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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Geokinetics, Inc. | AMEX:GOK | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
DELAWARE
|
94-1690082
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Item 1. Financial Statements
|
|||
Condensed Consolidated Balance Sheets as of June 30, 2009 and December 31, 2008
|
3
|
||
Condensed Consolidated Statements of Operations for the Three Months and Six Months Ended June 30, 2009 and 2008
|
4
|
||
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2009 and 2008
|
5
|
||
Condensed Statements of Stockholders’ Equity and Other Comprehensive Income
|
6
|
||
Notes to Condensed Consolidated Financial Statements
|
7
|
||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of
Operations
|
15
|
||
Item 3. Quantitative and Qualitative Disclosure About Market Risk
|
20
|
||
Item 4. Controls and Procedures
|
20
|
||
PART II. OTHER INFORMATION
|
|||
Item 1. Legal Proceedings
|
22
|
||
Item 1A. Risk Factors
|
22
|
||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
22
|
||
Item 3. Defaults Upon Senior Securities
|
22
|
||
Item 4. Submission of Matters to a Vote of Security Holders
|
22
|
||
Item 5. Other Information
|
23
|
||
Item 6. Exhibits
|
24
|
||
Signatures
|
25
|
||
Certification of CEO Pursuant to Rule 13a-14(a)/15d-14a
|
|||
Certification of CFO Pursuant to Rule 13a-14(a)/15d-14a
|
|||
Certification of CEO Pursuant to Section 1350
|
|||
Certification of CFO Pursuant to Section 1350
|
June 30,
|
December 31,
|
||||||
2009
|
2008
|
||||||
(Unaudited)
|
|||||||
ASSET
S
|
|||||||
Current assets:
|
|||||||
Cash and cash equivalents
|
$
|
20,710
|
$
|
13,341
|
|||
Restricted cash
|
1,875
|
9,921
|
|||||
Accounts receivable, net of allowance for doubtful accounts of $6,492 at June 30, 2009
and $3,944 at December 31, 2008
|
117,678
|
91,753
|
|||||
Deferred costs
|
15,165
|
25,372
|
|||||
Prepaid expenses and other current assets
|
9,635
|
10,414
|
|||||
Total current assets
|
165,063
|
150,801
|
|||||
Property and equipment:
|
|||||||
Cost
|
288,319
|
269,836
|
|||||
Less: Accumulated depreciation and amortization
|
(88,558
|
)
|
(64,551
|
)
|
|||
199,761
|
205,285
|
||||||
Goodwill
|
73,414
|
73,414
|
|||||
Other assets, net
|
15,450
|
10,216
|
|||||
Total assets
|
$
|
453,688
|
$
|
439,716
|
LIABILITIES, MEZZANINE AND STOCKHOLDERS’ EQUITY
|
|||||||
Current liabilities:
|
|||||||
Short-term debt and current portion of long-term debt and capital lease obligations
|
$
|
30,361
|
$
|
33,096
|
|||
Accounts payable
|
44,822
|
49,056
|
|||||
Accrued liabilities
|
41,298
|
29,968
|
|||||
Unearned revenue
|
27,943
|
29,995
|
|||||
Federal income taxes payable
|
13,501
|
1,601
|
|||||
Total current liabilities
|
157,925
|
143,716
|
|||||
Long-term debt and capital lease obligations, net of current portion
|
47,373
|
57,850
|
|||||
Deferred income tax and other non-current liabilities
|
13,639
|
13,608
|
|||||
Total liabilities
|
218,937
|
215,174
|
|||||
Commitments & Contingencies
|
|||||||
Mezzanine equity: Preferred stock, Series B Senior Convertible, $10.00 par value;
|
|||||||
407,445 shares issued and outstanding as of June 30, 2009 and
391,629 shares issued and outstanding as of December 31, 2008
|
98,956
|
94,862
|
|||||
Stockholders’ equity:
|
|||||||
Common stock, $.01 par value; 100,000,000 shares authorized,
10,583,444 shares issued and 10,480,285 shares outstanding as of June 30, 2009 and
10,580,601 shares issued and 10,470,233 shares outstanding as of December 31, 2008
|
106
|
106
|
|||||
Additional paid-in capital
|
185,687
|
188,940
|
|||||
Accumulated deficit
|
(50,018
|
)
|
(59,386
|
)
|
|||
Accumulated other comprehensive income
|
20
|
20
|
|||||
Total stockholders’ equity
|
135,795
|
129,680
|
|||||
Total liabilities, mezzanine and stockholders’ equity
|
$
|
453,688
|
$
|
439,716
|
Three Months Ended
|
Six Months Ended
|
||||||||
June 30,
|
June 30,
|
||||||||
2009
|
2008
|
2009
|
2008
|
||||||
Revenue:
|
|||||||||
Seismic acquisition
|
$
|
142,367
|
$
|
110,468
|
$
|
286,457
|
$
|
227,758
|
|
Data processing
|
2,473
|
3,111
|
5,301
|
5,975
|
|||||
Total revenue
|
144,840
|
113,579
|
291,758
|
233,733
|
|||||
Expenses:
|
|||||||||
Seismic acquisition
|
100,250
|
89,240
|
206,303
|
179,412
|
|||||
Data processing
|
2,233
|
2,327
|
4,410
|
4,570
|
|||||
Depreciation and amortization
|
12,867
|
11,787
|
25,364
|
22,778
|
|||||
General and administrative
|
12,604
|
9,586
|
25,908
|
18,888
|
|||||
Total Expenses
|
127,954
|
112,940
|
261,985
|
225,648
|
|||||
(Loss) gain on disposal of property and equipment
|
(543
|
)
|
(404
|
)
|
(736
|
)
|
(485
|
)
|
|
Gain on insurance claims
|
-
|
697
|
-
|
697
|
|||||
Income from operations
|
16,343
|
932
|
29,037
|
8,297
|
|||||
Other income (expenses):
|
|||||||||
Interest income
|
52
|
127
|
186
|
286
|
|||||
Interest expense
|
(1,669
|
)
|
(1,583
|
)
|
(3,282
|
)
|
(3,063
|
)
|
|
Foreign exchange gain (loss)
|
203
|
154
|
130
|
(184
|
)
|
||||
Other, net
|
47
|
18
|
96
|
(305
|
)
|
||||
Total other expenses, net
|
(1,367
|
)
|
(1,284
|
)
|
(2,870
|
)
|
(3,266
|
)
|
|
Income (loss) before income taxes
|
14,976
|
(352
|
)
|
26,167
|
5,031
|
||||
Provision for income taxes
|
11,593
|
193
|
16,798
|
1,713
|
|||||
Net income (loss)
|
3,383
|
(545
|
)
|
9,369
|
3,318
|
||||
Returns to preferred stockholders:
|
|||||||||
Dividend and accretion costs
|
2,066
|
1,301
|
4,093
|
2,577
|
|||||
Income (loss) applicable to common stockholders
|
$
|
1,317
|
$
|
(1,846)
|
$
|
5,276
|
$
|
741
|
|
Income per common share
|
|||||||||
Basic
|
$
|
0.12
|
$
|
(0.18)
|
$
|
0.50
|
$
|
0.07
|
|
Diluted
|
$
|
0.12
|
$
|
(0.18)
|
$
|
0.50
|
$
|
0.07
|
|
Weighted average common shares outstanding
|
|||||||||
Basic
|
10,579
|
10,519
|
10,576
|
10,500
|
|||||
Diluted
|
10,579
|
10,519
|
10,576
|
10,583
|
Six Months Ended
June 30,
|
||||||||||
2009
|
2008
|
|||||||||
OPERATING ACTIVITIES
|
||||||||||
Net income
|
$
|
9,369
|
$
|
3,318
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||||
Depreciation and amortization
|
25,364
|
22,778
|
||||||||
Deferred financing costs
|
256
|
181
|
||||||||
Stock-based compensation
|
876
|
959
|
||||||||
Gain (loss) on sale of assets and insurance claims
|
736
|
(212
|
)
|
|||||||
Changes in operating assets and liabilities:
|
||||||||||
Restricted cash
|
8,046
|
139
|
||||||||
Accounts receivable
|
(25,925
|
)
|
(15,336
|
)
|
||||||
Prepaid expenses and other assets
|
9,925
|
(10,199
|
)
|
|||||||
Accounts payable
|
(4,235
|
)
|
27,070
|
|||||||
Accrued and other liabilities
|
21,270
|
(4,181
|
)
|
|||||||
Net cash provided by operating activities
|
45,682
|
24,517
|
||||||||
INVESTING ACTIVITIES
|
||||||||||
Investment in multi-client data library
|
(5,071
|
)
|
-
|
|||||||
Proceeds from disposal of property and equipment and insurance claims
|
604
|
1,153
|
||||||||
Purchases and acquisition of property and equipment
|
(17,763
|
)
|
(35,175
|
)
|
||||||
Net cash used in investing activities
|
(22,230
|
)
|
(34,022
|
)
|
||||||
FINANCING ACTIVITIES
|
||||||||||
Proceeds from borrowings
|
83,535
|
121,894
|
||||||||
Proceeds from exercised options
|
-
|
460
|
||||||||
Stock issuance costs
|
(35
|
)
|
(19)
|
|||||||
Payments on capital lease obligations and vendor financings
|
(21,560
|
)
|
(11,135
|
)
|
||||||
Payments on debt
|
(78,023
|
)
|
(101,329
|
)
|
||||||
Net cash provided by (used in) financing activities
|
(16,083
|
)
|
9,871
|
|||||||
Net increase in cash
|
7,369
|
366
|
||||||||
Cash at beginning of period
|
13,341
|
15,125
|
||||||||
Cash at end of period
|
$
|
20,710
|
$
|
15,491
|
||||||
Supplemental disclosures related to cash flows:
|
||||||||||
Interest paid
|
$
|
3,280
|
$
|
3,131
|
||||||
Taxes paid
|
$
|
3,136
|
$
|
660
|
||||||
Purchase of equipment under capital lease and vendor financing obligations
|
$
|
2,837
|
$
|
15,551
|
Common Shares Issued
|
Common
Stock
|
Additional
Paid-in Capital
|
Accumulated Deficit
|
Accumulated Other Comprehensive Income
|
Total
|
|||||||
Balance at January 1, 2009
|
10,580,601
|
$
|
106
|
$
|
188,940
|
$
|
(59,386)
|
$
|
20
|
$
|
129,680
|
|
Stock-based compensation
|
876
|
876
|
||||||||||
Restricted stock issued (forfeited)
|
2,843
|
|||||||||||
Accretion of preferred issuance costs
|
(124)
|
(124)
|
||||||||||
Accrual of preferred dividends
|
(3,969)
|
(3,975)
|
||||||||||
Cost of issuance of securities
|
(36)
|
(30)
|
||||||||||
Net income
|
9,369
|
9,369
|
||||||||||
Balance at June 30, 2009
|
10,583,444
|
$
|
106
|
$
|
185,687
|
$
|
(50,018)
|
$
|
20
|
$
|
135,795
|
|
NOTE 1:
Organization
|
|
NOTE 3:
Segment Information
|
For the Three Months Ended June 30, 2009
|
|||||||||||||||||||||||||||
Data Acquisition
|
Data
|
||||||||||||||||||||||||||
North America
|
International
|
Processing
|
Corporate
|
Total
|
|||||||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||||||
Revenue
|
$
|
18,076
|
$
|
124,291
|
$
|
2,473
|
$
|
-
|
$
|
144,840
|
|||||||||||||||||
Segment income (loss)
|
$
|
(2,250
|
) |
|
$
|
23,822
|
$
|
140
|
$
|
(18,329)
|
$
|
3,383
|
|||||||||||||||
Segment assets (at end of period)
|
$
|
91,894
|
$
|
252,150
|
$
|
9,216
|
$
|
100,428
|
$
|
453,688
|
For the Three Months Ended June 30, 2008
|
|||||||||||||||||||||||||||
Data Acquisition
|
Data
|
||||||||||||||||||||||||||
North America
|
International
|
Processing
|
Corporate
|
Total
|
|||||||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||||||
Revenue
|
$
|
44,082
|
$
|
66,386
|
$
|
3,111
|
$
|
-
|
$
|
113,579
|
|||||||||||||||||
Segment income (loss)
|
$
|
3,205
|
$
|
2,017
|
$
|
369
|
$
|
(6,136
|
) $
|
(545
|
)
|
||||||||||||||||
Segment assets (at end of period)
|
$
|
118,296
|
$
|
267,096
|
$
|
7,477
|
$
|
12,442
|
$
|
405,311
|
For the Six Months Ended June 30, 2009
|
|||||||||||||||||||||||||||
Data Acquisition
|
Data
|
||||||||||||||||||||||||||
North America
|
International
|
Processing
|
Corporate
|
Total
|
|||||||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||||||
Revenue
|
$
|
53,931
|
$
|
232,526
|
$
|
5,301
|
$
|
-
|
$
|
291,758
|
|||||||||||||||||
Segment income (loss)
|
$
|
(1,216
|
) |
|
$
|
41,274
|
$
|
299
|
$
|
(30,988)
|
$
|
9,369
|
|||||||||||||||
Segment assets (at end of period)
|
$
|
91,894
|
$
|
252,150
|
$
|
9,216
|
$
|
100,428
|
$
|
453,688
|
For the Six Months Ended June 30, 2008
|
|||||||||||||||||||||||||||
Data Acquisition
|
Data
|
||||||||||||||||||||||||||
North America
|
International
|
Processing
|
Corporate
|
Total
|
|||||||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||||||
Revenue
|
$
|
105,826
|
$
|
121,932
|
$
|
5,975
|
$
|
-
|
$
|
233,733
|
|||||||||||||||||
Segment income (loss)
|
$
|
10,170
|
$
|
7,162
|
$
|
499
|
$
|
(14,513
|
) $
|
3,318
|
|||||||||||||||||
Segment assets (at end of period)
|
$
|
118,296
|
$
|
267,096
|
$
|
7,477
|
$
|
12,442
|
$
|
405,311
|
June 30,
|
December 31,
|
|||||
2009
|
2008
|
|||||
(In thousands)
|
||||||
(Unaudited)
|
||||||
Revolving credit lines-LIBOR plus 3.0% or prime plus 1.5%
|
$
|
36,869
|
$
|
43,979
|
||
Capital lease obligations—7.08% to 15.45%
|
23,125
|
27,990
|
||||
Notes payable from vendor financing arrangements—7.94% to 11.69%
|
14,439
|
18,977
|
||||
Foreign Letters of Credit
|
3,301
|
-
|
||||
77,734
|
90,946
|
|||||
Less: current portion
|
(30,361
|
)
|
(33,096
|
)
|
||
$
|
47,373
|
$
|
57,850
|
|
Capital Lease Obligations
|
|
NOTE 5:
Income per Common Share
|
Three Months Ended
|
Six Months Ended
|
|||||||||||
June 30
|
June 30
|
|||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||
Numerator:
|
||||||||||||
Net income (loss) applicable to common stockholders
|
$
|
1,317
|
$
|
(1,846)
|
$
|
5,276
|
$
|
741
|
||||
Denominator:
|
||||||||||||
Denominator for basic earnings per common share
|
10,579
|
10,519
|
10,576
|
10,500
|
||||||||
Effect of dilutive securities:
|
||||||||||||
Stock options
|
-
|
-
|
-
|
81
|
||||||||
Warrants
|
-
|
-
|
-
|
2
|
||||||||
Denominator for diluted earnings per common share
|
$
|
10,579
|
$
|
10,519
|
$
|
10,576
|
$
|
10,583
|
||||
Income (loss) per common share:
|
||||||||||||
Basic
|
$
|
0.12
|
$
|
(0.18)
|
$
|
0.50
|
$
|
0.07
|
||||
Diluted
|
$
|
0.12
|
$
|
(0.18)
|
$
|
0.50
|
$
|
0.07
|
||||
|
NOTE 6:
Income Taxes
|
June 30, 2009 (Unaudited)
|
|||||||||||||
BALANCE SHEET
|
Parent
|
Guarantors
|
Non-guarantors
|
Eliminations
|
Consolidated
|
||||||||
ASSETS
|
|||||||||||||
Current assets
|
$
|
11,017
|
$
|
19,046
|
$
|
135,000
|
$
|
-
|
$
|
165,063
|
|||
Property and equipment, net
|
17,928
|
160,910
|
20,923
|
-
|
199,761
|
||||||||
Investment in subsidiaries
|
198,572
|
74,320
|
-
|
(272,892)
|
-
|
||||||||
Intercompany accounts
|
87,936
|
(94,533)
|
6,598
|
-
|
-
|
||||||||
Other non-current assets
|
1,080
|
75,418
|
12,366
|
-
|
88,864
|
||||||||
|
Total assets
|
$
|
316,533
|
$
|
235,161
|
$
|
174,887
|
$
|
(272,892)
|
$
|
453,688
|
||
LIABILITIES, MEZZANINE AND STOCKHOLDERS’ EQUITY
|
|||||||||||||
Current liabilities
|
$
|
37,654
|
$
|
29,092
|
$
|
91,179
|
$
|
-
|
$
|
157,925
|
|||
Long term debt and capital lease obligations, net of current portion
|
44,127
|
335
|
2,911
|
-
|
47,373
|
||||||||
Deferred Income tax and other non-current liabilities
|
-
|
10,932
|
2,707
|
-
|
13,639
|
||||||||
Total liabilities
|
81,781
|
40,359
|
96,797
|
-
|
218,937
|
||||||||
Mezzanine equity
|
98,956
|
-
|
-
|
-
|
98,956
|
||||||||
Stockholders’ equity
|
135,796
|
194,802
|
78,090
|
(272,892)
|
135,795
|
||||||||
Total liabilities, mezzanine and stockholders’ equity
|
$
|
316,533
|
$
|
235,161
|
$
|
174,887
|
$
|
(272,892)
|
$
|
453,688
|
|||
December 31, 2008
|
|||||||||||||
BALANCE SHEET
|
Parent
|
Guarantors
|
Non-guarantors
|
Eliminations
|
Consolidated
|
||||||||
ASSETS
|
|||||||||||||
Current assets
|
$
|
3,348
|
$
|
32,299
|
$
|
115,154
|
$
|
-
|
$
|
150,801
|
|||
Property and equipment, net
|
12,174
|
168,099
|
25,012
|
-
|
205,285
|
||||||||
Investment in subsidiaries
|
172,687
|
32,659
|
370
|
(205,716)
|
-
|
||||||||
Intercompany accounts
|
129,815
|
(93,365)
|
(36,450)
|
-
|
-
|
||||||||
Other non-current assets
|
1,038
|
70,812
|
11,780
|
-
|
83,630
|
||||||||
|
Total assets
|
$
|
319,062
|
$
|
210,504
|
$
|
115,866
|
$
|
(205,716)
|
$
|
439,716
|
||
LIABILITIES, MEZZANINE AND STOCKHOLDERS’ EQUITY
|
|||||||||||||
Current liabilities
|
$
|
36,670
|
$
|
37,255
|
$
|
69,791
|
$
|
-
|
$
|
143,716
|
|||
Long term debt and capital lease obligations, net of current portion
|
57,850
|
-
|
-
|
-
|
57,850
|
||||||||
Deferred Income tax and other non-current liabilities
|
-
|
10,932
|
2,676
|
-
|
13,608
|
||||||||
Total liabilities
|
94,520
|
48,187
|
72,467
|
-
|
215,174
|
||||||||
Mezzanine equity
|
94,862
|
-
|
-
|
-
|
94,862
|
||||||||
Stockholders' equity
|
129,680
|
162,317
|
43,399
|
(205,716)
|
129,680
|
||||||||
Total liabilities, mezzanine and stockholders' equity
|
$
|
319,062
|
$
|
210,504
|
$
|
115,866
|
$
|
(205,716)
|
$
|
439,716
|
|||
Three months ended June 30, 2009 ( Unaudited)
|
|||||||||||||
STATEMENT OF OPERATIONS
|
Parent
|
Guarantors
|
Non-guarantors
|
Eliminations
|
Consolidated
|
||||||||
Net revenues
|
$
|
-
|
$
|
28,279
|
$
|
125,736
|
$
|
(9,175)
|
$
|
144,840
|
|||
Equity in subsidiaries results
|
15,477
|
19,721
|
-
|
(35,198)
|
-
|
||||||||
Expenses:
|
|||||||||||||
Seismic acquisition and data processing
|
2,541
|
15,854
|
93,263
|
(9,175)
|
102,483
|
||||||||
Depreciation and amortization
|
446
|
10,722
|
1,699
|
-
|
12,867
|
||||||||
General and administrative
|
7,596
|
1,429
|
3,579
|
-
|
12,604
|
||||||||
Other, net
|
(1)
|
101
|
443
|
-
|
543
|
||||||||
Total expenses
|
10,582
|
28,106
|
98,984
|
(9,175)
|
128,497
|
||||||||
Income ( loss) from operations
|
4,895
|
19,896
|
26,752
|
(35,198)
|
16,345
|
||||||||
Interest expense, net
|
(1,483)
|
(88)
|
(46)
|
-
|
(1,617)
|
||||||||
Other income (expenses), net
|
(29)
|
(3,736)
|
4,013
|
-
|
248
|
||||||||
Income (loss) before income taxes
|
3,383
|
16,072
|
30,719
|
(35,198)
|
14,976
|
||||||||
Provision for income Taxes
|
-
|
(406)
|
11,999
|
-
|
11,593
|
||||||||
Net income (loss)
|
$
|
3,383
|
$
|
16,478
|
$
|
18,720
|
$
|
(35,198)
|
$
|
3,383
|
|||
Three months ended June 30, 2008 ( Unaudited)
|
|||||||||||||
STATEMENT OF OPERATIONS
|
Parent
|
Guarantors
|
Non-guarantors
|
Eliminations
|
Consolidated
|
||||||||
Net revenues
|
$
|
-
|
$
|
48,794
|
$
|
72,767
|
$
|
(7,982)
|
$
|
113,579
|
|||
Equity in subsidiaries results
|
8,551
|
1,595
|
-
|
(10,146)
|
-
|
||||||||
Expenses:
|
|||||||||||||
Seismic acquisition and data processing
|
1,493
|
32,296
|
65,760
|
(7,982)
|
91,567
|
||||||||
Depreciation and amortization
|
378
|
9,167
|
2,242
|
-
|
11,787
|
||||||||
General and administrative
|
5,808
|
1,729
|
2,049
|
-
|
9,586
|
||||||||
Other, net
|
-
|
(202)
|
(91)
|
-
|
(293)
|
||||||||
Total expenses
|
7,679
|
42,990
|
69,960
|
(7,982)
|
112,647
|
||||||||
Income ( loss) from operations
|
872
|
7,399
|
2,808
|
(10,146)
|
932
|
||||||||
Interest expense, net
|
(1,417)
|
(104)
|
65
|
-
|
(1,456)
|
||||||||
Other income (expenses), net
|
-
|
1,465
|
(1,293)
|
-
|
172
|
||||||||
Income (loss) before income taxes
|
(545)
|
8,758
|
1,580
|
(10,146)
|
(352)
|
||||||||
Provision for income Taxes
|
-
|
204
|
(12)
|
-
|
193
|
||||||||
Net income (loss)
|
$
|
(545)
|
$
|
8,554
|
$
|
1,592
|
$
|
(10,146)
|
$
|
(545)
|
|||
Six months ended June 30, 2009 ( Unaudited)
|
|||||||||||||
STATEMENT OF OPERATIONS
|
Parent
|
Guarantors
|
Non-guarantors
|
Eliminations
|
Consolidated
|
||||||||
Net revenues
|
$
|
-
|
$
|
62,891
|
$
|
247,217
|
$
|
(18,350)
|
$
|
291,758
|
|||
Equity in subsidiaries results
|
33,051
|
34,077
|
-
|
(67,128)
|
-
|
||||||||
Expenses:
|
|||||||||||||
Seismic acquisition and data processing
|
4,804
|
37,956
|
186,303
|
(18,350)
|
210,713
|
||||||||
Depreciation and amortization
|
1,033
|
20,607
|
3,724
|
-
|
25,364
|
||||||||
General and administrative
|
14,846
|
4,153
|
6,909
|
-
|
25,908
|
||||||||
Other, net
|
(1)
|
91
|
646
|
-
|
736
|
||||||||
Total expenses
|
20,683
|
62,806
|
197,582
|
(18,350)
|
262,721
|
||||||||
Income ( loss) from operations
|
12,369
|
34,162
|
49,635
|
(67,128)
|
29,037
|
||||||||
Interest expense, net
|
(2,932)
|
(150)
|
(14)
|
-
|
(3,096)
|
||||||||
Other income (expenses), net
|
(65)
|
(1,527)
|
1,818
|
-
|
226
|
||||||||
Income (loss) before income taxes
|
9,371
|
32,484
|
51,439
|
(67,128)
|
26,167
|
||||||||
Provision for income Taxes
|
-
|
-
|
16,798
|
-
|
16,798
|
||||||||
Net income (loss)
|
$
|
9,371
|
$
|
32,484
|
$
|
34,641
|
$
|
(67,128)
|
$
|
9,369
|
Six months ended June 30, 2008 ( Unaudited)
|
|||||||||||||
STATEMENT OF OPERATIONS
|
Parent
|
Guarantors
|
Non-guarantors
|
Eliminations
|
Consolidated
|
||||||||
Net revenues
|
$
|
-
|
$
|
93,258
|
$
|
151,753
|
$
|
(11,278)
|
$
|
233,733
|
|||
Equity in subsidiaries results
|
20,465
|
10,378
|
-
|
(30,843)
|
-
|
||||||||
Expenses:
|
|||||||||||||
Seismic acquisition and data processing
|
2,726
|
66,921
|
125,613
|
(11,278)
|
183,982
|
||||||||
Depreciation and amortization
|
696
|
17,526
|
4,556
|
-
|
22,778
|
||||||||
General and administrative
|
10,966
|
3,449
|
4,473
|
-
|
18,888
|
||||||||
Other, net
|
-
|
(207)
|
(5)
|
-
|
(212)
|
||||||||
Total expenses
|
14,388
|
87,690
|
134,637
|
(11,278)
|
225,436
|
||||||||
Income ( loss) from operations
|
6,077
|
15,946
|
17,116
|
(30,843)
|
8,297
|
||||||||
Interest expense, net
|
(2,759)
|
(245)
|
227
|
-
|
(2,777)
|
||||||||
Other income (expenses), net
|
-
|
(1,106)
|
617
|
-
|
(489)
|
||||||||
Income (loss) before income taxes
|
3,318
|
14,595
|
17,961
|
(30,843)
|
5,031
|
||||||||
Provision for income Taxes
|
-
|
376
|
1,337
|
-
|
1,713
|
||||||||
Net income (loss)
|
$
|
3,318
|
$
|
14,219
|
$
|
16,624
|
$
|
(30,843)
|
$
|
3,318
|
|||
Six months ended June 30, 2009 ( Unaudited)
|
|||||||||||||
STATEMENT OF CASH FLOWS
|
Parent
|
Guarantors
|
Non-guarantors
|
Eliminations
|
Consolidated
|
||||||||
Net cash provided ( used in) operating activities
|
$
|
12,999
|
$
|
40,664
|
$
|
(7,979)
|
$
|
-
|
$
|
45,684
|
|||
Net cash provided ( used in) investing activities
|
(6,787)
|
(15,165)
|
(280)
|
-
|
(22,232)
|
||||||||
Net cash provided ( used in) financing activities
|
(463)
|
(22,870)
|
7,250
|
-
|
(16,083)
|
||||||||
Net increase ( decrease) in cash
|
$
|
5,749
|
$
|
2,629
|
$
|
(1,009)
|
$
|
-
|
$
|
7,369
|
|||
Six months ended June 30, 2008 ( Unaudited)
|
|||||||||||||
STATEMENT OF CASH FLOWS
|
Parent
|
Guarantors
|
Non-guarantors
|
Eliminations
|
Consolidated
|
||||||||
Net cash provided ( used in) operating activities
|
$
|
(17,895)
|
$
|
38,188
|
$
|
4,224
|
$
|
-
|
$
|
24,517
|
|||
Net cash provided ( used in) investing activities
|
(2,635)
|
(26,288)
|
(5,099)
|
-
|
(34,022)
|
||||||||
Net cash provided ( used in) financing activities
|
20,139
|
(11,135)
|
867
|
-
|
9,871
|
||||||||
Net increase ( decrease) in cash
|
$
|
(391)
|
$
|
765
|
$
|
(8)
|
$
|
-
|
$
|
366
|
|
Capital Lease Obligations
|
|
1.
|
Elect seven directors to Geokinetics’ seven-member Board of Directors, each to hold office for a term of one year;
|
|
2.
|
Approve a one-time stock option repricing and exchange program under which eligible employees (including executive officers) would be able to elect to exchange certain outstanding options issued under equity plans for new lower priced options which would include modifications to option vesting and term; and
|
|
3.
|
Approve the appointment of UHY LLP as Geokinetics’ independent public accountants for the fiscal year ending December 31, 2009.
|
Name
|
Position
|
Director Since
|
||
William R. Ziegler
|
Chairman (non-executive) (since February 2, 1999 and Director)
|
1997
|
||
Richard F. Miles
|
President, Chief Executive Officer and Director
|
2007
|
||
Christopher M. Harte
|
Director
|
1997
|
||
Steven A. Webster
|
Director
|
1997
|
||
Gary M. Pittman
|
Director
|
2006
|
||
Robert L. Cabes, Jr.
|
Director
|
2006
|
||
Christopher D. Strong
|
Director
|
2007
|
Name
|
For
|
Against
|
Abstain
|
||||
William R. Ziegler
|
12,327,860
|
148,807
|
2,009
|
||||
Richard F. Miles
|
12,383,940
|
92,727
|
2,009
|
||||
Christopher M. Harte
|
12,356,598
|
120,069
|
2,009
|
||||
Steven A. Webster
|
12,383,961
|
92,705
|
2,010
|
||||
Gary M. Pittman
|
12,295,435
|
181,231
|
2,010
|
||||
Robert L. Cabes, Jr.
|
12,359,891
|
116,776
|
2,009
|
||||
Christopher D. Strong
|
12,408,223
|
67,848
|
2,605
|
For
|
Against
|
Abstain
|
||
11,242,615
|
1,221,519
|
14,542
|
For
|
Against
|
Abstain
|
||
12,473,194
|
4,349
|
1,133
|
3.1
|
Second Amended Certificate of Designation of Series B Senior Convertible Preferred Stock of Geokinetics, Inc. (incorporated by reference from Exhibit 3.1 to Form 8-K filed on February 17, 2009)
|
31.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, filed herewith.
|
31.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, filed herewith.
|
32.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.
|
32.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Geokinetics Inc.
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
August 7, 2009
|
/s/
Richard F. Miles
|
|
Richard F. Miles
|
||
President and Chief Executive Officer
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Geokinetics Inc.
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
August 7, 2009
|
/s/ Scott A. McCurdy
|
|
Scott A. McCurdy
|
||
Vice President and Chief Financial Officer
|
Dated:
August 7, 2009
|
/s/
Richard F. Miles
|
|
Richard F. Miles
|
||
President and Chief Executive Officer
|
Dated:
August 7, 2009
|
/s/ Scott A. McCurdy
|
|
Scott A. McCurdy
|
||
Vice President and Chief Financial Officer
|
1 Year Geokinetics, Inc. Chart |
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