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Global Geophysical Services, Inc. Announces 4th Quarter And Year End Financial Results

HOUSTON, Feb. 7, 2011 (GLOBE NEWSWIRE) -- Global Geophysical Services, Inc. (NYSE:GGS) today announced financial results for its fourth quarter and fiscal year ended December 31, 2010.

Fourth Quarter Highlights

  • The Company reported total revenues of $93.5 million in the fourth quarter of 2010 compared to $98.6 million for the same period in 2009. Revenue for the fourth quarter 2010 increased by $33.0 million over the third quarter 2010. Revenue for the fourth quarter 2010 increased by $53.4 million over the second quarter 2010.
  • Backlog as of December 31, 2010 increased to approximately $265 million compared to approximately $153 million as of December 31, 2009, an increase of $112 million.
  • Operating Income for the fourth quarter of 2010 was $10.1 million compared to $8.1 million in the same period of 2009, an increase of 24%. Operating income in the fourth quarter 2010 increased by $13.8 million over the third quarter 2010.
  • Loss per share for the fourth quarter of 2010 was ($0.05) compared with ($0.15) loss per share for the same period in 2009. A reconciliation of the share count differences is included towards the end of this release.
  • Cash Flow from Operations was $33.3 million in the fourth quarter 2010 compared to $35.6 million in the same period for 2009.

Fiscal 2010 Highlights

  • The Company reported total revenues of $254.7 million in the year ended December 31, 2010 compared to $312.8 million for the same period in 2009.
  • Cash Flow from Operations was $115.8 million in 2010 compared to $80.4 million in 2009.
  • Loss per share for 2010 was ($1.44) compared with $0.05 income per share in 2009. A reconciliation of the share count differences is included towards the end of this release.
  • We grew our seismic data library to approximately 3,700 square miles as of December 31, 2010 compared to 914 square miles as of December 31, 2009. Client commitments to data library programs as of December 31, 2010 were an additional 3,500 square miles.

Richard Degner, President and CEO, commented:

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