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Seitel Announces 2006 Third Quarter Results; Cash Resales Grow by 30 Percent Year-on-Year
Wednesday November 1, 9:57 pm ET
HOUSTON, Nov. 1 /PRNewswire-FirstCall/ -- Seitel, Inc. (OTC Bulletin Board: SELA - News), a leading provider of seismic data to the oil and gas industry, today reported revenue of $45.9 million for the third quarter ended September 30, 2006, compared to revenue of $48.5 million in the second quarter of 2006 and $24.6 million in the third quarter of 2005. Cash resales reached $26.3 million, compared to $27.0 million for the second quarter of 2006 and $20.3 million in the third quarter of last year, a 30% year-on-year improvement. For the nine month period in 2006, cash resales were $86.9 million compared to $65.5 million in the same period of 2005, a 33% year-on-year improvement.
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For the third quarter of 2006, net income from continuing operations was $14.0 million, or $0.08 per fully diluted share, compared to net income of $12.6 million, or $0.08 per fully diluted share, in the second quarter of 2006 and a loss of $2.4 million in the third quarter of 2005. Net income from continuing operations for the first nine months of 2006 reached $33.4 million, or $0.20 per fully diluted share, compared to a net loss of $3.2 million, or $0.02 per share, for the same period of 2005.
"Despite weaker natural gas prices during the quarter, our seismic data delivered strong cash resales," commented Rob Monson, president and chief executive officer. "In addition, operating margins continued to expand as a result of the strong performance of our more mature data and of a reduction in operating expenses.
"New survey activity remained healthy, both in terms of progress towards our investment plan and of new opportunities for 2007," stated Monson. "As our customers strive to maintain production of hydrocarbons and replace their reserves, we expect demand for our seismic data will continue to grow."
In what is traditionally the slowest quarter of the year, the company reported operating income of $16.4 million in the 2006 third quarter, compared to an operating loss of $2.6 million in the 2005 third quarter and $16.5 million in the second quarter of this year. Operating margins improved to 36% during the current quarter, an increase of 47 percentage points over the third quarter of 2005, and a sequential increase of 180 basis points. Depreciation and amortization expense for the third quarter of 2006 was $21.0 million compared to $19.4 million for the same period in 2005 and to $23.0 million in the second quarter of this year. The 2006 period reflects lower amortization resulting from the effects of the level of revenue recognized on data with fully amortized costs, which increased to 79% of the total resales from the library as compared to 72% in the second quarter of this year and 64% for the third quarter of 2005.
Selling, general and administrative expenses were $8.4 million for the third quarter of 2006, compared to $8.9 million in the second quarter of this year and $7.7 million in the third quarter of 2005. The above expenses included non-cash compensation of $618,000 in the third quarter of 2006, $794,000 in the second quarter of 2006 and $722,000 in the third quarter of 2005.
Cash margin, defined as cash resales plus solutions revenue less cash expenses, is the indicator management believes best measures the level of cash from operations that is available for debt service and net cash capital expenditures. Cash margin increased to $19.9 million for the third quarter of 2006, compared to $14.5 million for the same period last year and $21.3 million for the second quarter of 2006. Cash margin for the 2006 nine month period totaled $68.8 million compared to $47.7 million in the first nine months of 2005. Our cash balances also continued to grow, closing at $97.1 million, up $8.6 million from the prior quarter end.
CONFERENCE CALL
Seitel will broadcast live via the Internet its 2006 third quarter results tomorrow, November 2 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To listen to the Webcast and gain access to the accompanying slide presentation, log on to the company's Website at http://www.seitel-inc.com/investorrelations.asp and click on the Third Quarter 2006 Earnings Webcast link. The Webcast will be available as a combined audio and visual presentation or as a visual presentation only (by using the "Live Phone Only" button on the Webcast) for those dialing in on the conference call. To dial in for the call and to participate in the question and answer session, dial 800-299-9630, passcode Seitel. The call will also be available for replay for 30 days by dialing 888-286-8010, passcode 61801277. A replay of the Webcast will be available on the investor relations page of the company's Website within 24 hours of the call. The slide presentation will be available immediately after the call on the company's Website at http://www.seitel-inc.com/investorrelations.asp .
ABOUT SEITEL
Seitel, founded in 1982, has grown to become the owner of one of the largest seismic data libraries providing information to the North American oil and gas market. Focused on the U.S. and Canada, the company owns data in all the major exploration and production basins. Seitel continues to grow the data library using its 20 years of experience in performing seismic surveys in North America. Seitel's strengths include expertise in managing and delivering seismic data, as well as an experienced and dynamic sales and marketing team. Seitel's seismic data library includes both onshore and offshore three-dimensional (3D) and two-dimensional (2D) data and offshore multi-component data. The company has ownership in over 37,000 square miles of 3D and approximately 1.1 million linear miles of 2D seismic.
Thanks for posting this article. The offer is way too low, and I hope Seitel will reject it.
[August 29, 2006]
Seitel receives offer from major shareholder
(Houston Chronicle (KRT) Via Thomson Dialog NewsEdge) Aug. 29--Seismic-data firm Seitel could go private if its board of directors accepts a merger offer from one of its largest shareholders.
But Wall Street was apparently looking for a better price for the Houston company that sells seismic data used to search for oil and natural gas.
Seitel's shares rose 28 cents Monday to close at $3.78, which is 13 cents higher than the purchase price offered by ValueAct Capital Master Fund.
In a letter to Seitel's board dated Aug. 27, the Boston-based investment partnership offered $3.65 per share in cash for all outstanding shares of Seitel it doesn't already own
ValueAct, led by its managing member, Peter Kamin, owns 39 percent of Seitel.
The firm uses a strategy of investing in small and midsize public companies and placing its own people on the companies' boards.
In his letter to Seitel Board Chairman Fred Zeidman, Kamin said ValueAct could immediately begin negotiations, with a goal of reaching a final agreement within three weeks. Kamin said ValueAct has "full-debt financing" available.
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Calls to Seitel and ValueAct seeking comments on the offer were not immediately returned.
Seitel share's hit a 52-week high at $4.99 on May 10.
"The offer was pretty low," said Randy Laufman, a research analyst with Imperial Capital in Beverly Hills, Calif.
"I don't know ValueAct's intentions here, but it seems the market did not see much likelihood that the deal would go through."
Seitel's board referred the merger proposal to a committee created to consider the offer. The two ValueAct-affiliated Seitel board members are not members of that com- mittee.
The proposal does not preclude Seitel from seeking other offers, Kamin's letter said.
ValueAct "may be just trying to stir the pot to see what other interest is out there," Laufman said.
"If it does go through, then I'm sure they would see it as a steal," Laufman said.
I really expected a bigger jump in price today. Why do you think it can't stay over $4?
SELA 3.84 UP .04--AH NEWS--
Seitel Announces 2006 Second Quarter Results
8/8/2006
Revenue Grows 35 Percent Year-on-Year; Net Income 86 Percent Higher Than First Quarter
HOUSTON, Aug 08, 2006 /PRNewswire-FirstCall via COMTEX News Network/ --
Seitel, Inc. (OTC Bulletin Board: SELA), a leading provider of seismic data to the oil and gas industry, today reported revenue of $48.5 million for the second quarter ended June 30, 2006, compared to revenue of $44.7 million in the first quarter of 2006 and $36.0 million in the second quarter of last year. Cash resales reached $27.0 million, compared to $33.6 million for the first quarter of 2006 and $21.0 million in the second quarter of last year, a 28% year-on-year improvement. This is the seventh consecutive quarter of year-on-year growth in cash resales as oil and gas activity in North America remained strong. For the six month period in 2006, cash resales were $60.6 million compared to $45.2 million in the same period for 2005, a 34% year-on-year improvement.
For the second quarter of 2006, net income was $12.6 million, or $0.08 per fully diluted share, compared to net income of $6.8 million, or $0.04 per fully diluted share, in the first quarter of this year and a loss of $695,000 in the second quarter of 2005. Net income for the first six months of 2006 reached $19.4 million, or $0.12 per fully diluted share, compared to a net loss of $841,000, or $0.01 per share, for the same period of 2005.
"Our growing data library combined with increasing exploration activity have pushed our cash resales to a second quarter record high," commented Rob Monson, chief executive officer. "In addition to the excellent performance of our library across all regions, we made great progress towards our investment plan. New survey activity continued to ramp up and we purchased an attractive 600 square mile block of data from one of our customers in Louisiana. We expect this latest investment vintage will produce results similar to the returns we are realizing with our existing data.
"Our significant increases in operating margins and net income are further testaments to the quality of our data base, as fully amortized, vintage data remain in high demand," stated Monson. "With the continued strength of drilling and exploration in North America, we expect to continue to realize similar success for the remainder of the year."
The company reported operating income of $16.5 million in the 2006 second quarter, compared to operating income of $4.9 million in the 2005 second quarter and $12.0 million in the first quarter of this year. Operating margins improved to 34% during the current quarter, an improvement of 20 percentage points over the second quarter of 2005, and a sequential increase of 7 percentage points. Depreciation and amortization expense for the second quarter of 2006 was $23.0 million compared to $23.7 million for the same period in 2005 and to $23.8 million in the first quarter of this year. The 2006 period reflects lower amortization resulting from the effects of the level of revenue recognized on data with fully amortized costs, which increased to 72% of the total resales from the library as compared to 62% in the first quarter of this year and 52% for the second quarter of 2005.
Selling, general and administrative expenses were $8.9 million for the second quarter of 2006, compared to $9.0 million in the first quarter of this year and $7.3 million in the second quarter of 2005. The above expenses included non-cash compensation of $794,000 in the second quarter of 2006, $406,000 in the same period last year and $604,000 in the first quarter of 2006.
Cash margin, defined as cash revenues other than from data acquisition plus gain on sale of seismic data less cash expenses, is the indicator management believes best measures the level of cash from operations that is available for debt service and capital expenditures, net of underwriting. Cash margin for the second quarter increased to $21.3 million, compared to $15.6 million for the same period last year and $27.6 million for the first quarter of 2006. Cash margin for the 2006 six month period totaled $48.9 million compared to $33.2 million in the first six months of 2005. Our cash balances also continued to grow, closing at $88.3, up $7.8 million from the prior quarter end.
CONFERENCE CALL
Seitel will broadcast live via the Internet its 2006 second quarter results tomorrow, August 9 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To listen to the Webcast and gain access to the accompanying slide presentation, log on to the company's Website at http://www.seitel-inc.com/investorrelations.asp and click on the Second Quarter 2006 Earnings Webcast link. The Webcast will be available as a combined audio and visual presentation or as a visual presentation only (by using the "Live Phone Only" button on the Webcast) for those dialing in on the conference call. To dial in for the call and to participate in the question and answer session, dial 866-510-0704, passcode Seitel. The call will also be available for replay for 30 days by dialing 888-286-8010, passcode 50245113. A replay of the Webcast will be available on the investor relations page of the company's Website within 24 hours of the call. The slide presentation will be available immediately after the call on the company's Website at http://www.seitel-inc.com/investorrelations.asp .
ABOUT SEITEL
Seitel, founded in 1982, has grown to become the owner of one of the largest seismic data libraries providing information to the North American oil and gas market. Focused on the U.S. and Canada, the company owns data in all the major exploration and production basins. Seitel continues to grow the data library using its 20 years of experience in performing seismic surveys in North America. Seitel's strengths include expertise in managing and delivering seismic data, as well as an experienced and dynamic sales and marketing team. Seitel's seismic data library includes both onshore and offshore three-dimensional (3D) and two-dimensional (2D) data and offshore multi-component data. The company has ownership in over 37,000 square miles of 3D and approximately 1.1 million linear miles of 2D seismic.
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CanWest Petroleum Corporation (OTC BB:CWPC.OB - News) which opened on March 1, 2006 at $ 4.54 and closed last Friday May 12 at $7.79.
Seitel, Inc. (OTC BB:SELA.OB - News), a leading provider of seismic data to the oil and gas industry which opened on March 1, 2006 at $ 2.51 and closed last Friday May 12 at $ 4.79.
Torrent Energy Corporation (the ``Company'') (OTC BB:TREN.OB - News) gained 34 percent on May 9 following a positive report on its Methane Coos Bay project by Sproule Associates Inc.
Apollo Resources International Inc. (OTC BB:AOOR.OB - News) climbed more than 10 percent on May 10 to close at $1.12 following the announcement of a $1 million asset sale. Back on March 1, 2006 the stock traded in the $0.36 range and had daily gains as high as 36 percent in March.
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SELA RESEARCH REPORT by REUTERS
http://www.freewebs.com/phantom1_/SELA.pdf
Can also be found at the link below.
http://www.freewebs.com/phantom1_/index.htm
REAL TIME CHAT
http://www.freewebs.com/phantom1_/roughnecksbardrill.htm
Your Welcome in advanced.
did here something to that effect,was expecting some news on it in the CC this am but nodda.
What? ya mean you don't like to chat here? This board is hopping! lol
Cramer said something about this puppy going Nasdaq. Any mention anywhere else of plans?
Chat Site for O&G and what not. http://irc.everywherechat.com:8000/?room=Roughnecks&usesun=false&skipjscript=true
SWEET SUCCESS http://biz.yahoo.com/prnews/060502/datu058.html?.v=30
Real Time AMEP and O&G Chat
http://www.freewebs.com/phantom1_/roughnecksbardrill.htm
Large Version Below:
http://irc.everywherechat.com:8000/?room=Roughnecks&usesun=false&skipjscript=true
Best to sign in with nickname and password to register but not necessary.
Room is moderated .
Y didn't u tell me about this gem?
Looks like another good day =)
I was tad bit worried early in the day but closed nicely.
Partner in venture cashes out
Baker Hughes sells its stake in WesternGeco to Schlumberger
Excellant time to be in SELA
snip:
The seismic sector has probably been the best-performing sector out of the whole market in the last 12 months," said Ole Slorer, an analyst at Morgan Stanley in New York
http://www.chron.com/disp/story.mpl/business/energy/3811539.html
I'll but that.
GLTY
wrong joe, it's been in a consistent trend prior and post Cramer. From my "Cramer" experience, the frenzy only lasts a day or two.
I don't think this is your average penny stock. IMO it's going to keep going in an upward trend. Also unlike many other irratic penny stocks, this one has some pretty decent major holders. It's been pretty consistent for a few months now. I think this one is a long term keeper.
Nice to see someone finally on this board. I'm shocked as well as it's doing there's not much more popularity.
Have a great weekend!
I'm liking it... :) ALL of oil and related doing well. I'm playing some May calls in the oil drillers and they are running away too :) SELA had a nice pop and extra volume today but I haven't seen or heard anything. Just speculation or anticipation?
Theo
SELA up VERY NICE again today =) Like the erergizer bunny, keeps going and going and going !!
did its cramer thing.now its settled in and back on the move
glty
another good day
Finally took the "Cramer plunge" today and bought a position. Chart looks too good to pass up. I think at this level there's not enough room for a significant price pullback OR enough time to wait for a better entry point considering the oil situation today- or for the foreseeable future for that matter. GLTA
Theo
been holding my breath under water here for a while.cant seem to break to the surface.
GLTY
P.S.Nice Profile
Kudos on your quest for Medical MBA.
I happen to be a RN.
OT: won't hold my breath on that one =)
Now if GZFX would bring up the rear.;>)
http://irc.everywherechat.com:8000/?room=GameZnFlix_Chat&usesun=false&skipjscript=true
GREAT DAY =)
SELA Research Reports
Copy and Paste in browser.
GLTY
https://www.etrade.wallst.com/v1/common/pdf.asp?docKey=24-A1862-20060413&User_SessionID=5851F2EE9FCF5031&researchProvider=REUTERS
https://www.etrade.wallst.com/v1/common/pdf.asp?docKey=72-09946950-0GDHG4QM4DBSRGCCH4505PNGDA&User_SessionID=5851F2EE9FCF5031&researchProvider=STDPOOR
http://www.freewebs.com/phantom1_/index.htm
Looks like we're moving up in the right direction =)
Does anyone post here? lol Good luck tomorrow all!
Yeah, and from an analyst perspective, it does look like it's going in a forward and upward trend. I bought in as well. I think if and when it does make Nasdaq, this stock will shoot straight up in no time.
Cramers take on Seitel-- sela
Drilling Over the Counter
By TheStreet.com Staff
3/31/2006 7:57 PM EST
"The oil drillers have bounced back," Jim Cramer told "Mad Money" viewers Friday. That's why he believes it's time to look at Seitel (SELA:OTC BB - commentary - research - Cramer's Take), an unlisted stock that trades over the counter, Bulletin Board style, under the ticker SELA.OB.
Typically he doesn't like these stocks because they're dangerous and risky, he said. But Seitel is different because it's a lot bigger than the average Bulletin Board stock. Since its trading volume is decent, a lot of the risks are taken out of the equation, he said.
Plus, the stock is trading this way because it's coming out of bankruptcy, and he believes it will be listed with the Nasdaq this time next year.
Seitel has the largest "multiclient onshore seismic database in North America," he said, with 34,000 square miles of 3-D data and 1.1 million linear miles of 2-D data.
If we're in a drilling boom, he said, oil and gas exploration expenditure should increase by 15% this year.
Plus, the government has forgiven the royalties that drillers might have had to pay, and Cramer said that they won't just sit on this money. Companies will invest in new drilling. To get started, they'll have to spend money on data from Seitel, because they need to know the lay of the land before they drill anywhere.
The company just became profitable again last quarter, and Cramer attributes this to an increase in drilling activity, adding that the company will continue to be a "cash-flow machine."
The company's story is the "anatomy of a good recovery," he said, and it has exceptional operating margins.
http://www.thestreet.com/_yahoo/funds/madmoneywrap/10276922.html?cm_ven=YAHOO&cm_cat=FREE&cm....
SELA: Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obli
Item 2.04. Triggering Events that Accelerate or Increase a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement
Seitel, Inc. (the Company) believes in good faith that not all conditions to occurrence of a triggering event under this Item 2.04 have occurred in connection with the excess cash flow offer reported below under Item 8.01. The Company's payment obligations under the indenture for its 11.75% Senior Notes due 2011 (the Note(s)), entered into with LaSalle Bank National Association as of July 2, 2004 (the Indenture), shall not change unless and until a Note holder elects to participate in the excess cash flow offer, properly tenders and does not thereafter withdraw its Note(s) before the expiration of the excess cash flow offer.
Section 8 - Other Events
Item 8.01. Other Events
On March 16, 2006, the Company issued a press release announcing its offer to purchase up to $8,513,000 principal amount of the Notes. The Company is required by the terms of the Indenture to make this offer because the Company generated excess cash flow (as defined in the Indenture) for the year ended 2005. The offer expires at 5:00 p.m., New York City time, on Monday, April 17, 2006. Payment for any Notes that are properly tendered, not thereafter withdrawn, and accepted for purchase is expected to occur on April 20, 2006. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The press release includes a non-GAAP financial measure, excess cash flow, and a related reconciliation to income from operations, the most directly comparable GAAP measure. The terms of the Indenture define excess cash flow and further utilize this financial measure to determine if, when and to what extent a purchase offer must be made to holders of the Notes. The Company's management believes disclosure of the excess cash flow measure is useful information because it provides an understanding of why the purchase offer has been made and how the amount of the purchase offer was determined.
Upward trending chart...looking good
SELA: Seitel, Inc. Announces Offer to Purchase 11.75-Percent Senior Notes
Thursday March 16, 5:12 pm ET
HOUSTON, March 16 /PRNewswire-FirstCall/ -- Seitel, Inc. (OTC Bulletin Board: SELA - News), a leading provider of seismic data to the oil and gas industry, today announced its offer to purchase up to $8,513,000 principal amount of its 11.75-percent Senior Notes due 2011 ("Notes"). The offer expires at 5:00 p.m. Eastern Time, April 17, 2006. The cash payment required to complete the tender is $1,031.01, which includes accrued and unpaid interest, for each $1,000 of Notes validly tendered and not withdrawn. Payment for any Notes that are accepted for purchase is expected to occur on April 20, 2006.
ADVERTISEMENT
The company is required by the terms of its indenture for the Notes to make this offer because the company generated excess cash flow (as defined in the indenture) for the year ended 2005 of approximately $17,552,000. The terms of the indenture require an offer to purchase Notes with an amount equal to 50 percent of the excess cash flow, at a purchase price equal to 100 percent of the principal amount of the Notes, plus accrued and unpaid interest. The aggregate purchase price (including principal and interest) will not exceed $8,777,000. If Notes are not tendered for the entire amount of the offer, the remaining 50 percent of the excess cash flow (not to exceed $8,777,000) will be available for any use not otherwise prohibited by the indenture.
This announcement is not an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell any Notes.
SELA: Seitel Announces 2005 Fourth Quarter and Year End Results; Record Cash Resales Hit All Time High and Drive Profitability
Wednesday March 15, 6:37 pm ET
HOUSTON, March 15 /PRNewswire-FirstCall/ -- Seitel, Inc. (OTC Bulletin Board: SELA - News), a leading provider of seismic data to the oil and gas industry, today reported revenue of $41.4 million for the fourth quarter ended December 31, 2005, compared to $33.9 million for the same period in 2004. Revenue for the quarter grew 68 percent on a sequential basis and 22 percent year-on-year. Cash resales reached a record level of $32 million, compared to $28.1 million for the fourth quarter of 2004. Cash resales for the quarter increased 58 percent sequentially and 14 percent year-on-year. This represents the fifth consecutive quarter of year-on-year growth in cash resales as demand for seismic data remained strong. For the year, cash resales increased to $97.5 million from $80.3 million for fiscal 2004.
ADVERTISEMENT
For the fourth quarter of 2005, net income was $1.4 million, or $0.01 per share, compared to a net loss of $5.6 million, or $0.04 per share in the fourth quarter of last year. This represents the first profitable quarter since the second quarter of 2003.
"Our return to profitability is a testament to the successful execution of our business strategy," stated Rob Monson, chief executive officer. "We have been steadily improving on our execution and continue to grow and leverage our large data library. As a result, our balance sheet continues to strengthen, with a cash balance that grew to $78 million at year end."
"The industry environment remains favorable and we expect demand for seismic data to grow during 2006 in line with the expected increase in E&P spending in North America," continued Monson. "Our 3D library grew over 2,100 square miles in 2005 and should continue to grow significantly in 2006. We also expect to increase our portfolio of value added, technologically advanced product offerings. Seitel is now better equipped than ever to take advantage of the opportunities available to us during the coming years."
The company reported operating income of $7.4 million in the 2005 fourth quarter, compared to an operating loss of $2 million in the 2004 fourth quarter. Operating income for the 2005 full year was $15.7 million, compared to an operating loss of $61 million in the prior year. Depreciation and amortization expense for the fourth quarter of 2005 was $22 million compared to $29 million for the same period in 2004. For the full year in 2005, depreciation and amortization expense fell to $98.4 million from $168.2 million for the prior year. Amortization expense for 2004 included $59.1 million resulting from the change in useful life of the company's data. The 2005 periods reflect lower amortization resulting from the effects of the level of revenue recognized on data with fully amortized costs.
For the year, the company reported a net loss of $1.7 million, or $0.01 per share for 2005, compared to a net loss of $92.1 million, or $1.20 per share for 2004. The 2004 period includes the following non-recurring charges: (i) a $59.1 million amortization charge resulting from the change in useful life of the company's data from seven to four years; (ii) $12.5 million in reorganization charges, which includes costs related to restructuring efforts and bankruptcy proceedings; and (iii) $2.3 million in additional interest expense due to the overlapping of newly issued and retiring senior notes. 2005 includes a tax benefit of $4.8 million, which primarily resulted from the reversal of the valuation allowance provided against the deferred tax asset in Canada. During 2005, management determined that it was more likely than not that this deferred tax asset would be realized. 2004 results include a tax benefit of $3.3 million primarily related to tax refunds in the U.S. and Canada.
Cash margin, defined as cash revenues other than from data acquisition less cash expenses, is the indicator management believes best measures the level of cash from operations that is available for debt service and capital expenditures, net of underwriting. Cash margin grew 10 percent and 32 percent for the 2005 three and twelve month periods to $24.5 million and $72.3 million, respectively.
CONFERENCE CALL
Seitel will broadcast live via the Internet its 2005 results tomorrow, March 16 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To listen to the Webcast and gain access to the accompanying slide presentation, log on to the company's Website at http://www.seitel-inc.com/investorrelations.asp and click on the Fourth Quarter 2005 Earnings Webcast link. The Webcast will be available as a combined audio and visual presentation or as a visual presentation only (by using the "Live Phone Only" button on the Webcast) for those dialing in on the conference call. To dial in for the call and to participate in the question and answer session, dial 800-638-4930, passcode Seitel. The call will also be available for replay for 30 days by dialing 888-286-8010, passcode 97834827. A replay of the Webcast will be available on the investor relations page of the company's Website within 24 hours of the call. The slide presentation will be available immediately after the call on the company's Website at http://www.seitel-inc.com/investorrelations.asp .
ABOUT SEITEL
Seitel (OTC Bulletin Board: SELA - News), founded in 1982, has grown to become the owner of one of the largest seismic data libraries providing information to the North American oil and gas market. Focused on the U.S. and Canada, the company owns data in all the major exploration and production basins. Seitel continues to grow the data library using its 20 years of experience in performing seismic surveys in North America. Seitel's strengths include expertise in managing and delivering seismic data, as well as an experienced and dynamic sales and marketing team. Seitel's seismic data library includes both onshore and offshore three-dimensional (3D) and two-dimensional (2D) data and offshore multi-component data. The company has ownership in over 35,000 square miles of 3D and approximately 1.1 million linear miles of 2D seismic.
ValueAct Capital Purchases 21,499,983 Shares of Seitel Stock and Warrants to Purchase 15,037,568 Shares of Seitel Stock; Seitel Appoints Two Directors to the Board
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1 March 2006, 4:42pm ET
HOUSTON, March 1 /PRNewswire-FirstCall/ -- Seitel, Inc. (BB:SELA) ("Seitel"), a leading provider of seismic data to the oil and gas industry, today announced that ValueAct Capital has purchased 21,499,983 shares and warrants to purchase 15,037,568 shares of Seitel stock from Mellon HBV. The Company's board of directors has appointed Peter Kamin, a co-founder of ValueAct Capital, and Gregory Spivy, a partner of ValueAct Capital to the Board. J.D. Williams has resigned from the Board. Coupled with shares it already owned, ValueAct Capital now owns 33 percent of Seitel's outstanding common shares and approximately 39 percent on a fully diluted basis.
"We believe in the value of Seitel and are pleased to be actively involved with the company. At ValueAct Capital, we continue to see great potential for Seitel, a company that has the one of the largest commercial 3D onshore seismic data libraries available for licensing in North America," stated Peter Kamin. "Greg and I look forward to working together with the board and management team to enhance value to all shareholders."
"ValueAct Capital has every reason to be as excited as we are about the company and its strong position in the oil and gas exploration industry," stated Rob Monson, President and CEO of Seitel. "I believe that Peter and Greg's added presence on the Board will be extremely positive for the company and the shareholders. I would also like to thank J.D. Williams for his service and support over the past 16 months."
Looks like Templeton Global Smaller Companies Fund added 811,470 in the last quarter
Mutual Fund------------- Shs Held ------Shs -----Chg %----Chg $----Chg* %----Out %----Port--- Rpt Date
Templeton Global Smaller Companies Fund 3,575,920--- 811,470 29.4 --1,460,646-- 2.3 --0.0 --11-30-05
Bfs Us Special Opportunities Trust 998,170 ---998,170 --0.0 1,487,273--- 0.6--- 0.0----- 05-31-05
Templeton Global Long-short Fund 722,600 ---370,800 ----105.4 ---582,156---- 0.5-- 0.0 ---10-31-05
Renaissance Us Growth Investment Trust 500,000 -358 -0.1 -544 0.3 0.0 09-30-05
Royce Micro-cap Trust, Inc. 100,000 -70,000 -41.2 -106,400 0.1 0.0 09-30-05
Wells Fargo Advantage Small/mid Cap Value Fund 100,000 100,000 0.0 147,500 0.1 0.0 03-31-05
Foresight Value Fund 23,704 0 0.0 0 0.0 0.0 09-30-05
Gabelli Dividend & Income Trust 1,000 0 0.0 0 0.0 0.0 09-30-05
TOP INSTITUTIONAL HOLDERS
BREAKDOWN
% of Shares Held by All Insider and 5% Owners: 0%
% of Shares Held by Institutional & Mutual Fund Owners: 18%
% of Float Held by Institutional & Mutual Fund Owners: 18%
Number of Institutions Holding Shares: 13
Holder Shares % Out Value* Reported
VALUEACT CAPITAL (VA PARTNERS, LLC) 28,756,363 18.71 $43,709,671 30-Sep-05
Paradigm Capital Corporation 3,000,000 1.95 $6,270,000 31-Dec-05
PINNACLE ASSOCIATES, LTD. 2,748,580 1.79 $4,177,841 30-Sep-05
KENNEDY CAPITAL MANAGEMENT, INC. 2,270,350 1.48 $3,450,932 30-Sep-05
American Capital Management, Inc. 1,094,746 .71 $1,664,013 30-Sep-05
HYGROVE MANAGEMENT,LLC 690,000 .45 $1,048,800 30-Sep-05
CALPERS (CALIFORNIA-PUBLIC EMPLOYEES RETIREMENT SYSTEM) 561,700 .37 $853,784 30-Sep-05
WESTCLIFF CAPITAL MANAGEMENT, LLC/CA 448,500 .29 $681,720 30-Sep-05
Gartmore Global Asset Management Ltd 309,500 .20 $470,440 30-Sep-05
PAR CAPITAL MANAGEMENT, INC. 275,500 .18 $418,760 30-Sep-05
TOP MUTUAL FUND HOLDERS
Holder Shares % Out Value* Reported
TEMPLETON GLOBAL SMALLER COMPANIES FUND, INC. (USA) 2,764,450 1.80 $4,699,565 31-Aug-05
FRANKLIN TEMPLETON INTL TR-TEMPLETON GLOBAL LONG SHORT F 722,600 .47 $1,134,482 31-Oct-05
Wells Fargo Advantage Small/Mid Cap Value Fd 310,845 .20 $531,544 30-Nov-05
Wells Fargo Advantage Var Tr-Multi Cap Value Fd 115,030 .07 $196,701 30-Nov-05
ROYCE MICRO CAP TRUST 100,000 .07 $152,000 30-Sep-05
ABN AMRO Funds-River Road Small Cap Value Fund 40,000 .03 $62,800 31-Oct-05
FORESIGHT VALUE FUND 23,704 .02 $36,030 30-Sep-05
GABELLI DIVIDEND & INCOME TRUST FUND 1,000 .00 $2,090 31-Dec-05
Sela still is moving higher with the interest in the sector
Interest is starting to show up in some of the other funds.
Looks like things will get very interesting
Enjoy
Researcher
Sela above 52week high
Looks like it wants to move higher
Researcher
MORE VA BUYING GOING ON IN SEITEL--SELA.ob---
16-Nov-05 11:13 AM SEITEL INC(SELA.OB) 200,000 Market Purchase 15-Nov-05 $1.59 $318,499.99
16-Nov-05 11:13 AM SEITEL INC(SELA.OB) 175,000 Market Purchase 14-Nov-05 $1.57 $274,750.01
14-Nov-05 2:00 PM SEITEL INC(SELA.OB) 110,000 Market Purchase 11-Nov-05 $1.58 $173,800.00
14-Nov-05 2:00 PM SEITEL INC(SELA.OB) 300,000 Market Purchase 10-Nov-05 $1.58 $474,000.01
14-Nov-05 2:00 PM SEITEL INC(SELA.OB) 160,000 Market Purchase 09-Nov-05 $1.57 $251,200.01
http://www.form4oracle.com/insider?cik=0001129787
Also large blocks of 1 million on thur,fri,and today
Looks like it could get very interesting
Researcher
MORE VA BUYING GOING ON
Today 2:00 PM SEITEL INC(SELA) 110,000 Purchase 11-Nov-05 $1.58 $173,800.00 -- view
Today 2:00 PM SEITEL INC(SELA) 300,000 Purchase 10-Nov-05 $1.58 $474,000.01 -- view
Today 2:00 PM SEITEL INC(SELA) 160,000 Purchase 09-Nov-05 $1.57 $251,200.
http://www.form4oracle.com/insider?cik=0001129787
SELA Seitel Announces Third Quarter Results; Fourth Consecutive Quarter of Year-on-Year Growth in Cash Resales
Tuesday November 8, 8:23 pm ET
HOUSTON, Nov. 8 /PRNewswire-FirstCall/ -- Seitel, Inc. (OTC Bulletin Board: SELA - News), a leading provider of seismic data to the oil and gas industry, today reported third quarter 2005 revenue of $24.6 million, compared to $27.4 million for the third quarter of 2004. The cash resale revenue for the third quarter was $20.3 million versus $14.9 million in the third quarter of last year, a 36 percent increase. This represents the fourth consecutive quarter of year-on-year growth in cash resales. For the nine-month period in 2005, cash resales were $65.5 million compared to $52.3 million for the same period in 2004.
For the third quarter, the company reported a net loss of $2.3 million, or $0.02 per share, compared to a net loss of $80.6 million or $0.76 per share in the third quarter of last year.
In the 2005 third quarter, revenue was 10 percent lower than in the same quarter last year due primarily to a decrease in selections of data from library cards by the company's U.S. customers. Although selection revenue is not evenly spread across the quarters, the current quarter U.S. selections were likely affected by the disruptions resulting from the two major hurricanes. Selections in Canada grew by 32 percent over last year.
Cash resales for the third quarter increased significantly in both the U.S. and Canada, with 23 percent and 63 percent year-on-year growth, respectively.
"I am pleased with the continued year-on-year growth of our cash resales, and with the resale revenue by age of our data. The fairly even distribution between older and newer data indicates the resiliency of our library," stated Rob Monson, chief executive officer of Seitel. "Our clients are acquiring more data as they move resources toward exploration, and we believe we are well positioned with one of the most comprehensive data libraries in North America to continue responding to their needs. In addition, our backlog of signed acquisition surveys already represents more acquisition revenue in 2006 than we expect to achieve in 2005.
"Although there was some disruption due to office evacuations in Houston and Louisiana, the hurricanes did not affect the safety of our employees, and had no impact on our survey operations," continued Monson. "Fortunately, we had no crews operating in the area at the time the hurricanes hit."
The company reported an operating loss of $2.6 million in the 2005 third quarter compared to an operating loss of $70.5 million in the 2004 third quarter, a 96 percent improvement. Operating income for the 2005 nine-month period was $8.3 million compared to an operating loss of $59.0 million in the prior year, a 114 percent improvement. Both the three and nine month periods of 2004 included a $59.1 million non-cash amortization charge related to the company's decision to revise its estimate of the accounting data life from seven to four years, effective July 1, 2004. Additionally, the 2005 periods reflect lower amortization resulting from the effects of the level of revenue recognized on data with fully amortized costs.
For the nine months, the company reported a net loss of $3.2 million, or $0.02 per share, compared to a net loss of $86.4 million, or $1.65 per share for the same period of 2004. The 2004 three and nine month periods included the following non-recurring charges: (i) the $59.1 million amortization charge (in both periods) described above; (ii) $6.4 million and $12.4 million, respectively, in reorganization charges, which included costs related to restructuring efforts and bankruptcy proceedings; and (iii) $2.3 million in additional interest expense in the 2004 third quarter due to the overlapping of newly issued and retiring senior notes. The 2005 three and nine month periods included a tax benefit of $3.9 million and $4.9 million, respectively, which primarily resulted from the reversal of the valuation allowance provided against the deferred tax asset in Canada. During 2005, we determined that it was more likely than not that this deferred tax asset would be realized. The three and nine month periods of 2004 included a tax benefit of $2.6 million and $2.3 million, respectively.
Cash margin, cash revenues other than from data acquisition less cash expenses, is the indicator management believes best measures the level of cash from operations that is available for debt service and net capital expenditures. Cash margin grew 62 percent and 48 percent for the 2005 three and nine month periods to $14.5 million and $47.7 million, respectively. At September 30, 2005, the company had a cash balance of $49.6 million.
CONFERENCE CALL
Seitel will broadcast live via the Internet third quarter results for 2005 on Wednesday, November 9 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To listen to the Webcast and gain access to the accompanying slide presentation, log on to the company's Website at http://www.seitel-inc.com/investorrelations.asp and click on the 2005 Q3 Earnings Webcast link. The Webcast will be available as a combined audio and visual presentation or as a visual presentation only (by using the "Live Phone Only" button on the Webcast) for those dialing in on the conference call. To dial in for the call and to participate in the question and answer session, dial 866-203-2528, passcode Seitel. The call will also be available for replay for 30 days by dialing 888-286-8010, passcode 25262307. A replay of the Webcast will be available on the investor relations page of the company's Website within 24 hours of the call. The slide presentation will be available immediately after the call on the company's Website at http://www.seitel-inc.com/investorrelations.asp .
ABOUT SEITEL
Seitel, founded in 1982, has grown to become the owner of one of the largest seismic data libraries providing information to the North American oil and gas market. Focused on the U.S. and Canada, the company owns data in all the major exploration and production basins. Seitel continues to grow the data library using its 20 years of experience in performing seismic surveys in North America. Seitel's strengths include expertise in managing seismic data and delivering data to clients, as well as a solid, stable sales and marketing team. Seitel's seismic data library includes both onshore and offshore three- dimensional (3D) and two-dimensional (2D) data and offshore multi-component data. The company has ownership in over 34,000 square miles of 3D and approximately 1.1 million linear miles of 2D seismic. Seitel markets its seismic data to more than 1,300 customers in the oil and gas industry, and it has license arrangements with more than 1,000 customers.
Statements in this release about the future outlook related to Seitel involve known and unknown risks and uncertainties, which may cause Seitel's actual results to differ materially from expected results. While Seitel believes its forecasting assumptions are reasonable, there are factors that are hard to predict and influenced by economic and other conditions that are beyond Seitel's control. Other important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in Seitel's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, a copy of which may be obtained from Seitel without charge.
(Tables to follow)
SEITEL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
Sept. 30, Dec. 31,
2005 2004
ASSETS
Cash and equivalents $49,553 $43,285
Restricted cash 84 162
Receivables
Trade, net 32,500 41,164
Notes and other, net 252 2,149
Net seismic data library 122,802 151,230
Net property and equipment 9,021 11,077
Oil and gas operations held for sale 191 223
Investment in marketable securities 71 33
Prepaid expenses, deferred charges and other 14,459 14,159
Deferred income taxes 5,689 ---
TOTAL ASSETS $234,622 $263,482
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities $17,301 $30,472
Income taxes payable 184 -
Oil and gas operations held for sale 31 28
Debt
Senior Notes 185,152 188,726
Notes payable 388 697
Obligations under capital leases 4,078 5,294
Deferred income taxes --- 606
Deferred revenue 43,705 53,488
TOTAL LIABILITIES 250,839 279,311
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, par value $.01 per share;
authorized 5,000,000 shares; none issued --- ---
Common stock, par value $.01 per share;
authorized 400,000,000 shares; issued
and outstanding 152,716,111 at September 30,
2005 and 151,414,143 at December 31, 2004 1,527 1,514
Additional paid-in capital 237,759 235,081
Retained deficit (257,566) (254,384)
Deferred compensation - restricted stock (2,334) (1,125)
Notes receivable from officers and employees
for stock purchases (1) (21)
Accumulated other comprehensive income 4,398 3,106
TOTAL STOCKHOLDERS' DEFICIT (16,217) (15,829)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $234,622 $263,482
SEITEL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share amounts)
Three Months Ended
September 30,
2005 2004
REVENUE $24,550 $27,404
EXPENSES:
Depreciation and amortization 19,441 90,771
Cost of sales 55 52
Selling, general and administrative expenses 7,680 7,073
27,176 97,896
LOSS FROM OPERATIONS (2,626) (70,492)
Interest expense, net (5,593) (8,147)
Foreign currency exchange gains 1,978 1,761
Reorganization items --- (6,383)
Loss from continuing operations before
income taxes (6,241) (83,261)
Benefit for income taxes (3,878) (2,583)
Loss from continuing operations (2,363) (80,678)
Income from discontinued operations 22 89
NET LOSS $(2,341) $(80,589)
Basic and diluted loss per share:
Loss from continuing operations $(.02) $(.76)
Income from discontinued operations --- ---
Net loss $(.02) $(.76)
Weighted average number of common and common
equivalent shares - basic and diluted 152,745 106,289
SEITEL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share amounts)
Nine Months Ended
September 30,
2005 2004
REVENUE $107,817 $103,764
EXPENSES:
Depreciation and amortization 76,363 139,193
Cost of sales 143 261
Selling, general and administrative expenses 23,018 23,287
99,524 162,741
INCOME (LOSS) FROM OPERATIONS 8,293 (58,977)
Interest expense, net (17,572) (18,415)
Foreign currency exchange gains 1,161 953
Loss on sale of security (11) ---
Reorganization items --- (12,415)
Loss from continuing operations before
income taxes (8,129) (88,854)
Benefit for income taxes (4,906) (2,272)
Loss from continuing operations (3,223) (86,582)
Income from discontinued operations 41 133
NET LOSS $(3,182) $(86,449)
Basic and diluted loss per share:
Loss from continuing operations $(.02) $(1.65)
Income from discontinued operations --- ---
Net loss $(.02) $(1.65)
Weighted average number of common and
common equivalent shares - basic and diluted 152,294 52,544
The following table summarizes the components of Seitel's revenue for the three and nine months ended September 30, 2005 and 2004 (in thousands):
Three months ended Nine months ended
September 30, September 30,
2005 2004 2005 2004
Acquisition revenue:
Cash underwriting $2,408 $5,184 $17,550 $29,195
Underwriting from
non-monetary exchanges 1,235 32 1,932 1,870
Total acquisition
revenue 3,643 5,216 19,482 31,065
Licensing revenue:
New resales for cash 20,278 14,946 65,510 52,271
Non-monetary exchanges 129 1,532 6,970 10,470
Deferral of revenue (8,948) (7,648) (33,672) (31,639)
Selections of data 8,216 12,211 45,629 37,990
Total resale revenue 19,675 21,041 84,437 69,092
Solutions and other 1,232 1,147 3,898 3,607
Total revenue, as
reported $24,550 $27,404 $107,817 $103,764
The following table shows cash margin (defined as cash resales plus all other cash revenues other than from data acquisitions, less cash selling, general and administrative expenses and costs of goods sold) and the reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure, operating loss, for the three and nine months ended September 30, 2005 and 2004 (in thousands):
Three months ended Nine months ended
September 30, September 30,
2005 2004 2005 2004
Cash margin $14,497 $8,968 $47,729 $32,330
Add (subtract) other
revenue components not
included in cash margin:
Acquisition revenue 3,643 5,216 19,482 31,065
Non-monetary exchanges 129 1,532 6,970 10,470
Deferral of revenue (8,948) (7,648) (33,672) (31,639)
Selections of data 8,216 12,211 45,629 37,990
Less:
Depreciation and
amortization (19,441) (90,771) (76,363) (139,193)
Non-cash operating
expenses (722) --- (1,482) ---
Operating income (loss),
as reported $(2,626) $(70,492) $8,293 $(58,977)
The following tables show the distribution of our US 3D onshore and Canadian 2D and 3D onshore resale revenue by age of our data and reconciliation of such resale revenue to total revenue for the nine months ended September 30, 2005 (dollars in thousands):
Pre-2000 2000-2002 2003-2005 Total
Resales - US 3D onshore
and Canadian 2D and 3D 36% 40% 24% 100%
Reconciliation to total
revenue:
Resales - US 3D onshore
and Canadian 2D and 3D $71,671
Other revenue components:
Other resale revenue
(principally offshore
and US 2D) 12,766
Acquisition revenue 19,482
Solutions and other revenue 3,898
Total revenue, as reported $107,817
Contact: Robert Monson, President and CEO
713-881-2816
William Restrepo, Chief Financial Officer
713-881-2812
Source: Seitel, Inc.
SEITEL TO BROADCAST THIRD QUARTER EARNINGS ON NOVEMBER 9
HOUSTON, October 25, 2005 - Seitel, Inc. (OTC Bulletin Board: SELA), a leading provider of seismic data to the oil and gas industry, will hold its quarterly conference call to discuss third quarter results for 2005 on Wednesday, November 9, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).
The dial-in number for the call is 866-203-2528, passcode Seitel. To listen to the live Webcast, log on to http://www.seitel-inc.com/investorrelations.asp and click on the Third Quarter 2005 Earnings Webcast link. A replay of the Webcast will be available on the investor relations page of the company’s Website within 24 hours of the call. The call will also be available for replay for 30 days by dialing 888-286-8010, passcode 25262307.
Seitel Announces Second Quarter Results; Record Second Quarter Cash Resales
Wednesday August 10, 4:20 pm ET
HOUSTON, Aug. 10 /PRNewswire-FirstCall/ -- Seitel, Inc. (OTC Bulletin Board: SELA - News), a leading provider of seismic data to the oil and gas industry, today reported revenue of $36.0 million for the second quarter ended June 30, 2005, compared to revenue of $35.1 million for the second quarter of 2004. Revenue for the six months was $83.3 million compared to $76.4 million for the six-month period last year. Total seismic data resales from the data library in the 2005 second quarter were $31.0 million, an increase of 14 percent over the same period last year. The cash resale revenue was at the highest level compared to Seitel's prior second quarters, improving 10 percent from the same period in 2004 to $21.0 million. Total seismic data resales were $64.8 million for the first six months of 2005 compared to $48.1 million in the 2004 six-month period. The increased resale revenue was partially offset by a decrease in acquisition revenue due to a delay in one of the company's new seismic acquisition programs and a reduction in new data acquisition to allow for cash purchases of data.
ADVERTISEMENT
"This is the third consecutive quarter of year-on-year improvement in cash resales from our data library," stated Rob Monson, chief executive officer of Seitel. "We believe our clients are pursuing more exploration initiatives as a result of growing confidence that existing commodity prices are sustainable. We are seeing more interest in older US 2D data in undeveloped areas where 3D does not yet exist and are continuing to experience healthy activity in our core 3D data base. We believe we are well positioned to respond to continued growth in our sector."
Operating income of $4.9 million in the 2005 second quarter was $2.0 million higher than 2004, primarily due to higher revenue and lower amortization resulting from the effects of the level of revenue recognized on data with fully amortized costs. Operating income for the 2005 six-month period was $10.9 million compared to $11.5 million in the prior year. This decrease was primarily due to higher amortization costs of $8.5 million, the majority of which was associated with a change in the accounting data life from seven to four years effective July 1, 2004, partially offset by higher revenue.
For the second quarter, the company reported a net loss of $0.7 million, less than one cent per share, compared to a net loss of $4.7 million, or $0.18 per share for the second quarter of 2004. For the six months, the company reported a net loss of $0.8 million, or $0.01 per share, compared to a net loss of $5.9 million, or $0.23 per share for the same period of 2004.
http://biz.yahoo.com/prnews/050810/daw041.html?.v=19
Somebody liked Seitel (sela) today 12:51 Block trade went off @1.69 for 775,500 shares
Looks like more interest
Earnings could be interesting
Researcher
And the buying of Seitel stock moves forward from VA
4/27/05 50,000
4/28/05 2,735,000
4/29/05 1,000,000
---------------------
total 27,171,863
http://www.sec.gov/Archives/edgar/data/1129787/000112978705000052/xslF345X02/primary_doc.xml
http://www.sec.gov/Archives/edgar/data/1129787/000112978705000051/xslF345X02/primary_doc.xml
MORE VA BUYING GOING ON!
http://www.sec.gov/Archives/edgar/data/750813/000112978705000044/xslF345X02/primary_doc.xml
SEAN
GOOD EYE RESEARCHER!
looks like our boys over at va partners bought a bit more.
http://www.sec.gov/Archives/edgar/data/750813/000112978705000043/xslF345X02/primary_doc.xml
that's a good sign
seank68
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