Geokinetics reports adjusted EBITDA grew to $105.99 million in 2012

By Caroline Salls

Pittsburgh, March 28 - Geokinetics Inc. reported $105.99 million of adjusted EBITDA for the year ended Dec. 31 on $595.82 million in total revenues, according to a 10-K filed Thursday with the Securities and Exchange Commission.

In comparison, the company posted $84.85 million of adjusted EBITDA for the year ended Dec. 31, 2011 on $763.73 million in total revenues.

The net loss for 2012 was $82.96 million, narrowing from a $222.05 million 2011 net loss.

According to the 10-K, the decline in revenues reflected decreases in both seismic and multi-client data acquisition work.

Geokinetics said it believes the decrease in seismic and multi-client data acquisition activity reflects lower demand and pricing for oil and gas, as well as decreased market conditions, primarily in the United States and Canada.

Meanwhile, the company said the increase in adjusted EBITDA primarily resulted from increased activity and productivity in Latin America.

Geokinetics had $33.44 million of cash and cash equivalents at Dec. 31, down from $44.65 million at Dec. 31, 2011.

Geokinetics, based in Houston, is a provider of seismic data acquisition, seismic data processing services and multi-client seismic data to the oil and gas industry. The company filed for bankruptcy on March 10 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 13-10472.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.