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Global Geophysical Reports Adjusted EPS Of $0.05

Stocks in this article: GGS

"We are making progress on the priorities that I outlined for our team," commented Richard White, CEO. "Our growth in backlog corresponded with the plans to alter the revenue mix to a greater weighting of Proprietary Services. We have also geographically diversified our mix of backlog such that each of our three major operating regions represents a comparable share of the order book. As we look forward, we see data acquisition revenues from international operations representing the majority of the company's revenue streams."

"Our previously announced establishment of Europe Africa and Middle East (EAME) headquarters in Dubai is progressing as scheduled. In further support of our effort to expand our international operations, Global is establishing its Latin American headquarters in Rio de Janiero, Brazil. As part of that effort, we expect to broaden our offerings in the region and bring our integrated services platform to key markets. Customers in certain of our Latin American markets, such as Colombia, are already realizing benefits of integrated data acquisition, processing and microseismic services utilizing our proprietary nodal technologies. We continue to observe high levels of bidding and tendering activity within this key region and expect those levels to continue."

"We are pleased with the progress that our team has made in a short period of time; however, much work remains. Global's positioning in the North American market is still in transition. The completion of Multi-client program commitments over the next two quarters will enable data acquisition capacity to be redirected to proprietary programs within the region. The build out of that order book is being managed in an orderly manner with respect to pricing and service differentiation. We expect that effort to take several more quarters."

"The growth of our international order book is also providing visibility to higher levels of asset utilization during the second half of the year. With respect to our overall capacity, our focus remains on securing firmly contracted levels of high utilization well into 2014."

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