ION announces preliminary third quarter 2021 revenues of $44 - 45 million, an increase of ~125% sequentially, driven by 3D strategy
18 Outubro 2021 - 8:00AM
ION Geophysical Corporation (NYSE: IO) today announced that the
Company expects third quarter 2021 revenues to be in the range of
$44 - 45 million, an increase of approximately 125% sequentially
and 175% from the third quarter 2020. In addition, the Company
expects to report a significant sequential improvement in third
quarter 2021 Adjusted EBITDA (a non-GAAP measure defined later in
this release) in the range of $21 - $22 million. At quarter end,
the Company’s total liquidity improved to approximately $35
million, comprised of $24 million of cash (including net revolver
borrowings of $19 million) and $11 million of remaining available
borrowing capacity under the revolving credit facility. Bolstered
by the third, fully underwritten phase of the Company’s Mid North
Sea High 3D multi-client program that launched in September,
E&P Technology & Services’ backlog is estimated to be $12
million.
“Third quarter revenues increased significantly,
consistent with our expectations of momentum building as the year
progresses,” said Chris Usher, ION’s President and CEO. “While both
segments of our business demonstrated stronger sales, the increase
is primarily attributable to execution of our 3D strategy. Despite
the challenging backdrop, we have been able to increase our
multi-client market share by approximately 50% through a purposeful
focus on new 3D assets. More than half of the revenue generated
this quarter stemmed from 3D data sales, both from the two new
acquisition campaigns in the North Sea as well as our immense,
artfully remastered reimaging program offshore Brazil. We are
accelerating efforts to secure large-scale multi-million-dollar
maritime digitalization projects for port management, maritime
monitoring, and energy logistics while deferring longer-wavelength
defense and port security ambitions. Our team has also made good
progress towards the $15-20 million annual cost savings target we
announced in August, building on the over $40 million eliminated in
2020.”
Non-GAAP Financial Measures
Adjusted EBITDA, a non-GAAP financial measure,
represents net income (loss) before net interest expense, income
taxes, depreciation and amortization and other non-recurring
charges, such as severance expenses. Adjusted EBITDA is
not a measure 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, Adjusted EBITDA may not be comparable to other
similarly titled measures of other companies. The Company has
included Adjusted EBITDA as a supplemental disclosure because its
management believes that 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.
About ION
Leveraging innovative technologies, ION delivers
powerful data-driven decision-making to offshore energy and
maritime operations markets, enabling clients to optimize
investments and results through access to our data, software and
distinctive analytics. Learn more at iongeo.com.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial
OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com
ION (Media relations)
Vice President, CommunicationsRachel White, +1
281.781.1168rachel.white@iongeo.com
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; agreements made or adhered to by
members of OPEC and other oil producing countries to maintain
production levels; the COVID-19 pandemic; the ultimate benefits of
our completed restructuring transactions; and political, execution,
regulatory, and currency risks. For additional information
regarding these various risks and uncertainties, see our Form 10-K
for the year ended December 31, 2020, filed on February 12, 2021.
Additional risk factors, which could affect actual results, are
disclosed by the Company in its filings with the Securities and
Exchange Commission, 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.
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