February 25, 2013

Global Geophysical Announces Fourth Quarter and Full Year 2012 Earnings

HOUSTON, Feb. 25, 2013 (GLOBE NEWSWIRE) -- Global Geophysical Services, Inc. (NYSE:GGS) today reported fourth quarter revenues of $55.3 million, a loss from operations of $12.0 million, a net loss of $28.6 million and a loss of $0.76 per share.

Results for the fourth quarter included several non-recurring charges. These non-recurring charges include an income tax expense charge of $14.3 million related to foreign tax credits and $1.7 million in crew shutdown costs.  The quarter results also included the provision of $3.0 million bad debt expense.

Global's revenues were $339.0 million for the full year 2012, compared with $385.4 million for 2011, a decrease of 12%. Operating income for 2012 was $42.5 million, compared to an operating income of $44.9 million for 2011. EBITDA, adjusted for Multi-client amortization was $70.6 million for the full year 2012, compared with $74.3 million for the full year 2011.

"Global's fourth quarter results were a disappointment as execution issues in certain programs and delays in library late sale closures impacted the top line. Since joining the company four months ago, we have started and are continuing to make a number of changes to address the issues contributing to the fourth quarter's performance. We expect those changes to result in improved operating performance starting in the second half of 2013," commented Richard White, President and Chief Executive Officer.

"The company's backlog at the end of December 2012 was $101 million, comprised of $35 million for Proprietary Services and $66 million for Multi-client Services. Although down from the end of the third quarter, we have added a number of additional Proprietary programs since the start of the year to the company's backlog. On a pro-forma basis, the effect of recent program additions would have increased backlog above third quarter levels. Going forward, we are focused on shifting our data acquisition revenue mix to a greater weighting of proprietary programs.

"Despite the most recent performance, the overall market environment remains robust. During the fourth quarter, we expanded our crew count in the Kurdistan region of Iraq and commenced new data acquisition programs in Paraguay. In further support of the company's international operations, we are establishing a new office in Dubai to support our Europe, Africa, Middle East (EAME) operations. Although previously managed from the U.S., we are committed to creating a presence close to our customers and key partners to serve this vital region.

"Global is also making meaningful progress on its Microseismic services offerings. Our Tomographic Fracture ImagingTM (TFI) technology is garnering broader acceptance and has now also been applied in the reprocessing of microseismic data that had been previously acquired and processed using alternative methods. We believe that Global is well positioned to support the evolving reservoir characterization market using a combination of our TFI technologies, our data library assets, and Autoseis recording platform.

"Although it will take several quarters to implement the transition we are pursuing, we remain confident that the company's investments in its asset portfolio and service offerings are well positioned to support the current and emerging needs of our worldwide customer base," concluded White.

Fourth Quarter Results

The following table sets forth our consolidated revenues for the three months ended December 31, 2012 and for the corresponding period of 2011 (amounts in millions):

     Three Month Period Ended December 31,
Revenues by Service    (Unaudited)
     20122011
     Amount%Amount%
Proprietary Services     $ 28.9 52% $ 62.3 55%
Multi-client Services     26.4 48% 50.8 45%
Total     $ 55.3 100% $ 113.1 100%
             
     Three Month Period Ended December 31,
Revenues by Area    (Unaudited)
     20122011
     Amount%Amount%
United States     $ 27.6 50% $ 64.2 57%
International     27.7 50% 48.9 43%
Total      $ 55.3 100% $ 113.1 100%

We recorded revenues of $55.3 million for the three months ended December 31, 2012 compared to $113.1  million for the same period ended in 2011, a decrease of $57.8  million, or 51% .

We recorded revenues from Proprietary Services of $28.9  million for the three months ended December 31, 2012, compared to $62.3 million for the same period in 2011, a decrease of $33.4  million, or 54%. Of this amount, the decrease related to our international Proprietary operations was $29.2  million, primarily due to a decrease in our crew activities in Algeria, Colombia, and Brazil.

Multi-client Services generated revenues of $26.4  million for the three months ended December 31, 2012 compared to $50.8  million for the same period of 2011, a decrease of $24.4  million, or 48%.  The decrease was primarily due to the decreased Multi-client Services operations in the U.S. The $26.4 million in Multi-client Services revenues included $5.6 million of late sale revenues, $20.7  million of pre-commitment revenues, and $0.1 million in non-cash data swap transactions. This compared to $14.2 million in late sales revenues, $35.5 million of pre-commitment revenues, and $1.1 million in non-cash data swap transactions during the same period of 2011.

Operating margin for the quarter ended December 31, 2012 was (21.7%) of revenue, compared to 13.5% in the same period of 2011. 

Included within operating expenses is Multi-client Services amortization of $17.7  million, representing a 67% average amortization rate for the quarter. Gross depreciation expense for the quarter was $11.9 million, of which $2.0 million was capitalized in connection with our Multi-client Services library investments resulting in net depreciation expense of $9.9  million. 

Fiscal 2012 Results

The following table sets forth our consolidated revenues for the year ended December 31, 2012 and for the corresponding period of 2011 (amounts in millions):

Revenues by Service    Year Ended December 31,
     (Unaudited)
     20122011
     Amount%Amount%
Proprietary Services     $ 182.5 54% $ 208.0 54%
Multi-client Services     156.5 46% 177.4 46%
Total     $ 339.0 100% $ 385.4 100%
             
Revenues by Area    Year Ended December 31,
     (Unaudited)
     20122011
     Amount%Amount%
United States     $ 176.8 52% $ 205.0 53%
International     162.2 48% 180.4 47%
Total      $ 339.0 100% $ 385.4 100%

We recorded revenues of $339.0 million for the year ended December 31, 2012 compared to $385.4 million for the year ended December 31, 2011, a decrease of $46.4 million, or 12% .

We recorded revenues from Proprietary Services of $182.5 million  for the year ended December 31, 2012 compared to $208.0 million for the year ended December 31, 2011, a decrease of $25.5 million, or 12% . Of this amount, the decrease related to Latin America Proprietary operations was $44.0 million, largely driven by a decrease in our crew activities in Colombia in 2012. In Europe, Africa, and Middle East ("EAME"), during the years ended December 31, 2012 and 2011, we recorded revenues of $33.7 million and $32.0 million, respectively. In North America, we had $48.7 million in revenues from Proprietary Services for the year ended December 31, 2012 compared to $32.0 million for the year ended December 31, 2011.

Multi-client Services generated revenues of $156.5 million for the year ended December 31, 2012 compared to $177.4 million for the same period of 2011, a decrease of $20.9 million, or 12%.  The $156.5  million in Multi-client Services revenues included $41.6 million of late sale revenues, $109.5  million of pre-commitment revenues, and $5.4 million in non-cash data swap transactions. This compared to $48.3 million in late sales revenues, $126.0  million of pre-commitment revenues, and $3.1  million in non-cash data swap transactions during the same period of 2011.

Income from operations for the year ended December 31, 2012 was 12.5%  of revenue, compared to 11.7% in the same period of 2011. 

Included within operating expenses is Multi-client Services amortization of $103.3 million, representing a 66%  average amortization rate for the period.  Gross depreciation expense for the year ended December 31, 2012 was $40.5 million, of which, $11.3 million was capitalized in connection with our Multi-client Services investments resulting in a net depreciation expense of $29.2 million. Table 2 provides a reconciliation of Net Income (Loss) to EBITDA (a non-GAAP measure).

About Global Geophysical Services, Inc.

GGS provides an integrated suite of Geoscience solutions to the global oil and gas industry including high-resolution RG-3D Reservoir Grade® seismic data acquisition, Multi-client data library products, micro seismic monitoring, seismic data processing, data analysis, and interpretation services. GGS combines experience, innovation, operational safety, and environmental responsibility with leading edge geophysical technology to facilitate successful E&P execution.  GGS' combined product and service offerings provide the ability to Gain InSight™ in the exploration and production of hydrocarbons. GGS is headquartered in Houston, Texas. To learn more about GGS, visit www.GlobalGeophysical.com.

The Global Geophysical Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7300.

(1)AUTOSEIS® is a registered trademark of GGS, and hereinafter all references to the term AUTOSEIS or Autoseis shall refer to AUTOSEIS®.

Forward-Looking Statements

The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, included in this earnings release that address activities, events or developments that Global Geophysical expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements include but are not limited to statements about business outlook for the year, backlog and bid activity, business strategy, and related financial performance and statements with respect to future events. Such forward-looking statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, industry conditions, market position, future operations, profitability, liquidity, backlog, capital resources and other information currently available to management and believed to be appropriate.

Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to the volatility of oil and natural gas prices, disruptions in the global economy, dependence upon energy industry spending, delays, reductions or cancellations of service contracts, high fixed costs of operations, weather interruptions, inability to obtain land access rights of way, industry competition, limited number of customers, credit risk related to our customers, asset impairments, the availability of capital resources, and operational disruptions. Global Geophysical Services Form 10-K for the year ended December 31, 2011, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect Global's business, results of operations, and financial condition. These forward-looking statements reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategies and liquidity. Although the Company believes that the expectations reflected in such statements are reasonable, the Company can give no assurance that such expectations will be correct. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements. We assume no obligation to update any such forward-looking statements.

Backlog estimates are based on a number of assumptions and estimates including assumptions related to foreign exchange rates, proportionate performance of contracts and our valuation of assets, such as seismic data, to be received by us as payment under certain agreements. The realization of our backlog estimates are further affected by our performance under term rate contracts, as the early or late completion of a project under term rate contracts will generally result in decreased or increased, as the case may be, revenues derived from these projects. Contracts for services are occasionally modified by mutual consent and may be cancelable by the client under certain circumstances. Consequently, backlog as of any particular date may not be indicative of actual operating results for any future period. More information can be found set forth under "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission.

Unless the context otherwise indicates, references in this press release to "Global Geophysical Services," "Global Geophysical," "Global," "GGS," the "Company," "we," "us," "our," or "ours" refer to Global Geophysical Services, Inc. and its direct and indirect subsidiaries.

Non-GAAP Financial Measure

EBITDA is a non-GAAP financial measure as defined by Regulation G promulgated by the U.S. Securities and Exchange Commission. The Company believes EBITDA is useful to an investor in evaluating our operating performance because this measure is widely used by investors in the energy industry to measure a company's operating performance without regard to items excluded from the calculation of such term, which can vary substantially from company to company depending upon, among other factors, accounting methods, book value of assets, capital structure and the method by which assets were acquired. The Company further believes EBITDA helps investors more meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our capital structure and asset base from the Company's operating structure. EBITDA is also used as a supplemental financial measure by the Company's management in presentations to our board of directors, as a basis for strategic planning and forecasting, and as a component for setting incentive compensation.

EBITDA has limitations as an analytical tool and should not be considered an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA excludes some, but not all, items that affect net income and operating income and these measures may vary among other companies. Limitations to using EBITDA as an analytical tool include:

  • EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or capital commitments;
  • EBITDA does not reflect changes in, or cash requirements necessary to service interest or principal payments on, our debt;
  • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements;
  • and other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.
GLOBAL GEOPHYSICAL SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share amounts)    
 Three Month Period Ended
December 31,

Year Ended December 31,
 2012201120122011
         
         
REVENUES  $ 55,287  $ 113,092  $ 338,984  $ 385,355
         
OPERATING EXPENSES 49,042 84,659 239,783 293,865
         
GROSS PROFIT 6,245 28,433 99,201 91,490
         
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES 18,257 13,117 56,750 46,582
         
INCOME (LOSS) FROM OPERATIONS (12,012) 15,316 42,451 44,908
         
OTHER EXPENSE        
Interest expense, net (8,322) (6,710) (31,666) (25,259)
Foreign exchange loss (433) (774) (1,688) (311)
Other expense (101) (217) (2,472) (218)
TOTAL OTHER EXPENSE (8,856) (7,701) (35,826) (25,788)
         
INCOME (LOSS) BEFORE INCOME TAXES (20,868) 7,615 6,625 19,120
         
INCOME TAX EXPENSE  8,109 6,100 20,428 13,480
         
INCOME (LOSS) AFTER INCOME TAXES (28,977) 1,515 (13,803) 5,640
         
NET INCOME (LOSS), attributable to non-controlling interests (363) 111 (472) (22)
         
NET INCOME (LOSS), attributable to common shareholders  $ (28,614)  $ 1,404  $ (13,331)  $ 5,662
         
INCOME (LOSS) PER COMMON SHARE        
Basic  $ (0.76)  $ 0.04  $ (0.36)  $ 0.15
Diluted  $ (0.76)  $ 0.04  $ (0.36)  $ 0.15
         
WEIGHTED AVERAGE SHARES OUTSTANDING        
Basic 37,516 37,010 37,319 36,666
Diluted 37,516 37,010 37,319 36,666
     
     
GLOBAL GEOPHYSICAL SERVICES, INC. AND SUBSIDIARIES    
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)    
(In thousands)    
     
 December 31,
 20122011
     
ASSETS    
     
CURRENT ASSETS    
Cash and cash equivalents  $ 23,359  $ 21,525
Restricted cash investments 1,830 5,639
Accounts receivable, net 51,766 86,889
Inventory 11,864 --
Income and other taxes receivable 1,472 7,060
Prepaid expenses and other current assets 21,480 6,050
TOTAL CURRENT ASSETS 111,771 127,163
     
MULTI-CLIENT LIBRARY, net 309,067 232,235
     
PROPERTY AND EQUIPMENT, net 100,172 118,420
     
GOODWILL 12,381 12,381
     
INTANGIBLE ASSETS, net 13,083 9,929
     
OTHER ASSETS 6,401 6,245
     
TOTAL ASSETS  $ 552,875  $ 506,373
     
     
GLOBAL GEOPHYSICAL SERVICES, INC. AND SUBSIDIARIES    
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (CONTINUED)    
(In thousands)    
     
 December 31,
 20122011
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
CURRENT LIABILITIES    
Accounts payable and accrued expenses  $ 42,597  $ 55,764
Current portion of long-term debt 22,970 11,416
Current portion of capital lease obligations 5,639 7,256
Income and other taxes payable 3,563 5,169
Deferred revenue 22,498 39,560
Other payables 3,059 821
TOTAL CURRENT LIABILITIES 100,326 119,986
     
DEFERRED INCOME TAXES, net 27,073 2,120
     
LONG-TERM DEBT, net of current portion and unamortized discount 311,250 265,873
     
CAPITAL LEASE OBLIGATIONS, net of current portion 4,176 2,613
     
NON-CONTROLLING INTERESTS 997 1,469
     
OTHER LIABILITIES 1,505 750
     
TOTAL LIABILITIES 445,327 392,811
     
COMMITMENTS AND CONTINGENCIES    
     
STOCKHOLDERS' EQUITY    
Common Stock 476 467
Additional paid-in capital 253,415 246,104
Accumulated deficit (49,815) (36,484)
  204,076 210,087
Less: treasury stock 96,528 96,525
TOTAL STOCKHOLDERS' EQUITY 107,548 113,562
     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $ 552,875  $ 506,373
     
     
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)    
(In thousands)    
     
 Year Ended December 31,
 20122011
     
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income (loss), attributable to common shareholders  $ (13,331)  $ 5,662
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation (net) and amortization expense 135,601 142,565
Non-cash revenue from Multi-client data exchange (5,328) (3,113)
Deferred tax expense 12,280 4,151
Gain on sale of assets (15,706) (1,683)
Other 7,583 6,716
Effects of changes in operating assets and liabilities (3,820) (17,288)
NET CASH PROVIDED BY OPERATING ACTIVITIES 117,279 137,010
     
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (25,977) (35,463)
Investment in Multi-client library (165,127) (177,746)
Investment in unconsolidated subsidiary (670) --
Change in restricted cash investments 3,809 (3,195)
Purchase of intangibles (3,397) (1,150)
Proceeds from sale of assets 28,756 15,072
NET CASH USED IN INVESTING ACTIVITIES (162,606) (202,482)
     
CASH FLOWS FROM FINANCING ACTIVITIES  
Net proceeds from long-term debt 46,794 7,871
Net proceeds from revolving credit facility 9,060 55,000
Debt issuance costs (1,804) --
Principal payments on capital lease obligations (7,694) (4,370)
Purchase of treasury stock (3) (823)
Issuances of stock, net 808 1,082
NET CASH PROVIDED BY FINANCING ACTIVITIES 47,161 58,760
     
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,834 (6,712)
     
CASH AND CASH EQUIVALENTS, beginning of period 21,525 28,237
     
CASH AND CASH EQUIVALENTS, end of period  $ 23,359  $ 21,525
     
         
Global Geophysical Services        
Table 1: Segment Gross Margin Analysis (UNAUDITED)         
(In thousands, except percentages)        
         
   
Three Month Period Ended December 31, 2012:Proprietary
Services
Multi-client
Services
CorporateTotal
Revenue  $ 28,890  $ 26,397  $ --   $ 55,287
Operating expenses (1) (2) 34,911 17,726 (3,595) 49,042
Gross margin  $ (6,021)  $ 8,671  $ 3,595  $ 6,245
SG&A -- -- 18,257 18,257
Operating income  $ (6,021)  $ 8,671  $ (14,662)  $ (12,012)
Gross margin % (20.8%) 32.8%  -- 11.3%
         
Three Month Period Ended December 31, 2011:        
Revenue  $ 62,292  $ 50,800  $ --   $ 113,092
Operating expenses (1) (2) 53,546 31,327 (214) 84,659
Gross margin  $ 8,746  $ 19,473  $ 214  $ 28,433
SG&A -- -- 13,117 13,117
Operating income  $ 8,746  $ 19,473  $ (12,903)  $ 15,316
Gross margin % 14.0% 38.3%  -- 25.1%
         
Year Ended December 31, 2012:        
Revenue  $ 182,476  $ 156,508  $ --   $ 338,984
Operating expenses (1) (2) 152,223 103,266 (15,706) 239,783
Gross margin  $ 30,253  $ 53,242  $ 15,706  $ 99,201
SG&A -- -- 56,750 56,750
Operating income  $ 30,253  $ 53,242  $ (41,044)  $ 42,451
Gross margin % 16.6% 34.0%  -- 29.3%
         
Year Ended December 31, 2011:        
Revenue  $ 207,921  $ 177,434  $ --   $ 385,355
Operating expenses (1) (2) 182,880 112,668 (1,683) 293,865
Gross margin  $ 25,041  $ 64,766  $ 1,683  $ 91,490
SG&A -- -- 46,582 46,582
Operating income  $ 25,041  $ 64,766  $ (44,899)  $ 44,908
Gross margin % 12.0% 36.5%  -- 23.7%
         
(1) Corporate operating expenses represent gain/loss on sale of assets.        
(2) Multi-client Services operating expenses represent Multi-client amortization expense.        
                 
 
Global Geophysical Services
Table 2: Reconciliation of Net Income (Loss) to EBIT and EBITDA (a Non-GAAP Measure)(1) (UNAUDITED)
(In thousands, except per share amounts)
                 
 Three Month Period Ended December 31,Year Ended December 31,
 2012201120122011
 (in thousands, except per share amounts)(in thousands, except per share amounts)
 
Amount
Per Share (3)
Amount
Per Share (3)
Amount
Per Share (3)
Amount
Per Share
(3)
                 
Net income (loss), attributable to common shareholders  $ (28,614)  $ (0.76)  $ 1,404  $ 0.04  $ (13,331)  $ (0.36)  $ 5,662  $ 0.15
                 
Net income (loss), attributable to non-controlling interests (363)   111   (472)   (22)  
Income tax expense 8,109   6,100   20,428   13,480  
Interest expense, net 8,322   6,710   31,666   25,259  
EBIT(1) (12,546)  $ (0.33) 14,325  $ 0.39 38,291  $ 1.03 44,379  $ 1.21
                 
Add: Multi-client amortization 17,726   31,327   103,266   112,668  
Add: Depreciation (net) and other amortization (2) 10,661   6,810   32,336   29,898  
EBITDA(1)  $ 15,841  $ 0.42  $ 52,462  $ 1.42  $ 173,893  $ 4.66  $ 186,945  $ 5.10
                 
(1) EBIT, EBITDA, EBIT per share and EBITDA per share (as defined in the calculations above) are non-GAAP measurements.
(2) Includes amortization of intangibles.
(3) Calculated using diluted weighted average shares outstanding.
             
             
Global Geophysical Services            
Table 3: Selected Multi-client Services additional data (UNAUDITED)             
(In thousands, except amortization rates)            
             
 2009201020112012Q4-2011Q4-2012
Multi-client Services revenues (period)            
Pre-commitments $ 13,365 $ 109,109 $ 126,002 $ 109,539 $ 35,531 $ 20,745
Late sales 2,250 16,376 48,319 41,641 14,172 5,570
Subtotal  15,615  125,485  174,321  151,180  49,703  26,315
Non-cash data swaps 8,880 9,382 3,113 5,328 1,098 82
Total Revenue $ 24,495 $ 134,867 $ 177,434 $ 156,508 $ 50,801 $ 26,397
             
Multi-client Services amortization $ 18,629 $ 92,702 $ 112,668 $ 103,266 $ 31,327 $ 17,726
Average amortization rate (%) 76% 69% 64% 66% 62% 67%
             
Revenues (cumulative)            
Pre-commitments $ 38,350 $ 147,459 $ 273,461 $ 383,000 $ 273,461 $ 383,000
Late sales 2,250 18,626 66,945 108,586 66,945 108,586
Subtotal  40,600  166,085  340,406  491,586  340,406  491,586
Non-cash data swaps 8,880 18,262 21,375 26,703 21,375 26,703
Total Revenue $ 49,480 $ 184,347 $ 361,781 $ 518,289 $ 361,781 $ 518,289
             
Amortization (cumulative) $ 37,774 $ 130,476 $ 243,144 $ 346,410 $ 243,144 $ 346,410
Average amortization rate (%) 76% 71% 67% 67% 67% 67%
             
Multi-client Services investment (period)            
Cash $ 34,353 $ 170,755 $ 177,746 $ 165,127 $ 33,192 $ 35,961
Capitalized depreciation 3,729 20,369 16,901 11,329 3,472 2,038
Non-cash data swaps (1) 8,880 10,079 4,360 3,642 3,368 --
Total $ 46,962 $ 201,203 $ 199,007 $ 180,098 $ 40,032 $ 37,999
             
Investment (cumulative)            
Cash $ 59,522 $ 230,277 $ 408,023 $ 573,150 $ 408,023 $ 573,150
Capitalized depreciation 6,767 27,136 44,037 55,366 44,037 55,366
Non-cash data swaps (1) 8,880 18,959 23,319 26,961 23,319 26,961
Total  75,169  276,372  475,379  655,477  475,379  655,477
Cumulative amortization  37,774  130,476  243,144  346,410  243,144  346,410
Multi-client net book value $ 37,395 $ 145,896 $ 232,235 $ 309,067 $ 232,235 $ 309,067
             
Multi-client Services backlog at period end $ 65,700 $ 137,430 $ 122,781 $ 66,018 $ 122,781 $ 66,018
Multi-client Services deferred balance at period end $ 37,213 $ 41,059 $ 35,774 $ 20,010 $ 35,774 $ 20,010
             
(1)Includes non-cash data swap investment recorded as deferred revenue.
 

Conference Call and Webcast Information

Global Geophysical has scheduled a conference call as detailed below:

Conference Topic: Global Geophysical Services Q4 Earnings Call
Date of Call: Monday, February 25, 2013
Time of Call: 10:00 a.m. Eastern Time (9:00 a.m. Central; 8:00 a.m. Mountain; 7:00 a.m. Pacific)
 
Participant Operator Assisted Toll-Free Dial-In Number: (877) 312-5527
Participant Operator Assisted International Dial-In Number: (253) 237-1145

Investors and analysts are invited to participate in the call by phone or via the internet webcast at: http://ir.globalgeophysical.com/.

The webcast from the call will be available for on-demand replay on our investor relations website at: http://ir.globalgeophysical.com/results.cfm

CONTACT: Mathew Verghese

         Chief Financial Officer

         ir@globalgeophysical.com

         Phone: 713-808-1750

         Fax: (713) 972-1008

         www.globalgeophysical.com


Close window | Back to top


Copyright 2014 Global Geophysical Services, Inc.