Geokinetics – GOK – Reports Second Quarter 2012 Financial Results
Geokinetics Inc. (NYSE : GOK) announced its financial results for the quarter ended June 30, 2012.
GOK – Second Quarter 2012 Results
Geokinetics Inc. reported a loss applicable to common shareholders for the quarter ended June 30, 2012 of $30.0 million or $1.58 per basic and diluted share. This compares to a loss applicable to common shareholders of $41.7 million, or $2.34 per basic and diluted share, for the quarter ended June 30, 2011. Consolidated revenues for the three months ended June 30, 2012 totaled $134.8 million compared to $145.5 million for the comparable period in 2011, a decrease of 7%. Adjusted EBITDA (a non-GAAP financial measurement, defined below) increased to $21.0 million for the quarter ended June 30, 2012 from $8.8 million for the same period of 2011.
GOK Backlog
Backlog was $394 million as of June 30, 2012. The Company anticipates that approximately 65% of the backlog at June 30, 2012 will be completed in the third and fourth quarters of 2012 and 35% will be completed in 2013 and 2014.
Richard F. Miles, Chief Executive Officer, commented, “During the second quarter of 2012 compared to the prior quarter, we experienced improved activity in our international regions, and lower activity in North America. The falloff in North America activity was the result of job postponements into 2013 and permit delays which created idle time for some of our crews for which we were unable to reschedule jobs at short notice. Even though there is an overall slowdown in bidding activity in North America we are seeing increased activity in Q3 with our crew count back up to 6. Our large Ocean Bottom cable crew operating in Mexico saw significant operational improvement during the second quarter and we fully expect this trend to continue throughout the remainder of 2012. We are finally receiving awards in Australia and the Far East and expect those regions to contribute for the remainder of the year. Our backlog decreased to approximately $394 million at June 30th 2012 and is predominantly in North America, Mexico and Brazil, although as expected our backlog is increasing in both Australia and the Far East which supports our strategy of focusing on those regions along with our core areas.”
About Geokinetics – GOK
Geokinetics Inc. (GOK) is a leading provider of seismic data acquisition, seismic data processing services and multi-client seismic data to the oil and gas industry worldwide. Headquartered in Houston, Texas, Geokinetics is the largest Western contractor acquiring seismic data onshore and in transition zones in oil and gas basins around the world. Geokinetics has the crews, experience and capacity to provide cost-effective world class data to its international and North American clients
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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