and restricted cash at end of period

$

28,197



$

30,406



$

28,197



$

30,406


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


September 30,


2019


2018

Cash and cash equivalents

$

27,894



$

30,043


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

$

28,197



$

30,406



 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

SUMMARY OF SEGMENT INFORMATION

(In thousands)

(Unaudited)



Three Months Ended September 30,


Nine Months Ended September 30,



2019


2018


2019


2018


Net revenues:









E&P Technology & Services:









New Venture

$

5,905



$

18,218



$

24,394



$

40,069



Data Library

27,288



13,956



55,030



21,629



Total multi-client revenues

33,193



32,174



79,424



61,698



Imaging Services

7,048



4,147



16,443



14,379



Total

40,241



36,321



95,867



76,077



Operations Optimization:









Devices

6,103



5,356



18,455



14,275



Optimization Software & Services

6,895



5,523



17,648



15,099



Total

12,998



10,879



36,103



29,374



Total net revenues

$

53,239



$

47,200



$

131,970



$

105,451



Gross profit (loss):









E&P Technology & Services

$

18,316



$

12,139



$

36,113



$

11,626



Operations Optimization

6,972



5,736



18,670



14,980



Segment gross profit

25,288



17,875



54,783



26,606



Other



(1,400)


(a)



(4,795)


(a)

Total gross profit

$

25,288



$

16,475



$

54,783



$

21,811



Gross margin:









E&P Technology & Services

46

%


33

%


38

%


15

%


Operations Optimization

54

%


53

%


52

%


51

%


Segment gross margin

47

%


38

%


42

%


25

%


Other

%


(3)

%


%


(4)

%


Total gross margin

47

%


35

%


42

%


21

%


Income (loss) from operations:









E&P Technology & Services

$

11,878



$

6,578



$

15,500



$

(4,422)



Operations Optimization

2,994



1,963



5,808



3,992



Support and other

(11,014)


(b)

(10,993)


(b)

(35,940)


(c)

(37,181)


(c)

Income (loss) from operations

3,858



(2,452)



(14,632)



(37,611)



Interest expense, net

(3,155)



(3,022)



(9,378)



(9,769)



Other income (expense), net

(242)



91



(938)



(616)



Income (loss) before income taxes

$

461



$

(5,383)



$

(24,948)



$

(47,996)




(a)  Relates to gross loss primarily related to depreciation expense of our 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 $2.8 million for the three months ended September 30, 2019 and 2018, respectively, which includes item (a) above and operating  expenses of $0.7 million and $1.4 million for the three months ended September 30, 2019 and 2018, respectively.

(c)  Includes loss from operations of previously reported Ocean Bottom Integrated Technologies segment of $2.3 million and $8.6 million for the nine months ended September 30, 2019 and 2018, respectively, which includes item (a) above and operating expenses of $2.3 million and $3.8 million for the nine months ended September 30, 2019 and 2018, respectively.

 

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES

Summary of Net Revenues by Geographic Area

(In thousands)

(Unaudited)



Three Months Ended September 30,


Nine Months Ended September 30,


2019


2018


2019


2018

Latin America

$

22,720



$

19,910



$

50,572



$

37,356


North America

12,182



13,095



32,984



25,452


Europe

8,335



8,202



24,850



19,811


Asia Pacific

2,744



3,718



8,287



11,581


Africa

2,874



1,121



7,541



8,362


Middle East

3,899



717



6,364



1,907


Commonwealth of Independent States

485



437



1,372



982


Total net revenues

$

53,239



$

47,200



$

131,970



$

105,451


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 net interest expense, 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 September 30,


Nine Months Ended September 30,


2019


2018


2019


2018

Net loss

$

(3,329)



$

(7,462)



$

(32,864)



$

(51,301)


Interest expense, net

3,155



3,022



9,378



9,769


Income tax expense

3,790



2,079



7,916



3,305


Depreciation and amortization expense

11,196



15,111



32,690



39,446


Severance expense





2,810




EBITDA excluding non-recurring items

14,812



12,750



19,930



1,219


Stock appreciation rights expense

732



275



2,742



4,013


Adjusted EBITDA

$

15,544



$

13,025



$

22,672



$

5,232



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 nine months ended September 30, 2019 and 2018:


Three Months Ended September 30, 2019


Three Months Ended September 30, 2018


As Reported


Special

Items


As Adjusted


As Reported


Special
Items


As Adjusted

Net revenues

$

53,239



$



$

53,239



$

47,200



$



$

47,200


Cost of sales

27,951





27,951



30,725





30,725


Gross profit

25,288





25,288



16,475





16,475


Operating expenses

21,430



(732)


(1)

20,698



18,927



(275)


(2)

18,652


Income (loss) from operations

3,858



732



4,590



(2,452)



275



(2,177)


Interest expense, net

(3,155)





(3,155)



(3,022)





(3,022)


Other income (expense), net

(242)





(242)



91





91


Income (loss) before income taxes

461



732



1,193



(5,383)



275



(5,108)


Income tax expense

3,790





3,790



2,079





2,079


Net loss

(3,329)



732



(2,597)



(7,462)



275



(7,187)


Less: Net income attributable to noncontrolling interest

(394)





(394)



(74)





(74)


Net loss attributable to ION

$

(3,723)



$

732



$

(2,991)



$

(7,536)



$

275



$

(7,261)


Net loss per share:












Basic

$

(0.26)





$

(0.21)



$

(0.54)





$

(0.52)


Diluted

$

(0.26)





$

(0.21)



$

(0.54)





$

(0.52)


Weighted average number of common shares outstanding:












Basic

14,181





14,181



14,003





14,003


Diluted

14,181





14,181



14,003





14,003


 


Nine Months Ended September 30, 2019


Nine Months Ended September 30, 2018


As Reported


Special

Items


As Adjusted


As Reported


Special
Items


As Adjusted

Net revenues

$

131,970



$



$

131,970



$

105,451



$



$

105,451


Cost of sales

77,187





77,187



83,640





83,640


Gross profit

54,783





54,783



21,811





21,811


Operating expenses

69,415



(5,552)


(3)

63,863



59,422



(4,013)


(4)

55,409


Loss from operations

(14,632)



5,552



(9,080)



(37,611)



4,013



(33,598)


Interest expense, net

(9,378)





(9,378)



(9,769)





(9,769)


Other income (expense), net

(938)





(938)



(616)





(616)


Loss before income taxes

(24,948)



5,552



(19,396)



(47,996)



4,013



(43,983)


Income tax expense

7,916





7,916



3,305





3,305


Net loss

(32,864)



5,552



(27,312)



(51,301)



4,013



(47,288)


Less: Net income attributable to noncontrolling interest

(841)





(841)



(527)





(527)


Net loss attributable to ION

$

(33,705)



$

5,552



$

(28,153)



$

(51,828)



$

4,013



$

(47,815)


Net loss per share:












Basic

$

(2.39)





$

(2.00)



$

(3.81)





$

(3.52)


Diluted

$

(2.39)





$

(2.00)



$

(3.81)





$

(3.52)


Weighted average number of common shares outstanding:












Basic

14,104





14,104



13,586





13,586


Diluted

14,104





14,104



13,586





13,586



(1)  Represents stock appreciation right awards expense for the quarter ended September 30, 2019.

(2)  Represents stock appreciation right awards and related expenses for the quarter ended September 30, 2018.

(3)  Represents severance expense of $2.8 million and stock appreciation right awards expense of $2.7 million for the nine months ended September 30, 2019.

(4)  Represents stock appreciation right awards and related expenses for the nine months ended September 30, 2018.

 

Cision View original content:http://www.prnewswire.com/news-releases/ion-reports-third-quarter-2019-results-300948573.html

SOURCE ION Geophysical Corporation

Copyright 2019 PR Newswire

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