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Global Geophysical Reports Adjusted EPS Of $0.05

Stocks in this article: GGS

HOUSTON, April 24, 2013 (GLOBE NEWSWIRE) -- Global Geophysical Services, Inc. (NYSE:GGS) today reported first quarter adjusted earnings of $0.05 per share (excluding a $13.0 million pre-tax non-cash library impairment charge and $3.0 million in non-recurring pre-tax adjustments for severance related charges and bad debt provisions). Revenues for the first quarter were $83.4 million, up from $55.3 million during the fourth quarter of 2012.  During the first quarter, the company had a loss of $0.31 per share.

Global increased its backlog to $180 million as of March 31, 2013 comprised of $136 million in Proprietary Services and $44 million in Multi-client Services. Backlog at the end of the fourth quarter of 2012 was approximately $101 million, comprised of $35 million in Proprietary Services and $66 million of Multi-client services.

During the first quarter Multi-client cash investments of $28.0 million were matched with pre-commitment revenues of $28.3 million, supporting the company's objective to remain fully pre-funded on its library investments. Global also benefited from a substantial increase in library late sale revenues for the quarter, primarily resulting from the contribution of our previously announced marketing and distribution relationship for our North American on-shore assets.

Global also made progress in its objective of de-levering its balance sheet through Free Cash Flow generation. During the first quarter, Global generated Free Cash Flow of $16.7 million and reduced Net Debt from $318.8 million as of December 31, 2012 to $302.4 million as of March 31, 2013.

We have reached agreement with the current lenders in the Revolving Credit Facility to extend the maturity of the previously scheduled to expire commitment tranche. In connection with that amendment, the overall facility size will be $80.0 million of which $67.5 million matures on April 30, 2014 and $12.5 million matures on September 30, 2013. As of March 31, 2013, borrowings under the facility were $75.6 million. On a pro forma basis, giving effect to this amendment, liquidity as of March 31, 2013 increased to $36.8 million up from $29.3 million as of December 31, 2012.

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