Geokinetics Reports (NYSE Amex: GOK) Third Quarter 2009 Results

Windsor, Alberta 11/06/2009 06:55 PM GMT (TransWorldNews)

Geokinetics Inc. (NYSE Amex: GOK) recently announced financial results for its third quarter ended September 30, 2009. The Company reported total revenues of $96.8 million and a net loss applicable to common stockholders of ($4.8) million, or ($0.45) per share.

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Geokinetics Inc., based in Houston, Texas, is a leading international provider of seismic data acquisition and high-end seismic data processing services to the oil and gas industry. Geokinetics operates in some of the most challenging locations in the world from mountainous jungles, swamps and surf transition zones and ocean bottom environments. "We believe we are extremely well positioned and are confident of obtaining our share of the outstanding bids. We are optimistic about building our backlog in the fourth quarter and expect a sequential improvement in our results. We have the capabilities and standing to capitalize on upcoming opportunities, and we will continue to leverage our strengths and concentrate our assets in areas where we are most effective."

Total revenues in the third quarter of 2009 decreased 21% from the third quarter of 2008. The decline in revenues was primarily attributable to further weakness in North America as evidenced by third quarter 2009 international seismic acquisition revenues declining by less than 2% from the third quarter of 2008. While lower global prices for oil and natural gas have tempered exploration spending during the past year, the international job mix has been shifting to shallow water marine and transition zone acquisition, areas where the Company operates very effectivelyThe Company reported a loss applicable to common stockholders of ($4.8) million, or ($0.45) per share, in the third quarter of 2009 compared to income of $0.2 million, or $0.02 per diluted share, for the same quarter in 2008. Included in third quarter 2009 results are special charges of $0.5 million, or $0.04 per share, for severance costs. Despite the reported loss, the Company incurred tax expense in foreign jurisdictions where it was profitable in the third quarter and as a result incurred tax expense despite having a loss before income taxes.

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