Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Oct. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Global Geophysical Services Inc | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 39,695,528 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001311486 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $31,438 | $18,900 |
Restricted cash investments | 990 | 985 |
Accounts receivable, net | 44,762 | 51,080 |
Mobilization costs, net | 18,269 | 13,051 |
Prepaid expenses and other current assets | 4,409 | 6,509 |
99,868 | 90,525 | |
MULTI-CLIENT LIBRARY, net | 187,816 | 192,430 |
PROPERTY AND EQUIPMENT, net | 76,393 | 79,693 |
GOODWILL | 10,967 | 10,967 |
INTANGIBLE ASSETS, net | 9,920 | 10,291 |
DEBT ISSUANCE COSTS, net | 8,940 | 8,801 |
OTHER ASSETS | 459 | 200 |
TOTAL ASSETS | 394,363 | 392,907 |
CURRENT LIABILITIES | ' | ' |
Account payable and accrued expenses | 43,465 | 48,682 |
Debt (includes Debtor-In-Possession financing of $25.0 million) | 107,476 | 336,542 |
Capital lease obligations | 4,733 | 5,764 |
Income and other taxes payable | 8,237 | 7,144 |
Deferred revenue | 24,164 | 26,361 |
Other payables | 1,023 | 1,489 |
TOTAL LIABILITIES-CURRENT | 189,098 | 425,982 |
LIABILITIES SUBJECT TO COMPROMISE | 266,958 | ' |
LONG-TERM LIABILITIES | ' | 254 |
TOTAL LIABILITIES | 456,056 | 426,236 |
STOCKHOLDERS’ DEFICIT | ' | ' |
Common Stock, $0.01 par value, 100.0 million shares authorized 50.0 million and 48.5 million shares issued and 39.8 million and 38.3 million shares outstanding at March 31, 2014 and December 31, 2013, respectively | 500 | 485 |
Additional paid-in capital | 271,386 | 269,421 |
Accumulated deficit | -237,048 | -206,704 |
34,838 | 63,202 | |
Treasury stock, at cost, 10.2 million shares at March 31, 2014 and December 31, 2013, respectively | -96,531 | -96,531 |
TOTAL STOCKHOLDERS’ DEFICIT | -61,693 | -33,329 |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $394,363 | $392,907 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Preferred Stock, dividend percentage | 11.50% | 11.50% |
Preferred Stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred Stock, shares authorized | 5 | 5 |
Preferred Stock, shares issued | 0.3 | 0.3 |
Preferred Stock, outstanding | 0.3 | 0.3 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100 | 100 |
Common stock, shares issued | 50 | 48.5 |
Common stock, shares outstanding | 39.8 | 38.3 |
Less: treasury stock, at cost, shares | 10.2 | 10.2 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES | ' | ' |
Proprietary revenues | $40,561 | $27,537 |
Multi-client library pre-commitments | 11,360 | 28,567 |
Multi-client library late sales | 12,362 | 27,690 |
TOTAL REVENUES | 64,283 | 83,794 |
OPERATING EXPENSES | ' | ' |
Operating costs | 42,616 | 21,544 |
Multi-client library amortization | 13,886 | 34,813 |
Depreciation and other amortization | 6,771 | 7,273 |
TOTAL OPERATING EXPENSES | 63,273 | 63,630 |
MULTI-CLIENT LIBRARY AND OTHER IMPAIRMENT | ' | 12,992 |
MULTI-CLIENT LIBRARY COMMISSIONS | 4,176 | ' |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 13,990 | 14,418 |
GAIN ON DISPOSAL OF PROPERTY AND EQUIPMENT | -2,232 | -2,636 |
LOSS FROM OPERATIONS | -14,924 | -4,610 |
OTHER EXPENSE | ' | ' |
Interest expense, net (contractual interest $0.4 million) | 9,631 | 8,389 |
Prepetition professional fees | 2,271 | ' |
Reorganization items, net | 1,120 | ' |
Other expense (income), net | 337 | -133 |
TOTAL OTHER EXPENSE | 13,359 | 8,256 |
LOSS BEFORE INCOME TAXES | -28,283 | -12,866 |
INCOME TAX EXPENSE (BENEFIT) | ' | ' |
Current | 1,894 | -1,570 |
Deferred | ' | 85 |
TOTAL INCOME TAX EXPENSE (BENEFIT) | 1,894 | -1,485 |
LOSS AFTER INCOME TAXES | -30,177 | -11,381 |
NET LOSS, attributable to non-controlling interests | ' | -295 |
NET LOSS, attributable to common stockholders | ($30,177) | ($11,086) |
LOSS PER COMMON SHARE | ' | ' |
Basic (in Dollars per share) | ($0.77) | ($0.29) |
Diluted (in Dollars per share) | ($0.77) | ($0.29) |
WEIGHTED AVERAGE SHARES OUTSTANDING | ' | ' |
Basic (in Shares) | 39,394 | 37,756 |
Diluted (in Shares) | 39,394 | 37,756 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $1,850 | $43,520 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchase of property and equipment | -4,227 | -3,907 |
Investment in Multi-client library | -8,842 | -27,916 |
Proceeds from the sale of assets | 2,070 | 4,752 |
Other, net | 801 | 42 |
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | -10,198 | -27,029 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from Debtor-In-Possession financing | 25,000 | ' |
Other | -4,113 | -4,018 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 20,886 | -7,518 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 12,538 | 8,973 |
CASH AND CASH EQUIVALENTS, beginning of period | 18,900 | 23,359 |
CASH AND CASH EQUIVALENTS, end of period | 31,438 | 32,332 |
Credit Facility Revolving [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Net payments on revolving credit facility and senior notes | ' | ($3,500) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Stockholders' Deficit (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
In Thousands | |||||
Balances at Dec. 31, 2013 | $485 | $269,421 | ($96,531) | ($206,704) | ($33,329) |
Issue of common stock | 15 | ' | ' | ' | 15 |
Stock-based compensation expense | ' | 1,965 | ' | ' | 1,965 |
Preferred stock dividends | ' | ' | ' | -167 | -167 |
Net loss | ' | ' | ' | -30,177 | -30,177 |
Balances at Mar. 31, 2014 | $500 | $271,386 | ($96,531) | ($237,048) | ($61,693) |
Note_1_Basis_Of_Presentation
Note 1 - Basis Of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
NOTE 1 - BASIS OF PRESENTATION | |
General | |
The accompanying Condensed Consolidated Financial Statements include the accounts of Global Geophysical Services, Inc. and its controlled subsidiaries (collectively, the “Company” unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated in consolidation. | |
The Condensed Consolidated Financial Statements of the Company as of and for the three months ended March 31, 2014 are unaudited and have been prepared on the same basis as the audited Consolidated Financial Statements as of and for the year ended December 31, 2013. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the U.S. In the opinion of management, the accompanying unaudited financial information includes all adjustments necessary for a fair presentation of the interim financial information. Operating results for the interim periods are not necessarily indicative of the results of any subsequent periods. Certain information in the footnote disclosures normally included in annual Consolidated Financial Statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) has been condensed or omitted for the interim periods presented under the United States Securities and Exchange Commission (“SEC”) rules and regulations. As such, these interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Certain amounts in the 2013 Condensed Consolidated Financial Statements have been reclassified to conform to the classifications in the 2014 Condensed Consolidated Financial Statements. | |
Voluntary Reorganization under Chapter 11 | |
On March 25, 2014 (the “Petition Date”), the Company and certain of its subsidiaries, including Autoseis, Inc.; Global Geophysical EAME, Inc.; GGS International Holdings, Inc.; Accrete Monitoring, Inc.; and Autoseis Development Company (the Company and such subsidiaries, collectively, the “Debtors”) filed voluntary petitions for reorganization (the “Voluntary Petitions”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas, Corpus Christi Division (the “Bankruptcy Court”). The filing by the Debtors is jointly administered under case number 14-20130 (the “Bankruptcy Case”). The Debtors are operating their business as “Debtors-In-Possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Company’s foreign subsidiaries (collectively the “Non-Filing Entities”) were not included in the Voluntary Petitions or the Bankruptcy Case and are continuing to operate in the ordinary course of business. The accompanying Condensed Consolidated Financial Statements include both the Debtors and the Non-Filing Entities. See Note 18-Guarantees of Registered Securities. | |
For additional information regarding the Debtors’ interim Debtor-In-Possession financing, see Note 9-Debt. For additional information regarding the Debtors’ final Debtor-In-Possession financing and the Debtors’ Joint Plan of Reorganization, see Note 19-Subsequent Events. | |
Going Concern | |
The Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the ordinary course of business. The Company’s ability to continue as a going concern, however, is contingent upon, among other factors, the Debtors’ ability to comply with the provisions in their Debtor-In-Possession financing, the Bankruptcy Court’s approval of a plan of reorganization in the Bankruptcy Case and the Debtors’ ability to implement such a plan of reorganization, including obtaining any exit financing. As a result of the Bankruptcy Case, the realization of assets and the satisfaction of liabilities are subject to uncertainty. While operating as debtors-in-possession under Chapter 11, the Debtors may sell or liquidate assets, or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business (subject to restrictions contained in our Debtor-In-Possession financing), for amounts other than those reflected in the accompanying Condensed Consolidated Financial Statements. Accordingly, uncertainties in the bankruptcy process raise substantial doubt about the Company’s ability to continue as a going concern. The Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary if we are unable to continue as a going concern or as a consequence of the Bankruptcy Case. | |
Delisting from the New York Stock Exchange | |
On March 26, 2014, the Company received notice that the New York Stock Exchange, Inc. (the “NYSE”) had determined that the listing of the Company’s common stock should be suspended immediately as a result of the filing of the Voluntary Petitions by the Debtors. The NYSE announced that it had commenced proceedings to delist the common stock and our depositary shares (the “Depositary Shares”), each representing a 1/1000th interest in a share of our 11.5% Series A Cumulative Preferred Stock, based on NYSE Regulation Inc.’s determination that our securities were no longer suitable for listing. | |
The last day that the common stock traded on the NYSE was March 25, 2014. The common stock and Depositary Shares were delisted in August 2014. | |
On March 27, 2014, without action or approval by us, the OTCQB market operated by OTC Markets Group, Inc. (www.otcmarkets.com) and the OTC Bulletin Board (www.otcbb.com) began quoting the Company’s common stock under the symbol “GEGSQ.” | |
Fresh Start Accounting | |
In March 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), No. 2014-06, “Technical Corrections and Improvements Related to Glossary Terms (Topic 852),” which requires the balance sheet of an entity in Chapter 11 to distinguish between prepetition liabilities subject to compromise from those that are not and post petition liabilities. In accordance with ASU No. 2014-06, the Company has adopted and implemented the guidance that has an impact on the Company’s Condensed Consolidated Financial Statements as a result of the filing of the Voluntary Petitions and the pendency of the Bankruptcy Case. In addition, if the Company meets the requirements of Accounting Standards Codification (“ASC”) 850-10-45-19, the Company intends to adopt fresh start accounting upon emergence from Chapter 11. | |
For additional information relating to the Debtors’ Debtor-In-Possession financing and related matters, see Note 9-Debt, Note 19-Subsequent Events and Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operation-Liquidity and Capital Resources-Debtor-In-Possession Financing.” | |
Note_2_Liabilities_Subject_to_
Note 2 - Liabilities Subject to Compromise | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Liabilities Subject to Compromise [Abstract] | ' | ||||
Liabilities Subject To Compromise [Text Block] | ' | ||||
NOTE 2 - LIABILITIES SUBJECT TO COMPROMISE | |||||
The following table reflects pre-petition liabilities that are subject to compromise (in thousands): | |||||
31-Mar-14 | |||||
(unaudited) | |||||
Accounts payable and accrued expenses | $ | 14,662 | |||
Debt subject to compromise (See Note 9-Debt) | 252,071 | ||||
Other payables | 225 | ||||
Total liabilities subject to compromise | $ | 266,958 | |||
Note_3_Reorganization_Items_Ne
Note 3 - Reorganization Items, Net | 3 Months Ended |
Mar. 31, 2014 | |
Reorganizations [Abstract] | ' |
Reorganization under Chapter 11 of US Bankruptcy Code Disclosure [Text Block] | ' |
NOTE 3 - REORGANIZATION ITEMS, NET | |
Professional advisory fees and other costs directly associated with the Bankruptcy Case are reported separately as reorganization items pursuant to ASC 852-10. Professional fees of $1.1 million for the three months ended March 31, 2014 include legal and other advisory fees subsequent to the Petition Date. In addition, $2.3 million of professional fees were recognized during the period for financial, legal and other professional advisory assistance leading up to the Petition Date. | |
Note_4_Selected_Balance_Sheet_
Note 4 - Selected Balance Sheet Accounts | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Supplemental Balance Sheet Disclosures [Text Block] | ' | ||||||||
NOTE 4 - SELECTED BALANCE SHEET ACCOUNTS | |||||||||
Accounts receivable, net included the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Accounts receivable, trade | $ | 26,906 | $ | 27,138 | |||||
Unbilled accounts receivable, trade | 21,425 | 27,605 | |||||||
Allowance for doubtful accounts | (3,569 | ) | (3,663 | ) | |||||
Total accounts receivable, net | $ | 44,762 | $ | 51,080 | |||||
Bad debt expense, net of recovery for the three months ended March 31, 2014 and 2013 was immaterial and $1.1 million, respectively. | |||||||||
Prepaid expenses and other current assets included the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Inventory | $ | 107 | $ | 107 | |||||
Prepaid expenses | 4,036 | 3,227 | |||||||
Note receivables | 266 | 3,175 | |||||||
Total prepaid expenses and other current assets | $ | 4,409 | $ | 6,509 | |||||
Note_5_MultiClient_Library
Note 5 - Multi-Client Library | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Multi Client Library [Abstract] | ' | ||||||||
Multi Client Library [Text Block] | ' | ||||||||
NOTE 5 - MULTI-CLIENT LIBRARY | |||||||||
Multi-client library included the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Multi-client library, at cost | $ | 735,963 | $ | 726,691 | |||||
Accumulated Multi-client library amortization | (459,924 | ) | (446,038 | ) | |||||
Multi-client library impairment | (88,223 | ) | (88,223 | ) | |||||
Total Multi-client library, (net) | $ | 187,816 | $ | 192,430 | |||||
Multi-client library impairments for the year ended December 31, 2013 reflect a decrease in the expected future cash flow generation potential of certain portions of the library. Of the $88.2 million of impairment recorded for the year ended December 31, 2013, $13.0 million occurred during the first quarter of 2013 and is classified in the Company’s Condensed Consolidated Statements of Operations as Multi-client library and other impairment. | |||||||||
Multi-client library amortization expense included the following (in thousands): | |||||||||
Three Month Period Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Multi-client library revenue amortization | $ | 12,373 | $ | 33,541 | |||||
Backstop amortization (1) | 1,513 | 1,272 | |||||||
Total Multi-client library amortization expense | $ | 13,886 | $ | 34,813 | |||||
(1) Backstop amortization represents the non-cash charges recorded to ensure each survey in the library is carried at a net book value no greater than a four-year straight-line amortization value. | |||||||||
The Company entered into a License and Marketing Agreement dated March 28, 2013 (the “SEI/GPI Agreement”) with SEI/GPI JV LLC, a limited liability company jointly owned by Seismic Exchange, Inc. and Geophysical Pursuit, Inc. (“SEI/GPI”). Under the terms of the SEI/GPI Agreement, SEI/GPI provides exclusive marketing services for a substantial portion of the Company’s North American onshore Multi-client library. SEI/GPI paid a $25.0 million fee upon execution of the SEI/GPI Agreement. For the three months ended March 31, 2013, the Company recorded late sale revenues of $23.3 million, representing the portion of the fee related to completed library assets. The remaining $1.7 million, representing the uncompleted portion of ongoing surveys at March 31, 2013, was recorded as deferred revenue and recognized in accordance with the Company’s proportionate performance revenue recognition policy during the remainder of 2013. | |||||||||
After March 28, 2013, SEI/GPI receives, as compensation for marketing the data, a commission on all gross revenues resulting from the sub-licensing of the Multi-client library subject to the SEI/GPI Agreement. Revenues for sub-licenses issued by SEI/GPI are recorded in the Company’s accounts at their gross sales value, with the commission being recorded and classified as Multi-client library commission expense in the Company’s Condensed Consolidated Statements of Operations. For the three months ended March 31, 2014 and 2013, the Company recorded commission expense of $4.2 million and zero, respectively. | |||||||||
For the three months ended March 31, 2013, the Company recorded amortization expense of $13.3 million, respectively, on Multi-client library late sale revenues related to the $25.0 million fee under the SEI/GPI Agreement. | |||||||||
Note_6_Property_And_Equipment
Note 6 - Property And Equipment | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
NOTE 6 - PROPERTY AND EQUIPMENT | |||||||||
Property and equipment, net included the following (in thousands): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
(unaudited) | |||||||||
Machinery and equipment | $ | 301,155 | $ | 301,569 | |||||
Computers and software | 21,617 | 21,562 | |||||||
Buildings | 13,624 | 13,624 | |||||||
Vessels | 6,122 | 7,628 | |||||||
Land | 2,157 | 2,157 | |||||||
Furniture and fixtures | 78 | 78 | |||||||
344,753 | 346,618 | ||||||||
Accumulated depreciation | (271,148 | ) | (269,884 | ) | |||||
73,605 | 76,734 | ||||||||
Work-in-progress | 2,788 | 2,959 | |||||||
Total Property and equipment, net | $ | 76,393 | $ | 79,693 | |||||
On December 30, 2013, AutoSeis, Inc. (“AutoSeis”), a wholly owned subsidiary of the Company, entered into a Cooperation Agreement (the “SES Agreement”) with Seismic Equipment Solutions (“SES”). Under the terms of the SES Agreement, SES became the exclusive provider for the rental and short-term leasing of the Company’s AUTOSEIS® HDR system in the geophysical equipment rental industry. In connection with entering into the SES Agreement, the following ancillary agreements were entered into: (i) AutoSeis and SES entered into a sales agreement providing, among other things, for the purchase by SES of equipment from AutoSeis (the “Sales Agreement”), and (ii) Global and SES entered into a lease agreement providing for the short-term rental by Global of the equipment that is the subject of the Sales Agreement (the “Lease Agreement”). The transaction was accounted for as a sale-leaseback in accordance with ASC 840. In connection with the signing of the SES Agreement, SES placed an order of $9.5 million for an AUTOSEIS® HDR nodal system comprised of 20,000 single-channel units and other related equipment. The Sales Agreement was accounted for as a sale of equipment with revenue recognized totaling $7.3 million upon the delivery of the first equipment order. Cost of sales of $7.3 million was recognized based on the cost of AUTOSEIS® HDR. The profit on the sale of $2.2 million, was deferred and recognized as revenue in proportion to the related gross rental charged to expense over the lease term. The Lease Agreement was accounted for as an operating lease. For the three months ended March 31, 2014, revenue recognized from the profit on the sale was $1.0 million and the related rental expense was $3.2 million. At December 31, 2013, the Company had a note receivable of $3.2 million related to the Sales Agreement classified in the Consolidated Balance Sheet as Prepaid expenses and other current assets. At March 31, 2014, the note receivable had been settled in full, and accordingly, no balance was remaining. | |||||||||
The following table provides an analysis of Depreciation and other amortization expense (in thousands): | |||||||||
Three Month Period Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Gross depreciation expense and other amortization | $ | 7,834 | $ | 9,905 | |||||
Capitalized depreciation for Multi-client library | (430 | ) | (1,726 | ) | |||||
Depreciation and other amortization included in SG&A | (633 | ) | (906 | ) | |||||
Depreciation and other amortization expense | $ | 6,771 | $ | 7,273 | |||||
Note_7_Goodwill_and_Other_Inta
Note 7 - Goodwill and Other Intangibles | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||
NOTE 7 - GOODWILL AND INTANGIBLE ASSETS | |||||||||
Goodwill and other intangibles included the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Customer list | $ | 3,984 | $ | 3,984 | |||||
Trademark | 1,759 | 1,759 | |||||||
Patents | 3,913 | 3,913 | |||||||
Non-compete agreements | 1,057 | 1,057 | |||||||
Intellectual property | 9,653 | 9,493 | |||||||
20,366 | 20,206 | ||||||||
Accumulated amortization | (10,446 | ) | (9,915 | ) | |||||
Intangible assets, net | 9,920 | 10,291 | |||||||
Goodwill | 10,967 | 10,967 | |||||||
Total Goodwill and Intangible assets, net | $ | 20,887 | $ | 21,258 | |||||
Intangible assets subject to amortization are amortized on a straight-line basis over their estimated useful lives ranging from two to fifteen years. Amortization expense for the three months ended March 31, 2014 and 2013 was $0.5 million and $0.8 million, respectively. | |||||||||
We monitor the carrying value of our long-lived assets for potential impairment at least annually and test the recoverability of such assets using “Level 3” inputs whenever events or a change in circumstances indicate that their carrying amounts may not be recoverable. There were no goodwill or intangible asset impairment charges for either of the three months ended March 31, 2014 or 2013. | |||||||||
Note_8_Income_Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
NOTE 8 - INCOME TAXES | |
For 2013, the Company provided for income taxes during interim periods based on an estimate of the effective tax rate for the year. Discrete items and changes in the estimate of the annual effective tax rate are recorded in the period in which they occur. For the three months ended March 31, 2014, the Company provided for income taxes using the actual effective tax rate for the period. | |
The Company assesses the likelihood that deferred tax assets will be recovered from the existing deferred tax liabilities or future taxable income in each jurisdiction. To the extent the Company believes that recovery will not meet the more likely than not threshold, it establishes a valuation allowance. The Company has recorded valuation allowances in various jurisdictions, including the U.S., for its net deferred tax assets since management believes it is more likely than not that these assets will not be realized because the future taxable income necessary to utilize these losses cannot be established or projected or the Company no longer has activities in these jurisdictions. | |
The effective income tax expense (benefit) rate for the three months ended March 31, 2014 and 2013 was 6.7% and (11.5)%, respectively. The Company’s effective income tax rate in 2014 and 2013 differs from the federal statutory rate primarily due to state income taxes, non-deductible expenses, foreign tax credit limitations, tax rate differential from non-U.S. activities, and valuation allowances. | |
Note_9_Debt
Note 9 - Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
NOTE 9 - DEBT | |||||||||
Interim Debtor-In-Possession Financing | |||||||||
In connection with filing the Voluntary Petitions, the Debtors filed motions seeking Bankruptcy Court approval of a senior secured Debtor-In-Possession credit facility, as detailed in a commitment letter and term sheet, among the Company, as borrower, each of the direct and indirect domestic subsidiaries of the Company designated therein, as guarantors, certain holders of the Senior Notes, as defined below (collectively, the “Backstop Parties”), and Wilmington Trust, National Association, as administrative agent and collateral agent. The initial Debtor-In-Possession credit facility provided for a super-priority senior secured term loan facility in an aggregate principal amount of $60.0 million which was drawn upon in two tranches: (i) $25.0 million (the “Initial DIP Loan”) upon entry of the interim order of the Bankruptcy Court (the “Interim Order”) and (ii) $35.0 million upon entry of an order by the Bankruptcy Court approving the loans on a final basis (the “Final Order”). | |||||||||
On March 28, 2014, the Bankruptcy Court entered the Interim Order approving the Initial DIP Loan over the objection of the Debtors’ prepetition secured lenders, and the Initial DIP Loan was funded. | |||||||||
Acceleration of Indebtedness under September 2013 Financing Agreement | |||||||||
By letter dated March 24, 2014, the Company’s prepetition senior secured lenders accelerated the payment of the Company’s obligations under the Company’s senior secured term loan facility dated as of September 30, 2013 (the “September 2013 Financing Agreement”), which is described in more detail below. The aggregate principal amount of debt outstanding under the September 2013 Financing Agreement as of the date of acceleration was $81.8 million. Under the indentures governing the Company’s Senior Notes and some of the Company’s other debt obligations, the acceleration of the Company’s obligations under the September 2013 Financing Agreement constituted a cross default and would have allowed the holders of such debt to accelerate their respective obligations. The acceleration of these obligations, in part, results from defaults under the September 2013 Financing Agreement that were claimed to have existed at December 31, 2013. | |||||||||
September 2013 Financing Agreement | |||||||||
On September 30, 2013, the Company entered into the September 2013 Financing Agreement with TPG Specialty Lending, Inc. (“TPG”), as administrative agent and collateral agent, co-lead arranger and a lender, Tennenbaum Capital Partners, LLC (“TCP”), as co-lead arranger and a lender, and certain affiliates of TPG and TCP, as lenders. The terms of the September 2013 Financing Agreement, as they existed without regard to the filing of the Bankruptcy Case, are summarized below. | |||||||||
The September 2013 Financing Agreement provided for (i) a senior secured first lien term loan A in the amount of $82.8 million and (ii) a senior secured first lien delayed-draw term loan B in the amount of $22.2 million (together with term loan A, the “Facility”). The term loan A was funded at closing, and the proceeds of the term loan A were used to pay in full indebtedness outstanding under the Company’s then existing revolving credit facility and to pay related fees and expenses. Subject to certain terms and conditions, the term loan B was available to be drawn after the closing date for potential future strategic acquisitions. The Facility would have matured on September 30, 2016, was guaranteed by all of the Company’s domestic subsidiaries and was secured by substantially all of the Company’s assets and those of the guarantors. | |||||||||
Under the September 2013 Financing Agreement, the loans bore interest, at the Company’s option, at either LIBOR plus 9.75% (subject to a LIBOR floor of 1%) or the alternate base rate (the highest of the federal funds effective rate plus ½ of 1%, The Wall Street Journal prime rate and the three-month LIBOR rate plus 1%, subject to a floor of 4%) plus 8.75%. The loans under the September 2013 Financing Agreement were subject to mandatory prepayments in certain instances including, without limitation, (i) with net proceeds of certain asset dispositions, casualty or condemnation events, equity and debt issuances and extraordinary receipts and (ii) in an amount equal to 75% of Consolidated Excess Cash Flow (as defined in the September 2013 Financing Agreement). The Company was subject to certain financial covenants under the September 2013 Financing Agreement that included the maintenance of the following financial covenants (in each case tested on a quarterly basis, based on the rolling four-quarter period that ends on the last day of each fiscal quarter and commencing as of the last day of the fiscal quarter ending December 31, 2013): (1) a Consolidated EBITDA (as defined in the September 2013 Financing Agreement) to Consolidated Fixed Charges (as defined in the September 2013 Financing Agreement) ratio of at least 1.00:1.00 initially and increasing to 1.25:1.00 over time, (2) a Consolidated Secured Leverage Ratio (as defined in the September 2013 Financing Agreement) of not more than 1.75:1.00 initially and decreasing to 1.00:1.00 over time, and (3) for any fiscal quarter in which Consolidated EBITDA for the period of four fiscal quarters then ended does not exceed the aggregate principal amount of loans outstanding under the Facility at such time, a net book value of Multi-client data greater than the aggregate principal amount of loans outstanding under the Facility. In addition, the Company was required to maintain at all times Consolidated Liquidity (as defined in the September 2013 Financing Agreement) of at least $10.0 million. In addition, the September 2013 Financing Agreement contained various covenants that, among other restrictions, limited the Company’s ability to: | |||||||||
· | create, issue, incur or assume indebtedness; | ||||||||
· | create, incur or assume liens; engage in mergers or acquisitions; | ||||||||
· | sell, transfer, assign or convey assets; | ||||||||
· | repurchase the Company’s equity, make distributions to the Company’s equity holders and make certain other restricted payments; | ||||||||
· | make investments; | ||||||||
· | modify the terms of certain material agreements or prepay certain indebtedness; | ||||||||
· | engage in transactions with affiliates; | ||||||||
· | enter into certain burdensome agreements; | ||||||||
· | enter into sale-leaseback arrangements; | ||||||||
· | change the nature of the Company’s business; and | ||||||||
· | make certain amendments to the Company’s organizational documents. | ||||||||
The September 2013 Financing Agreement contained customary events of default. If an event of default occurred and was continuing, the Required Lenders (as defined in the September 2013 Financing Agreement) could have accelerated the amounts due under the September 2013 Financing Agreement (except with respect to a bankruptcy event of default, in which case such amounts would have automatically become due and payable) and exercise other rights and remedies. In addition, if any event of default existed under the September 2013 Financing Agreement, the lenders could have commenced foreclosure or other actions against the collateral. | |||||||||
On January 31, 2014, the Company terminated the commitments in respect of the term loan B under the September 2013 Financing Agreement. | |||||||||
At March 31, 2014 and December 31, 2013, the Company had a balance of $81.8 million of borrowing outstanding in respect to the term loan A under the September 2013 Financing Agreement with a weighted average interest rate of 13.75% and 10.75%, respectively. | |||||||||
Senior Notes | |||||||||
As of March 31, 2014 and December 31, 2013, the Company had outstanding $250.0 million aggregate principal amount of its 10.5% senior notes due 2017 (the “Senior Notes”). The Senior Notes represent general unsecured, senior obligations of the Company and are unconditionally guaranteed as to principal, premium, if any, and interest by the Company’s domestic subsidiaries on a senior unsecured basis. The Senior Notes were issued under two indentures with The Bank of New York Mellon Trust Company, N.A. (the “Trustee”). The following is a brief summary of the material terms and conditions of the Senior Notes’ Indentures as they exist without regard to the Bankruptcy Case. | |||||||||
Interest - The Senior Notes bear interest at a rate of 10.5% per annum and interest is paid semi-annually, in arrears, on May 1 and November 1 of each year. | |||||||||
Principal and Maturity - The Senior Notes were issued with a $250.0 million aggregate principal amount and are scheduled to mature on May 1, 2017. | |||||||||
Optional Redemption by the Company - On or after May 1, 2014, the Company may redeem the Senior Notes at the following percentages of the original principal amount: (i) 105.250% from May 1, 2014 to April 30, 2015; (ii) 102.625% from May 1, 2015 to April 30, 2016; and (iii) 100% from May 1, 2016 and thereafter. | |||||||||
Repurchase Obligations by the Company - Upon a change of control of the Company (as defined in the Indentures), each holder of the Senior Notes may require the Company to purchase their Senior Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase. | |||||||||
Events of Default - The Indentures relating to the Senior Notes contain restrictive covenants that limit, among other things, certain restricted payments in respect of the Company’s equity interests and any subordinated debt, dividend restrictions affecting subsidiaries, incurrence of additional indebtedness and issuances of disqualified stock, certain asset sales and mergers with other entities, and certain liens (other than permitted liens). | |||||||||
As a result of filing the Bankruptcy Case, we are in default of the covenants governing the Senior Notes, which are subject to the provisions of the Bankruptcy Code, including a default in the payment of $13.1 million in accrued interest that was due on May 31, 2014. Since March 24, 2014, the Company has not recorded interest expense on the Senior Notes. The amount of interest that would have accrued on the Senior Notes from March 24, 2014 through March 31, 2014, but for the filing of the Bankruptcy Case, was $0.4 million. In addition, under the indentures governing the Senior Notes and some of the Company’s other debt obligations, the acceleration of the Company’s obligations under the September 2013 Financing Agreement constituted a cross default and would have allowed the holders of such debt to accelerate the Company’s obligations. See Note 1-Basis of Presentation. | |||||||||
Promissory Notes | |||||||||
From time to time, the Company issues short-term promissory notes to various foreign financial institutions to finance equipment purchases and fund working capital needs of its foreign operations. The balance outstanding under these promissory notes at March 31, 2014 and December 31, 2013 was $7.8 million and $9.8 million, respectively, at weighted average interest rates of 7.2% and 7.6%, respectively. As a result of filing the Bankruptcy Case, the Company was in default with respect to $6.9 million of these promissory notes as of March 31, 2014. | |||||||||
Notes payable - insurance and maintenance | |||||||||
In exchange for insurance and maintenance services provided, the Company from time to time issues negotiable promissory notes. The balance outstanding under these promissory notes at March 31, 2014 and December 31, 2013 was $0.1 million and $0.5 million, respectively, at weighted average interest rates of 11.4% and 6.1%, respectively. As a result of filing the Bankruptcy Case, the Company was in default with respect to these promissory notes as of March 31, 2014. | |||||||||
Letter of Credit Facility | |||||||||
In February 2007, the Company entered into a $10.0 million revolving line of credit which was secured by restricted cash. After the filing of the Bankruptcy Case, the letter of credit facility was retracted. At March 31, 2014 and December 31, 2013, the balance owed on the letter of credit was approximately $1.0 million. | |||||||||
Debt Subject to Compromise | |||||||||
The ability of certain creditors to seek remedies to enforce their rights under these pre-petition debt agreements was automatically stayed as a result of the filing of the Bankruptcy Case, and the creditors’ rights of enforcement became subject to the applicable provisions of the Bankruptcy Code. Due to the filing of the Bankruptcy Case, the Company’s pre-petition unsecured long-term debt, net of unamortized original issuance discount of $252.1 million is included in Liabilities subject to compromise in the Condensed Consolidated Balance Sheet at March 31, 2014. Since March 24, 2014, the Company has not recorded interest expense on unsecured debt that is subject to compromise. | |||||||||
At March 31, 2014 and December 31, 2013, our total indebtedness consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Secured Debt | |||||||||
Senior Secured Term Loan Facility | $ | 81,765 | $ | 81,765 | |||||
Debtor-In-Possession financing | 25,000 | - | |||||||
Promissory notes | 592 | 780 | |||||||
Note payable - maintenance | 119 | 167 | |||||||
Total secured debt, not subject to compromise | 107,476 | 82,712 | |||||||
Unsecured Debt | |||||||||
Senior notes | 250,000 | 250,000 | |||||||
Promissory notes | 7,253 | 9,017 | |||||||
Notes payable- insurance | - | 346 | |||||||
Unsecured debt, subject to compromise | 257,253 | 259,363 | |||||||
Unamortized discount | (5,182 | ) | (5,533 | ) | |||||
Total unsecured debt, subject to compromise (1) | 252,071 | 253,830 | |||||||
Total debt–current (1) | $ | 359,547 | $ | 336,542 | |||||
(1) For 2014, total unsecured debt subject to compromise of $252,071 is within the Liabilities Subject To Compromise in the Condensed Consolidated Balance Sheet. See Note 2- Liabilities Subject to Compromise.. | |||||||||
Note_10_Commitments_and_Contin
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
NOTE 10 - COMMITMENTS AND CONTINGENCIES | |
General | |
We are subject to lawsuits, investigations, and claims arising in the ordinary course of business. Although we cannot predict with certainty the ultimate resolution of lawsuits, investigations and claims asserted against us, we do not believe that an adverse decision in any currently pending legal proceedings to which we are a party other than the Bankruptcy Case will have a material adverse effect on our financial condition. For a brief description of the Bankruptcy Case, see Note 1-Basis of Presentation under the caption -Voluntary Reorganization under Chapter 11, and Note 19-Subsequent Events. | |
Securities Litigation | |
On March 20, 2014, a lawsuit styled Britt Miller, et al. v. Global Geophysical Services, Inc., et al., Civil Action No. 4:14-CV-00708, was filed in the United States District Court for the Southern District of Texas, Houston Division. On March 21, 2014, a lawsuit styled Janice S. Gibson v. Global Geophysical Services, Inc., et al., No. 4:14-CV-0735, was filed in the United States District Court for the Southern District of Texas, Houston Division. On April 3, 2014, a lawsuit styled Leslie Trinin v. P. Matthew Verghese, et al., No. 4:14-CV-00873, was filed in the United States District Court for the Southern District of Texas, Houston Division. The cases were filed as putative class actions. The Miller Complaint is filed on behalf of a putative class of all purchasers of the Company’s common stock from April 21, 2010 to March 18, 2014, and purchasers of the Depositary Shares purchased in, or traceable to, the Company’s registration statement of December 3, 2013. The Gibson Complaint is filed on behalf of a putative class of purchasers of the Company’s common stock from February 7, 2011 to March 17, 2014. The Trinin Complaint is filed on behalf of a putative class of all purchasers of Depositary Shares purchased in, or traceable to, the Company’s registration statement of December 3, 2013. The named defendants in the Trinin case are certain officers and directors of the Company, and MLV Co. and National Securities Corporation, the alleged underwriters of the Company’s December 3, 2013 offering of Depositary Shares. The Company is not a party to the Trinin case. The Miller, Gibson and Trinin cases were consolidated by order dated May 15, 2014. | |
Plaintiffs in these cases collectively allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5, and Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, resulting in damages to members of the putative classes. Based on the automatic stay in the Bankruptcy Case, these securities cases have been administratively closed as to the Company. The remaining defendants include certain of our officers and directors, some of whom have asserted indemnification claims against the Company. The Company believes that the remaining defendants intend to vigorously defend the claims in these securities cases. | |
SEC Investigation | |
On March 21, 2014, we received a letter from the staff of the SEC notifying us that the SEC is conducting an inquiry relating to the Company and requesting, among other things, that we voluntarily preserve and retain certain documents and information relating to our March 17, 2014 public announcement of a “Restatement of Certain Financial Results and Delay in Filing of Form 10-K.” On March 28, 2014, we received a letter from the SEC notifying us that the SEC was conducting an investigation in connection with possible violations of the federal securities laws, and on the same date the SEC issued a subpoena seeking the testimony of one of our senior executives. We have also received a subpoena requesting production of documents. We have retained counsel and are cooperating with the SEC’s investigation. | |
Colombian Enforcement Actions and Certain Colombian Tax Matters | |
As of the commencement of the Bankruptcy Case, the Company was indebted to Bancolombia S.A. pursuant to the terms of certain promissory notes in the aggregate amount of approximately $2.3 million. Notwithstanding the commencement of the Bankruptcy Case and the automatic stay provided by 11 U.S.C. § 362(a), on or around April 22, 2014, Bancolombia initiated an ex parte collection action in the 39th Civil Circuit Court of Bogota (the “Enforcement Action”), and thereafter the 39th Civil Court entered an order allowing for the embargo and seizure of certain of the Company’s assets. | |
In response to the Enforcement Action, on May 8, 2014, with the prior authorization of the Bankruptcy Court, the Company sought an order from the Superintendencia de Sociedades de Bogota (a Colombian insolvency court) recognizing the Bankruptcy Case as a foreign main proceeding under Title III of law 1116 of 2006, the Colombian codification of the United Nations Model Law on Cross Border Insolvency. On May 19, 2014, the Superintendencia de Sociedades granted the Company’s request, entering an order (the “Recognition Order”) that, among other things, recognized the Bankruptcy Case for purposes of Colombian law, ordered the cessation of the Enforcement Action and collection efforts initiated by Bancolombia or any other creditor of the Company in Colombia, and further directed the 39th Civil Court to withdraw and otherwise lift the embargo and seizure it ordered. The 10th Civil Court subsequently lifted the embargo that was ordered in the Enforcement Action. The Superintendencia did not order the commencement of a separate insolvency case in Colombia for the Company. | |
On July 22, 2014, the Bankruptcy Court authorized (but did not direct) the Debtors to pay up to $6.0 million plus interest and penalties to the Dirección de Impuestos y Aduanas Nacionales (the “DIAN”), the national taxing authority of Colombia, and certain other local governments and municipalities in Colombia (collectively with DIAN, the “Colombian Taxing Authorities”). Notwithstanding the Recognition Order, the Colombian Taxing Authorities are not subject to an automatic stay, and DIAN threatened to commence enforcement actions on account of tax liabilities that result primarily from the Company’s operations in Colombia during the first quarter of 2014. The Colombian taxes at issue relate to payments made to employees and other third parties, value-added taxes relating to services rendered and received, taxes on income, profits, and assets, and taxes pertaining to the funding of social programs for Colombian citizens. Any payments made to the Colombian Taxing Authorities pursuant to the Bankruptcy Court’s order are also subject to the Bankruptcy Court’s final order approving the Final DIP Loan. | |
Capital Leases | |
From time to time, the Company enters into leases and sale and leaseback transactions to acquire certain seismic equipment, computer equipment and vehicles that are accounted for as capital leases. The balance outstanding under these capital leases as of March 31, 2014 and December 31, 2013 was $4.7 million and $5.8 million, respectively, at weighted average interest rates of 5.7% for each period. | |
Success Fees | |
For a description of success fees contingencies, see Note 19 - Subsequent Events under “Success Fees”. | |
Note_11_Fair_Value_Of_Financia
Note 11 - Fair Value Of Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
NOTE 11 - FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||
The Company follows ASU 2011-04 “Fair Value Measurement” as it relates to the valuation of financial assets and liabilities, which defines fair value for this class of assets and liabilities and, establishes a framework for measuring fair value under GAAP and expands disclosures about fair value measurements. The provisions of this standard apply to other accounting pronouncements that require or permit fair value measurements. | |||||||||||||||||
This guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Hierarchical levels, as defined in this guidance and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: | |||||||||||||||||
Level 1-Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||||||
Level 2-Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||||||||||||||||
Level 3-Inputs that are both significant to the fair value measurement and unobservable. | |||||||||||||||||
The reported fair values for financial instruments that use Level 2 and Level 3 inputs to determine fair value are based on a variety of factors and assumptions. Accordingly, certain fair values may not represent actual values of the financial instruments that could have been realized as of March 31, 2014 or that will be realized in the future and do not include expenses that could be incurred in an actual sale or settlement. | |||||||||||||||||
In the ordinary course of operations, the Company is exposed to market risks arising from adverse changes in interest rates. Market risk is defined for these purposes as the potential for change in the fair value of debt instruments resulting from an adverse movement in interest rates. | |||||||||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and debt approximate their fair value due to the short maturity of those instruments or variable rates. As a result of filing the Bankruptcy Case, all debt has been reclassified to current. The fair value of the Senior Notes is determined by multiplying the principal amount by their market price. Due to the timing of funding of the Debtors’ initial debtor-in-possession financing on March 28, 2014, the carrying amount of such financing approximates its fair value. The following table sets forth, for accounting purposes and without giving effect to the Bankruptcy Case or the Joint Plan of Reorganization (as defined in Note 19 - Subsequent Events), the Level 1 fair value of the Company’s financial assets and liabilities as of March 31, 2014 and December 31, 2013 (in thousands) are based on quoted prices for the Senior Notes as of such dates: | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
(unaudited) | |||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
$200.0 million senior notes | $ | 196,824 | $ | 123,000 | $ | 196,608 | $ | 152,000 | |||||||||
$50.0 million senior notes | $ | 47,995 | $ | 28,000 | $ | 47,859 | $ | 38,000 | |||||||||
The Company is not a party to any hedging arrangements, commodity swap agreements or other derivative financial instruments. | |||||||||||||||||
The Company generally utilizes foreign subsidiaries and branches to conduct operations outside of the United States. These operations expose the Company to market risks from changes in foreign currency exchange rates. | |||||||||||||||||
Note_12_Loss_Per_Share
Note 12 - Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
NOTE 12 - LOSS PER SHARE | |||||||||
The Company follows ASC 260, “Earnings Per Share” for share-based payments that are considered to be participating securities within the definition provided by the standard. All share-based payment awards that contained non-forfeitable rights to dividends, whether paid or unpaid, were designated as participating securities and included in the computation of earnings per share (“EPS”). | |||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share data): | |||||||||
Three Month Period Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Net loss attributable to common stockholders | $ | (30,177 | ) | $ | (11,086 | ) | |||
Weighted average shares outstanding: | |||||||||
Basic | 39,394 | 37,756 | |||||||
Diluted | - | - | |||||||
Total | 39,394 | 37,756 | |||||||
Basic loss per share | $ | (0.77 | ) | $ | (0.29 | ) | |||
Diluted loss per share | $ | (0.77 | ) | $ | (0.29 | ) | |||
For the three months ended March 31, 2014 and 2013, 2,221,300 and 1,633,000, respectively, out-of-the-money stock options have been excluded from diluted earnings per share as they are considered anti-dilutive. | |||||||||
Note_13_Stockbased_Compensatio
Note 13 - Stock-based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
NOTE 13 - STOCK-BASED COMPENSATION | |||||||||||||||||
The Company follows ASC 718 “Compensation - Stock Compensation” for share-based payments, which requires all stock-based payments, including stock options, to be recognized as an operating expense over the vesting period, based on their grant date fair values. The information and amounts of costs and expenses for the Company’s stock-based compensation for the three months ended March 31, 2014 set forth below do not give effect to the Bankruptcy Case or the Joint Plan of Reorganization (as defined in Note 19 – Subsequent Events). Under the Joint Plan of Reorganization, all existing equity interests in the Company, both common and preferred, will be cancelled and extinguished on the effective date of such Plan, and the holders thereof will receive no distribution under the Plan. | |||||||||||||||||
In July 2006, the Company’s board of directors and stockholders adopted the Global Geophysical Services, Inc. 2006 Incentive Compensation Plan (the “2006 Incentive Plan”). The 2006 Incentive Plan provides for a variety of incentive awards, including non-statutory stock options, incentive stock options within the meaning of Section 422 of the Internal Revenue Code, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based awards, and other stock-based awards. A total of 9,203,058 shares of common stock are reserved for issuance under the 2006 Incentive Plan. | |||||||||||||||||
Stock Options | |||||||||||||||||
The Company estimates the fair value of each stock option on the date of grant using the Black-Scholes-Merton valuation model. The volatility is based on expected volatility over the expected life of 84 months. As the Company has not historically declared dividends, the dividend yield used in the calculation is zero. Actual value realized, if any, is dependent on the future performance of the Company’s common stock and overall stock market conditions. There can be no assurance the value realized by an optionee will be at or near the value estimated by the Black-Scholes-Merton model. There were no options granted during the three months ended March 31, 2014. | |||||||||||||||||
A summary of the activity of the Company’s stock option plan for the three months ended March 31, 2014 is summarized as follows: | |||||||||||||||||
Number of | Weighted | Weighted | Weighted | ||||||||||||||
Optioned Shares | Average | Average | Average | ||||||||||||||
Exercise Price | Remaining | Optioned Grant | |||||||||||||||
Contractual | Date Fair Value | ||||||||||||||||
Term in Years | |||||||||||||||||
Balance at December 31, 2013 | 2,426,000 | $ | 14.62 | 4.62 | $ | 4.52 | |||||||||||
Expired | - | - | |||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited | (204,700 | ) | 14.39 | 4.45 | |||||||||||||
Balance at March 31, 2014 | 2,221,300 | $ | 14.64 | 4.37 | $ | 4.53 | |||||||||||
Exercisable at March 31, 2014 | 1,238,100 | $ | 22.59 | 4.31 | $ | 5.59 | |||||||||||
Outstanding options at March 31, 2014 expire during the period from April 2017 to November 2023 and have exercise prices ranging from $2.01 to $30.00 per share. | |||||||||||||||||
Compensation expense associated with stock options of $0.3 million for the three months ended March 31, 2014 and 2013, respectively, was included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. At March 31, 2014 and 2013, the Company had 983,200 shares and 175,425 shares, respectively, of non-vested stock option awards. The total cost of non-vested stock option awards that the Company had not yet recognized at March 31, 2014 and 2013 was approximately $2.0 million and $1.1 million, respectively. Such amount at March 31, 2014 is expected to be recognized over a period of 3.75 years. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
To encourage retention and performance, the Company granted certain employees and consultants restricted shares of common stock with a fair value per share determined by multiplying the stock price on the date of the award by the number of shares awarded. Generally, the stock vests over a three year period. A summary of the Company’s restricted stock awards for the three months ended March 31, 2014 is presented below: | |||||||||||||||||
Number of Non-vested | Weighted Average | ||||||||||||||||
Restricted | Grant Date | ||||||||||||||||
Stock Awards | Fair Value | ||||||||||||||||
Balance at December 31, 2013 | 992,605 | $ | 2.87 | ||||||||||||||
Granted | 1,500,044 | 1.52 | |||||||||||||||
Vested | (70,028 | ) | 6.7 | ||||||||||||||
Forfeited | (50,626 | ) | 5.75 | ||||||||||||||
Non-vested Restricted Stock Outstanding at March 31, 2014 | 2,371,995 | $ | 1.84 | ||||||||||||||
Compensation expense associated with restricted stock grants for the three months ended March 31, 2014 and 2013 was $0.8 million and $1.7 million, respectively, and was included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The total cost of non-vested restricted stock awards which the Company had not yet recognized at March 31, 2014 and 2013 was approximately $3.5 million and $7.3 million, respectively. This amount at March 31, 2014 is expected to be recognized over the next three years. | |||||||||||||||||
Performance Unit Awards | |||||||||||||||||
During the three months ended March 31, 2014, the Company granted 1.5 million performance unit awards, each of which contains a market condition, to executives and other key employees of the Company. The performance units granted may settle between zero and two shares of the Company’s common stock. The number of shares issued pursuant to the performance unit awards will be determined based on a number of factors, including total shareholder return of the Company’s common stock as compared to a group of peer companies measured over a three-year performance period. Expense associated with the performance unit awards for the three months ended March 31, 2014 was $0.9 million. | |||||||||||||||||
The fair value as of the grant date of each performance unit is determined based on a fair value from a Monte Carlo Simulation model to simulate the Company’s stock prices in order to measure the Total Shareholder Return (“TSR”) relative to other companies in the TSR peer group. The model also includes other company-specific metrics that are factored into the fair value of the performance units. The fair value of each performance unit is amortized to compensation expense over the vesting period if achievement of the performance measures is considered probable. At March 31, 2014, there were 2.5 million performance units outstanding. | |||||||||||||||||
A summary of the activity of the Company’s performance units’ awards for the three months ended March 31, 2014 is presented below: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Performance | Average | ||||||||||||||||
Units | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Per Unit | |||||||||||||||||
Balance at December 31, 2013 | 1,181,350 | $ | 7.7 | ||||||||||||||
Granted | 1,443,668 | 2.09 | |||||||||||||||
Vested | - | - | |||||||||||||||
Forfeited | (135,250 | ) | 6.90 | ||||||||||||||
Balance as of March 31, 2014 | 2,489,768 | $ | 4.55 | ||||||||||||||
As of March 31, 2014, there was $8.4 million of unrecognized compensation expense related to the unvested performance units, which is expected to be recognized over two years. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
The Company has an Employee Stock Purchase Plan (“ESPP”), under which employees can choose to have a portion of their earnings withheld, subject to certain restrictions, to purchase the Company’s common stock. The purchase price of the stock is 85% of the lower of the stock price at the beginning or end of the plan period at three-month intervals. In March 2014, the board of directors approved the suspension of the ESPP due to the filing of the Bankruptcy Case. The ESPP remains suspended. The expense related to the ESPP for the three months ended March 31, 2014 and 2013 was immaterial to the Condensed Consolidated Financial Statements. | |||||||||||||||||
Note_14_Segment_Information
Note 14 - Segment Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 14 - SEGMENT INFORMATION | |||||||||||||||||
In accordance with the way management views the business, the Company has two reportable segments: Proprietary Services and Multi-client Services. | |||||||||||||||||
The following table sets forth significant information concerning the Company’s reportable segments as of and for the three months ended March 31, 2014 and 2013 (in thousands). Proprietary Services accounted for 63% and 33% of total revenues for the three months ended March 31, 2014 and 2013, respectively, and Multi-client Services accounted for 37% and 67% of total revenues for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||
The following table summarizes operating income by segment (in thousands): | |||||||||||||||||
Proprietary | Multi-client | Corporate | Total | ||||||||||||||
Services | Services | ||||||||||||||||
Three Month Period Ended March 31, 2014 (unaudited): | |||||||||||||||||
Revenues | $ | 40,561 | $ | 23,722 | $ | - | $ | 64,283 | |||||||||
Operating expenses(1)(2) | 45,677 | 13,886 | 3,710 | 63,273 | |||||||||||||
Multi-client library commissions | - | 4,176 | - | 4,176 | |||||||||||||
Selling, general and administrative expenses | - | - | 13,990 | 13,990 | |||||||||||||
Gain on disposal of property and equipment, net | - | - | (2,232 | ) | (2,232 | ) | |||||||||||
Operating (loss) income | $ | (5,116 | ) | $ | 5,660 | $ | (15,468 | ) | $ | (14,924 | ) | ||||||
Segment Assets | $ | 57,165 | $ | 197,825 | $ | 139,373 | $ | 394,363 | |||||||||
Three Month Period Ended March 31, 2013: (unaudited) | |||||||||||||||||
Revenues | $ | 27,537 | $ | 56,257 | $ | - | $ | 83,794 | |||||||||
Operating expenses(1)(2) | 24,049 | 34,813 | 4,768 | 63,630 | |||||||||||||
Multi-client library impairment | - | 12,992 | - | 12,992 | |||||||||||||
Selling, general and administrative expenses | - | - | 14,418 | 14,418 | |||||||||||||
Gain on disposal of property and equipment, net | - | - | (2,636 | ) | (2,636 | ) | |||||||||||
Operating income (loss) | $ | 3,488 | $ | 8,452 | $ | (16,550 | ) | $ | (4,610 | ) | |||||||
Segment Assets | $ | 52,792 | $ | 321,505 | $ | 154,448 | $ | 528,745 | |||||||||
(1) Corporate operating expenses represent depreciation, net associated with the assets not utilized in operations during the period. | |||||||||||||||||
(2) Multi-client Services operating expenses represent data library revenue and backstop amortization expense. | |||||||||||||||||
Note_15_Employee_Benefit_Plans
Note 15 - Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
NOTE 15 - EMPLOYEE BENEFIT PLANS | |
The Company provides a 401(k) plan as part of its employee benefits package in order to retain quality personnel. During the quarter ended March 31, 2014 the Company made matching contributions equal to 100% of the first 3% and 50% of the next 4% of eligible compensation contributed by participating personnel. During the quarter ended March 31, 2013, the Company made matching contributions equal to 100% of the first 3% and 50% of the next 2% of eligible compensation contributed by participating personnel. The Company’s matching contributions for the quarters ended March 31, 2014 and 2013 were approximately $0.5 million and $0.3 million, respectively. The total amount of the expected employer contribution for the year 2014 is expected to be $1.4 million. | |
Note_16_Preferred_Stock
Note 16 - Preferred Stock | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Preferred Stock [Text Block] | ' |
NOTE 16 - PREFERRED STOCK | |
In December 2013, the Company issued 347,827 Depositary Shares each representing a 1/1000th ownership interest in a share of the Company’s 11.5% Series A Cumulative Preferred Stock, with a liquidation preference of $25,000 per preferred share ($25.00 per Depositary Share). Holders of the Series A Preferred Stock are entitled to cumulative dividends (whether or not declared) at the rate of 11.5% per year of the liquidation preference per share of the Preferred Stock (equivalent to an annual rate of $2,875 per preferred share or an annual rate of $2.875 per Depositary Share). The balance issued and outstanding at March 31, 2014 and December 31, 2013, was $0.3 million. For the three months ended March, 31 2014, the Company paid $0.2 million in dividends payable for January and February 2014. In connection with the Bankruptcy Case, the Company suspended the dividend payment scheduled for March 31, 2014 and all future dividend payments. | |
Note_17_Guarantees_Of_Register
Note 17 - Guarantees Of Registered Securities | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||
Guarantees [Text Block] | ' | ||||||||||||||||
NOTE 17 - GUARANTEES OF REGISTERED SECURITIES | |||||||||||||||||
On August 3, 2010, the Company filed a registration statement on Form S-4 with the SEC. Under this registration statement, the Company exchanged $200.0 million of its publicly registered 10.5% senior notes due 2017 for a like amount of its privately placed 10.5% senior notes due 2017. The senior notes are fully and unconditionally guaranteed, on a joint and several basis, by the guarantor subsidiaries which will correspond to all subsidiaries located in the United States. | |||||||||||||||||
On July 26, 2012, the Company filed a registration statement on Form S-4 with the SEC. Under this registration statement, the Company exchanged $50.0 million in aggregate principal amount of its 10.5% Senior Notes due 2017 that have been registered under the Securities Act of 1933, as amended, for an identical principal amount of existing 10.5% Senior Notes due 2017 that were sold in a private offering completed on March 28, 2012. The debt securities sold are fully and unconditionally guaranteed, on a joint and several basis, by the guarantor subsidiaries which will correspond to all subsidiaries located in the United States. | |||||||||||||||||
Separate condensed consolidating financial information for the Company and the guarantor subsidiaries and non-guarantor subsidiaries as of March 31, 2014 and December 31, 2013 and for the three months ended March 31, 2014 and 2013 are presented in the tables below (in thousands). The Company and the Guarantors are all Debtors in the Bankruptcy Case, other than Global Eurasia, LLC. None of the non-Guarantors are Debtors in the Bankruptcy Case. | |||||||||||||||||
As of March 31, 2014 (unaudited) | |||||||||||||||||
Company and | Non-Debtor | Eliminations | Consolidated | ||||||||||||||
Debtor | Non-Guarantors | ||||||||||||||||
Guarantors | |||||||||||||||||
BALANCE SHEET ASSETS | |||||||||||||||||
CURRENT ASSETS | $ | 142,346 | $ | 17,177 | $ | (59,655 | ) | $ | 99,868 | ||||||||
MULTI-CLIENT LIBRARY, net | 185,633 | 2,183 | - | 187,816 | |||||||||||||
PROPERTY AND EQUIPMENT, net | 75,445 | 948 | - | 76,393 | |||||||||||||
INVESTMENT IN SUBSIDIARIES | 1 | - | (1 | ) | - | ||||||||||||
INTERCOMPANY ACCOUNTS | 29,298 | (29,293 | ) | (5 | ) | - | |||||||||||
OTHER ASSETS | 27,312 | 2,974 | - | 30,286 | |||||||||||||
TOTAL ASSETS | $ | 460,035 | $ | (6,011 | ) | $ | (59,661 | ) | $ | 394,363 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||||||||||
TOTAL LIABILITIES - CURRENT | $ | 194,208 | $ | 54,550 | $ | (59,660 | ) | $ | 189,098 | ||||||||
LIABILITIES SUBJECT TO COMPROMISE | 266,958 | - | - | 266,958 | |||||||||||||
TOTAL LIABILITIES | 461,166 | 54,550 | (59,660 | ) | 456,056 | ||||||||||||
TOTAL STOCKHOLDERS’ DEFICIT | (1,131 | ) | (60,561 | ) | (1 | ) | (61,693 | ) | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 460,035 | $ | (6,011 | ) | $ | (59,661 | ) | $ | 394,363 | |||||||
As of December 31, 2013 | |||||||||||||||||
Company and | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
BALANCE SHEET ASSETS | |||||||||||||||||
CURRENT ASSETS | $ | 137,507 | $ | 9,936 | $ | (56,918 | ) | $ | 90,525 | ||||||||
MULTI-CLIENT LIBRARY, net | 191,080 | 1,350 | - | 192,430 | |||||||||||||
PROPERTY AND EQUIPMENT, net | 78,403 | 1,290 | - | 79,693 | |||||||||||||
INVESTMENT IN SUBSIDIARIES | 1 | - | (1 | ) | - | ||||||||||||
INTERCOMPANY ACCOUNTS | 27,602 | (27,597 | ) | (5 | ) | - | |||||||||||
OTHER ASSETS | 27,109 | 3150 | - | 30,259 | |||||||||||||
TOTAL ASSETS | $ | 461,702 | $ | (11,871 | ) | $ | (56,924 | ) | $ | 392,907 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) CURRENT LIABILITIES | $ | 430,823 | $ | 52,082 | $ | (56,923 | ) | $ | 425,982 | ||||||||
LONG-TERM LIABILITIES | - | 254 | - | 254 | |||||||||||||
TOTAL LIABILITIES | 430,823 | 52,336 | (56,923 | ) | 426,236 | ||||||||||||
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | 30,879 | (64,207 | ) | (1 | ) | (33,329 | ) | ||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY DEFICIT) | $ | 461,702 | $ | (11,871 | ) | $ | (56,924 | ) | $ | 392,907 | |||||||
Three Month Period Ended March 31, 2014 (unaudited) | |||||||||||||||||
Company and | Non-Debtor | Eliminations | Consolidated | ||||||||||||||
Debtor | Non-Guarantors | ||||||||||||||||
Guarantors | |||||||||||||||||
STATEMENT OF OPERATIONS | |||||||||||||||||
REVENUES | $ | 50,504 | $ | 16,197 | $ | (2,418 | ) | $ | 64,283 | ||||||||
OPERATING EXPENSES | 56,235 | 9,204 | (2,166 | ) | 63,273 | ||||||||||||
MULTI-CLIENT LIBRARY COMMISSIONS | 4,176 | - | - | 4,176 | |||||||||||||
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES | 11,315 | 2,927 | (252 | ) | 13,990 | ||||||||||||
GAIN ON DISPOSAL OF PROPERTY AND EQUIPMENT | (2,232 | ) | - | - | (2,232 | ) | |||||||||||
- | - | ||||||||||||||||
(LOSS) INCOME FROM OPERATIONS | (18,990 | ) | 4,066 | - | (14,924 | ) | |||||||||||
OTHER EXPENSE | |||||||||||||||||
Interest expense, net (contractual interest $0.4 million See Note 9 - Debt) | 9,538 | 93 | - | 9,631 | |||||||||||||
Prepetition professional fees | 2,271 | - | - | 2,271 | |||||||||||||
Reorganization items, net | 1,120 | - | - | 1,120 | |||||||||||||
Other income, net | 319 | 18 | - | 337 | |||||||||||||
TOTAL OTHER EXPENSE | 13,248 | 111 | - | 13,359 | |||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (32,238 | ) | 3,955 | - | (28,283 | ) | |||||||||||
INCOME TAX EXPENSE | 1,589 | 305 | - | 1,894 | |||||||||||||
(LOSS) INCOME AFTER INCOME TAXES | (33,827 | ) | 3,650 | - | (30,177 | ) | |||||||||||
NET (LOSS) INCOME, attributable to common stockholders | $ | (33,827 | ) | $ | 3,650 | $ | - | $ | (30,177 | ) | |||||||
Three Month Period Ended March 31, 2013 (unaudited) | |||||||||||||||||
Company and | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
STATEMENT OF OPERATIONS | |||||||||||||||||
REVENUES | $ | 75,350 | $ | 9,783 | $ | (1,339 | ) | $ | 83,794 | ||||||||
OPERATING EXPENSES | 54,631 | 10,142 | (1,143 | ) | 63,630 | ||||||||||||
MULTI-CLIENT LIBRARY IMPAIRMENT | 12,992 | - | - | 12,992 | |||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 12,013 | 2,601 | (196 | ) | 14,418 | ||||||||||||
GAIN ON DISPOSAL OF PROPERTY AND EQUIPMENT | (2,636 | ) | - | - | (2,636 | ) | |||||||||||
LOSS FROM OPERATIONS | (1,650 | ) | (2,960 | ) | - | (4,610 | ) | ||||||||||
OTHER EXPENSE | |||||||||||||||||
Interest expense, net | 8,255 | 134 | - | 8,389 | |||||||||||||
Other (income) expense, net | (56 | ) | (77 | ) | - | (133 | ) | ||||||||||
TOTAL OTHER EXPENSE | 8,199 | 57 | - | 8,256 | |||||||||||||
LOSS BEFORE INCOME TAXES | (9,849 | ) | (3,017 | ) | - | (12,866 | ) | ||||||||||
INCOME TAX (BENEFIT) EXPENSE | (2,147 | ) | 662 | - | (1,485 | ) | |||||||||||
LOSS AFTER INCOME TAXES | (7,702 | ) | (3,679 | ) | - | (11,381 | ) | ||||||||||
NET LOSS, attributable to non-controlling interests | (295 | ) | - | - | (295 | ) | |||||||||||
NET LOSS, attributable to common stockholders | $ | (7,407 | ) | $ | (3,679 | ) | $ | - | $ | (11,086 | ) | ||||||
Three Month Period Ended March 31, 2014 (unaudited) | |||||||||||||||||
Company and | Non-Debtor | Eliminations | Consolidated | ||||||||||||||
Debtor | Non-Guarantors | ||||||||||||||||
Guarantors | |||||||||||||||||
STATEMENT OF CASH FLOWS | |||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (3,384 | ) | $ | 5,234 | $ | - | $ | 1,850 | ||||||||
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (7,051 | ) | (3,147 | ) | - | (10,198 | ) | ||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 21,111 | (225 | ) | - | 20,886 | ||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | $ | 10,676 | $ | 1,862 | $ | - | $ | 12,538 | |||||||||
Three Month Period Ended March 31, 2013 (unaudited) | |||||||||||||||||
Company and | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
STATEMENT OF CASH FLOWS | |||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | 45,150 | $ | (1,630 | ) | $ | - | $ | 43,520 | ||||||||
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (25,587 | ) | (1,442 | ) | - | (27,029 | ) | ||||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (7,518 | ) | - | - | (7,518 | ) | |||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | $ | 12,045 | $ | (3,072 | ) | $ | - | $ | 8,973 | ||||||||
Note_18_Recently_Issued_Accoun
Note 18 - Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2014 | |
Table Text Block [Abstract] | ' |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ' |
NOTE 18 - RECENTLY ISSUED ACCOUNTING STANDARDS | |
New Accounting Standards Adopted | |
In March 2014, FASB, issued ASU, No. 2014-06, “Technical Corrections and Improvements Related to Glossary Terms,” which amends ASC Reorganization (Topic 852). This ASU requires disclosures on the balance sheet of an entity in Chapter 11 to distinguish between prepetition liabilities subject to compromise from those that are not and post-petition liabilities. In accordance with this ASU No. 2014-06, the Company has adopted and implemented the guidance which has an impact on our Condensed Consolidated Financial Statements. | |
New Accounting Standards to be Adopted | |
26 | |
In April 2014, the FASB, issued ASU, No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which requires only disposals representing a strategic shift in operations that have a major effect on our operations and financial results to be presented as discontinued operations. The guidance also requires expanded financial disclosures about discontinued operations and significant disposals that do not qualify as discontinued operations. The effective date will be the first quarter of 2015. The Company is still evaluating its impact on its Condensed Consolidated Financial Statements. | |
In May 2014, the FASB, issued ASU, No. 2014-09, “Revenue From Contracts With Customers, (Topic 606)” which provides guidance on when an entity should recognize revenue to depict transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The effective date will be for annual and interim reporting periods beginning after December 15, 2016. The Company is evaluating its impact on its Condensed Consolidated Financial Statements. | |
In August 2014, the FASB, issued ASU, No. 2014-15, “Presentation of Financial Statements – Going Concern (Topic 205): Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which provides guidance to an organization’s management for evaluating whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). The effective date will be for annual and interim reporting periods beginning after December 15, 2016. The Company is evaluating its impact on its Condensed Consolidated Financial Statements. | |
Note_19_Subsequent_Events
Note 19 - Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 19 - SUBSEQUENT EVENTS | |
The Company evaluates events and transactions that occur after the balance sheet date but before the Condensed Consolidated Financial Statements are issued. The Company evaluated such events and transactions through the date the Condensed Consolidated Financial Statements were filed electronically with the SEC. For information relating to certain developments after March 31, 2014 relating to the Joint Plan of Reorganization and Backstop Agreement, see Note 10 - Commitments and Contingencies. | |
Debtor-In-Possession Financing | |
For a brief description of the Debtors’ Initial DIP Loan from the Backstop Parties, which was approved on an interim basis by the Bankruptcy Court and funded on March 28, 2014, see Note 9 - Debt under the caption “Interim Debtor-In-Possession Financing”. | |
On April 14, 2014, the Debtors filed a supplemental motion for entry of a final order authorizing the Debtors to obtain post-petition financing, refinance the prepetition secured indebtedness and approve a related settlement with the prepetition secured lenders, including authorizing the Debtors to enter into a senior secured post petition financing agreement in an aggregate principal amount of up to $151.9 million, pursuant to the terms of a Financing Agreement dated as of April 14, 2014 (the “Replacement DIP Credit Facility”), among the Company, as borrower, and certain subsidiaries of the Company, as guarantors, the lenders from time to time party thereto, and Wilmington Trust, National Association, as administrative and collateral agent for the lenders. The Replacement DIP Credit Facility provides for a super-priority senior secured term loan facility in an aggregate principal amount of $151.9 million to be drawn upon in two or more tranches: (i) the Initial DIP Loan of $25.0 million, which was drawn on March 28, 2014 following entry of the Interim Order by the Bankruptcy Court; and (ii) an additional $126.9 million (the “Final DIP Loan”) that would be available upon entry of the Final Order. The motion for approval of the Replacement DIP Credit Facility was filed on a consensual basis reflecting a settlement agreement, subject to Bankruptcy Court approval, among the Debtors, the Backstop Parties and the Debtors’ prepetition secured lenders that would resolve certain disputes among the parties, thereby avoiding the significant cost, delays and uncertainty of litigation, and provide consensual Debtor-In-Possession financing for the Debtors. | |
On April 25, 2014, the Bankruptcy Court entered the Final Order approving the Replacement DIP Credit Facility and related settlement agreement and the Final DIP Loan was funded. | |
The proceeds of the Initial DIP Loan are available for general corporate purposes of the Debtors during the Bankruptcy Case (including payment of certain fees and expenses), working capital, certain transaction fees, costs and expenses and certain other costs and expenses with respect to the administration of the Bankruptcy Case. The Final DIP Loan was used, in part, to repay, in full, the indebtedness under the September 2013 Financing Agreement (including payment of certain fees and expenses) and for general corporate purposes of the Debtors during the Bankruptcy Case, working capital, certain transaction fees, costs and expenses and certain other costs and expenses with respect to the administration of the Bankruptcy Case. The Initial DIP Loan bears interest, at the Company’s option, at either LIBOR plus 8.50% per annum (subject to a LIBOR floor of 1.5% per annum) or the base rate (the highest of the federal funds effective rate plus 1/2 of 1%, The Wall Street Journal prime rate and the three-month LIBOR rate plus 1%, subject to a floor of 2.5%) plus 7.50%. The Final DIP Loan is split into two tranches consisting of $35.0 million of Term A Loans (the “Term A Loans”) and $91.9 million of Term B Loans (the “Term B Loans” and, together with the Initial DIP Loan and the Term A Loans, the “DIP Loans”). The Term A Loans bear interest, at the Company’s option, at either LIBOR plus 8.50% per annum (subject to a LIBOR floor of 1.5% per annum) or the base rate (the highest of the federal funds effective rate plus 1/2 of 1%, The Wall Street Journal prime rate and the three-month LIBOR rate plus 1%, subject to a floor of 2.5%) plus 7.50%. The Term B Loans bear interest, at the Company’s option, at either LIBOR plus 10.50% per annum (subject to a LIBOR floor of 1.5% per annum) or the base rate (the highest of the federal funds effective rate plus 1/2 of 1%, The Wall Street Journal prime rate and the three-month LIBOR rate plus 1%, subject to a floor of 2.5%) plus 9.50%. During the continuance of an event of default under the Replacement DIP Credit Facility, additional default interest rate equal to 2% per annum applies. The Replacement DIP Credit Facility also provides for certain additional fees payable to the agent and lenders. | |
The DIP Loans will mature on the earliest to occur of: (i) June 25, 2015; (ii) the consummation of a sale or other disposition of all or substantially all of the assets of the Debtors; (iii) the substantial consummation (as defined in section 1101 of the Bankruptcy Code) of a plan of reorganization filed in the Bankruptcy Case that is confirmed pursuant to an order entered by the Bankruptcy Court; (iv) the date that an order of the Bankruptcy Court is entered approving a Debtor-In-Possession financing loan for the Company other than as provided for in the Replacement DIP Credit Facility; and (v) the acceleration of the loans and the termination of the commitments under the Replacement DIP Credit Facility. | |
The obligations of the Debtors under the Replacement DIP Credit Facility are secured by a first priority perfected security interest in substantially all the assets owned by the Debtors, including 65% of the Debtors’ equity interests in their foreign subsidiaries. | |
The loans under the Replacement DIP Credit Facility are subject to mandatory prepayments in certain instances including, without limitation, with net proceeds of certain asset dispositions, casualty or condemnation events, equity and debt issuances and extraordinary receipts. | |
The Replacement DIP Credit Facility provides for representations and warranties, affirmative and negative covenants (including a budget variance covenant with a cushion of 15%), reporting requirements and events of default customary for similar Debtor-In-Possession financings. | |
The Company was in compliance with all covenants under the DIP agreement as of March 31, 2014. | |
On July 29, 2014, the Company reported to the lenders under the Replacement DIP Credit Facility potential breaches of certain obligations under such facility relating to cash or cash equivalents maintained outside the United States having potentially exceeded the amounts permitted under the facility, but no default or event of default existed with respect to such matters as of such date. On August 15, 2014, the Company and the other loan parties to the Replacement DIP Credit Facility entered into Amendment No. 1 and Waiver to Financing Agreement (the “DIP Credit Facility Amendment”). Among other things, the DIP Credit Facility Amendment amends provisions in the Replacement DIP Credit Facility relating to limitations on foreign cash balances. | |
Key Employee Retention Plan | |
On June 5, 2014, the Bankruptcy Court approved a Key Employee Retention Program (the “KERP”) that is intended to assist in the retention of key, non-insider employees during the Bankruptcy Case. Under the KERP, eligible participants are eligible to earn a retention payment equal to a fixed percentage of their base salary (either 10%, 25% or 40%) at the end of each quarter, so long as they have not voluntarily resigned or been terminated with cause prior to the applicable payment date. One half of each quarterly payment will be paid at the end of each quarter, with the remaining one half of each quarterly payment payable on emergence from the Bankruptcy Case. The KERP will continue for each successive quarter on the same terms and conditions unless either of two specified creditor groups or the United States Trustee has objected to such continuation. In addition, we may make retention payments to employees who are not initial KERP participants up to an aggregate amount of $250,000, subject to certain conditions. | |
Key Employee Incentive Plan | |
In connection with the Joint Plan of Reorganization (as defined below), on September 23, 2014, the Company adopted a Key Employee Incentive Plan (the “KEIP”), subject to (and which became effective upon) approval by the Bankruptcy Court on October 15, 2014. Under the terms of the KEIP, member of the Debtors’ senior management (including the Company’s chief executive officer, chief financial officer and other named executive officers) will be eligible to receive certain incentive bonus payments based upon their performance in connection with the bankruptcy process. The aggregate amount of bonus payments available under the KEIP (the “bonus pool”) will range from $750,000 to $2 million, determined based upon the enterprise value of the Debtors achieved in connection with the transactions contemplated by the Backstop Agreement (as defined below) and the Joint Plan of Reorganization and the achievement of the performance conditions described below. Participants in the KEIP will receive awards to participate in specified percentages of the bonus pool, which percentages allocated to such participant may vary for the portion of the bonus pool exceeding $750,000. Awards under the KEIP will be granted pursuant to individual Award Agreements. | |
Bonus payments will be based on weighted performance criteria, as follows: (i) 25% payable if the effective date of the Joint Plan of Reorganization occurs on or before December 31, 2014 (or February 27, 2015 if an Alternate Proposal (as defined in the Backstop Agreement) is selected), (ii) 25% payable if the Company’s Closing Cash Balance (as defined in the Backstop Agreement) as of the effective date of the Joint Plan of Reorganization is at least $20 million and (iii) 50% payable if the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) determines that certain specified actions have been satisfactorily achieved as of the effective date of the Joint Plan of Reorganization. The Compensation Committee may determine that items (ii) and (iii) above have been partially achieved and may adjust the aggregate amount of the bonus payments accordingly. | |
Legal Proceedings | |
For a description of certain developments subsequent to March 31, 2014 in legal proceedings affecting the Company, see Note 1 - Basis of Presentation and Note 10 - Commitments and Contingencies. | |
Success Fees | |
On April 25, 2014, the Bankruptcy Court authorized the Company, pursuant to sections 327 and 328(a) of the Bankruptcy Code, Bankruptcy Rule 2014, and Local Bankruptcy Rule 2014-01, to employ and retain Rothschild, Inc. (“Rothschild”) as financial advisor and investment banker in accordance with the terms set forth in their engagement letter dated effective as of April 1, 2014. Under the engagement letter, the Company is obligated (a) to pay Rothschild a completion fee of $3.0 million upon the earlier of (1) the confirmation and effectiveness of a plan of reorganization and (2) the closing of certain transactions, (b) to pay a monthly fee of $250,000 per month for the first three months of the engagement and $150,000 per month thereafter and reimburse expenses of Rothschild, and (c) to pay a new capital fee equal to 1.0% of the face amount of any senior secured debt raised (excluding debtor-in-possession financing), 2.0% of the face amount of any junior secured debt, 4.0% of the face amount of any unsecured debt raised, and 6.0% of any equity capital, capital convertible into equity or hybrid capital raised. To the extent that new capital is raised from existing creditors or equity holders of the Company, the new capital fee with respect to that capital is limited to $500,000. Certain credits apply with respect to a portion of the monthly fees and new capital fees paid. | |
On June 5, 2014, the U.S. Bankruptcy Court authorized the employment of Lazard Freres & Co. LLC (“LFC”) and Lazard Middle Market LLC (“LMM”, and collectively with LFC, “Lazard”) as financial advisor and investment bankers to the Official Committee of Unsecured Creditors appointed in the Bankruptcy Case. In accordance with the terms set forth in an engagement letter effective April 22, 2014, the Company is obligated (a) to pay Lazard a restructuring fee of $0.9 million upon the earlier of (1) the confirmation and effectiveness of a plan of reorganization and (2) the consummation of a restructuring, and (b) to reimburse fees of Lazard of approximately $0.1 million per month during the engagement. | |
Joint Plan of Reorganization | |
On September 23, 2014, the Company, on behalf of itself and the other Debtors, filed a Joint Plan of Reorganization (as amended on October 9, 2014 and on October 28, 2014, and as reformed on October 31, 2014, and as may be further amended, supplemented or reformed, the “Joint Plan of Reorganization”) and accompanying Disclosure Statement (as amended on October 9, 2014 and on October 28, 2014, and as reformed on October 31, 2014, and as may be further amended, supplemented or reformed as amended, supplemented or reformed, the “Disclosure Statement”) with the Bankruptcy Court. On October 30, 2014, the Bankruptcy Court entered an Order (the “Disclosure Statement Order,” a copy of which can be found at www.primeclerk/com/ggs at Dkt No. 732) (a) approving the Disclosure Statement, (b) fixing the record date for voting purposes, (c) approving the forms of ballots and related voting procedures, (d) authorizing the Company to begin solicitation of votes to accept or reject the Joint Plan of Reorganization, (e) setting the voting deadline and the deadline to file and serve written objections to confirmation of the Joint Plan of Reorganization and (f) setting a hearing to consider confirmation of the Joint Plan of Reorganization. | |
The Joint Plan of Reorganization is subject to confirmation by the Bankruptcy Court. The Joint Plan of Reorganization provides for certain treatment for all claims against, and interests in, the Debtors. Creditors holding pre-petition secured claims against the Debtors will be either (i) unimpaired or (ii) paid in full in cash within twelve months of the Effective Date. Holders of Financial Claims (as defined in the Plan) will receive (i) their pro rata share of between 11.95% and 32.71% of the new common units of a holding company limited liability company (“GGS Holdings”) to be formed under the Joint Plan of Reorganization, which holding company will, in turn, as part of an internal reorganization own 100 percent of the new equity interests of the reorganized Company on emergence, and (ii) warrants to purchase their pro rata share of up to 10% of the new common units of GGS Holdings (“New Common Units”), which warrants may be exercised until the fourth anniversary of the Effective Date of the Plan for a per unit exercise price based upon a $235 million total enterprise value of the Debtors. Holders of Financial Claims that are accredited investors (other than the Backstop Parties (as defined below)) will also receive the right to participate in the Rights Offering (as defined below). Holders of general unsecured claims (other than Financial Claims) will receive a pro rata share of (i) $3 million in cash and (ii) the Library Improvements or the SEI Cause of Action Creditor Recovery (as such terms are defined in the Plan). Under the Joint Plan of Reorganization, all existing equity interests in the Company, both common and preferred, will be cancelled and extinguished on the Effective Date, and the holders thereof will receive no distribution under the Plan. | |
Backstop Conversion Commitment Agreement | |
The Debtors have entered into a Backstop Conversion Commitment Agreement, dated September 23, 2014 (as amended as of October 16, 2014 and October 31, 2014, and as may be further amended or supplemented, the “Backstop Agreement”), with certain Term B DIP Lenders party thereto (the “Backstop Parties”), which are creditors of the Company, pursuant to which such Backstop Parties will provide a commitment to equitize up to $68.1 million of their Term B Loans under the DIP Credit Facility and effectively backstop a proposed rights offering (the “Rights Offering”) to be conducted in connection with the Backstop Agreement and the Joint Plan of Reorganization. | |
In accordance with the Joint Plan of Reorganization, the Backstop Agreement and procedures approved by the Bankruptcy Court on October 15, 2014 for the conduct of the Rights Offering (as amended on November 10, 2014 and November 13, 2014 and as may be further amended or supplemented, the “Rights Offering Procedures”), GGS Holdings will offer eligible creditors under the Senior Notes and certain promissory notes that are accredited investors within the meaning of Rule 501(a) under the Securities Act of 1933 (excluding creditors that hold only Senior Notes that the Backstop Parties held on September 23, 2014), up to 3,740,544 New Common Units for the per unit subscription price of $8.0887, or an aggregate purchase price of up to $30.3 million, equivalent to approximately 37.41% of the equity units of GGS Holdings upon emergence from bankruptcy. Pursuant to, and subject to the terms and conditions of, the Backstop Agreement, the Backstop Parties have agreed to convert up to $68.1 million of their Term B Loans under the DIP Credit Facility that are not repaid by (i) term loan exit financing to be obtained by the Debtors in connection with the Joint Plan of Reorganization or (ii) the proceeds of the Rights Offering into New Common Units as if such Backstop Parties had participated in the Rights Offering. | |
Under the Backstop Agreement, the Company has agreed to pay the Backstop Parties, on the effective date of the Joint Plan of Reorganization, a commitment fee equal to 3.5% of the ultimate backstop commitment of the Backstop Parties under the Backstop Agreement. The commitment fee will be payable in New Common Units and will be calculated as if such fee was used to purchase New Common Units in the Rights Offering. | |
The Company will also be required to pay a termination payment of $3.75 million in cash upon the occurrence of certain termination events as set forth in the Backstop Agreement. The Backstop Agreement allows the Company to implement a competitive sale or plan-sponsor selection process under procedures that were submitted to the Bankruptcy Court for its consideration. If the sale process results in the submission of multiple alternative proposals that qualify as Superior Transactions (as defined in the Backstop Agreement), an auction will be held to select the winner. The Debtors will amend the Joint Plan of Reorganization to incorporate the terms of the highest and best Superior Transaction, if any. If the sale process does not result in the submission of an alternative proposal that qualifies as a Superior Transaction, the Debtors will seek confirmation of the Joint Plan of Reorganization. On October 15, 2014, the Bankruptcy Court entered an Order [Dkt. No. 663] approving the Backstop Agreement, bidding procedures in connection with the competitive sale or plan-sponsor process, and related fees and expenses. Also on October 15, 2014, the Bankruptcy Court entered an Order [Dkt. No. 664] approving the Rights Offering Procedures. | |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
General | |
The accompanying Condensed Consolidated Financial Statements include the accounts of Global Geophysical Services, Inc. and its controlled subsidiaries (collectively, the “Company” unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated in consolidation. | |
The Condensed Consolidated Financial Statements of the Company as of and for the three months ended March 31, 2014 are unaudited and have been prepared on the same basis as the audited Consolidated Financial Statements as of and for the year ended December 31, 2013. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the U.S. In the opinion of management, the accompanying unaudited financial information includes all adjustments necessary for a fair presentation of the interim financial information. Operating results for the interim periods are not necessarily indicative of the results of any subsequent periods. Certain information in the footnote disclosures normally included in annual Consolidated Financial Statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) has been condensed or omitted for the interim periods presented under the United States Securities and Exchange Commission (“SEC”) rules and regulations. As such, these interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Certain amounts in the 2013 Condensed Consolidated Financial Statements have been reclassified to conform to the classifications in the 2014 Condensed Consolidated Financial Statements. |
Note_2_Liabilities_Subject_to_1
Note 2 - Liabilities Subject to Compromise (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Liabilities Subject to Compromise [Abstract] | ' | ||||
Tabular Disclosure Of Liabilities Subject To Compromise [Table Text Block] | ' | ||||
31-Mar-14 | |||||
(unaudited) | |||||
Accounts payable and accrued expenses | $ | 14,662 | |||
Debt subject to compromise (See Note 9-Debt) | 252,071 | ||||
Other payables | 225 | ||||
Total liabilities subject to compromise | $ | 266,958 |
Note_4_Selected_Balance_Sheet_1
Note 4 - Selected Balance Sheet Accounts (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Accounts receivable, trade | $ | 26,906 | $ | 27,138 | |||||
Unbilled accounts receivable, trade | 21,425 | 27,605 | |||||||
Allowance for doubtful accounts | (3,569 | ) | (3,663 | ) | |||||
Total accounts receivable, net | $ | 44,762 | $ | 51,080 | |||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Inventory | $ | 107 | $ | 107 | |||||
Prepaid expenses | 4,036 | 3,227 | |||||||
Note receivables | 266 | 3,175 | |||||||
Total prepaid expenses and other current assets | $ | 4,409 | $ | 6,509 |
Note_5_MultiClient_Library_Tab
Note 5 - Multi-Client Library (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Multi Client Library [Abstract] | ' | ||||||||
Schedule of Other Assets, Noncurrent [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Multi-client library, at cost | $ | 735,963 | $ | 726,691 | |||||
Accumulated Multi-client library amortization | (459,924 | ) | (446,038 | ) | |||||
Multi-client library impairment | (88,223 | ) | (88,223 | ) | |||||
Total Multi-client library, (net) | $ | 187,816 | $ | 192,430 | |||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | ' | ||||||||
Three Month Period Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Multi-client library revenue amortization | $ | 12,373 | $ | 33,541 | |||||
Backstop amortization (1) | 1,513 | 1,272 | |||||||
Total Multi-client library amortization expense | $ | 13,886 | $ | 34,813 | |||||
(1) Backstop amortization represents the non-cash charges recorded to ensure each survey in the library is carried at a net book value no greater than a four-year straight-line amortization value. |
Note_6_Property_And_Equipment_
Note 6 - Property And Equipment (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
(unaudited) | |||||||||
Machinery and equipment | $ | 301,155 | $ | 301,569 | |||||
Computers and software | 21,617 | 21,562 | |||||||
Buildings | 13,624 | 13,624 | |||||||
Vessels | 6,122 | 7,628 | |||||||
Land | 2,157 | 2,157 | |||||||
Furniture and fixtures | 78 | 78 | |||||||
344,753 | 346,618 | ||||||||
Accumulated depreciation | (271,148 | ) | (269,884 | ) | |||||
73,605 | 76,734 | ||||||||
Work-in-progress | 2,788 | 2,959 | |||||||
Total Property and equipment, net | $ | 76,393 | $ | 79,693 | |||||
Schedule Of Depreciation [Table Text Block] | ' | ||||||||
Three Month Period Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Gross depreciation expense and other amortization | $ | 7,834 | $ | 9,905 | |||||
Capitalized depreciation for Multi-client library | (430 | ) | (1,726 | ) | |||||
Depreciation and other amortization included in SG&A | (633 | ) | (906 | ) | |||||
Depreciation and other amortization expense | $ | 6,771 | $ | 7,273 |
Note_7_Goodwill_and_Other_Inta1
Note 7 - Goodwill and Other Intangibles (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Customer list | $ | 3,984 | $ | 3,984 | |||||
Trademark | 1,759 | 1,759 | |||||||
Patents | 3,913 | 3,913 | |||||||
Non-compete agreements | 1,057 | 1,057 | |||||||
Intellectual property | 9,653 | 9,493 | |||||||
20,366 | 20,206 | ||||||||
Accumulated amortization | (10,446 | ) | (9,915 | ) | |||||
Intangible assets, net | 9,920 | 10,291 | |||||||
Goodwill | 10,967 | 10,967 | |||||||
Total Goodwill and Intangible assets, net | $ | 20,887 | $ | 21,258 |
Note_9_Debt_Tables
Note 9 - Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Secured Debt | |||||||||
Senior Secured Term Loan Facility | $ | 81,765 | $ | 81,765 | |||||
Debtor-In-Possession financing | 25,000 | - | |||||||
Promissory notes | 592 | 780 | |||||||
Note payable - maintenance | 119 | 167 | |||||||
Total secured debt, not subject to compromise | 107,476 | 82,712 | |||||||
Unsecured Debt | |||||||||
Senior notes | 250,000 | 250,000 | |||||||
Promissory notes | 7,253 | 9,017 | |||||||
Notes payable- insurance | - | 346 | |||||||
Unsecured debt, subject to compromise | 257,253 | 259,363 | |||||||
Unamortized discount | (5,182 | ) | (5,533 | ) | |||||
Total unsecured debt, subject to compromise (1) | 252,071 | 253,830 | |||||||
Total debt–current (1) | $ | 359,547 | $ | 336,542 | |||||
(1) For 2014, total unsecured debt subject to compromise of $252,071 is within the Liabilities Subject To Compromise in the Condensed Consolidated Balance Sheet. See Note 2- Liabilities Subject to Compromise.. |
Note_11_Fair_Value_Of_Financia1
Note 11 - Fair Value Of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
(unaudited) | |||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
$200.0 million senior notes | $ | 196,824 | $ | 123,000 | $ | 196,608 | $ | 152,000 | |||||||||
$50.0 million senior notes | $ | 47,995 | $ | 28,000 | $ | 47,859 | $ | 38,000 |
Note_12_Loss_Per_Share_Tables
Note 12 - Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three Month Period Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Net loss attributable to common stockholders | $ | (30,177 | ) | $ | (11,086 | ) | |||
Weighted average shares outstanding: | |||||||||
Basic | 39,394 | 37,756 | |||||||
Diluted | - | - | |||||||
Total | 39,394 | 37,756 | |||||||
Basic loss per share | $ | (0.77 | ) | $ | (0.29 | ) | |||
Diluted loss per share | $ | (0.77 | ) | $ | (0.29 | ) |
Note_13_Stockbased_Compensatio1
Note 13 - Stock-based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Number of | Weighted | Weighted | Weighted | ||||||||||||||
Optioned Shares | Average | Average | Average | ||||||||||||||
Exercise Price | Remaining | Optioned Grant | |||||||||||||||
Contractual | Date Fair Value | ||||||||||||||||
Term in Years | |||||||||||||||||
Balance at December 31, 2013 | 2,426,000 | $ | 14.62 | 4.62 | $ | 4.52 | |||||||||||
Expired | - | - | |||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited | (204,700 | ) | 14.39 | 4.45 | |||||||||||||
Balance at March 31, 2014 | 2,221,300 | $ | 14.64 | 4.37 | $ | 4.53 | |||||||||||
Exercisable at March 31, 2014 | 1,238,100 | $ | 22.59 | 4.31 | $ | 5.59 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
Number of Non-vested | Weighted Average | ||||||||||||||||
Restricted | Grant Date | ||||||||||||||||
Stock Awards | Fair Value | ||||||||||||||||
Balance at December 31, 2013 | 992,605 | $ | 2.87 | ||||||||||||||
Granted | 1,500,044 | 1.52 | |||||||||||||||
Vested | (70,028 | ) | 6.7 | ||||||||||||||
Forfeited | (50,626 | ) | 5.75 | ||||||||||||||
Non-vested Restricted Stock Outstanding at March 31, 2014 | 2,371,995 | $ | 1.84 | ||||||||||||||
Number of | Weighted | ||||||||||||||||
Performance | Average | ||||||||||||||||
Units | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Per Unit | |||||||||||||||||
Balance at December 31, 2013 | 1,181,350 | $ | 7.7 | ||||||||||||||
Granted | 1,443,668 | 2.09 | |||||||||||||||
Vested | - | - | |||||||||||||||
Forfeited | (135,250 | ) | 6.90 | ||||||||||||||
Balance as of March 31, 2014 | 2,489,768 | $ | 4.55 |
Note_14_Segment_Information_Ta
Note 14 - Segment Information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Proprietary | Multi-client | Corporate | Total | ||||||||||||||
Services | Services | ||||||||||||||||
Three Month Period Ended March 31, 2014 (unaudited): | |||||||||||||||||
Revenues | $ | 40,561 | $ | 23,722 | $ | - | $ | 64,283 | |||||||||
Operating expenses(1)(2) | 45,677 | 13,886 | 3,710 | 63,273 | |||||||||||||
Multi-client library commissions | - | 4,176 | - | 4,176 | |||||||||||||
Selling, general and administrative expenses | - | - | 13,990 | 13,990 | |||||||||||||
Gain on disposal of property and equipment, net | - | - | (2,232 | ) | (2,232 | ) | |||||||||||
Operating (loss) income | $ | (5,116 | ) | $ | 5,660 | $ | (15,468 | ) | $ | (14,924 | ) | ||||||
Segment Assets | $ | 57,165 | $ | 197,825 | $ | 139,373 | $ | 394,363 | |||||||||
Three Month Period Ended March 31, 2013: (unaudited) | |||||||||||||||||
Revenues | $ | 27,537 | $ | 56,257 | $ | - | $ | 83,794 | |||||||||
Operating expenses(1)(2) | 24,049 | 34,813 | 4,768 | 63,630 | |||||||||||||
Multi-client library impairment | - | 12,992 | - | 12,992 | |||||||||||||
Selling, general and administrative expenses | - | - | 14,418 | 14,418 | |||||||||||||
Gain on disposal of property and equipment, net | - | - | (2,636 | ) | (2,636 | ) | |||||||||||
Operating income (loss) | $ | 3,488 | $ | 8,452 | $ | (16,550 | ) | $ | (4,610 | ) | |||||||
Segment Assets | $ | 52,792 | $ | 321,505 | $ | 154,448 | $ | 528,745 |
Note_17_Guarantees_Of_Register1
Note 17 - Guarantees Of Registered Securities (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||
As of March 31, 2014 (unaudited) | |||||||||||||||||
Company and | Non-Debtor | Eliminations | Consolidated | ||||||||||||||
Debtor | Non-Guarantors | ||||||||||||||||
Guarantors | |||||||||||||||||
BALANCE SHEET ASSETS | |||||||||||||||||
CURRENT ASSETS | $ | 142,346 | $ | 17,177 | $ | (59,655 | ) | $ | 99,868 | ||||||||
MULTI-CLIENT LIBRARY, net | 185,633 | 2,183 | - | 187,816 | |||||||||||||
PROPERTY AND EQUIPMENT, net | 75,445 | 948 | - | 76,393 | |||||||||||||
INVESTMENT IN SUBSIDIARIES | 1 | - | (1 | ) | - | ||||||||||||
INTERCOMPANY ACCOUNTS | 29,298 | (29,293 | ) | (5 | ) | - | |||||||||||
OTHER ASSETS | 27,312 | 2,974 | - | 30,286 | |||||||||||||
TOTAL ASSETS | $ | 460,035 | $ | (6,011 | ) | $ | (59,661 | ) | $ | 394,363 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||||||||||
TOTAL LIABILITIES - CURRENT | $ | 194,208 | $ | 54,550 | $ | (59,660 | ) | $ | 189,098 | ||||||||
LIABILITIES SUBJECT TO COMPROMISE | 266,958 | - | - | 266,958 | |||||||||||||
TOTAL LIABILITIES | 461,166 | 54,550 | (59,660 | ) | 456,056 | ||||||||||||
TOTAL STOCKHOLDERS’ DEFICIT | (1,131 | ) | (60,561 | ) | (1 | ) | (61,693 | ) | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 460,035 | $ | (6,011 | ) | $ | (59,661 | ) | $ | 394,363 | |||||||
As of December 31, 2013 | |||||||||||||||||
Company and | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
BALANCE SHEET ASSETS | |||||||||||||||||
CURRENT ASSETS | $ | 137,507 | $ | 9,936 | $ | (56,918 | ) | $ | 90,525 | ||||||||
MULTI-CLIENT LIBRARY, net | 191,080 | 1,350 | - | 192,430 | |||||||||||||
PROPERTY AND EQUIPMENT, net | 78,403 | 1,290 | - | 79,693 | |||||||||||||
INVESTMENT IN SUBSIDIARIES | 1 | - | (1 | ) | - | ||||||||||||
INTERCOMPANY ACCOUNTS | 27,602 | (27,597 | ) | (5 | ) | - | |||||||||||
OTHER ASSETS | 27,109 | 3150 | - | 30,259 | |||||||||||||
TOTAL ASSETS | $ | 461,702 | $ | (11,871 | ) | $ | (56,924 | ) | $ | 392,907 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) CURRENT LIABILITIES | $ | 430,823 | $ | 52,082 | $ | (56,923 | ) | $ | 425,982 | ||||||||
LONG-TERM LIABILITIES | - | 254 | - | 254 | |||||||||||||
TOTAL LIABILITIES | 430,823 | 52,336 | (56,923 | ) | 426,236 | ||||||||||||
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | 30,879 | (64,207 | ) | (1 | ) | (33,329 | ) | ||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY DEFICIT) | $ | 461,702 | $ | (11,871 | ) | $ | (56,924 | ) | $ | 392,907 | |||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||
Three Month Period Ended March 31, 2014 (unaudited) | |||||||||||||||||
Company and | Non-Debtor | Eliminations | Consolidated | ||||||||||||||
Debtor | Non-Guarantors | ||||||||||||||||
Guarantors | |||||||||||||||||
STATEMENT OF OPERATIONS | |||||||||||||||||
REVENUES | $ | 50,504 | $ | 16,197 | $ | (2,418 | ) | $ | 64,283 | ||||||||
OPERATING EXPENSES | 56,235 | 9,204 | (2,166 | ) | 63,273 | ||||||||||||
MULTI-CLIENT LIBRARY COMMISSIONS | 4,176 | - | - | 4,176 | |||||||||||||
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES | 11,315 | 2,927 | (252 | ) | 13,990 | ||||||||||||
GAIN ON DISPOSAL OF PROPERTY AND EQUIPMENT | (2,232 | ) | - | - | (2,232 | ) | |||||||||||
- | - | ||||||||||||||||
(LOSS) INCOME FROM OPERATIONS | (18,990 | ) | 4,066 | - | (14,924 | ) | |||||||||||
OTHER EXPENSE | |||||||||||||||||
Interest expense, net (contractual interest $0.4 million See Note 9 - Debt) | 9,538 | 93 | - | 9,631 | |||||||||||||
Prepetition professional fees | 2,271 | - | - | 2,271 | |||||||||||||
Reorganization items, net | 1,120 | - | - | 1,120 | |||||||||||||
Other income, net | 319 | 18 | - | 337 | |||||||||||||
TOTAL OTHER EXPENSE | 13,248 | 111 | - | 13,359 | |||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (32,238 | ) | 3,955 | - | (28,283 | ) | |||||||||||
INCOME TAX EXPENSE | 1,589 | 305 | - | 1,894 | |||||||||||||
(LOSS) INCOME AFTER INCOME TAXES | (33,827 | ) | 3,650 | - | (30,177 | ) | |||||||||||
NET (LOSS) INCOME, attributable to common stockholders | $ | (33,827 | ) | $ | 3,650 | $ | - | $ | (30,177 | ) | |||||||
Three Month Period Ended March 31, 2013 (unaudited) | |||||||||||||||||
Company and | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
STATEMENT OF OPERATIONS | |||||||||||||||||
REVENUES | $ | 75,350 | $ | 9,783 | $ | (1,339 | ) | $ | 83,794 | ||||||||
OPERATING EXPENSES | 54,631 | 10,142 | (1,143 | ) | 63,630 | ||||||||||||
MULTI-CLIENT LIBRARY IMPAIRMENT | 12,992 | - | - | 12,992 | |||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 12,013 | 2,601 | (196 | ) | 14,418 | ||||||||||||
GAIN ON DISPOSAL OF PROPERTY AND EQUIPMENT | (2,636 | ) | - | - | (2,636 | ) | |||||||||||
LOSS FROM OPERATIONS | (1,650 | ) | (2,960 | ) | - | (4,610 | ) | ||||||||||
OTHER EXPENSE | |||||||||||||||||
Interest expense, net | 8,255 | 134 | - | 8,389 | |||||||||||||
Other (income) expense, net | (56 | ) | (77 | ) | - | (133 | ) | ||||||||||
TOTAL OTHER EXPENSE | 8,199 | 57 | - | 8,256 | |||||||||||||
LOSS BEFORE INCOME TAXES | (9,849 | ) | (3,017 | ) | - | (12,866 | ) | ||||||||||
INCOME TAX (BENEFIT) EXPENSE | (2,147 | ) | 662 | - | (1,485 | ) | |||||||||||
LOSS AFTER INCOME TAXES | (7,702 | ) | (3,679 | ) | - | (11,381 | ) | ||||||||||
NET LOSS, attributable to non-controlling interests | (295 | ) | - | - | (295 | ) | |||||||||||
NET LOSS, attributable to common stockholders | $ | (7,407 | ) | $ | (3,679 | ) | $ | - | $ | (11,086 | ) | ||||||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||
Three Month Period Ended March 31, 2014 (unaudited) | |||||||||||||||||
Company and | Non-Debtor | Eliminations | Consolidated | ||||||||||||||
Debtor | Non-Guarantors | ||||||||||||||||
Guarantors | |||||||||||||||||
STATEMENT OF CASH FLOWS | |||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (3,384 | ) | $ | 5,234 | $ | - | $ | 1,850 | ||||||||
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (7,051 | ) | (3,147 | ) | - | (10,198 | ) | ||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 21,111 | (225 | ) | - | 20,886 | ||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | $ | 10,676 | $ | 1,862 | $ | - | $ | 12,538 | |||||||||
Three Month Period Ended March 31, 2013 (unaudited) | |||||||||||||||||
Company and | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
STATEMENT OF CASH FLOWS | |||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | 45,150 | $ | (1,630 | ) | $ | - | $ | 43,520 | ||||||||
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (25,587 | ) | (1,442 | ) | - | (27,029 | ) | ||||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (7,518 | ) | - | - | (7,518 | ) | |||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | $ | 12,045 | $ | (3,072 | ) | $ | - | $ | 8,973 |
Note_2_Liabilities_Subject_to_2
Note 2 - Liabilities Subject to Compromise (Details) - Table of Pre-Petition Liabilities Subject to Compromise (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Table of Pre-Petition Liabilities Subject to Compromise [Abstract] | ' |
Accounts payable and accrued expenses | $14,662 |
Debt subject to compromise (See Note 9-Debt) | 252,071 |
Other payables | 225 |
Total liabilities subject to compromise | $266,958 |
Note_3_Reorganization_Items_Ne1
Note 3 - Reorganization Items, Net (Details) (USD $) | 3 Months Ended | 0 Months Ended |
Mar. 31, 2014 | Mar. 25, 2014 | |
Legal Advice Fees [Member] | Financial And Restatement Advice Fees [Member] | |
Note 3 - Reorganization Items, Net (Details) [Line Items] | ' | ' |
Debtor Reorganization Items, Legal and Advisory Professional Fees | $1,100,000 | $2,300,000 |
Note_4_Selected_Balance_Sheet_2
Note 4 - Selected Balance Sheet Accounts (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Disclosure Text Block Supplement [Abstract] | ' | ' |
Provision for Doubtful Accounts | $1.10 | $1.10 |
Note_4_Selected_Balance_Sheet_3
Note 4 - Selected Balance Sheet Accounts (Details) - Accounts Receivable, Net (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net [Abstract] | ' | ' |
Accounts receivable, trade | $26,906 | $27,138 |
Unbilled accounts receivable, trade | 21,425 | 27,605 |
Allowance for doubtful accounts | -3,569 | -3,663 |
Total accounts receivable, net | $44,762 | $51,080 |
Note_4_Selected_Balance_Sheet_4
Note 4 - Selected Balance Sheet Accounts (Details) - Prepaid Expenses and Other Current Assets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets [Abstract] | ' | ' |
Inventory | $107 | $107 |
Prepaid expenses | 4,036 | 3,227 |
Note receivables | 266 | 3,175 |
Total prepaid expenses and other current assets | $4,409 | $6,509 |
Note_5_MultiClient_Library_Det
Note 5 - Multi-Client Library (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Multi-Client Data Library Impairment Line Item [Member] | Completed Library Assets [Member] | Uncompleted And Ongoing Client Surveys [Member] | Late Sale Revenues [Member] | SEI and GPI [Member] | SEI and GPI [Member] | SEI and GPI [Member] | ||||
SEI and GPI [Member] | SEI and GPI [Member] | SEI and GPI [Member] | ||||||||
Note 5 - Multi-Client Library (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Data Library And Other Impairment | ' | $12,992,000 | $88,200,000 | $13,000,000 | ' | ' | ' | ' | ' | ' |
Proceeds From Multi Client Library | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' |
Multi Client Library Revenue | ' | ' | ' | ' | 23,300,000 | 1,700,000 | 25,000,000 | ' | ' | ' |
Sales Commissions and Fees | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | 0 |
Multi Client Library Amortization | $13,886,000 | $34,813,000 | ' | ' | ' | ' | $13,300,000 | ' | ' | ' |
Note_5_MultiClient_Library_Det1
Note 5 - Multi-Client Library (Details) - Multi-client Library (current period unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Multi-client Library (current period unaudited) [Abstract] | ' | ' |
Multi-client library, at cost | $735,963 | $726,691 |
Accumulated Multi-client library amortization | -459,924 | -446,038 |
Multi-client library impairment | -88,223 | -88,223 |
Total Multi-client library, (net) | $187,816 | $192,430 |
Note_5_MultiClient_Library_Det2
Note 5 - Multi-Client Library (Details) - Multi-client Library Amortization Epensense (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Note 5 - Multi-Client Library (Details) - Multi-client Library Amortization Epensense [Line Items] | ' | ' | ||
Amortization | $13,886 | $34,813 | ||
Multi-Client Library [Member] | Revenue Based Amortization [Member] | ' | ' | ||
Note 5 - Multi-Client Library (Details) - Multi-client Library Amortization Epensense [Line Items] | ' | ' | ||
Amortization | 12,373 | 33,541 | ||
Multi-Client Library [Member] | Backstop Amortization [Member] | ' | ' | ||
Note 5 - Multi-Client Library (Details) - Multi-client Library Amortization Epensense [Line Items] | ' | ' | ||
Amortization | $1,513 | [1] | $1,272 | [1] |
[1] | Backstop amortization represents the non-cash charges recorded to ensure each survey in the library is carried at a net book value no greater than a four-year straight-line amortization value. |
Note_6_Property_And_Equipment_1
Note 6 - Property And Equipment (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 30, 2013 | Dec. 30, 2013 | Dec. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
AUTOSEIS HDR System [Member] | AUTOSEIS HDR System [Member] | AUTOSEIS HDR System [Member] | AUTOSEIS HDR System [Member] | AUTOSEIS HDR System [Member] | AUTOSEIS HDR System [Member] | AUTOSEIS HDR System [Member] | |||
Lease Agreement [Member] | SalesAgreement [Member] | SalesAgreement [Member] | SalesAgreement [Member] | SalesAgreement [Member] | Prepaid Expenses and Other Current Assets [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Seismic Equipment Solutions [Member] | AutoSeis, Inc. [Member] | AutoSeis, Inc. [Member] | Seismic Equipment Solutions [Member] | Seismic Equipment Solutions [Member] | AutoSeis, Inc. [Member] | AutoSeis, Inc. [Member] | |||
Seismic Equipment Solutions [Member] | Seismic Equipment Solutions [Member] | ||||||||
Note 6 - Property And Equipment (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Single Channel Units | ' | ' | 20,000 | ' | 20,000 | ' | ' | ' | ' |
Sale Leaseback Transaction, Historical Cost | ' | ' | $9,500,000 | ' | ' | ' | ' | ' | ' |
Revenues | 64,283,000 | 83,794,000 | ' | 7,300,000 | ' | ' | ' | ' | ' |
Cost of Revenue | ' | ' | ' | 7,300,000 | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | 2,232,000 | 2,636,000 | ' | 2,200,000 | ' | 1,000,000 | ' | ' | ' |
Operating Leases, Rent Expense | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' |
Accounts and Notes Receivable, Net | ' | ' | ' | ' | ' | ' | ' | $0 | $3,200,000 |
Note_6_Property_And_Equipment_2
Note 6 - Property And Equipment (Details) - Property and Equipment (unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $344,753 | $346,618 |
Accumulated depreciation | -271,148 | -269,884 |
73,605 | 76,734 | |
Work-in-progress | 2,788 | 2,959 |
Total Property and equipment, net | 76,393 | 79,693 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 301,155 | 301,569 |
Computer Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 21,617 | 21,562 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 13,624 | 13,624 |
Vessels [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 6,122 | 7,628 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 2,157 | 2,157 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $78 | $78 |
Note_6_Property_And_Equipment_3
Note 6 - Property And Equipment (Details) - Analysis of Depreciation Expense (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Note 6 - Property And Equipment (Details) - Analysis of Depreciation Expense (unaudited) [Line Items] | ' | ' |
Gross depreciation expense and other amortization | $7,834 | $9,905 |
Capitalized depreciation for Multi-client library | -430 | -1,726 |
Depreciation and other amortization included in SG&A | -6,771 | -7,273 |
Depreciation and other amortization expense | 6,771 | 7,273 |
Selling, General and Administrative Expenses [Member] | ' | ' |
Note 6 - Property And Equipment (Details) - Analysis of Depreciation Expense (unaudited) [Line Items] | ' | ' |
Depreciation and other amortization included in SG&A | ($633) | ($906) |
Note_7_Goodwill_and_Other_Inta2
Note 7 - Goodwill and Other Intangibles (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 7 - Goodwill and Other Intangibles (Details) [Line Items] | ' | ' |
Amortization | $500,000 | $800,000 |
Goodwill, Impairment Loss | $0 | $0 |
Minimum [Member] | ' | ' |
Note 7 - Goodwill and Other Intangibles (Details) [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '2 years | ' |
Maximum [Member] | ' | ' |
Note 7 - Goodwill and Other Intangibles (Details) [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '15 years | ' |
Note_7_Goodwill_and_Other_Inta3
Note 7 - Goodwill and Other Intangibles (Details) - Goodwill and Other Intangibles (current period unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite Lived Intangible Assets | $20,366 | $20,206 |
Accumulated amortization | -10,446 | -9,915 |
Intangible assets, net | 9,920 | 10,291 |
Goodwill | 10,967 | 10,967 |
Total Goodwill and Intangible assets, net | 20,887 | 21,258 |
Customer Lists [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite Lived Intangible Assets | 3,984 | 3,984 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite Lived Intangible Assets | 1,759 | 1,759 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite Lived Intangible Assets | 3,913 | 3,913 |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite Lived Intangible Assets | 1,057 | 1,057 |
Intellectual Property [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite Lived Intangible Assets | $9,653 | $9,493 |
Note_8_Income_Taxes_Details
Note 8 - Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 6.70% | -11.50% |
Note_9_Debt_Details
Note 9 - Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2007 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Alternate Base Rate [Member] | Increasing To [Member] | Decreasing To [Member] | Mature From May 1 2014 To April 30 2015 [Member] | Mature From May 1 2015 To April 30 2016 [Member] | Mature From May 1 2016 And Thereafter [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Secured Debtor In Possession Credit Facility Total [Member] | Secured Debtor-In-Possession Credit Facility Tranche One [Member] | Secured Debtor-In-Possession Credit Facility Tranche Two [Member] | September 2013 Financing Agreement [Member] | Term Loan A [Member] | Term Loan A [Member] | Term Loan A [Member] | Term Loan B [Member] | Term Loans A And B [Member] | Term Loans A And B [Member] | Term Loans A And B [Member] | Term Loans A And B [Member] | Term Loans A And B [Member] | Secured Debtor-In-Possession Credit Facility [Member] | Foreign Loan Amounts [Member] | Foreign Loan Amounts [Member] | Foreign Loan Amounts [Member] | Foreign Loan Interest Rates [Member] | Foreign Loan Interest Rates [Member] | Insurance And Maintenance Promissory Note [Member] | Insurance And Maintenance Promissory Note [Member] | Payment Subject To Bankruptcy Code [Member] | Minimum [Member] | ||||
London Interbank Offered Rate (LIBOR) [Member] | Recorded Amount Due To Bankruptcy Filing [Member] | Amount Due If Not For Bankruptcy Filing [Member] | Liabilities Subject To Compromise Line Item [Member] | Secured Debtor-In-Possession Credit Facility [Member] | Secured Debtor-In-Possession Credit Facility [Member] | Secured Debtor-In-Possession Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | LIBOR Floor Rate [Member] | 3 Month LIBOR Floor Rate [Member] | Additional Interest Rate Above Alternative Base Rates [Member] | Recorded Amount Due To Bankruptcy Filing [Member] | |||||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||||||||||||
Note 9 - Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debtor-in-Possession Financing, Amount Arranged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,000,000 | $25,000,000 | $35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debtor-In-Possession Financing, Number Of Tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | 250,000,000 | ' | ' | ' | ' | ' | 81,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,800,000 | 81,800,000 | 82,800,000 | 22,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.75% | 1.00% | 4.00% | 8.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Covenant Term Percentage Of Consolidated Excess Cash Flow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Fixed Charges Ratio | 1 | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Secured Leverage Ratio | 1.75 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant Term Consolidated Liquidity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 |
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.75% | 10.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.50% | 10.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | ' | ' | ' | ' | ' | ' | 105.25% | 102.63% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Face Value | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Increase, Accrued Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,100,000 | ' |
Interest Expense, Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 400,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable to Bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | 7,800,000 | 9,800,000 | ' | ' | 100,000 | 500,000 | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.20% | 7.60% | 11.40% | 6.10% | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities Subject to Compromise, Debt and Accrued Interest | $252,071,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $252,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_9_Debt_Details_LongTerm_D
Note 9 - Debt (Details) - Long-Term Debt (current period unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Senior Secured Term Loan Facility [Member] | ' | ' | ||
Secured Debt | ' | ' | ||
Secured debt | $81,765 | $81,765 | ||
Debtor-In-Possession Financing [Member] | ' | ' | ||
Secured Debt | ' | ' | ||
Secured debt | 25,000 | ' | ||
Promissory Notes [Member] | Subject To Compromise [Member] | ' | ' | ||
Secured Debt | ' | ' | ||
Unsecured Debt | 7,253 | 9,017 | ||
Promissory Notes [Member] | ' | ' | ||
Secured Debt | ' | ' | ||
Secured debt | 592 | 780 | ||
Notes Payable Maintenance [Member] | ' | ' | ||
Secured Debt | ' | ' | ||
Secured debt | 119 | 167 | ||
Secured Debt Not Subject To Compromise [Member] | ' | ' | ||
Secured Debt | ' | ' | ||
Secured debt | 107,476 | 82,712 | ||
Senior Unsecured Notes [Member] | Subject To Compromise [Member] | ' | ' | ||
Secured Debt | ' | ' | ||
Unsecured Debt | 250,000 | 250,000 | ||
Notes Payable Insurance [Member] | Subject To Compromise [Member] | ' | ' | ||
Secured Debt | ' | ' | ||
Unsecured Debt | ' | 346 | ||
Unsecured Debt Gross [Member] | Subject To Compromise [Member] | ' | ' | ||
Secured Debt | ' | ' | ||
Unsecured Debt | 257,253 | 259,363 | ||
Unamortized Discount [Member] | Subject To Compromise [Member] | ' | ' | ||
Secured Debt | ' | ' | ||
Unsecured Debt | -5,182 | -5,533 | ||
Unsecured Debt, Net [Member] | Subject To Compromise [Member] | ' | ' | ||
Secured Debt | ' | ' | ||
Unsecured Debt | 252,071 | [1] | 253,830 | [1] |
Subject To Compromise [Member] | ' | ' | ||
Secured Debt | ' | ' | ||
Total debt–current (1) | $359,547 | [1] | $336,542 | [1] |
[1] | For 2014, total unsecured debt subject to compromise of $252,071 is within the Liabilities Subject To Compromise in the Condensed Consolidated Balance Sheet. See Note 2- Liabilities Subject to Compromise. |
Note_10_Commitments_and_Contin1
Note 10 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Jul. 22, 2014 | Mar. 31, 2014 |
Enforcement Action [Member] | Enforcement Action [Member] | |||
Colombian Taxing Authorities [Member] | Bancolombia S.A. [Member] | |||
Note 10 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Notes Payable to Bank | ' | ' | ' | $2.30 |
Loss Contingency Amount Plus Interest And Penalties | ' | ' | 6 | ' |
Capital Lease Obligations | $4.70 | $5.80 | ' | ' |
Sale Leaseback Transaction, Imputed Interest Rate | 5.70% | ' | ' | ' |
Note_11_Fair_Value_Of_Financia2
Note 11 - Fair Value Of Financial Instruments (Details) - Fair Value Level One Liabilities (current period unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-Term Debt One [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value | $123,000 | $152,000 |
Long-Term Debt One [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Amount | 196,824 | 196,608 |
Long-Term Debt Two [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value | 28,000 | 38,000 |
Long-Term Debt Two [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Amount | $47,995 | $47,859 |
Note_12_Loss_Per_Share_Details
Note 12 - Loss Per Share (Details) (Out Of The Money Stock Options [Member]) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Out Of The Money Stock Options [Member] | ' | ' |
Note 12 - Loss Per Share (Details) [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,221,300 | 1,633,000 |
Note_12_Loss_Per_Share_Details1
Note 12 - Loss Per Share (Details) - Computation of Basic and Diluted Earnings Per Share (unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Note 12 - Loss Per Share (Details) - Computation of Basic and Diluted Earnings Per Share (unaudited) [Line Items] | ' | ' |
Net loss attributable to common stockholders | ($30,177) | ($11,086) |
Basic | 39,394,000 | 37,756,000 |
Basic loss per share | ($0.77) | ($0.29) |
Diluted loss per share | ($0.77) | ($0.29) |
Diluted Securities [Member] | ' | ' |
Note 12 - Loss Per Share (Details) - Computation of Basic and Diluted Earnings Per Share (unaudited) [Line Items] | ' | ' |
Total | 39,394,000 | 37,756,000 |
Note_13_Stockbased_Compensatio2
Note 13 - Stock-based Compensation (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Incentive Plan For 2006 [Member] | ESPP [Member] | ||
Incentive Plan For 2006 [Member] | Incentive Plan For 2006 [Member] | Incentive Plan For 2006 [Member] | Incentive Plan For 2006 [Member] | Minimum [Member] | Maximum [Member] | Incentive Plan For 2006 [Member] | ESPP [Member] | ||||||||
Incentive Plan For 2006 [Member] | Incentive Plan For 2006 [Member] | ||||||||||||||
Note 13 - Stock-based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,203,058 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | '84 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit (in Dollars per share) | ' | $2.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit (in Dollars per share) | ' | $30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | $300,000 | $300,000 | $800,000 | $1,700,000 | ' | ' | ' | ' | $900,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares (in Shares) | ' | 983,200 | 175,425 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | 2,000,000 | 1,100,000 | 3,500,000 | 7,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years | '3 years 9 months | ' | ' | ' | ' | ' | ' | ' | '8 years 146 days | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | ' | ' | ' | 1,500,044 | ' | ' | ' | 1,500,000 | ' | 1,443,668 | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in Shares) | ' | ' | ' | ' | ' | ' | ' | 0 | 2 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | ' | ' | ' | ' | ' | 2,371,995 | 992,605 | ' | ' | ' | 2,500,000 | 2,489,768 | 1,181,350 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% |
Note_13_Stockbased_Compensatio3
Note 13 - Stock-based Compensation (Details) - Option Activity (Employee Stock Option [Member], USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Option [Member] | ' | ' |
Note 13 - Stock-based Compensation (Details) - Option Activity [Line Items] | ' | ' |
Number of Optioned Shares (in Shares) | 2,221,300 | 2,426,000 |
Weighted Average Exercise Price | $14.64 | $14.62 |
Weighted Average Remaining Contractual Term in Years | '4 years 135 days | '4 years 226 days |
Weighted Average Optioned Grant Date Fair Value | $4.53 | $4.52 |
Exercisable at March 31, 2014 (in Shares) | 1,238,100 | ' |
Exercisable at March 31, 2014 | $22.59 | ' |
Exercisable at March 31, 2014 | '4 years 113 days | ' |
Exercisable at March 31, 2014 | $5.59 | ' |
Forfeited (in Shares) | -204,700 | ' |
Forfeited | $14.39 | ' |
Forfeited | $4.45 | ' |
Note_13_Stockbased_Compensatio4
Note 13 - Stock-based Compensation (Details) - Restricted Stock and Performance Units Activity (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock [Member] | ' | ' |
Note 13 - Stock-based Compensation (Details) - Restricted Stock and Performance Units Activity [Line Items] | ' | ' |
Balance | 2,371,995 | 992,605 |
Weighted Average Grant Date Fair Value | $1.84 | $2.87 |
Granted | 1,500,044 | ' |
Weighted Average Grant Date Fair Value, Granted | $1.52 | ' |
Vested | -70,028 | ' |
Weighted Average Grant Date Fair Value, Vested | $6.70 | ' |
Forfeited | -50,626 | ' |
Weighted Average Grant Date Fair Value, Forfeited | $5.75 | ' |
Performance Shares [Member] | ' | ' |
Note 13 - Stock-based Compensation (Details) - Restricted Stock and Performance Units Activity [Line Items] | ' | ' |
Balance | 2,489,768 | 1,181,350 |
Weighted Average Grant Date Fair Value | $4.55 | $7.70 |
Granted | 1,443,668 | ' |
Weighted Average Grant Date Fair Value, Granted | $2.09 | ' |
Forfeited | -135,250 | ' |
Weighted Average Grant Date Fair Value, Forfeited | $6.90 | ' |
Note_14_Segment_Information_De
Note 14 - Segment Information (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 14 - Segment Information (Details) [Line Items] | ' | ' |
Number of Reportable Segments | 2 | ' |
Proprietary Services [Member] | ' | ' |
Note 14 - Segment Information (Details) [Line Items] | ' | ' |
Sales Revenue Service Net Percentage | 63.00% | 33.00% |
Multi-Client Services [Member] | ' | ' |
Note 14 - Segment Information (Details) [Line Items] | ' | ' |
Sales Revenue Service Net Percentage | 37.00% | 67.00% |
Note_14_Segment_Information_De1
Note 14 - Segment Information (Details) - Significant Information Concerning The Company’s Reportable Segments (unaudited) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Revenues | $64,283 | $83,794 | ||
Operating Expenses | 63,273 | 63,630 | ||
Selling General and Administrative Expenses | 13,990 | 14,418 | ||
Gain on Disposal of Property and Equipment Net | 2,232 | 2,636 | ||
Operating (Loss) Income | -14,924 | -4,610 | ||
Proprietary Services [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Revenues | 40,561 | 27,537 | ||
Operating Expenses | 45,677 | [1],[2] | 24,049 | [1],[2] |
Operating (Loss) Income | -5,116 | 3,488 | ||
Segment Assets | 57,165 | 52,792 | ||
Multi-Client Services [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Revenues | 23,722 | 56,257 | ||
Operating Expenses | 13,886 | [1],[2] | 34,813 | [1],[2] |
Multi-client library impairment | ' | 12,992 | ||
Multi-client library commissions | 4,176 | ' | ||
Operating (Loss) Income | 5,660 | 8,452 | ||
Segment Assets | 197,825 | 321,505 | ||
Corporate Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating Expenses | 3,710 | [1],[2] | 4,768 | [1],[2] |
Selling General and Administrative Expenses | 13,990 | 14,418 | ||
Gain on Disposal of Property and Equipment Net | -2,232 | -2,636 | ||
Operating (Loss) Income | -15,468 | -16,550 | ||
Segment Assets | 139,373 | 154,448 | ||
Total [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Revenues | 64,283 | 83,794 | ||
Operating Expenses | 63,273 | [1],[2] | 63,630 | [1],[2] |
Multi-client library impairment | ' | 12,992 | ||
Multi-client library commissions | 4,176 | ' | ||
Selling General and Administrative Expenses | 13,990 | 14,418 | ||
Gain on Disposal of Property and Equipment Net | -2,232 | -2,636 | ||
Operating (Loss) Income | -14,924 | -4,610 | ||
Segment Assets | $394,363 | $528,745 | ||
[1] | Corporate operating expenses represent depreciation, net associated with the assets not utilized in operations during the period. | |||
[2] | Multi-client Services operating expenses represent data library revenue and backstop amortization expense. |
Note_15_Employee_Benefit_Plans1
Note 15 - Employee Benefit Plans (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Note 15 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount (in Dollars) | $0.50 | $0.30 |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year (in Dollars) | $1.40 | ' |
Three Percent Of The Total Qualifying Compensation [Member] | ' | ' |
Note 15 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | 100.00% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | 3.00% |
Fifty Percent Of The Next Four Percent [Member] | ' | ' |
Note 15 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ' |
Fifty Percent Of The Next Two Percent [Member] | ' | ' |
Note 15 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | ' | 50.00% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | ' | 2.00% |
Note_16_Preferred_Stock_Detail
Note 16 - Preferred Stock (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Note 16 - Preferred Stock (Details) [Line Items] | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 11.50% | 11.50% |
Preferred Stock, Shares Outstanding (in Shares) | 0.3 | 0.3 |
Dividends, Preferred Stock (in Dollars) | ($167) | ' |
Preferred Class A [Member] | ' | ' |
Note 16 - Preferred Stock (Details) [Line Items] | ' | ' |
Depositary Shares, Shares Issued (in Shares) | ' | 347,827 |
Preferred Stock, Dividend Rate, Percentage | ' | 11.50% |
Preferred Stock, Liquidation Preference Per Share | ' | 25,000 |
Depositary Shares Liquidation Preference | ' | 25 |
Depositary Shares Dividend Rate Per Dollar Amount | ' | 2,875 |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | ' | 2.875 |
Preferred Stock, Shares Outstanding (in Shares) | 300,000 | 300,000 |
Dividends, Preferred Stock (in Dollars) | $200 | ' |
Note_17_Guarantees_Of_Register2
Note 17 - Guarantees Of Registered Securities (Details) (USD $) | 0 Months Ended | |||||
In Millions, unless otherwise specified | Jul. 26, 2012 | Aug. 03, 2010 | Jul. 26, 2012 | Aug. 03, 2010 | Mar. 28, 2012 | Aug. 03, 2010 |
Publicly Registered Senior Notes [Member] | Publicly Registered Senior Notes [Member] | Publicly Registered Senior Notes [Member] | Publicly Registered Senior Notes [Member] | Privately Registered Senior Notes {[Member] | Privately Registered Senior Notes {[Member] | |
Note 17 - Guarantees Of Registered Securities (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Debt Conversion, Original Debt, Amount (in Dollars) | $50 | $200 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 10.50% | 10.50% | 10.50% | 10.50% |
Note_17_Guarantees_Of_Register3
Note 17 - Guarantees Of Registered Securities (Details) - Separate Condensed Consolidating Balance Sheets (unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' |
Current Assets | $99,868 | $90,525 |
Multi-client library, net | 187,816 | 192,430 |
Property and equipment, net | 76,393 | 79,693 |
TOTAL ASSETS | 394,363 | 392,907 |
Current Liabilities | 189,098 | 425,982 |
LIABILITIES SUBJECT TO COMPROMISE | 266,958 | ' |
TOTAL LIABILITIES | 456,056 | 426,236 |
Stockholders' equity | -61,693 | -33,329 |
Total Liabilities and Stockholders' Equity (Deficit) | 394,363 | 392,907 |
Guarantors [Member] | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' |
Current Assets | 142,346 | 137,507 |
Multi-client library, net | 185,633 | 191,080 |
Property and equipment, net | 75,445 | 78,403 |
Investment in subsidiaries | 1 | 1 |
Intercompany accounts | 29,298 | 27,602 |
Other non-current assets | 27,312 | 27,109 |
TOTAL ASSETS | 460,035 | 461,702 |
Current Liabilities | 194,208 | 430,823 |
LIABILITIES SUBJECT TO COMPROMISE | 266,958 | ' |
TOTAL LIABILITIES | 461,166 | 430,823 |
Stockholders' equity | -1,131 | 30,879 |
Total Liabilities and Stockholders' Equity (Deficit) | 460,035 | 461,702 |
Non Guarantors [Member] | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' |
Current Assets | 17,177 | 9,936 |
Multi-client library, net | 2,183 | 1,350 |
Property and equipment, net | 948 | 1,290 |
Intercompany accounts | -29,293 | -27,597 |
Other non-current assets | 2,974 | 3,150 |
TOTAL ASSETS | -6,011 | -11,871 |
Current Liabilities | 54,550 | 52,082 |
LONG-TERM LIABILITIES | ' | 254 |
TOTAL LIABILITIES | 54,550 | 52,336 |
Stockholders' equity | -60,561 | -64,207 |
Total Liabilities and Stockholders' Equity (Deficit) | -6,011 | -11,871 |
Eliminations [Member] | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' |
Current Assets | -59,655 | -56,918 |
Investment in subsidiaries | -1 | -1 |
Intercompany accounts | -5 | -5 |
TOTAL ASSETS | -59,661 | -56,924 |
Current Liabilities | -59,660 | -56,923 |
TOTAL LIABILITIES | -59,660 | -56,923 |
Stockholders' equity | -1 | -1 |
Total Liabilities and Stockholders' Equity (Deficit) | -59,661 | -56,924 |
Consolidated [Member] | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' |
Current Assets | 99,868 | 90,525 |
Multi-client library, net | 187,816 | 192,430 |
Property and equipment, net | 76,393 | 79,693 |
Other non-current assets | 30,286 | 30,259 |
TOTAL ASSETS | 394,363 | 392,907 |
Current Liabilities | 189,098 | 425,982 |
LONG-TERM LIABILITIES | ' | 254 |
LIABILITIES SUBJECT TO COMPROMISE | 266,958 | ' |
TOTAL LIABILITIES | 456,056 | 426,236 |
Stockholders' equity | -61,693 | -33,329 |
Total Liabilities and Stockholders' Equity (Deficit) | $394,363 | $392,907 |
Note_17_Guarantees_Of_Register4
Note 17 - Guarantees Of Registered Securities (Details) - Separate Condensed Consolidating Statements of Operations (unaudited) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Revenues | $64,283 | $83,794 | ' |
Operating expenses | 63,273 | 63,630 | ' |
MULTI-CLIENT LIBRARY IMPAIRMENT | ' | 12,992 | 88,200 |
MULTI-CLIENT LIBRARY COMMISSIONS | 4,176 | ' | ' |
Selling, general and administrative expenses | 13,990 | 14,418 | ' |
Gain on Disposal of Property and Equipment | 2,232 | 2,636 | ' |
Income (loss) from operations | -14,924 | -4,610 | ' |
OTHER EXPENSE | ' | ' | ' |
Prepetition professional fees | 2,271 | ' | ' |
Reorganization items, net | 1,120 | ' | ' |
Total other expense | 13,359 | 8,256 | ' |
Income (loss) before income taxes | -28,283 | -12,866 | ' |
Income tax expense | 1,894 | -1,485 | ' |
Income (loss) after income taxes | -30,177 | -11,381 | ' |
NET LOSS, attributable to non-controlling interests | ' | -295 | ' |
Net income (loss), attributable to common shareholders | -30,177 | -11,086 | ' |
Guarantors [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Revenues | 50,504 | 75,350 | ' |
Operating expenses | 56,235 | 54,631 | ' |
MULTI-CLIENT LIBRARY IMPAIRMENT | ' | 12,992 | ' |
MULTI-CLIENT LIBRARY COMMISSIONS | 4,176 | ' | ' |
Selling, general and administrative expenses | 11,315 | 12,013 | ' |
Gain on Disposal of Property and Equipment | -2,232 | -2,636 | ' |
Income (loss) from operations | -18,990 | -1,650 | ' |
OTHER EXPENSE | ' | ' | ' |
Interest income (expense), net | 9,538 | 8,255 | ' |
Prepetition professional fees | 2,271 | ' | ' |
Reorganization items, net | 1,120 | ' | ' |
Other income (expense), net | 319 | -56 | ' |
Total other expense | 13,248 | 8,199 | ' |
Income (loss) before income taxes | -32,238 | -9,849 | ' |
Income tax expense | 1,589 | -2,147 | ' |
Income (loss) after income taxes | -33,827 | -7,702 | ' |
NET LOSS, attributable to non-controlling interests | ' | -295 | ' |
Net income (loss), attributable to common shareholders | -33,827 | -7,407 | ' |
Non Guarantors [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Revenues | 16,197 | 9,783 | ' |
Operating expenses | 9,204 | 10,142 | ' |
Selling, general and administrative expenses | 2,927 | 2,601 | ' |
Income (loss) from operations | 4,066 | -2,960 | ' |
OTHER EXPENSE | ' | ' | ' |
Interest income (expense), net | 93 | 134 | ' |
Other income (expense), net | 18 | -77 | ' |
Total other expense | 111 | 57 | ' |
Income (loss) before income taxes | 3,955 | -3,017 | ' |
Income tax expense | 305 | 662 | ' |
Income (loss) after income taxes | 3,650 | -3,679 | ' |
Net income (loss), attributable to common shareholders | 3,650 | -3,679 | ' |
Eliminations [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Revenues | -2,418 | -1,339 | ' |
Operating expenses | -2,166 | -1,143 | ' |
Selling, general and administrative expenses | -252 | -196 | ' |
Consolidated [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Revenues | 64,283 | 83,794 | ' |
Operating expenses | 63,273 | 63,630 | ' |
MULTI-CLIENT LIBRARY IMPAIRMENT | ' | 12,992 | ' |
MULTI-CLIENT LIBRARY COMMISSIONS | 4,176 | ' | ' |
Selling, general and administrative expenses | 13,990 | 14,418 | ' |
Gain on Disposal of Property and Equipment | -2,232 | -2,636 | ' |
Income (loss) from operations | -14,924 | -4,610 | ' |
OTHER EXPENSE | ' | ' | ' |
Interest income (expense), net | 9,631 | 8,389 | ' |
Prepetition professional fees | 2,271 | ' | ' |
Reorganization items, net | 1,120 | ' | ' |
Other income (expense), net | 337 | -133 | ' |
Total other expense | 13,359 | 8,256 | ' |
Income (loss) before income taxes | -28,283 | -12,866 | ' |
Income tax expense | 1,894 | -1,485 | ' |
Income (loss) after income taxes | -30,177 | -11,381 | ' |
NET LOSS, attributable to non-controlling interests | ' | -295 | ' |
Net income (loss), attributable to common shareholders | ($30,177) | ($11,086) | ' |
Note_17_Guarantees_Of_Register5
Note 17 - Guarantees Of Registered Securities (Details) - Separate Condensed Consolidating Statements of Cash Flows (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
STATEMENT OF CASH FLOWS | ' | ' |
Net cash provided by (used in) operating activities | $1,850 | $43,520 |
Net cash used in investing activities | -10,198 | -27,029 |
Net cash provided by (used in) financing activities | 20,886 | -7,518 |
Net increase (decrease) in cash and cash equivalents | 12,538 | 8,973 |
Guarantors [Member] | ' | ' |
STATEMENT OF CASH FLOWS | ' | ' |
Net cash provided by (used in) operating activities | -3,384 | 45,150 |
Net cash used in investing activities | -7,051 | -25,587 |
Net cash provided by (used in) financing activities | 21,111 | -7,518 |
Net increase (decrease) in cash and cash equivalents | 10,676 | 12,045 |
Non Guarantors [Member] | ' | ' |
STATEMENT OF CASH FLOWS | ' | ' |
Net cash provided by (used in) operating activities | 5,234 | -1,630 |
Net cash used in investing activities | -3,147 | -1,442 |
Net cash provided by (used in) financing activities | -225 | ' |
Net increase (decrease) in cash and cash equivalents | 1,862 | -3,072 |
Consolidated [Member] | ' | ' |
STATEMENT OF CASH FLOWS | ' | ' |
Net cash provided by (used in) operating activities | 1,850 | 43,520 |
Net cash used in investing activities | -10,198 | -27,029 |
Net cash provided by (used in) financing activities | 20,886 | -7,518 |
Net increase (decrease) in cash and cash equivalents | $12,538 | $8,973 |
Note_19_Subsequent_Events_Deta
Note 19 - Subsequent Events (Details) (USD $) | Apr. 25, 2014 | Sep. 23, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Sep. 23, 2014 | Sep. 23, 2014 | Sep. 23, 2014 | Sep. 23, 2014 | Apr. 25, 2014 | Sep. 23, 2014 | Sep. 23, 2014 | Sep. 23, 2014 | Sep. 23, 2014 | Apr. 25, 2014 | Sep. 23, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Jun. 05, 2014 | Sep. 23, 2014 | Jun. 05, 2014 | Sep. 23, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 14, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Jun. 05, 2014 | Jun. 05, 2014 | Jun. 05, 2014 | Sep. 23, 2014 | Apr. 25, 2014 | Sep. 30, 2013 | Mar. 28, 2014 | Mar. 28, 2014 |
Interest Rate On Debt To Be Exchanged [Member] | Warrant [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Alternate Base Rate [Member] | Initial DIP Loan [Member] | Final DIP Loan [Member] | |
Subsequent Event [Member] | Alternate Base Rate [Member] | Alternate Base Rate [Member] | Alternate Base Rate [Member] | Wall Street Alternate Prime Rate [Member] | Wall Street Alternate Prime Rate [Member] | In Addition To The Wall Street Alternate Prime Rate [Member] | In Addition To The Wall Street Alternate Prime Rate [Member] | In Addition To The Wall Street Alternate Prime Rate [Member] | Assets Securing The DIP including Foreign Assets [Member] | Alternate Proposal [Member] | KEIP Criteria One [Member] | KEIP Criteria Two [Member] | KEIP Criteria Three [Member] | After Three Months [Member] | Holders of Financial Claims [Member] | Holders of Financial Claims [Member] | Upon Emergence from Bankruptcy [Member] | Upon Emergence from Bankruptcy [Member] | Unsecured Debt [Member] | Term Loan B [Member] | Initial DIP Loan [Member] | Initial DIP Loan [Member] | Final DIP Loan [Member] | Term Loan A [Member] | Term Loan A [Member] | Term Loan A [Member] | Term Loan A [Member] | Term Loan A [Member] | Term Loan B [Member] | Term Loan B [Member] | Term Loan B [Member] | Term Loan B [Member] | Term Loan B [Member] | Senior Secured Term Loan Facility [Member] | Junior Secured Debt [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Equity Capital [Member] | Replacement Debtor-In-Possession Credit Facility [Member] | Replacement Debtor-In-Possession Credit Facility [Member] | Completion Fee [Member] | Monthly Engagement Fee [Member] | Monthly Engagement Fee [Member] | Restructuring Fee [Member] | Key Employee Retentition Plan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Initial DIP Loan [Member] | Term Loan A [Member] | Term Loan B [Member] | Initial DIP Loan [Member] | Initial DIP Loan [Member] | Initial DIP Loan [Member] | Term Loan A [Member] | Term Loan B [Member] | Monthly Engagement Fee [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Rothschild [Member] | Initial DIP Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | LIBOR Floor Rate [Member] | Wall Street Journal Prime Rate [Member] | Wall Street Alternate Prime Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | LIBOR Floor Rate [Member] | Wall Street Journal Prime Rate [Member] | Wall Street Journal Prime Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | LIBOR Floor Rate [Member] | Rothschild [Member] | Rothschild [Member] | Key Employee Retentition Plan [Member] | Key Employee Retentition Plan [Member] | Rothschild [Member] | Rothschild [Member] | Rothschild [Member] | Lazard [Member] | Lazard [Member] | ||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | LIBOR Floor Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Wall Street Alternate Prime Rate [Member] | Wall Street Journal Prime Rate [Member] | Rothschild [Member] | London Interbank Offered Rate (LIBOR) [Member] | LIBOR Floor Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | LIBOR Floor Rate [Member] | ||||||||||||||||||||||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Postconfirmation, Debtor-in-Possession Financing (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $151,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debtor-In-Possession Financing, Number Of Tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debtor-in-Possession Financing, Amount Arranged (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,100,000 | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | 91,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 126,900,000 |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 1.00% | 1.00% | 1.00% | 1.00% | 2.50% | 7.50% | 7.50% | 9.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | 1.50% | ' | 1.00% | 2.50% | 8.50% | 1.50% | ' | 1.00% | 2.50% | 10.50% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Budget Variance Cushion Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' |
Key Employee Incentive Plan Bonus Amount (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan of Reorganization, Date Plan Expected to be Effective | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27-Feb-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-14 | ' | ' | ' | ' |
KEIP Bonus Weighted Performance Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preconfirmation, Cash and Cash Equivalents (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' |
Debtor Reorganization Items, Legal and Advisory Professional Fees (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 250,000 | 100,000 | 900,000 | ' | ' | ' | ' | ' | ' |
Capital Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 2.00% | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Capital Fee (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' |
Pro Rata Share of New Common Units Percentage | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.95% | 32.71% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint Plan of Reorganization Ownership Interest Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Debtors' Enterprise Value (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 235,000,000 | ' | ' | ' | ' |
Cash Distributions to Creditors (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' |
Common Unit, Issued (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,740,544 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Units Subscription Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Unit, Issuance Value (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Units Offered to Eligible Creditors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37.41% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Backstop Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Backstop Agreement Termination Payment (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,750,000 | ' | ' | ' | ' |