The New York Stock Exchange has sent Houston-based Ion Geophysical Corp. (NYSE: IO) a warning that the company’s stock listing on the exchange is at risk. The exchange requires that listed companies maintain a 30-day average market capitalization over $50 million, but Ion’s market cap has dipped below that level, the company said in a filing with the U.S. Securities and Exchange Commission on April 1. Ion said it will submit a plan for fixing the problem to the NYSE within 10 days.
ION Geophysical Corporation (NYSE: IO) today reported revenues of $42.7 million in the fourth quarter 2019 compared to fourth quarter revenues of $74.6 million one year ago. ION's net loss for the fourth quarter 2019 was $14.5 million, or a loss of $1.02 per share, compared to a net loss of $19.3 million, or a loss of $1.38 per share in the fourth quarter 2018. Excluding special items in both periods, the Company reported an Adjusted net loss of $5.7 million, or a loss of $0.40 per share, compared to an Adjusted net income of $15.3 million, or $1.07 per diluted share in the fourth quarter 2018. A reconciliation of special items to the reported financial results can be found in the tables of this press release.
ION Geophysical Corporation (NYSE: IO) today announced enhanced measures to mitigate the impact of COVID-19 and oil price volatility while maintaining business continuity. The Company plans to scale down costs by $18 million during the remaining nine months of 2020 to preserve cash and manage liquidity, building on the >$20 million permanent cuts taken in January of this year. ION's asset light strategy avoids significant fixed costs and provides flexibility to easily scale the business to meet demand.
Ion Geophysical (IO) delivered earnings and revenue surprises of 135.48% and 45.77%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
ION Geophysical Corporation (NYSE:IO) defied analyst predictions to release its quarterly results, which were ahead of...
ION Geophysical Corporation (NYSE: IO) today reported total net revenues of $56.4 million in the first quarter 2020, a 53% increase compared to total net revenues of $37.0 million one year ago primarily due to an increase in 2D multi-client data library sales. ION's operating income was $6.3 million compared to an operating loss of $15.9 million in the first quarter 2019. ION's net loss was $2.3 million, or a loss of $0.16 per share, compared to a net loss of $21.4 million, or a loss of $1.52 per share in the first quarter 2019. Excluding special items in both periods, the Company reported an Adjusted net income of $4.7 million, or $0.33 per share, compared to an Adjusted net loss of $16.9 million, or a loss of $1.20 per share in the first quarter 2019. A reconciliation of special items to the reported financial results can be found in the tables of this press release.
ION Geophysical Corporation (NYSE: IO) today announced that it will release its fourth quarter and full year 2019 financial results on Wednesday, February 5, 2020 after the market closes. In conjunction with the release, ION has scheduled a conference call, which will be broadcast live over the Internet, for Thursday, February 6 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).
Q1 2020 ION Geophysical Corp Earnings Call
Ion Geophysical (IO) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
It is not uncommon to see companies perform well in the years after insiders buy shares. On the other hand, we'd be...
ION Geophysical Corporation (NYSE: IO) today announced a new 3D multi-client reimaging program offshore Uruguay. Leveraging the Company's existing regional UruguaySPAN data and subsurface knowledge, ION is reimaging 22,000 sq km of data over the country's deep water blocks to create a contiguous volume for a holistic exploration perspective of the margin. This program builds on ION's excellent 3D merge and reimaging track record established on our quarter of a million square kilometer data library, and adds important geographical diversity to this unique product offering.
ION Geophysical Corporation (NYSE: IO) today announced the Company entered into an agreement to sell its 49% equity stake in INOVA Geophysical Equipment Limited (INOVA) for $12 million. INOVA is a land seismic equipment joint venture with BGP Inc., the world's largest land seismic service provider, who owns the remaining 51%. INOVA is a leading provider of land geophysical technology, including acquisition systems, source products and digital sensors. In 2014, ION wrote down its investment in INOVA to zero. The parties anticipate closing the deal in the second half of the year, subject to regulatory approvals and other closing conditions.
ION Geophysical Corporation (NYSE: IO) today announced that the Company expects first quarter 2020 revenues to be in the range of $56-57 million, over 50% greater than the first quarter 2019 and over 30% greater than the fourth quarter 2019.
ION Geophysical Corporation (NYSE: IO) today announced the Company received another grant from Scottish Enterprise, Scotland's national economic development agency, to broaden Marlin's scope to deliver comprehensive value to the global ports and harbors market. Developed in conjunction with subject matter experts and initial port clients, the Marlin™ SmartPort technology roadmap has been designed to help stakeholders optimize decision-making and profitability. Marlin SmartPort development will enable new web-based features, such as port call optimization, back office digitalization and port community engagement, and will expand ION's offshore operations optimization capabilities to address a range of digitalization requirements for ports and other sectors. The software development will take place in ION's Edinburgh office, supporting the local economy.
ION Geophysical Corporation (NYSE: IO) today announced that Steve Bate, Executive Vice President and Chief Financial Officer, will be retiring and stepping down from his position as CFO effective February 1, 2020. Mr. Bate, who joined ION in 2005, will remain with ION as a Strategic Advisor to the CEO until the end of June to facilitate a seamless transition.
One of the biggest stories of last week was how ION Geophysical Corporation (NYSE:IO) shares plunged 23% in the week...
ION Geophysical Corporation (NYSE: IO) today announced a settlement of the decade-long patent litigation with WesternGeco regarding lateral streamer positioning. The parties signed an agreement where WesternGeco will permanently dismiss the pending lawsuit, grant ION a license to the patents and lift the injunction preventing ION from manufacturing DigiFIN™ in the United States. In exchange, ION agreed to pay a settlement value to WesternGeco out of future revenues from the company's multi-client data library, comprising 1) a small percent of 2D multi-client late sales for a 10-year period and 2) transferring a majority of ION's revenue share to WesternGeco on the parties' existing joint multi-client reimaging product offshore Mexico. The parties also agreed to expand the existing multi-client collaboration opportunities through new arrangements within specific geographies and product offerings.
ION Geophysical Corporation (NYSE: IO) today announced that written notice was received from the New York Stock Exchange (the "NYSE") that the Company is not in compliance with the continued listing standards set forth in Section 802.01B of the NYSE Listed Company Manual. ION is considered below criteria established by the NYSE for continued listing because its average market capitalization has been less than $50 million over a consecutive 30 trading-day period, and at the same time its last reported stockholders' equity was below $50 million. The Company's market capitalization was above $50 million prior to the precipitous stock market decline that was triggered by the COVID-19 pandemic.
Q4 2019 ION Geophysical Corp Earnings Call
Given one of the best years for oil price, the energy sector enjoyed a strong surge.