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~ $GEOK ~ Parabolic SAR Buy Signals ~ Criteria alert for last trading session!
$GEOK has just triggered the "Parabolic SAR Buy Signals" scan criteria at Stockcharts.com
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I liking chart formation on this one~ Long again today :)
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Company Profile
 Acquisition Geokinetics acquires state-of-the-art 2D, 3D and 4D, land, shallow water OBC (ocean bottom cable) and transition zone seismic data worldwide. Learn More |  Seismic Processing Geokinetics has been providing seismic data processing services to the oil and gas E&P industry for over 30 years. Learn More |  Integrated Reservoir Geosciences As oil and gas resources become harder to find, and E&P costs increase, we've responded by more effectively extracting information from seismic data to manage the reservoir, reduce costs and risk. Learn More |  Multi-Client Data Library The Geokinetics Multi-Client Data Library reflects our commitment to deliver high resolution seismic solutions to image the geology specific to your exploration needs. Learn More |
Geokinetics (GOK) is one of the largest independent, international land and shallow water geophysical service companies offering a broad range of specialized geophysical solutions to the petroleum and mining industries, worldwide.
Services include, land, shallow water OBC (ocean bottom cable) and transition zone seismic data acquisition, advanced processing and interpretation services and an extensive multi-client data library.
Geokinetics' presence spans the globe with offices in 29 major countries, and employing over 60 nationalities. Our geographic reach encompasses a wide variety of challenging environments. From the arid deserts of the Middle East, and the jungles of South America, to the environmentally sensitive Alaskan Foothills, and the heli-portable mountain front of the Andes, Geokinetics has proven experience in all terrain.
Geokinetics is an industry leader with a capacity of over 30 acquisition crews, 200,000 channels, 5 data processing centers around the world and 10,443* square miles of multi-client data. Our clients include independent, international, and national oil companies.
Geokinetics is headquartered in Houston, Texas and is listed on the New York Stock Exchange (NYSE Amex:GOK).
Board of Directors
| William R. Ziegler |
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| Gottfred Langseth |
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| Anthony Tripodo |
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| Richard F. Miles |
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| Christopher M. Harte |
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| Steven A. Webster |
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| Gary M. Pittman |
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| Robert L. Cabes, Jr. |
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| Christopher D. Strong |
| David J. Crowley joins Geokinetics as President And Chief Operating Officer |
| Houston TX (May 31 2012) - Geokinetics today announced the appointment of David J. Crowley to the position of President and Chief Operating Officer of the company. Spending his first 20 years in the energy service industry with Schlumberger, Crowley held international assignments in key positions for operations, engineering and marketing. He then applied his international business expertise and accountability-centered leadership principles to assist US-based companies' intent on growing their geographic footprint overseas. Most recently, David held the position of President and CEO at Enventure Global Technology and successfully re-positioned the company for profitable growth at a global level by leveraging its unique expandable tubular well construction technology. David holds a bachelor of science in marine engineering from the Massachusetts Maritime Academy and he participated in Advanced Management Programs with INSEAD, Fontainebleau, France; London School of Economics and Political Science, England; and the Wharton School of the University of Pennsylvania. He is a member of the Society of Petroleum Engineers (SPE), the International Association of Drilling Contractors (IADC), the National Association of Corporate Director (NACD) and the American Petroleum Institute (API). Richard F. Miles who will continue as Chief Executive Officer commented "We are very excited to have David join us; with his 32 plus years of industry experience I believe he will have an immediate impact on our efforts to continually improve our operational efficiency. As President and COO, David will be responsible for the day to day functioning of the company covering all revenue generating operations and operational support functions. This will allow me to focus in the short term on finding a solution to our liquidity concerns and look strategically as to where and how the company should be positioned over the next several years." Mr. Crowley commented "I am looking forward to joining Richard Miles and the team at Geokinetics. Their reputation for consistency in execution and the delivery of a quality product makes Geokinetics a very compelling company to be part of." About Geokinetics Inc. Geokinetics Inc. 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. For more information on Geokinetics, visit http://www.geokinetics.com. |
First Quarter 2012 Results
Geokinetics Inc. reported a loss applicable to common shareholders for the quarter ended March 31, 2012 of $25.7 million or $1.35 per basic and diluted share. This compares to a loss applicable to common shareholders of $31.0 million, or $1.74 per basic and diluted share, for the quarter ended March 31, 2011. Consolidated revenues for the three months ended March 31, 2012 totaled $163.5 million compared to $187.6 million for the comparable period in 2011, a decrease of 13%. Results for the quarter ended March 31, 2012 include a $1.9 million gain from a change in the fair value of derivative liabilities, a $3.9 million gain from a reciprocal transfer of assets, a $2.1 million gain from insurance proceeds received related to the Niobrara fire in April 2011 and a $5.1 million loss incurred in connection with the sale of certain North American seismic data. Adjusted EBITDA (a non-GAAP financial measurement, defined below) increased to $19.3 million for the quarter ended March 31, 2012 from $19.1 million for the same period of 2011.
Backlog
Backlog was $464.7 million as of March 31, 2012. The Company anticipates that approximately 30% of the backlog at March 31, 2012 will be completed in the second quarter of 2012, 45% will be completed in the remainder of 2012, and 25% will be completed in 2013 and 2014.
Commentary
Richard F. Miles, President and Chief Executive Officer, commented, "During the first quarter of 2012, we experienced improvements in our operations in the U.S. and Canada with increased activity and improved crew productivity. Our large Ocean Bottom Cable crew operating in Mexico saw continuous operational improvement as we moved away from the seasonal bad weather, exceeding our internal expectations and we expect this trend to continue throughout the second quarter. Furthermore, the sale of our conventional gas data library provided $10 million of incremental liquidity upon the closing of the transaction at the end of March. Despite these positive developments, job awards are being delayed in the Far East and we anticipate that the U.S. and particularly Canada operations will slow down during the second quarter of 2012 compared to the activity during the first quarter. Improving liquidity continues to be our primary focus and remaining at the top of our priority list are increased asset utilization, cost reductions and sales of non-core assets. Our backlog decreased to approximately $465 million at March 31, 2012, which is predominantly in North America, Mexico and Brazil as these remain the areas where we have chosen to focus."
Geokinetics Inc. and Subsidiaries
Summary of Results
(In thousands, except shares and per share amounts)
| Three Months Ended March 31, | |||||||||
| 2012 | 2011 | ||||||||
| (Unaudited) | |||||||||
| Revenues: | |||||||||
| Data Acquisition: | |||||||||
| North America proprietary | $ | 64,404 | $ | 38,689 | |||||
| International proprietary | 75,043 | 117,141 | |||||||
| Multi-Client | 21,495 | 29,085 | |||||||
| Total Data Acquisition | 160,942 | 184,915 | |||||||
| Data processing and integrated reservoir geosciences | 4,014 | 3,830 | |||||||
| Eliminations | (1,458) | (1,108) | |||||||
| Total | $ | 163,498 | $ | 187,637 | |||||
| Operating Loss | (14,031) | (21,484) | |||||||
| Net Loss | (23,224) | (28,771) | |||||||
| Preferred stock dividends and accretion costs | (2,426) | (2,203) | |||||||
| Loss applicable to common stockholders | $ | (25,650) | $ | (30,974) | |||||
| For basic and diluted shares: | |||||||||
| Loss per common share | $ | (1.35) | $ | (1.74) | |||||
| Adjusted EBITDA (as defined below) | $ | 19,311 | $ | 19,053 | |||||
First Quarter 2012 Financial and Operating Highlights
Data Acquisition:
North America Proprietary
North America proprietary seismic data acquisition revenues for the three months ended March 31, 2012 totaled $64.4 million compared to $38.7 million for the same period of 2011, an increase of 66%. The increase in revenues was primarily the result of increased crew activity in the United States and Canada operations partially offset by a decrease in third-party reimbursable charges primarily resulting from variations in the usage mix of vibroseis versus dynamite energy sources.
Adjusted EBITDA (as defined below) for the North America proprietary acquisition business increased by $15.9 million to $23.8 million for the quarter ended March 31, 2012. The increase was due to improved activity levels and crew productivity in the first quarter of 2012 as compared to 2011, and a $3.9 million gain related to a transaction in which we exchanged, in a reciprocal transfer, certain equipment.
Backlog for the North America proprietary acquisition business at March 31, 2012 was $45.5 million, a decrease of 57% compared to December 31, 2011. The Company expects to realize approximately 43% of the current backlog in the second quarter of 2012.
International Proprietary
International proprietary seismic data acquisition revenues for the three months ended March 31, 2012 totaled $75.0 million compared to $117.1 million for the same period of 2011, a decrease of 36%. The decrease was attributed to decreased activity or changes in the types of surveys performed in Angola, Brazil and Australia and the ceasing of operations in the Middle East and North Africa, partially offset by increased activity in Bolivia and Mexico. Revenues were also negatively impacted by weather downtime in Peru during the first three months of 2012.
Adjusted EBTIDA (as defined below) for the International proprietary acquisition business decreased by $1.6 million to ($10.5) million for the quarter ended March 31, 2012. The decrease was due to idle costs in Australia and weather-related downtime in Peru and Mexico.
Backlog for the International proprietary acquisition business at March 31, 2012 was $391.7 million, a decrease of 12% compared to December 31, 2011. Of the current backlog for this business, $299.5 million, or 76%, is with national oil companies (NOCs) or partnerships including NOCs. Moreover, $117.4 million or 30% of the backlog for this business is in shallow water transition zones and ocean-bottom-cable environments. The Company expects to realize approximately 25% of the current backlog in this business in the second quarter of 2012.
Multi-Client
Multi-Client revenues for the three months ended March 31, 2012 totaled $21.5 million compared to $29.1 million for the same period of 2011, a decrease of 26%. The decrease was primarily the result of variations in the usage mix of vibroseis versus dynamite energy sources in our prefunded projects activity, partially offset by an increase in data library late sales during the first quarter of 2012 as compared to the same period in 2011.
Adjusted EBTIDA (as defined below) for the Multi-Client business decreased by $12.8 million to $15.7 million for the quarter ended March 31, 2012 due to lower late sales during the period, and a $5.1 million loss on the sale of certain seismic data.
Backlog for the Multi-Client business at March 31, 2012 was $22.3 million, a decrease of 24% compared to December 31, 2011. The Company expects to realize approximately 89% of the current backlog in the second quarter of 2012.
Data Processing & Integrated Reservoir Geosciences
Data Processing and Integrated Reservoir Geosciences revenues for the three months ended March 31, 2012 totaled $4.0 million compared to $3.8 million for the same period of 2011, an increase of 5%, primarily as a result of variations in the size and type of processing jobs performed.
Adjusted EBITDA (as defined below) for the Data Processing & Integrated Reservoir Geosciences business was $1.0 million for the quarter ended March 31, 2012.
Backlog for the Data Processing & Integrated Reservoir Geosciences business at March 31, 2012 was $5.2 million, a decrease of 42% compared to December 31, 2011. The Company expects to realize approximately 58% of the current backlog in this business in the second quarter of 2012.
Other Expenses
General and administrative expense for the three months ended March 31, 2012 totaled $17.2 million as compared to $18.3 million for the same period of 2011. The decrease was primarily the result of our cost reduction efforts across various categories, partially offset by an increase in certain professional services costs during the first three months of 2012.
Depreciation and amortization expense for the three months ended March 31, 2012 totaled $33.3 million as compared to $40.5 million for the same period of 2011. Amortization of multi-client data for the three months ended March 31, 2012 and 2011 was $15.5 million and $21.7 million, respectively.
Financial Condition
First Quarter 2012 Average Crew Count Review and Second Quarter 2012 Outlook
| 1Q12 | 2Q12E | ||
| North America Data Acquisition | |||
| Land Proprietary | 9.75 | 3.25 | |
| Land Multi-Client | 2.75 | 2.50 | |
| 12.50 | 5.75 | ||
| International Data Acquisition | |||
| Land Proprietary | 4.50 | 5.00 | |
| Shallow Water (Ocean-Bottom-Cable/Transition Zone) | 1.25 | 1.75 | |
| 5.75 | 6.75 | ||
| Total | 18.25 | 12.50 |
Conference Call and Webcast Information
Geokinetics Inc. has scheduled a conference call for Friday May 11, 2012, at 10:00 a.m. EDT (9:00 a.m. CDT). To participate in the conference call, dial (866) 730-5770 for domestic callers, and (857) 350-1594 for international callers a few minutes before the call begins using pass code 41650312 and ask for the Geokinetics 1st Quarter Earnings Conference Call. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until May 18, 2012. To access the replay, dial (888) 286-8010 for domestic callers or (617) 801-6888 for international callers, in both cases using pass code 19513514.
The webcast may be accessed online through Geokinetics' website athttp://www.geokinetics.com in the Investors section. A webcast archive will also be available athttp://www.geokinetics.com shortly after the call and will be accessible for approximately 90 days. For more information regarding the conference call, please contact Richard Miles, President and Chief Executive Officer, by dialing 713-850-7600 or by email at richard.miles@geokinetics.com.
Geokinetics Inc. 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. For more information on Geokinetics, visit http://www.geokinetics.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical facts, included in this earnings release that address activities, events or developments that Geokinetics expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include but are not limited to statements about the business outlook for the year, backlog and bid activity, business strategy, the implementation of cost-saving and liquidity enhancing measures and strategic and financial alternatives, related financial performance and all statements with respect to future events. These statements are based on certain assumptions made by Geokinetics based on management's experience and perception of historical trends, industry conditions, market position, future operations, profitability, liquidity, backlog, capital resources and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Geokinetics, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to financial performance and results, job delays or cancellations, reductions in oil and gas prices, the continued disruption in worldwide financial markets, impact from severe weather conditions, the Company's ability to implement cost-saving and liquidity enhancing measures and strategic and financial alternatives and other important factors that could cause actual results to differ materially from those projected, or backlog not to be completed, as described in the Company's reports filed with the Securities and Exchange Commission. Backlog consists of written orders and estimates of Geokinetics' services which it believes to be firm, however, in many instances, the contracts are cancelable by customers so Geokinetics may never realize some or all of its backlog which may lead to lower than expected financial performance.
Although Geokinetics believes that the expectations reflected in such statements are reasonable, it can give no assurance that such expectations will be correct. All of Geokinetics' forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made and Geokinetics undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
Geokinetics Inc. and Subsidiaries
GAAP Reconciliation
(In thousands, except per share amounts)
The Company defines Adjusted EBITDA as Net Income (Loss) before Interest, Taxes, Other Income (Expense) (including foreign exchange gains/losses, loss on early redemption of debt, gains/losses from changes in fair value of derivative liabilities and other income/expense), Asset Impairments and Depreciation and Amortization. "Adjusted EBITDA", as used and defined by the Company, may not be comparable to similarly titled measures employed by other companies and is not a measure of financial performance calculated in accordance with Generally Accepted Accounting Principles (GAAP). Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by or used in operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. The Company believes Adjusted EBITDA is useful to an investor in evaluating its operating performance because this measure: (1) 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 accounting methods and book value of assets, capital structure and the method by which assets were acquired, among other factors; (2) helps investors to more meaningfully evaluate and compare the results of the Company's operations from period to period by removing the effect of the Company's capital structure and asset base from its operating structure; and (3) is used by the Company's management for various purposes, including as a measure of operating performance, in presentations to its Board of Directors, as a basis for strategic planning and forecasting, and as a component for setting incentive compensation.
See below for reconciliation from Loss Applicable to Common Stockholders to Adjusted EBITDA amounts referred to above:
| Three Months Ended | |||||
| March 31, | |||||
| 2012 | 2011 | ||||
| (Unaudited) | |||||
| Loss applicable to common stockholders | $ | (25,650) | $ | (30,974) | |
| Preferred stock dividends and accretion costs | 2,426 | 2,203 | |||
| Net loss | (23,224) | (28,771) | |||
| Provision for income taxes | 940 | 634 | |||
| Interest expense, net of interest income | 12,739 | 11,149 | |||
| Other (income) expense, net (as defined above) | (4,486) | (4,496) | |||
| Depreciation and amortization(1) | 33,342 | 40,537 | |||
| Adjusted EBITDA | $ | 19,311 | $ | 19,053 | |
Includes $15.5 million and $21.7 million, respectively, in amortization expense related to multi-client data library.
Geokinetics Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| March 31, | December 31, | ||||||
| 2012 | 2011 | ||||||
| ASSETS | (Unaudited) | ||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 47,684 | $ | 44,647 | |||
| Accounts receivable, net | 132,088 | 160,736 | |||||
| Other current assets | 35,380 | 33,017 | |||||
| Total current assets | 215,152 | 238,400 | |||||
| Property and equipment, net | 203,025 | 212,636 | |||||
| Multi-client data library, net | 28,643 | 41,512 | |||||
| Other assets, net | 31,185 | 21,624 | |||||
| Total assets | $ | 478,005 | $ | 514,172 | |||
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 59,845 | $ | 79,300 | |||
| Other accrued and current liabilities | 140,801 | 136,023 | |||||
| Total current liabilities | 200,646 | 215,323 | |||||
| Long-term debt and capital lease obligations, net of current portion | 350,965 | 350,183 | |||||
| Mandatorily redeemable preferred stock | 55,511 | 53,210 | |||||
| Other liabilities | 13,123 | 14,962 | |||||
| Total liabilities | 620,245 | 633,678 | |||||
| Mezzanine equity: | |||||||
| Preferred stock, Series B Senior Convertible, $10.00 par value; 2,500,000 shares authorized, 360,008 shares issued and outstanding at March 31, 2012 and 351,444 shares issued and outstanding at December 31, 2011 | 85,715 | 83,313 | |||||
| Stockholders' deficit | (227,955) | (202,819) | |||||
| Total liabilities, mezzanine equity and stockholders' deficit | $ | 478,005 | $ | 514,172 | |||
Geokinetics Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
| Three Months Ended March 31, | |||||||||
| 2012 | 2011 | ||||||||
| (Unaudited) | |||||||||
| Revenues | $ | 163,498 | $ | 187,637 | |||||
| Expenses: | |||||||||
| Direct operating expenses | 126,939 | 150,291 | |||||||
| Depreciation and amortization | 33,342 | 40,537 | |||||||
| General and administrative | 17,248 | 18,293 | |||||||
| Total expenses | 177,529 | 209,121 | |||||||
| Loss from operations | (14,031) | (21,484) | |||||||
| Other income (expenses): | |||||||||
| Interest expense, net | (12,739) | (11,149) | |||||||
| Gain from change in fair value of derivative liabilities | 1,884 | 4,443 | |||||||
| Other, net | 2,602 | 53 | |||||||
| Total other expenses, net | (8,253) | (6,653) | |||||||
| Loss before income taxes | (22,284) | (28,137) | |||||||
| Provision for income taxes | 940 | 634 | |||||||
| Net loss | (23,224) | (28,771) | |||||||
| Preferred stock dividends and accretion costs | (2,426) | (2,203) | |||||||
| Loss applicable to common stockholders | $ | (25,650) | $ | (30,974) | |||||
| For Basic and Diluted Shares: | |||||||||
| Loss per common share | $ | (1.35) | $ | (1.74) | |||||
| Weighted average common shares outstanding | 18,990 | 17,824 | |||||||
Geokinetics Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
| Three Months Ended March 31, | |||||||
| 2012 | 2011 | ||||||
| (Unaudited) | |||||||
| OPERATING ACTIVITIES | |||||||
| Net loss | $ | (23,224) | $ | (28,771) | |||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 33,342 | 40,537 | |||||
| Amortization of deferred financing costs and accretion of debt discount | 1,396 | 1,185 | |||||
| Change in fair value of derivative liabilities | (1,884) | (4,443) | |||||
| Other, net | (658) | 2,882 | |||||
| Changes in operating assets and liabilities: | |||||||
| Changes in operating assets | 26,360 | (10,158) | |||||
| Changes in operating liabilities | (13,648) | 25,294 | |||||
| Net cash provided by operating activities | 21,684 | 26,526 | |||||
| INVESTING ACTIVITIES | |||||||
| Investment in multi-client data library, net | (16,661) | (18,639) | |||||
| Purchases and acquisition of property and equipment | (3,456) | (8,293) | |||||
| Change in restricted cash | (10,000) | - | |||||
| Proceeds from sale/disposal of assets | 13,059 | 49 | |||||
| Other, net | (383) | (1,079) | |||||
| Net cash used in investing activities | (17,441) | (27,962) | |||||
| FINANCING ACTIVITIES | |||||||
| Proceeds from issuance of debt | - | 10,000 | |||||
| Payments on debt | - | (200) | |||||
| Other, net | (1,206) | (432) | |||||
| Net cash provided by (used in) financing activities | (1,206) | 9,368 | |||||
| Net increase in cash | 3,037 | 7,932 | |||||
| Cash at beginning of year | 44,647 | 42,851 | |||||
| Cash at end of period | $ | 47,684 | $ | 50,783 | |||
| Supplemental disclosures of cash flow information (in thousands): | |||||||
| Cash disclosures: | |||||||
| Interest paid | $ | 1,911 | $ | 739 | |||
| Income taxes paid | $ | 1,100 | $ | 2,421 | |||
| Non-cash disclosures: | |||||||
| Capitalized depreciation on multi-client data library | $ | 1,083 | $ | 1,392 | |||
| Purchase of property and equipment under capital lease and vendor financings, net of down payments | $ | 2,430 | $ | - | |||
Contact:
Richard F. Miles
President and Chief Executive Officer
Geokinetics
(713) 850-7600
~~Disclaimer & Disclosure~~
My opinions are my opinions. Never take them for the gospel truth. Never rely on them. You guessed it....Do your Own Due Dilligence!
None of this is investment advice. None of this is trading advice. All this information can be found by the public. As far as I know all of it is accurate. Don't depend on me for your information. Nothing presented here is a suggestion to buy or sell any securities at any time. So don't depend on me for trading advice. Don't depend on me to wake you up in the morning with an ALERT and tell you that it is time to buy or sell. Always take full responsibility for your trading decisions.
I am not paid and have not been paid anything or compensated by anyone at anytime for the information presented here. Any information here may be delayed or possibly even inacurate. SO ALWAYS CHECK FOR YOURSELF to verify everything.
Always consult your financial/investor advisor. Never invest more than you can afford to lose. Your trades are your trades. My trades are my trades.
