Delaware (State or other jurisdiction of incorporation) | 1-12691 (Commission file number) | 22-2286646 (I.R.S. Employer Identification No.) |
Date: November 6, 2014 | ION GEOPHYSICAL CORPORATION |
By: /s/ Gregory J. Heinlein Gregory J. Heinlein Senior Vice President, Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press Release dated November 5, 2014 | |
99.2 | November 6, 2014 Conference Call Presentation Slides. |
Three Months Ended September 30, | |||||||||||
2014 | 2013 | % Change | |||||||||
Solutions | $ | 45,859 | $ | 43,447 | 6 | % | |||||
Systems | 24,695 | 26,267 | (6 | )% | |||||||
Software | 11,010 | 10,124 | 9 | % | |||||||
Ocean Bottom Services | 24,976 | — | — | ||||||||
Total | $ | 106,540 | $ | 79,838 | 33 | % |
Nine Months Ended September 30, | |||||||||||
2014 | 2013 | % Change | |||||||||
Solutions | $ | 197,734 | $ | 221,236 | (11 | )% | |||||
Systems | 71,948 | 81,962 | (12 | )% | |||||||
Software | 31,582 | 27,292 | 16 | % | |||||||
Ocean Bottom Services | 71,454 | — | — | ||||||||
Total | $ | 372,718 | $ | 330,490 | 13 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Service revenues | $ | 71,923 | $ | 44,679 | $ | 272,386 | $ | 224,231 | |||||||
Product revenues | 34,617 | 35,159 | 100,332 | 106,259 | |||||||||||
Total net revenues | 106,540 | 79,838 | 372,718 | 330,490 | |||||||||||
Cost of services | 60,285 | 52,256 | 200,697 | 188,494 | |||||||||||
Cost of products | 17,032 | 42,686 | 47,716 | 85,525 | |||||||||||
Gross profit (loss) | 29,223 | (15,104 | ) | 124,305 | 56,471 | ||||||||||
Operating expenses: | |||||||||||||||
Research, development and engineering | 10,910 | 10,288 | 30,254 | 28,665 | |||||||||||
Marketing and sales | 8,480 | 8,416 | 27,610 | 25,364 | |||||||||||
General, administrative and other operating expenses | 15,182 | 22,720 | 48,334 | 50,277 | |||||||||||
Total operating expenses | 34,572 | 41,424 | 106,198 | 104,306 | |||||||||||
Income (loss) from operations | (5,349 | ) | (56,528 | ) | 18,107 | (47,835 | ) | ||||||||
Interest expense, net | (5,048 | ) | (4,281 | ) | (14,779 | ) | (8,103 | ) | |||||||
Equity in losses of investments | (5,558 | ) | (5,192 | ) | (9,027 | ) | (10,414 | ) | |||||||
Other income (expense), net | (622 | ) | (74,301 | ) | 73,970 | (180,392 | ) | ||||||||
Income (loss) before income taxes | (16,577 | ) | (140,302 | ) | 68,271 | (246,744 | ) | ||||||||
Income tax expense | 8,345 | 56,954 | 14,261 | 19,450 | |||||||||||
Net income (loss) | (24,922 | ) | (197,256 | ) | 54,010 | (266,194 | ) | ||||||||
Net (income) loss attributable to noncontrolling interests | 381 | 498 | (1,384 | ) | 515 | ||||||||||
Net income (loss) attributable to ION | (24,541 | ) | (196,758 | ) | 52,626 | (265,679 | ) | ||||||||
Preferred stock dividends | — | 338 | — | 1,014 | |||||||||||
Conversion payment of preferred stock | — | 5,000 | — | 5,000 | |||||||||||
Net income (loss) applicable to common shares | $ | (24,541 | ) | $ | (202,096 | ) | $ | 52,626 | $ | (271,693 | ) | ||||
Net income (loss) per share: | |||||||||||||||
Basic | $ | (0.15 | ) | $ | (1.29 | ) | $ | 0.32 | $ | (1.73 | ) | ||||
Diluted | $ | (0.15 | ) | $ | (1.29 | ) | $ | 0.32 | $ | (1.73 | ) | ||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 164,149 | 157,143 | 164,021 | 156,842 | |||||||||||
Diluted | 164,149 | 157,143 | 164,326 | 156,842 |
ASSETS | September 30, 2014 | December 31, 2013 | |||||
Current assets: | |||||||
Cash and cash equivalents | $ | 129,847 | $ | 148,056 | |||
Accounts receivable, net | 86,738 | 149,448 | |||||
Unbilled receivables | 57,477 | 49,468 | |||||
Inventories | 55,376 | 57,173 | |||||
Prepaid expenses and other current assets | 26,453 | 24,772 | |||||
Total current assets | 355,891 | 428,917 | |||||
Deferred income tax asset | 14,340 | 14,650 | |||||
Property, plant, equipment and seismic rental equipment, net | 60,365 | 46,684 | |||||
Multi-client data library, net | 243,917 | 238,784 | |||||
Equity method investments | 40,174 | 53,865 | |||||
Goodwill | 50,385 | 55,876 | |||||
Intangible assets, net | 9,191 | 11,247 | |||||
Other assets | 19,482 | 14,648 | |||||
Total assets | $ | 793,745 | $ | 864,671 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Current maturities of long-term debt | $ | 5,901 | $ | 5,906 | |||
Accounts payable | 30,666 | 22,654 | |||||
Accrued expenses | 75,608 | 84,358 | |||||
Accrued multi-client data library royalties | 24,416 | 46,460 | |||||
Deferred revenue | 16,495 | 20,682 | |||||
Total current liabilities | 153,086 | 180,060 | |||||
Long-term debt, net of current maturities | 179,583 | 214,246 | |||||
Other long-term liabilities | 142,776 | 210,602 | |||||
Total liabilities | 475,445 | 604,908 | |||||
Redeemable noncontrolling interests | 2,086 | 1,878 | |||||
Equity: | |||||||
Common stock | 1,642 | 1,637 | |||||
Additional paid-in capital | 886,170 | 879,969 | |||||
Accumulated deficit | (553,531 | ) | (606,157 | ) | |||
Accumulated other comprehensive loss | (11,720 | ) | (11,138 | ) | |||
Treasury stock | (6,565 | ) | (6,565 | ) | |||
Total stockholders’ equity | 315,996 | 257,746 | |||||
Noncontrolling interests | 218 | 139 | |||||
Total equity | 316,214 | 257,885 | |||||
Total liabilities and equity | $ | 793,745 | $ | 864,671 |
Nine Months Ended September 30, | |||||||
2014 | 2013 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | 54,010 | $ | (266,194 | ) | ||
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||
Depreciation and amortization (other than multi-client data library) | 20,989 | 13,146 | |||||
Amortization of multi-client data library | 46,014 | 50,892 | |||||
Stock-based compensation expense | 7,058 | 5,707 | |||||
Equity in losses of investments | 9,027 | 10,414 | |||||
Accrual for (reduction of) loss contingency related to legal proceedings | (69,557 | ) | 181,776 | ||||
Gain on sale of Source product line | (6,522 | ) | — | ||||
Gain on sale of cost-method investment | — | (3,591 | ) | ||||
Write-down of multi-client data library | — | 5,461 | |||||
Write-down of receivables from OceanGeo | — | 9,157 | |||||
Write-down of excess and obsolete inventory | — | 21,197 | |||||
Deferred income taxes | (1,536 | ) | 7,768 | ||||
Change in operating assets and liabilities: | |||||||
Accounts receivable | 71,540 | 57,481 | |||||
Unbilled receivables | (8,036 | ) | 6,890 | ||||
Inventories | (4,272 | ) | (13,157 | ) | |||
Accounts payable, accrued expenses and accrued royalties | (31,324 | ) | (6,179 | ) | |||
Deferred revenue | (4,153 | ) | (6,527 | ) | |||
Other assets and liabilities | 3,738 | 4,274 | |||||
Net cash provided by operating activities | 86,976 | 78,515 | |||||
Cash flows from investing activities: | |||||||
Cash invested in multi-client data library | (57,340 | ) | (86,346 | ) | |||
Purchase of property, plant, equipment and seismic rental assets | (6,842 | ) | (13,539 | ) | |||
Repayment of (advances to) INOVA Geophysical | 1,000 | (8,000 | ) | ||||
Investment in and advances to OceanGeo B.V. | (3,683 | ) | (9,500 | ) | |||
Cash of OceanGeo B.V. upon acquiring a controlling interest | 609 | — | |||||
Net proceeds from sale of Source product line | 14,394 | — | |||||
Proceeds from sale of a cost-method investment | — | 4,150 | |||||
Investment in convertible note | — | (2,000 | ) | ||||
Other investing activities | 928 | 76 | |||||
Net cash used in investing activities | (50,934 | ) | (115,159 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from issuance of notes | — | 175,000 | |||||
Borrowings under revolving line of credit | 15,000 | — | |||||
Payments under revolving line of credit | (50,000 | ) | (97,250 | ) | |||
Payments on notes payable and long-term debt | (11,737 | ) | (3,296 | ) | |||
Costs associated with issuance of debt | (2,126 | ) | (6,731 | ) | |||
Acquisition of non-controlling interest | (6,000 | ) | — | ||||
Payment of preferred dividends | — | (1,014 | ) | ||||
Conversion payment of preferred stock | — | (5,000 | ) | ||||
Proceeds from employee stock purchases and exercise of stock options | 577 | 2,367 | |||||
Other financing activities | (154 | ) | 790 | ||||
Net cash (used in) provided by financing activities | (54,440 | ) | 64,866 | ||||
Effect of change in foreign currency exchange rates on cash and cash equivalents | 189 | (608 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (18,209 | ) | 27,614 | ||||
Cash and cash equivalents at beginning of period | 148,056 | 60,971 | |||||
Cash and cash equivalents at end of period | $ | 129,847 | $ | 88,585 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net revenues: | |||||||||||||||
Solutions: | |||||||||||||||
New Venture | $ | 18,446 | $ | 11,945 | $ | 76,499 | $ | 93,630 | |||||||
Data Library | 3,262 | 5,184 | 30,104 | 36,153 | |||||||||||
Total multi-client revenues | 21,708 | 17,129 | 106,603 | 129,783 | |||||||||||
Data Processing | 24,151 | 26,318 | 91,131 | 91,453 | |||||||||||
Total | $ | 45,859 | $ | 43,447 | $ | 197,734 | $ | 221,236 | |||||||
Systems: | |||||||||||||||
Towed Streamer | $ | 13,666 | $ | 15,342 | $ | 35,782 | $ | 41,461 | |||||||
Ocean Bottom Equipment | — | 159 | — | 7,307 | |||||||||||
Other | 11,029 | 10,766 | 36,166 | 33,194 | |||||||||||
Total | $ | 24,695 | $ | 26,267 | $ | 71,948 | $ | 81,962 | |||||||
Software: | |||||||||||||||
Software Systems | $ | 9,922 | $ | 8,892 | $ | 28,384 | $ | 24,297 | |||||||
Services | 1,088 | 1,232 | 3,198 | 2,995 | |||||||||||
Total | $ | 11,010 | $ | 10,124 | $ | 31,582 | $ | 27,292 | |||||||
Ocean Bottom Services | $ | 24,976 | $ | — | $ | 71,454 | $ | — | |||||||
Total | $ | 106,540 | $ | 79,838 | $ | 372,718 | $ | 330,490 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
As Reported | As Adjusted(1) | As Reported | As Adjusted(1) | ||||||||||||||||||||
Gross profit (loss): | |||||||||||||||||||||||
Solutions | $ | 5,927 | $ | (8,487 | ) | $ | (3,026 | ) | $ | 51,207 | $ | 33,600 | $ | 39,061 | |||||||||
Systems | 10,123 | (13,987 | ) | 11,093 | 31,288 | 3,195 | 28,275 | ||||||||||||||||
Software | 8,326 | 7,370 | 7,370 | 23,388 | 19,676 | 19,676 | |||||||||||||||||
Ocean Bottom Services | 4,847 | — | — | 18,422 | — | — | |||||||||||||||||
Total | $ | 29,223 | $ | (15,104 | ) | $ | 15,437 | $ | 124,305 | $ | 56,471 | $ | 87,012 | ||||||||||
Gross margin: | |||||||||||||||||||||||
Solutions | 13 | % | (20 | )% | (7 | )% | 26 | % | 15 | % | 18 | % | |||||||||||
Systems | 41 | % | (53 | )% | 42 | % | 43 | % | 4 | % | 34 | % | |||||||||||
Software | 76 | % | 73 | % | 73 | % | 74 | % | 72 | % | 72 | % | |||||||||||
Ocean Bottom Services | 19 | % | — | % | — | % | 26 | % | — | % | — | % | |||||||||||
Total | 27 | % | (19 | )% | 19 | % | 33 | % | 17 | % | 26 | % | |||||||||||
Income (loss) from operations: | |||||||||||||||||||||||
Solutions | $ | (5,960 | ) | $ | (18,163 | ) | $ | (12,702 | ) | $ | 11,733 | $ | 215 | $ | 5,676 | ||||||||
Systems | 2,917 | (23,610 | ) | 3,686 | 9,835 | (21,172 | ) | 6,124 | |||||||||||||||
Software | 6,227 | 6,280 | 6,280 | 16,985 | 16,396 | 16,396 | |||||||||||||||||
Ocean Bottom Services | 1,677 | — | — | 12,333 | — | — | |||||||||||||||||
Corporate and other | (10,210 | ) | (21,035 | ) | (11,878 | ) | (32,779 | ) | (43,274 | ) | (34,117 | ) | |||||||||||
Total | $ | (5,349 | ) | $ | (56,528 | ) | $ | (14,614 | ) | $ | 18,107 | $ | (47,835 | ) | $ | (5,921 | ) | ||||||
Operating margin: | |||||||||||||||||||||||
Solutions | (13 | )% | (42 | )% | (29 | )% | 6 | % | — | % | 3 | % | |||||||||||
Systems | 12 | % | (90 | )% | 14 | % | 14 | % | (26 | )% | 7 | % | |||||||||||
Software | 56 | % | 62 | % | 62 | % | 54 | % | 60 | % | 60 | % | |||||||||||
Ocean Bottom Services | 7 | % | — | % | — | % | 17 | % | — | % | — | % | |||||||||||
Corporate and other | (10 | )% | (26 | )% | (15 | )% | (9 | )% | (13 | )% | (10 | )% | |||||||||||
Total | (5 | )% | (71 | )% | (18 | )% | 5 | % | (14 | )% | (2 | )% |
(1) | The "As Adjusted" columns remove the impact of the restructuring and other special items as presented and described in further detail by the Company in its Third Quarter 2013 earnings release on November 6, 2013. |
Three Months Ended June 30, | Nine-Month Periods from October 1 through June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net revenues | $ | 11,092 | $ | 61,241 | $ | 77,774 | $ | 142,947 | |||||||
Gross profit (loss) | $ | (2,164 | ) | $ | 12,243 | $ | 8,020 | $ | 26,378 | ||||||
Income (loss) from operations | $ | (9,851 | ) | $ | 1,658 | $ | (16,094 | ) | $ | (7,103 | ) | ||||
Net loss | $ | (11,425 | ) | $ | (488 | ) | $ | (20,010 | ) | $ | (6,518 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income (loss) | $ | (24,922 | ) | $ | (197,256 | ) | $ | 54,010 | $ | (266,194 | ) | ||||
Interest expense, net | 5,048 | 4,281 | 14,779 | 8,103 | |||||||||||
Income tax expense | 8,345 | 56,954 | 14,261 | 19,450 | |||||||||||
Depreciation and amortization expense | 18,961 | 19,057 | 67,003 | 64,038 | |||||||||||
Equity in losses of investments | 5,558 | 5,192 | 9,027 | 10,414 | |||||||||||
Accrual for (reduction of) loss contingency related to legal proceedings | — | 71,776 | (69,557 | ) | 181,776 | ||||||||||
Write-down of multi-client data library | — | 5,461 | — | 5,461 | |||||||||||
Write-down of receivables from OceanGeo | — | 9,157 | — | 9,157 | |||||||||||
Write-down of excess and obsolete inventory | — | 21,197 | — | 21,197 | |||||||||||
Adjusted EBITDA | $ | 12,990 | $ | (4,181 | ) | $ | 89,523 | $ | 53,402 |
Nine Months Ended September 30, 2014 | |||||||||||
As Reported | Special Items(1) | As Adjusted | |||||||||
Net revenues | $ | 372,718 | $ | — | $ | 372,718 | |||||
Cost of sales | 248,413 | — | 248,413 | ||||||||
Gross profit | 124,305 | — | 124,305 | ||||||||
Operating expenses | 106,198 | — | 106,198 | ||||||||
Income from operations | 18,107 | — | 18,107 | ||||||||
Interest expense, net | (14,779 | ) | — | (14,779 | ) | ||||||
Equity in losses of investments | (9,027 | ) | — | (9,027 | ) | ||||||
Other income (expense), net | 73,970 | (76,079 | ) | (2,109 | ) | ||||||
Income tax expense | 14,261 | (357 | ) | 13,904 | |||||||
Net income (loss) | 54,010 | (75,722 | ) | (21,712 | ) | ||||||
Net (income) attributable to noncontrolling interests | (1,384 | ) | — | (1,384 | ) | ||||||
Net income (loss) applicable to common shares | $ | 52,626 | $ | (75,722 | ) | $ | (23,096 | ) | |||
Net income (loss) per share: | |||||||||||
Basic | $ | 0.32 | $ | (0.14 | ) | ||||||
Diluted | $ | 0.32 | $ | (0.14 | ) | ||||||
Weighted average number of common shares outstanding: | |||||||||||
Basic | 164,021 | 164,021 | |||||||||
Diluted | 164,326 | 164,021 |
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
As Reported | Special Items(2) | As Adjusted | As Reported | Special Items(2) | As Adjusted | ||||||||||||||||||
Net revenues | $ | 79,838 | $ | — | $ | 79,838 | $ | 330,490 | $ | — | $ | 330,490 | |||||||||||
Cost of sales | 94,942 | (30,541 | ) | 64,401 | 274,019 | (30,541 | ) | 243,478 | |||||||||||||||
Gross profit (loss) | (15,104 | ) | 30,541 | 15,437 | 56,471 | 30,541 | 87,012 | ||||||||||||||||
Operating expenses | 41,424 | (11,373 | ) | 30,051 | 104,306 | (11,373 | ) | 92,933 | |||||||||||||||
Income (loss) from operations | (56,528 | ) | 41,914 | (14,614 | ) | (47,835 | ) | 41,914 | (5,921 | ) | |||||||||||||
Interest expense, net | (4,281 | ) | — | (4,281 | ) | (8,103 | ) | — | (8,103 | ) | |||||||||||||
Equity in losses of investments | (5,192 | ) | — | (5,192 | ) | (10,414 | ) | — | (10,414 | ) | |||||||||||||
Other income (expense), net | (74,301 | ) | 72,940 | (1,361 | ) | (180,392 | ) | 182,940 | 2,548 | ||||||||||||||
Income tax expense (benefit) | 56,954 | (62,106 | ) | (5,152 | ) | 19,450 | (23,606 | ) | (4,156 | ) | |||||||||||||
Net income (loss) | (197,256 | ) | 176,960 | (20,296 | ) | (266,194 | ) | 248,460 | (17,734 | ) | |||||||||||||
Net (income) attributable to noncontrolling interests | 498 | — | 498 | 515 | — | 515 | |||||||||||||||||
Net income (loss) attributable to ION | (196,758 | ) | 176,960 | (19,798 | ) | (265,679 | ) | 248,460 | (17,219 | ) | |||||||||||||
Preferred stock dividends | 5,338 | (5,000 | ) | 338 | 6,014 | (5,000 | ) | 1,014 | |||||||||||||||
Net income (loss) applicable to common shares | $ | (202,096 | ) | $ | 181,960 | $ | (20,136 | ) | $ | (271,693 | ) | $ | 253,460 | $ | (18,233 | ) | |||||||
Net income (loss) per share: | |||||||||||||||||||||||
Basic | $ | (1.29 | ) | $ | (0.13 | ) | $ | (1.73 | ) | $ | (0.12 | ) | |||||||||||
Diluted | $ | (1.29 | ) | $ | (0.13 | ) | $ | (1.73 | ) | $ | (0.12 | ) | |||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||||||||
Basic | 157,143 | 157,143 | 156,842 | 156,842 | |||||||||||||||||||
Diluted | 157,143 | 157,143 | 156,842 | 156,842 |
(1) | The nine months ended September 30, 2014 was impacted by the first quarter reduction of $69.6 million in the WesternGeco legal contingency due to the court order issued in April 2014, in addition to a second quarter non-recurring gain on the sale of the marine source product line of $6.5 million (before tax). |
(2) | The three and nine months ended September 30, 2013 were impacted by restructuring and other special items as presented and described in further detail by the Company in its Third Quarter 2013 earnings release on November 6, 2013. |
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