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Last $0.53 USD
Change Today +0.0099 / 1.90%
Volume 306.1K
IO On Other Exchanges
Symbol
Exchange
New York
Frankfurt
As of 8:04 PM 09/1/15 All times are local (Market data is delayed by at least 15 minutes).

ion geophysical corp (IO) Snapshot

Open
$0.51
Previous Close
$0.52
Day High
$0.55
Day Low
$0.51
52 Week High
09/4/14 - $3.50
52 Week Low
08/24/15 - $0.38
Market Cap
87.3M
Average Volume 10 Days
531.5K
EPS TTM
$-0.66
Shares Outstanding
164.7M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for ION GEOPHYSICAL CORP (IO)

ion geophysical corp (IO) Related Businessweek News

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ion geophysical corp (IO) Details

ION Geophysical Corporation provides geoscience technology, services, and solutions for the oil and gas industry worldwide. It operates through four segments: Solutions, Systems, Software, and Ocean Bottom Services. The Solutions segment offers seismic data services, including survey planning and design, data acquisition, data processing and interpretation, subsurface imaging, and reservoir characterization services. This segment also provides data processing and imaging services to help its exploration and production customers for reducing exploration and production risk, evaluating and developing reservoirs, and enhancing production. The Software segment provides command and control software systems, related software, and services for towed marine streamer and seabed operations, as well as for survey design. The Systems segment manufactures re-deployable ocean bottom cable seismic data acquisition systems and shipboard recorders; marine towed streamer positioning and control systems; and analog geophone sensors. The Ocean Bottom Services segment offers survey design, planning, and optimization services to maximize seismic image quality, operational efficiency, and safety; superior imaging services; and data processing, interpretation, and reservoir services The company markets and sells its services and products through direct sales force and third-party sales representatives. The company was formerly known as Input/Output, Inc. and changed its name to ION Geophysical Corporation in 2007. ION Geophysical Corporation was founded in 1968 and is headquartered in Houston, Texas.

879 Employees
Last Reported Date: 02/17/15
Founded in 1968

ion geophysical corp (IO) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $550.0K
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $316.6K
Chief Operating Officer of Commercialization ...
Total Annual Compensation: $372.3K
Chief Innovation Officer of Innovation Divisi...
Total Annual Compensation: $364.0K
Executive Vice President of Ocean Bottom Serv...
Total Annual Compensation: $330.0K
Compensation as of Fiscal Year 2014.

ion geophysical corp (IO) Key Developments

ION Geophysical Receives Non-Compliance Notice From NYSE

ION Geophysical Corporation announced that it received notice on August 11, 2015 from the New York Stock Exchange (the "NYSE") that the price of its common stock fell below the NYSE's continued listing standards. The NYSE requires the average closing price of a listed company's common stock remain above $1.00 per share over a consecutive 30 trading-day period. As of August 7, 2015, the 30 trading-day period average closing price of the Company's common stock was $0.98 per share. In accordance with NYSE rules, the Company will respond to the NYSE within 10 business days of receipt of the notification with its intent to resolve the deficiency. The Company has six months to regain compliance with the NYSE continued listing requirements and will actively monitor its stock price and evaluate all available options in order to regain compliance within the prescribed time frame. During the six-month period, the Company's common stock will continue to be listed and traded on the NYSE, subject to compliance with other continued listing standards. The deficiency does not affect the Company's ongoing business operations or its SEC reporting requirements.

ION Geophysical Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

ION Geophysical Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total net revenues of $36,795,000 against $121,480,000 a year ago. Loss from operations was $40,689,000 against income from operations of $3,785,000 a year ago. Income before income taxes was $56,304,000 against $3,136,000 a year ago. Net income attributable to the company was $56,069,000 or $0.34 per basic and diluted share against $1,188,000 or $0.01 per basic and diluted share a year ago. Adjusted LBITDA was $29,426,000 against adjusted EBITDA of $27,141,000 a year ago. The second quarter results were positively impacted by special items totaling $100.8 million, or $0.61 per diluted share, primarily related to an additional partial reversal of a litigation reserve. The company's second quarter adjusted net loss was $44.7 million, or $0.27 per share, on revenues of $36.8 million, compared to an adjusted net loss of $5.0 million, or $0.03 per share. For the six months, the company reported total net revenues of $77,373,000 against $266,178,000 a year ago. Loss from operations was $87,378,000 against income from operations of $23,456,000 a year ago. Income before income taxes was $1,771,000 against $84,848,000 a year ago. Net income attributable to the company was $805,000 or $0.00 per basic and diluted share against $77,167,000 or $0.47 per basic and diluted share a year ago. Net cash used in operating activities was $22,495,000 against net cash provided by operating activities of $76,738,000 a year ago. Purchase of property, plant, equipment and seismic rental assets was $17,213,000 against $4,543,000 a year ago. Adjusted LBITDA was $67,520,000 against adjusted EBITDA of $70,011,000 a year ago. Excluding these special items, in the first half 2015, the company reported an adjusted net loss of $96.2 million, or $0.58 per share, compared to an adjusted net income of $1.4 million, or $0.01 per diluted share, in the prior year period.

ION Geophysical Corporation, ION Exploration Production (U.S.A.), Inc., I/O Marine Systems, Inc. and GX Technology Corporation Amend Senior Secured Credit Facility

On August 4, 2015, ION Geophysical Corporation and its material U.S. subsidiaries, ION Exploration Production (U.S.A.), Inc., I/O Marine Systems, Inc. and GX Technology Corporation amended the terms of their senior secured credit facility. The First Amendment to Revolving Credit and Security Agreement dated effective as of August 3, 2015 modified certain provisions of the revolving credit and security agreement dated as of August 22, 2014, among the Borrowers, the lenders party thereto and PNC Bank, National Association as agent for the lenders. The original provisions of the Credit Facility provided for a revolving line of credit of up to $80.0 million in total borrowings outstanding subject to a borrowing base. The original revolving credit and security agreement also required that the company not exceed a maximum senior secured leverage ratio of 3.0 to 1 as of the end of each fiscal quarter. The terms of the First Amendment contemplated PNC becoming the sole lender under the Credit Facility and, among other things: the reduction of the maximum amount of the revolving line of credit under the Credit Facility from $80.0 million to $40.0 million, the elimination of the requirement to maintain a maximum senior secured leverage ratio, the elimination of qualified cash from the borrowing base calculation under the Credit Facility, the addition of a percentage of the net orderly liquidation value of the Company's multi-client data library to the borrowing base calculation under the Credit Facility (not to exceed $15.0 million), the removal of the accordion features under the Credit Facility for both the revolving line of credit and the last out term loan, the reduction of the unbilled receivables sublimit under the Credit Facility from $45.0 million to $25.0 million, an increase in the interest rates under the Credit Facility, an unused line fee of 0.75% per annum with no adjustment based on usage, and the approval of the sale of certain domestic data library programs. As amended pursuant to the First Amendment, the interest rates per annum on borrowings under the Credit Facility are now, at the company's option, (i) an alternate base rate equal to the higher of (a) the prime rate of PNC Bank, (b) a federals funds effective rate plus 0.50% or (c) a LIBOR-based rate plus 1.0%, plus an applicable interest margin of 2.50% (increased from 1.50%), or (ii) a LIBOR-based rate, plus an applicable interest margin of 3.50% (increased from 2.50%). In addition, the First Amendment eliminated the $50,000 annual agency fee and provided for an amendment fee of $40,000.

 

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IO

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