GUERILLA INVESTING FOR DUMMIES

[mattchew]

IO


HOUSTON – January 8, 2009 – ION Geophysical Corporation (NYSE: IO) (“ION”) announced today that after a preliminary review of its fourth quarter financial results, which are anticipated to include one-time and restructuring charges, it expects to report fourth quarter revenues of approximately $145 million to $165 million. This compares to revenues of $209.4 million for the fourth quarter of 2007. As a result, ION now expects 2008 consolidated revenues to range between $685 and $705 million.
Robert Peebler, Chief Executive Officer of ION, added, “Due to the faster than expected slowdown in the North American and Russian energy markets during the fourth quarter that have impacted ION’s land systems business and slower than expected year-end data library sales, we expect to report 2008 revenues and earnings that will fall below our original 2008 guidance we provided in December 2007.
“It is disappointing but not totally surprising that we generated lower than anticipated fourth quarter financial results due to the nearly complete shutdown of the credit markets with its resulting impact on the global economy and the collapse of both oil and natural gas prices. All of this has created a great amount of uncertainty regarding many energy companies’ capital spending plans and a very conservative response by many of our contractor customers.
“Overall, U.S. and Russia land systems business and year end data library sales are the main areas of weakness that caused us to miss our 2008 revenue and earnings guidance. Our marine systems, geophone, data processing, and new venture activities finished the year very close to what we expected. The pipeline for our Span libraries remains solid, and our customers have indicated to us that most of what was not closed