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Global Geophysical Reports Record Revenues and Operating Margins for the Fourth Quarter

EPS of $0.14 Per Share, Normalized for Tax Adjustments

HOUSTON, Feb. 2, 2012 (GLOBE NEWSWIRE) -- Global Geophysical Services,
Inc. (NYSE:GGS) announced today that fourth quarter operating income
was $15.3 million on revenues of $113.1 million. Normalized for tax
rate adjustments, diluted earnings for the fourth quarter were $0.14
per share, or $0.04 per share without adjustments. Improved results
from the Proprietary Services segment along with data library late sale
contributions from the Multi-client Services segment were the primary
drivers of the company's performance during the quarter.

Global's revenues were $385.4 million for the full year 2011, compared
with $254.7 million for 2010, an increase of 51%. Operating Income for
2011 was $44.9 million, compared to an operating loss of $11.0 million
for 2010.

Highlights and Notable Accomplishments


  --  Proprietary Services revenues for the fourth quarter were $62.3 million
      and generated gross margin of $9.0 million, or 14.4%. Sequentially,
      Proprietary Services gross margins increased by $2.2 million, or 3.7%,
      on revenues of $60.1 million during the third quarter of 2011. Margins
      for the fourth quarter reflected the contribution of data acquisition
      programs that were contracted during the period.
  --  Multi-client late sale revenues were $14.2 million during the fourth
      quarter and were $48.3 million for the full year 2011. Late sale
      revenues for the full year 2010 were $16.4 million.
  --  During the fourth quarter, Multi-client revenues exceeded Multi-client
      cash investment by $16.9 million. Beginning with the third quarter of
      2011, Multi-client revenues have exceeded Multi-client cash investment
      by $25.1 million. Net book value of the Multi-client library as of
      December 31, 2011 was $232 million.
  --  Backlog at December 30, 2011 was approximately $201 million, of which
      $78 million is for Proprietary Services and $123 million is for
      Multi-client Services. Approximately 85% of the backlog is expected to
      be recognized as revenues prior to June 30, 2012.
  --  Global increased its recording instrumentation capacity to 180,000
      channels as of December 31, 2011. Approximately 20% of the company's
      channel count is its proprietary land nodal AUTOSEIS(R)(1) HDR units.
  --  HDR channels have now been successfully deployed on multiple US 3D
      seismic programs, as well as for frac monitoring applications, and have
      been tested in areas throughout North and South America including jungle
      and arctic environments. During the first quarter of 2012, the company
      is deploying the Autoseis HDR technology into Brazil, Colombia, and
      Alaska and is expanding channel counts in the US Lower 48. During 2012,
      Global expects to increase its Autoseis channel count by an additional
      100,000 channels.




Richard Degner, President and CEO, commented:

"The company's fourth quarter produced several milestones for the
company. Revenues and operating income reached record levels on the
strength of the Proprietary Services and Multi-client Services
contributions.

Global's Multi-client data library programs increased to approximately
7 million acres, of which 4.3 million acres were acquired as of year
end. Also, the Multi-client business reached the inflection point at
which revenues exceeded cash investment. Going forward, we expect
pre-funding levels for new programs to be at or above cost along with
sustained late sale contributions from the company's expanding base of
library assets. Multi-client cash investment for 2012 is expected to be
consistent with prior years between $170 - $180 million.

AUTOSEIS(R) continues to drive both increased efficiency and increased
quality of our data acquisition programs. Having successfully applied
the technology on several North American programs, the use of HDR is
expanding domestically and internationally, with exceptional
application on logistically and environmentally challenging programs.
Starting in Q2 2012, 26,000 HDR's will be deployed on a West Texas
Multi-client Shale project where Global will record over 4.5 million
traces per square mile, an order of magnitude higher than most shale 3D
projects currently underway. Acquiring data at this density has not
been previously commercially feasible with conventional cabled systems.

Autoseis HDR is the primary recording platform for Global's
microseismic frac monitoring services. Deployment with patent pending
array design have enabled the recording of higher fidelity data. During
2012, we will leverage the continuous recording capability of the HDR
to provide passive monitoring capabilities, complementing active source
seismic programs.

Global's planned increase in HDR channel count during 2012 will be
accompanied by a planned reduction of cabled channel counts. We expect
to divest approximately 40,000 channels of cabled systems. Net PP&E
investment (adjusted for asset divestments) for 2012 is expected to be
in the range of $30 - $40 million and primarily allocated to the
investment in HDR capacity growth.

The company continues to broaden its data processing, analysis and
interpretation services offerings. In 2011 we completed the integration
of STRM LLC, now routinely offering their Tomographic Fracture
Imaging(TM) as part of our microseismic monitoring services, and
providing detailed descriptions of the pre-existing natural fracture
networks which are effectively the permeability fairways in shale
plays. In the fourth quarter, we provided this service on an
international basis for the first time. Our recently completed
acquisition of Sensor Geophysical adds substantial capabilities in the
area of 3C and 4C processing. Combined with our expanding consulting
offerings in the area of unconventional resource analysis, Global is
able to provide a fully integrated geosciences platform to our
customers."

Fourth Quarter Results

The following table sets forth our consolidated revenues for the three
months ended December 31, 2011 and for the corresponding period of
2010.


                               Three Month Period Ended

                                     December 31,
                            -------------------------------
  Revenues by Service                 (unaudited)

  (Amounts in millions)            2011            2010
                            -----------------  ------------

                               Amount     %    Amount   %
                            -----------  ----  ------  ----
  Proprietary Services           $ 62.3   55%  $ 40.4   43%

  Multi-client Services            50.8   45%    53.1   57%
                            -----------  ----  ------  ----

   Total                        $ 113.1  100%  $ 93.5  100%
                            ===========  ====  ======  ====

                               Three Month Period Ended

                                     December 31,
                            -------------------------------
  Revenues by Area                    (unaudited)

  (Amounts in millions)            2011            2010
                            -----------------  ------------

                               Amount     %    Amount   %
                            -----------  ----  ------  ----
  United States                  $ 64.2   57%  $ 56.4   60%

  International                    48.9   43%    37.1   40%
                            -----------  ----  ------  ----

   Total                        $ 113.1  100%  $ 93.5  100%
                            ===========  ====  ======  ====



We recorded revenues of $113.1 million for the three months ended
December 31, 2011 compared to $93.5 million for the same period of
2010, an increase of $19.6 million, or 21%.

We recorded revenues from Proprietary Services of $62.3 million for the
three months ended December 31, 2011 compared to $40.4 million for the
same period of 2010, an increase of $21.9 million or 54%. Latin America
represented $35.5 million of that revenue.

Multi-client Services generated revenues of $50.8 million for the three
months ended December 31, 2011 compared to $53.1 million for the same
period of 2010, a decrease of $2.3 million, or 4%. The $50.8 million in
Multi-client Services revenues included $14.2 million of late sale
revenues, $35.5 million of pre-commitment revenues, and $1.1 million of
data swap revenues. This compared to $10.7 million of late sale
revenues, $38.7 million of pre-commitment revenues, and $3.7 million of
data swap revenues during the same period of 2010. Table 3 provides
selected data regarding our Multi-client Services Library activities.

Operating margin for the quarter ending December 31, 2011 was 13.5%,
compared to 10.8% in the same period of 2010.

Included within operating expenses is Multi-client Services
amortization of $31.3 million, representing a 62% effective
amortization rate. Gross depreciation expense for the quarter was $9.7
million, of which $3.5 million was capitalized in connection with our
Multi-client Services library investments resulting in net depreciation
expense of $6.2 million. Table 2 provides a reconciliation of Net
Income to EBITDA (a non-GAAP measure).

Fiscal 2011 Results

The following table sets forth our consolidated revenues for the year
ended December 31, 2011 and for the corresponding period in 2010.



                                 Year Ended December 31,
                            --------------------------------
  Revenues by Service                  (unaudited)

  (Amounts in millions)            2011             2010
                            -----------------  -------------

                               Amount     %     Amount   %
                            -----------  ----  -------  ----
  Proprietary Services          $ 208.0   54%  $ 119.8   47%

  Multi-client Services           177.4   46%    134.9   53%
                            -----------  ----  -------  ----

    Total                       $ 385.4  100%  $ 254.7  100%
                            ===========  ====  =======  ====


                                 Year Ended December 31,
                            --------------------------------
  Revenues by Service                  (unaudited)

  (Amounts in millions)            2011             2010
                            -----------------  -------------

                               Amount     %     Amount   %
                            -----------  ----  -------  ----
  United States                 $ 205.0   53%  $ 145.7   57%

  International                   180.4   47%    109.0   43%
                            -----------  ----  -------  ----

    Total                       $ 385.4  100%  $ 254.7  100%
                            ===========  ====  =======  ====



We recorded revenues of $385.4 million for the year ended December 31,
2011 compared to $254.7 million for the same period of 2010, an
increase of $130.7 million, or 51%.

We recorded revenues from Proprietary Services of $208.0 million for
the year ended December 31, 2011 compared to $119.8 million for the
same period of 2010, an increase of $88.2 million, or 74%. Latin
America represented $143.9 million of that revenue, an increase of
$67.2 million from the corresponding period in 2010. This growth was
driven by additional program activity in Colombia and Brazil.

Multi-client Services generated revenues of $177.4 million for the year
ended December 31, 2011 compared to $134.9 million for the same period
in 2010, an increase of $42.5 million, or 32%. The $177.4 million in
Multi-client Services revenues included $48.3 million of late sale
revenues, $126.0 million of pre-commitment revenues, and $3.1 million
of data swap revenues. This compared to $16.4 million of late sale
revenues, $109.1 million of pre-commitment revenues, and $9.4 million
of data swap revenues for the same period of 2010. Table 3 provides
selected data regarding our Multi-client Services Library activities.

Operating margins for the year ended December 31, 2011 was 11.7%,
compared to an operating loss for the same period of 2010.

Included within operating expenses is Multi-client Services
amortization of $112.7 million, representing a 64% effective
amortization rate. Gross depreciation expense for the year ended
December 31, 2011 was $44.9 million, of which $16.9 million was
capitalized in connection with our Multi-client Services library
investments resulting in net depreciation expense of $28.0 million.

Conference Call and Webcast Information

Global Geophysical has scheduled a conference call for Thursday,
February 2, 2012, at 11:00 a.m. Eastern Time (10:00 a.m. Central / 9:00
a.m. Mountain /8:00 a.m. Pacific). Investors and analysts are invited
to participate in the call by phone or via the internet webcast at:
http://ir.globalgeophysical.com/

Conference Call Information:

Conference Topic: Global Geophysical Services Q4 Earnings Call

Date of Call: 2/2/2012

Time of Call 11:00 a.m. Eastern Time

Participant Operator Assisted Toll-Free Dial-In Number: (877) 312-5527

Participant Operator Assisted International Dial-In Number: (253)
237-1145

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

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(R)
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(TM) in the exploration and production of hydrocarbons. GGS is
headquartered in Houston, Texas. To learn more about GGS, visit
www.GlobalGeophysical.com.

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

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

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,
2010, 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.

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

                                         Three Month Period Ended
                                                December 31             Year Ended December 31
                                       ----------------------------  -----------------------------

                                            2011           2010           2011           2010
                                       -------------  -------------  -------------  --------------
                                                (unaudited)           (unaudited)

  REVENUES                             $ 113,091,665   $ 93,463,911  $ 385,355,133   $ 254,704,813


  OPERATING EXPENSES                      84,658,699     73,210,167    293,865,361     225,327,226
                                       -------------  -------------  -------------  --------------

  GROSS PROFIT                            28,432,966     20,253,744     91,489,772      29,377,587
  SELLING, GENERAL, AND
   ADMINISTRATIVE EXPENSES                13,116,594     10,176,294     46,581,830      40,386,854
                                       -------------  -------------  -------------  --------------

  INCOME (LOSS) FROM OPERATIONS           15,316,372     10,077,450     44,907,942    (11,009,267)

  OTHER INCOME (EXPENSE)
   Interest expense, net                 (6,710,050)    (5,632,942)   (25,258,985)    (21,268,611)
   Foreign exchange (loss) gain            (773,677)      (737,010)      (311,432)       (947,289)
   Loss on extinguishment of debt                 --             --             --     (6,035,841)

   Other income (expense)                  (217,689)             --      (217,792)         306,579
                                       -------------  -------------  -------------  --------------

    TOTAL OTHER EXPENSE                  (7,701,416)    (6,369,952)   (25,788,209)    (27,945,162)
                                       -------------  -------------  -------------  --------------

  INCOME (LOSS) BEFORE INCOME TAXES        7,614,956      3,707,498     19,119,733    (38,954,429)


  INCOME TAX EXPENSE (BENEFIT)             6,100,445      5,314,554     13,479,612         599,945
                                       -------------  -------------  -------------  --------------

  INCOME (LOSS) AFTER INCOME TAXES         1,514,511    (1,607,056)      5,640,121    (39,554,374)

  NET INCOME (LOSS), attributable to
   noncontrolling interests                  110,634        161,519       (21,728)         161,519
                                       -------------  -------------  -------------  --------------

  NET INCOME (LOSS), attributable to
   common shareholders                   $ 1,403,877  $ (1,768,575)    $ 5,661,849  $ (39,715,893)
                                       =============  =============  =============  ==============

  INCOME (LOSS) PER COMMON SHARE
   (Basic & Diluted)                          $ 0.04       $ (0.05)         $ 0.15        $ (1.44)
                                       =============  =============  =============  ==============

  WEIGHTED AVERAGE SHARES OUTSTANDING
   (Basic & Diluted)                      37,010,192     36,014,106     36,665,582      27,517,050
                                       =============  =============  =============  ==============





  GLOBAL GEOPHYSICAL SERVICES, INC. AND SUBSIDIARIES
  CONSOLIDATED BALANCE SHEETS

                                          December 31,
                                  ----------------------------

                                       2011           2010
                                  -------------  -------------

  ASSETS                           (unaudited)

  CURRENT ASSETS
   Cash and cash equivalents       $ 21,524,692   $ 28,237,302
   Restricted cash investments        5,638,757      2,443,857
   Accounts receivable, net          86,889,465     69,509,391
   Income and other taxes
    receivable                        7,059,504      6,954,864
   Prepaid expenses and other
    current assets                    6,050,798      4,842,496
                                  -------------  -------------
    TOTAL CURRENT ASSETS            127,163,216    111,987,910

  MULTI-CLIENT LIBRARY, net         232,235,332    145,896,355

  PROPERTY AND EQUIPMENT, net       116,119,723    126,963,953

  GOODWILL                           12,380,964     12,380,964

  INTANGIBLE ASSETS, net              9,928,551      7,870,811


  OTHER                               6,244,550      8,166,507
                                  -------------  -------------


  TOTAL ASSETS                    $ 504,072,336  $ 413,266,500
                                  =============  =============





  GLOBAL GEOPHYSICAL SERVICES, INC. AND SUBSIDIARIES
  CONSOLIDATED BALANCE SHEETS (CONTINUED)

                                               December 31,
                                       ----------------------------

                                            2011           2010
                                       -------------  -------------
                                        (unaudited)
  LIABILITIES AND STOCKHOLDERS'
   EQUITY
  CURRENT LIABILITIES
   Accounts payable and accrued
    expenses                            $ 53,463,693   $ 44,058,306
   Current portion of long-term debt      11,415,574      3,344,261
   Current portion of capital lease
    obligations                            7,255,513             --
   Income and other taxes payable          5,169,432      5,601,356
   Deferred revenue                       39,559,890     47,496,895

   Other payables                            820,609             --
                                       -------------  -------------
    TOTAL CURRENT LIABILITIES            117,684,711    100,500,818

  DEFERRED INCOME TAXES                    2,119,855             --

  LONG-TERM DEBT, net of current
   portion and unamortized discount      265,873,419    209,418,242

  CAPITAL LEASE OBLIGATIONS, net of
   current portion                         2,613,127             --

  NONCONTROLLING INTERESTS                 1,469,017      1,490,745


  OTHER LIABILITIES                          750,000             --
                                       -------------  -------------

    TOTAL LIABILITIES                    390,510,129    311,409,805

  COMMITMENTS AND CONTINGENCIES

  STOCKHOLDERS' EQUITY
   Common Stock, $.01 par value,
    authorized 100,000,000 and 0
    shares, 46,713,138 and 45,586,215
    issued and 37,042,019 and
    36,142,985 outstanding at
    December 31, 2011 and 2010,
    respectively                             467,131        455,862
   Additional paid-in capital            246,104,217    239,248,935

   Accumulated deficit                  (36,483,906)   (42,145,755)
                                       -------------  -------------
                                         210,087,442    197,559,042
   Less: treasury stock, at cost,
    9,671,119 and 9,443,230 shares at
    December 31, 2011 and 2010,
    respectively                          96,525,235     95,702,347
                                       -------------  -------------

    TOTAL STOCKHOLDERS' EQUITY           113,562,207    101,856,695
                                       -------------  -------------
  TOTAL LIABILITIES AND STOCKHOLDERS'
   EQUITY                              $ 504,072,336  $ 413,266,500
                                       =============  =============





  CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                 Year Ended December 31,
                                              ----------------------------

                                                   2011           2010
                                              -------------  -------------
                                               (unaudited)
  CASH FLOWS FROM OPERATING ACTIVITIES
   Net (loss) income, attributable to common
    shareholders                                $ 5,661,849  $(39,715,893)
   Adjustments to reconcile net (loss)
    income to net cash provided by operating
    activities:
    Depreciation and amortization expense       159,466,452    149,562,465
    Capitalized depreciation for
     Multi-client library                      (16,900,854)   (20,369,366)
    Amortization of debt issuance costs           1,303,817      1,040,817
    Loss on extinguishment of debt                       --      6,035,841
    Noncontrolling interest                        (21,728)        161,519
    Stock-based compensation                      5,228,364      3,129,291
    Non-cash charitable contribution                206,379        103,190
    Non-cash revenue from Multi-client data
     exchange                                   (3,113,435)    (9,381,991)
    Deferred tax (benefit) expense                4,150,903    (5,857,179)
    Unrealized gain on derivative instrument             --      (331,163)
    Loss on disposal of property and
     equipment                                  (1,682,922)      2,628,811
   Effects of changes in operating assets
    and liabilities:                                     --             --
    Accounts receivable, net                   (17,380,074)      4,058,793
    Prepaid expenses and other current
     assets                                     (1,483,302)      8,334,335
    Other assets                                    475,491      1,527,315
    Accounts payable and accrued expenses         1,278,037      3,729,397
    Deferred revenue                           (10,141,651)      3,254,894
    Income and other taxes receivable             (104,640)      3,204,634

    Income and other taxes payable                (361,315)      4,726,101
                                              -------------  -------------
    NET CASH PROVIDED BY OPERATING
     ACTIVITIES                                 126,581,371    115,841,811

  CASH FLOWS FROM INVESTING ACTIVITIES
   Purchase of property and equipment          (25,035,780)   (39,987,473)
   Investment in Multi-client library         (177,746,131)  (170,755,194)
   Change in restricted cash investments        (3,194,900)      2,902,209
   Purchase of business                         (1,149,812)    (6,718,067)
   Noncontrolling interests                              --      1,329,226
   Proceeds from the sale of property and
    equipment                                    15,072,398        497,411
                                              -------------  -------------
    NET CASH USED IN INVESTING ACTIVITIES     (192,054,225)  (212,731,888)

  CASH FLOWS FROM FINANCING ACTIVITIES
   Proceeds from long-term debt, net of
    discount                                     16,427,377    196,449,261
   Principal payments on long-term debt         (8,556,064)  (170,477,253)
   Net proceeds on revolving credit facility     55,000,000     15,000,000
   Debt issuance costs                                   --    (5,922,307)
   Principal payments on capital lease
    obligations                                 (4,369,801)    (2,063,018)
   Purchase of treasury stock                     (822,888)    (1,317,434)

   Issuances of stock, net                        1,081,620     76,431,265
                                              -------------  -------------
    NET CASH PROVIDED BY (USED IN) FINANCING
     ACTIVITIES                                  58,760,244    108,100,514
                                              -------------  -------------

  NET (DECREASE) INCREASE IN CASH AND CASH
   EQUIVALENTS                                  (6,712,610)     11,210,437

  CASH AND CASH EQUIVALENTS, beginning of
   period                                        28,237,302     17,026,865
                                              -------------  -------------


  CASH AND CASH EQUIVALENTS, end of period     $ 21,524,692   $ 28,237,302
                                              =============  =============





  Global Geophysical Services
  Table 1: Segment Gross Margin Analysis (UNAUDITED)


                            Three Month Period Ended             Year Ended
                                  December 31,                   December 31,
                           ---------------------------  -----------------------------

                                2011          2010           2011           2010
                           -------------  ------------  -------------  --------------
                                   (unaudited)                   (unaudited)
                              Amount         Amount        Amount          Amount


  Proprietary Services
  -----------------------
   Revenues                 $ 62,291,515  $ 40,396,898  $ 207,920,841   $ 119,836,991

   Operating expenses         53,332,177    35,464,311    181,197,495     132,624,799
                           -------------  ------------  -------------  --------------
   Gross margin              $ 8,959,338   $ 4,932,587   $ 26,723,346  $ (12,787,808)


  Multi-client Services
  -----------------------
   Revenues                 $ 50,800,150  $ 53,067,013  $ 177,434,292   $ 134,867,822

   Operating expenses (1)     31,326,522    37,745,856    112,667,866      92,702,427
                           -------------  ------------  -------------  --------------
   Gross margin             $ 19,473,628  $ 15,321,157   $ 64,766,426    $ 42,165,395


  Consolidated
  -----------------------
   Revenues                $ 113,091,665  $ 93,463,911  $ 385,355,133   $ 254,704,813

   Operating expenses         84,658,699    73,210,167    293,865,361     225,327,226
                           -------------  ------------  -------------  --------------
   Gross margin             $ 28,432,966  $ 20,253,744   $ 91,489,772    $ 29,377,587

  SG&A                      $ 13,116,594  $ 10,176,294   $ 46,581,830    $ 40,386,854


                           -------------  ------------  -------------  --------------

  Operating income          $ 15,316,372  $ 10,077,450   $ 44,907,942  $ (11,009,267)
                           =============  ============  =============  ==============

  (1) Represents Multi-client amortization expense





 Global Geophysical Services
 Table 2: Reconciliation of Net Income to EBIT and EBITDA (a Non-GAAP Measure)(1) (UNAUDITED)


                                     Three Month Period Ended                              Year Ended
                                           December 31,                                    December 31,
                          -----------------------------------------------------------------------------------------------

                                   2011                   2010                   2011                     2010
                          -----------------------------------------------------------------------------------------------
                                           (unaudited)                                     (unaudited)
                                           Per                                            Per
                                         Share                    Per                   Share                     Per
                              Amount       (3)       Amount    Share (3)     Amount       (3)       Amount      Share (3)
 UNAUDITED
 Net Income (Loss),
  attributable to common
  share holders              $ 1,403,877   $ .04                 $ (.05)                  $ .15                  $ (1.44)
                                        ========  $ (1,768,575)=========    $ 5,661,849========  $ (39,715,893)==========

 Net Income (Loss),
  attributable to
  noncontrolling interests       110,634                161,519                (21,728)                 161,519
 Income tax expense            6,100,445              5,314,554              13,479,612                 599,945

 Interest expense, net         6,710,050              5,632,942              25,258,985              21,268,611
                          --------------        ---------------         ---------------        ----------------

 EBIT                       $ 14,325,006   $ .39                   $ .26                 $ 1.21                   $ (.64)
                                        ========    $ 9,340,440=========   $ 44,378,718========  $ (17,685,818)==========

 Add: Multi-client
  amortization                31,326,522             37,745,856             112,667,866              92,702,427
 Add: Net depreciation and
  other amortization (2)       6,596,595             16,442,427              28,214,810              39,119,483

 EBITDA                     $ 52,248,123  $ 1.41                  $ 1.76                 $ 5.05                    $ 4.15
                                        ========   $ 63,528,723=========  $ 185,261,394========   $ 114,136,092==========

 (1) EBIT, EBITDA, EBIT per share and EBITDA per share (as defined in the calculations above) are non GAAP measurements.
 (2) Includes gain (loss) of sale of assets and includes amortization of intangibles
 (3) Calculated using diluted weighted average shares outstanding





 Global Geophysical Services
 Table 3: Selected Multi-client Services additional data (UNAUDITED)


                                   2008        2009         2010         2011       Q4-2010      Q4-2011
                               ----------------------------------------------------------------------------

 Multi-client Services revenues
  (period)
 ------------------------------
 Pre-commitments                 24,984,669  13,364,567  109,109,353  126,001,921   38,619,670   35,530,908

 Late sales                              --   2,250,000   16,376,478   48,318,935   10,715,453   14,171,503
                               ----------------------------------------------------------------------------

 Subtotal                        24,984,669  15,614,567  125,485,831  174,320,856   49,335,123   49,702,411
                               ----------------------------------------------------------------------------

 Non-cash data swaps                     --   8,880,000    9,381,991    3,113,436    3,731,890    1,097,739
                               ----------------------------------------------------------------------------

 Total Revenue                   24,984,669  24,494,567  134,867,822  177,434,292   53,067,013   50,800,150
                               ============================================================================


 Multi-client Services
  amortization
 ------------------------------  19,144,526  18,629,279   92,702,427  112,667,866   37,745,856   31,326,522
 Average amortization rate (%)          77%         76%          69%          64%          71%          62%


 Revenues (cumulative)
 ------------------------------
 Pre-commitments                 24,984,669  38,349,236  147,458,589  273,460,510  147,458,589  273,460,510

 Late sales                              --   2,250,000   18,626,478   66,945,413   18,626,478   66,945,413
                               ----------------------------------------------------------------------------

 Subtotal                        24,984,669  40,599,236  166,085,067  340,405,923  166,085,067  340,405,923
                               ----------------------------------------------------------------------------

 Non-cash data swaps                     --   8,880,000   18,261,991   21,375,427   18,261,991   21,375,427
                               ----------------------------------------------------------------------------

 Total Revenue                   24,984,669  49,479,236  184,347,058  361,781,350  184,347,058  361,781,350
                               ============================================================================


 Amortization (cumulative)
 ------------------------------  19,144,526  37,773,805  130,476,232  243,144,098  130,476,232  243,144,098
 Average amortization rate (%)          77%         76%          71%          67%          71%          67%


 Multi-client Services
  investment (period)
 ------------------------------
 Cash                            25,169,740  34,352,781  170,755,195  178,442,841   52,598,324   33,888,729
 Capitalized depreciation         3,037,442   3,729,363   20,369,366   16,900,854   -1,947,227    3,472,205

 Non-cash data swaps                     --   8,880,000   10,078,700    3,663,150      163,068    2,671,200
                               ----------------------------------------------------------------------------

 Total                           28,207,182  46,962,144  201,203,261  199,006,845   50,814,165   40,032,134
                               ============================================================================


 Investment (cumulative)
 ------------------------------
 Cash                            25,169,740  59,522,521  230,277,716  408,720,557  230,277,716  408,720,557
 Capitalized depreciation         3,037,442   6,766,805   27,136,171   44,037,025   27,136,171   44,037,025

 Non-cash data swaps                     --   8,880,000   18,958,700   22,621,850   18,958,700   22,621,850
                               ----------------------------------------------------------------------------

 Total                           28,207,182  75,169,326  276,372,587  475,379,432  276,372,587  475,379,432
                               ============================================================================

 Cumulative amortization         19,144,526  37,773,805  130,476,232  243,144,098  130,476,230  243,144,098
 Multi-client net book value      9,062,656  37,395,521  145,896,355  232,235,333  145,896,357  232,235,333

 Mulit-client Services backlog
  at period end                  11,250,000  65,700,000  137,430,000  122,781,000  137,430,000  122,781,000
 Multi-client Services deferred
  balance at period end           3,007,544  37,212,684   41,058,645   35,774,306   41,058,645   35,774,306
 Square Miles of Data Library
  at period end (approximately)         400         900        3,700        6,700        3,700        6,700





  Global Geophysical Services
  Table 4: Reconciliation of Q4 Adjusted EPS (UNAUDITED)


                                    Reported     Adjusted
                                   -----------  -----------
                                   (unaudited)  (unaudited)

  Income before income taxes       $ 7,614,956  $ 7,614,956
    + Foreign exchange loss                 --      773,677

    + Other expenses                        --      217,689
                                   -----------  -----------

    Adjusted EBT                   $ 7,614,956  $ 8,606,322
                                   -----------  -----------
  Tax / Tax @ 40% ETR                6,100,445    3,442,529
  Income after tax / Adjusted
   income after tax                $ 1,514,511  $ 5,274,427

  Non-controlling interest             110,634      110,634
                                   -----------  -----------
  Net income / Adjusted net
   income                          $ 1,403,877  $ 5,163,793
                                   ===========  ===========

  Weighted average shares
   outstanding                      37,010,192   37,010,192

  EPS / Adjusted EPS                     $ .04        $ .14
                                   ===========  ===========

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