Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2013 | Jul. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ION GEOPHYSICAL CORP | ' |
Entity Central Index Key | '0000866609 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 157,053,797 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $109,501 | $60,971 |
Accounts receivable, net | 92,712 | 127,136 |
Unbilled receivables | 98,944 | 89,784 |
Inventories | 79,495 | 70,675 |
Prepaid expenses and other current assets | 20,294 | 25,605 |
Total current assets | 400,946 | 374,171 |
Deferred income tax asset | 81,961 | 28,414 |
Property, plant, equipment and seismic rental equipment, net | 40,001 | 33,772 |
Multi-client data library, net | 227,139 | 230,315 |
Equity method investments | 77,654 | 73,925 |
Goodwill | 53,991 | 55,349 |
Intangible assets, net | 12,992 | 14,841 |
Other assets | 15,731 | 9,796 |
Total assets | 910,415 | 820,583 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 4,388 | 3,496 |
Accounts payable | 29,996 | 28,688 |
Accrued expenses | 87,600 | 124,095 |
Accrued multi-client data library royalties | 24,284 | 26,300 |
Deferred revenue | 18,566 | 26,899 |
Total current liabilities | 164,834 | 209,478 |
Long-term debt, net of current maturities | 179,319 | 101,832 |
Other long-term liabilities | 132,339 | 8,131 |
Total liabilities | 476,492 | 319,441 |
Redeemable noncontrolling interest | 2,229 | 2,123 |
Equity: | ' | ' |
Cumulative convertible preferred stock | 27,000 | 27,000 |
Common stock, $0.01 par value; authorized 200,000,000 shares; outstanding 157,022,597 and 156,356,949 shares at June 30, 2013 and December 31, 2012, respectively, net of treasury stock | 1,570 | 1,564 |
Additional paid-in capital | 853,575 | 848,669 |
Accumulated deficit | -429,218 | -360,297 |
Accumulated other comprehensive loss | -15,124 | -11,886 |
Treasury stock, at cost, 849,539 shares at both June 30, 2013 and December 31, 2012 | -6,565 | -6,565 |
Total stockholders' equity | 431,238 | 498,485 |
Noncontrolling interests | 456 | 534 |
Total equity | 431,694 | 499,019 |
Total liabilities and equity | $910,415 | $820,583 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares outstanding | 157,022,597 | 156,356,949 |
Treasury stock, shares | 849,539 | 849,539 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Service revenues | $89,603 | $72,844 | $179,552 | $139,478 |
Product revenues | 31,312 | 32,370 | 71,100 | 77,446 |
Total net revenues | 120,915 | 105,214 | 250,652 | 216,924 |
Cost of services | 66,965 | 43,321 | 136,238 | 90,727 |
Cost of products | 17,332 | 15,950 | 42,839 | 39,098 |
Gross profit | 36,618 | 45,943 | 71,575 | 87,099 |
Operating expenses: | ' | ' | ' | ' |
Research, development and engineering | 9,087 | 10,306 | 18,377 | 18,032 |
Marketing and sales | 8,968 | 8,654 | 16,948 | 16,071 |
General and administrative | 11,793 | 14,011 | 27,557 | 28,381 |
Total operating expenses | 29,848 | 32,971 | 62,882 | 62,484 |
Income from operations | 6,770 | 12,972 | 8,693 | 24,615 |
Interest expense, net | -2,756 | -1,364 | -3,822 | -2,882 |
Equity in earnings of investments | -6,338 | 3,777 | -5,222 | 6,245 |
Other income (expense) | -107,118 | 895 | -106,091 | 209 |
Income before income taxes | -109,442 | 16,280 | -106,442 | 28,187 |
Income tax expense | -38,705 | 4,184 | -37,504 | 7,629 |
Net income | -70,737 | 12,096 | -68,938 | 20,558 |
Net income attributable to noncontrolling interest | -59 | 281 | 17 | 394 |
Net income attributable to ION | -70,796 | 12,377 | -68,921 | 20,952 |
Preferred stock dividends | 338 | 338 | 676 | 676 |
Net income applicable to common shares | ($71,134) | $12,039 | ($69,597) | $20,276 |
Net income per share: | ' | ' | ' | ' |
Basic | ($0.45) | $0.08 | ($0.44) | $0.13 |
Diluted | ($0.45) | $0.08 | ($0.44) | $0.13 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic | 156,910 | 155,631 | 156,689 | 155,587 |
Diluted | 156,910 | 162,575 | 156,689 | 162,594 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | ($70,737) | $12,096 | ($68,938) | $20,558 |
Other comprehensive income (loss), net of taxes, as appropriate: | ' | ' | ' | ' |
Foreign currency translation adjustments | 597 | -1,503 | -3,044 | 265 |
Equity interest in investees' other comprehensive income (loss) | -526 | 369 | -549 | 716 |
Unrealized income (loss) on available-for-sale securities | 245 | -499 | 177 | 463 |
Other changes in other comprehensive income (loss) | 102 | -34 | 178 | -27 |
Total other comprehensive income (loss), net of taxes | 418 | -1,667 | -3,238 | 1,417 |
Comprehensive net income (loss) | -70,319 | 10,429 | -72,176 | 21,975 |
Comprehensive income attributable to noncontrolling interest | -59 | 281 | 17 | 394 |
Comprehensive net income (loss) attributable to ION | ($70,378) | $10,710 | ($72,159) | $22,369 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | ($68,938) | $20,558 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization (other than multi-client library) | 8,302 | 6,825 |
Amortization of multi-client library | 36,679 | 38,918 |
Stock-based compensation expense | 3,831 | 2,992 |
Equity in (earnings) losses of investments | 5,222 | -6,245 |
Gain on sale of cost-method investment | -3,591 | 0 |
Accrual for loss contingency related to legal proceedings | 110,000 | 0 |
Deferred income taxes | -48,627 | -2,225 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | 34,259 | 61,701 |
Unbilled receivables | -9,160 | -32,300 |
Inventories | -8,993 | -5,447 |
Accounts payable, accrued expenses and accrued royalties | -11,391 | 9,041 |
Deferred revenue | -8,242 | -6,176 |
Other assets and liabilities | 4,026 | -1,912 |
Net cash provided by operating activities | 43,377 | 85,730 |
Cash flows from investing activities: | ' | ' |
Investment in multi-client data library | -48,599 | -52,581 |
Purchase of property, plant and equipment | -8,963 | -4,890 |
Investment in seismic rental equipment | 0 | -1,384 |
Investment in and advances to GeoRXT | -9,500 | 0 |
Proceeds from sale of investment | 4,150 | 0 |
Maturity of short-term investments | 0 | 20,000 |
Investment in convertible note | -2,000 | -1,000 |
Other investing activities | 76 | 0 |
Net cash used in investing activities | -64,836 | -39,855 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of notes | 175,000 | 0 |
Payments under amended revolving line of credit | -97,250 | -1,000 |
Borrowings under amended revolving line of credit | 0 | 98,250 |
Repayment of term loan | 0 | -98,250 |
Payments on long-term debt | -1,815 | -2,081 |
Cost associated with issuance of notes | -6,731 | 0 |
Cost associated with debt amendment | 0 | -1,313 |
Payment of preferred dividends | -676 | -676 |
Proceeds from exercise of stock options | 1,972 | 317 |
Other financing activities | 302 | -101 |
Net cash used in provided by financing activities | 70,802 | -4,854 |
Effect of change in foreign currency exchange rates on cash and cash equivalents | -813 | -141 |
Net increase (decrease) in cash and cash equivalents | 48,530 | 40,880 |
Cash and cash equivalents at beginning of period | 60,971 | 42,402 |
Cash and cash equivalents at end of period | $109,501 | $83,282 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | |||||||||||
Jun. 30, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Basis of Presentation | ' | |||||||||||
Basis of Presentation and Restatement | ||||||||||||
Basis of Presentation | ||||||||||||
The condensed consolidated balance sheet of ION Geophysical Corporation and its subsidiaries (collectively referred to as the “Company” or “ION,” unless the context otherwise requires) at December 31, 2012 has been derived from the Company’s audited consolidated financial statements at that date. The condensed consolidated balance sheet at June 30, 2013, and the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2013 and 2012 and the condensed consolidated statements of cash flows for the six months ended June 30, 2013 and 2012, are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the three and six months ended June 30, 2013 are not necessarily indicative of the operating results for a full year or of future operations. | ||||||||||||
These condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements presented in accordance with accounting principles generally accepted in the United States have been omitted. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 and Amendment No. 1 thereto on Form 10-K/A, which was filed on April 17, 2013 and contains the separate consolidated financial statements of INOVA Geophysical Equipment Limited (“INOVA Geophysical”) for the fiscal year ended December 31, 2012. | ||||||||||||
Restatement of the Financial Statements for the Three and Six Months Ended June 30, 2013 | ||||||||||||
The condensed consolidated statement of cash flows for the six months ended June 30, 2013 has been restated. In connection with the preparation of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013, the Company determined that it had incorrectly presented certain non-cash investments in its multi-client seismic data libraries in its condensed consolidated statements of cash flows. The Company incorrectly included non-cash activity related to the investment in its multi-client seismic data libraries, which resulted in an understatement of its cash provided by operating activities and an understatement of its cash used in investing activities. Management concluded that the impact of the incorrect presentation to periods prior to 2013 was immaterial. | ||||||||||||
The consolidated financial information contained in this Form 10-Q/A for the six months ended June 30, 2013 reflects the Company’s restated statement of cash flows for this six-month period resulting in changes within cash flows from operating and investing activities, but no change to total cash and cash equivalents. The adjustments reflected in the restatement of the condensed consolidated statement of cash flows are as follows (in thousands): | ||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||
As Reported | Adjustment | As Restated | ||||||||||
Statement of Cash Flows: | ||||||||||||
Accounts payable, accrued expenses and accrued royalties | $ | (26,487 | ) | $ | 15,096 | $ | (11,391 | ) | ||||
Net cash provided by operating activities | $ | 28,281 | $ | 15,096 | $ | 43,377 | ||||||
Investment in multi-client data library | $ | (33,503 | ) | $ | (15,096 | ) | $ | (48,599 | ) | |||
Net cash used in investing activities | $ | (49,740 | ) | $ | (15,096 | ) | $ | (64,836 | ) | |||
Net increase in cash and cash equivalents | $ | 48,530 | $ | — | $ | 48,530 | ||||||
Cash and cash equivalents at end of period | $ | 109,501 | $ | — | $ | 109,501 | ||||||
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||
Jun. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
The Company operates through three business segments – Solutions, Systems and Software. In addition, the Company has a 49% ownership interest in its INOVA Geophysical joint venture. The Company measures segment operating results based on income from operations. See Note 3 “Equity Method Investments” for the summarized financial information for INOVA Geophysical. | ||||||||||||||||
A summary of segment information is as follows (in thousands): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenues: | ||||||||||||||||
Solutions: | ||||||||||||||||
New Venture | $ | 33,249 | $ | 21,544 | $ | 81,685 | $ | 50,538 | ||||||||
Data Library | 21,521 | 22,235 | 30,969 | 32,503 | ||||||||||||
Total multi-client revenues | 54,770 | 43,779 | 112,654 | 83,041 | ||||||||||||
Data Processing | 33,849 | 28,190 | 65,135 | 55,055 | ||||||||||||
Total | $ | 88,619 | $ | 71,969 | $ | 177,789 | $ | 138,096 | ||||||||
Systems: | ||||||||||||||||
Towed Streamer | $ | 12,570 | $ | 13,727 | $ | 26,119 | $ | 29,531 | ||||||||
Ocean Bottom | 383 | 1,616 | 7,148 | 5,135 | ||||||||||||
Other | 10,895 | 7,476 | 22,428 | 24,859 | ||||||||||||
Total | $ | 23,848 | $ | 22,819 | $ | 55,695 | $ | 59,525 | ||||||||
Software: | ||||||||||||||||
Software Systems | $ | 7,464 | $ | 9,551 | $ | 15,405 | $ | 17,921 | ||||||||
Services | 984 | 875 | 1,763 | 1,382 | ||||||||||||
Total | $ | 8,448 | $ | 10,426 | $ | 17,168 | $ | 19,303 | ||||||||
Total | $ | 120,915 | $ | 105,214 | $ | 250,652 | $ | 216,924 | ||||||||
Gross profit: | ||||||||||||||||
Solutions | $ | 21,890 | $ | 28,904 | $ | 42,087 | $ | 47,889 | ||||||||
Systems | 8,802 | 9,234 | 17,182 | 25,046 | ||||||||||||
Software | 5,926 | 7,805 | 12,306 | 14,164 | ||||||||||||
Total | $ | 36,618 | $ | 45,943 | $ | 71,575 | $ | 87,099 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Gross margin: | ||||||||||||||||
Solutions | 25 | % | 40 | % | 24 | % | 35 | % | ||||||||
Systems | 37 | % | 40 | % | 31 | % | 42 | % | ||||||||
Software | 70 | % | 75 | % | 72 | % | 73 | % | ||||||||
Total | 30 | % | 44 | % | 29 | % | 40 | % | ||||||||
Income from operations: | ||||||||||||||||
Solutions | $ | 11,021 | $ | 17,434 | $ | 18,378 | $ | 27,040 | ||||||||
Systems | 1,504 | 995 | 2,438 | 9,735 | ||||||||||||
Software | 4,955 | 6,879 | 10,116 | 12,361 | ||||||||||||
Corporate and other | (10,710 | ) | (12,336 | ) | (22,239 | ) | (24,521 | ) | ||||||||
Income from operations | 6,770 | 12,972 | 8,693 | 24,615 | ||||||||||||
Interest expense, net | (2,756 | ) | (1,364 | ) | (3,822 | ) | (2,882 | ) | ||||||||
Equity in earnings (losses) of investments | (6,338 | ) | 3,777 | (5,222 | ) | 6,245 | ||||||||||
Other income (expense), net | (107,118 | ) | 895 | (106,091 | ) | 209 | ||||||||||
Income (loss) before income taxes | $ | (109,442 | ) | $ | 16,280 | $ | (106,442 | ) | $ | 28,187 | ||||||
Equity_Method_Investments
Equity Method Investments | 6 Months Ended | |||||||||||||||
Jun. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Equity Method Investments | ' | |||||||||||||||
Equity Method Investments | ||||||||||||||||
The following table reflects the change in the Company’s equity method investments and note receivable from equity method investees during the six months ended June 30, 2013 (in thousands): | ||||||||||||||||
INOVA Geophysical | GeoRXT | Total | ||||||||||||||
Investment at December 31, 2012 | $ | 73,925 | $ | — | $ | 73,925 | ||||||||||
Investment in equity | — | 1,500 | 1,500 | |||||||||||||
Note receivable | — | 8,000 | 8,000 | |||||||||||||
Equity in losses of investments | (2,876 | ) | (2,346 | ) | (5,222 | ) | ||||||||||
Equity interest in investees' other comprehensive income (loss) | (549 | ) | — | (549 | ) | |||||||||||
Investments at June 30, 2013 | $ | 70,500 | $ | 7,154 | $ | 77,654 | ||||||||||
GeoRXT — In late February 2013, the Company purchased from Reservoir Exploration Technology ASA its 30% interest in a joint venture entity, GeoRXT B.V. (“GeoRXT”), for $1.5 million. GeoRXT is headquartered in Rio de Janeiro, Brazil, and specializes in seismic acquisition operations using ocean-bottom cables deployed from vessels leased by GeoRXT. The Company was granted an option, exercisable at any time on or prior to May 15, 2013, to increase its ownership percentage to 50%, which would have required making additional capital contributions to GeoRXT of $40.0 million. Additionally, the Company provided GeoRXT with an $8.0 million working capital loan, the repayment of which is guaranteed by the Company’s majority joint venture partner in GeoRXT, Georadar Levantamentos Geofisicos S/A (“Georadar”). The stated maturity date of the loan was May 25, 2013. The Company continues to perform a due diligence review of GeoRXT and has not yet increased its ownership interest in GeoRXT to a 50% equity interest. If the Company increases its ownership interest, a portion of the Company’s required capital contribution to GeoRXT for the additional equity interest would likely be effectively funded through the conversion of the loan into equity. As a result, the Company has elected to allow this loan to remain outstanding until the Company decides whether to increase its ownership interest. | ||||||||||||||||
The Company accounts for its interest in GeoRXT on a current basis; its shares of losses in GeoRXT for the three months and six months ended June 30, 2013 were $1.6 million and $2.3 million, respectively. The Company’s share of losses for the three months ended June 30, 2013 would have effectively reduced its equity method investment in GeoRXT to less than zero. Therefore, the Company reduced its equity method investment to zero and recorded its share of additional losses, totaling $0.8 million, to reduce the carrying value of the note receivable from GeoRXT. The following table reflects the summarized financial information for GeoRXT for the three months ended June 30, 2013 and the period from March 1 to June 30, 2013 (in thousands): | ||||||||||||||||
Three Months Ended | Period from | |||||||||||||||
30-Jun-13 | March 1 to | |||||||||||||||
30-Jun-13 | ||||||||||||||||
Net revenues | $ | 13,698 | $ | 19,668 | ||||||||||||
Gross profit | $ | (195 | ) | $ | 122 | |||||||||||
Loss from operations | $ | (5,107 | ) | $ | (6,876 | ) | ||||||||||
Net loss | $ | (5,151 | ) | $ | (7,045 | ) | ||||||||||
INOVA Geophysical — The Company accounts for its 49% interest in INOVA Geophysical as an equity method investment and records its share of earnings and losses of INOVA Geophysical on a one fiscal quarter lag basis. For the three and six months ended June 30, 2013, the Company recorded its share of losses from INOVA Geophysical of $(4.7) million and $(2.9) million, respectively, compared to equity earnings in the same periods one year ago of $3.8 million and $6.2 million, respectively. The following table reflects the summarized financial information for INOVA Geophysical for the three months ended March 31, 2013 and 2012 and the six-month periods from October 1 to March 31 of 2013 and 2012 (in thousands): | ||||||||||||||||
Three months ended March 31, | Six-Month Period from October 1 through March 31 | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenues | $ | 22,095 | $ | 56,779 | $ | 81,706 | $ | 115,777 | ||||||||
Gross profit | $ | 1,808 | $ | 19,502 | $ | 14,135 | $ | 33,466 | ||||||||
Income (loss) from operations | $ | (8,511 | ) | $ | 8,910 | $ | (8,761 | ) | $ | 15,419 | ||||||
Net income (loss) | $ | (9,772 | ) | $ | 8,654 | $ | (6,030 | ) | $ | 14,371 | ||||||
Net_Income_per_Share
Net Income per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income per Share | ' | |||||||||||||||
Net Income (Loss) per Share | ||||||||||||||||
Basic net income (loss) per common share is computed by dividing net income (loss) applicable to common shares by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is determined based on the assumption that dilutive restricted stock and restricted stock unit awards have vested and outstanding dilutive stock options have been exercised and the aggregate proceeds were used to reacquire common stock using the average price of such common stock for the period. The total number of shares issued or reserved for future issuance under outstanding stock options at June 30, 2013 and 2012 was 7,313,250 and 6,745,354, respectively, and the total number of shares of restricted stock and shares reserved for restricted stock units outstanding at June 30, 2013 and 2012 was 989,354 and 837,104, respectively. | ||||||||||||||||
As of June 30, 2013, there are 27,000 outstanding shares of the Company’s Series D Cumulative Convertible Preferred Stock (“Series D Preferred Stock”), which may currently be converted, at the holder’s election, into up to 6,065,075 shares of the Company’s common stock. The effects of the dilutive stock awards and the outstanding shares of Series D Preferred Stock were anti-dilutive for three and six months ended June 30, 2013. | ||||||||||||||||
The following table summarizes the computation of basic and diluted net income (loss) per common share (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income (loss) applicable to common shares | $ | (71,134 | ) | $ | 12,039 | $ | (69,597 | ) | $ | 20,276 | ||||||
Income impact of assumed Series D Preferred Stock conversion | — | 338 | — | 676 | ||||||||||||
Net income (loss) after assumed Series D Preferred Stock conversion | $ | (71,134 | ) | $ | 12,377 | $ | (69,597 | ) | $ | 20,952 | ||||||
Weighted average number of common shares outstanding | 156,910 | 155,631 | 156,689 | 155,587 | ||||||||||||
Effect of dilutive stock awards | — | 879 | — | 942 | ||||||||||||
Effect of convertible preferred stock | — | 6,065 | — | 6,065 | ||||||||||||
Weighted average number of diluted common shares outstanding | 156,910 | 162,575 | 156,689 | 162,594 | ||||||||||||
Basic net income (loss) per share | $ | (0.45 | ) | $ | 0.08 | $ | (0.44 | ) | $ | 0.13 | ||||||
Diluted net income (loss) per share | $ | (0.45 | ) | $ | 0.08 | $ | (0.44 | ) | $ | 0.13 | ||||||
Longterm_Debt
Long-term Debt | 6 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term Debt | ' | ||||||||
Long-term Debt | |||||||||
Obligations (in thousands) | June 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Senior secured second-priority notes | $ | 175,000 | $ | — | |||||
Revolving line of credit | — | 97,250 | |||||||
Facility lease obligation | 1,936 | 2,334 | |||||||
Equipment capital leases | 6,771 | 5,744 | |||||||
Total | 183,707 | 105,328 | |||||||
Current portion of long-term debt and lease obligations | (4,388 | ) | (3,496 | ) | |||||
Non-current portion of long-term debt and lease obligations | $ | 179,319 | $ | 101,832 | |||||
Senior Secured Second-Priority Notes | |||||||||
On May 13, 2013, the Company sold $175 million aggregate principal amount of 8.125% Senior Secured Second-Priority Notes due 2018 (“Notes”) in a private offering pursuant to an Indenture dated as of May 13, 2013. The Notes are senior secured second-priority obligations of the Company, are guaranteed by certain of the Company’s U.S. subsidiaries, and mature on May 15, 2018. Interest on the Notes accrues at the rate of 8.125% per annum and will be payable semiannually in arrears on May 15 and November 15, commencing on November 15, 2013. | |||||||||
On or after May 15, 2015, the Company may on one or more occasions redeem all or a part of the Notes at the redemption prices set forth below, plus accrued and unpaid interest and special interest, if any, on the Notes redeemed during the twelve-month period beginning on May 15th of the years indicated below: | |||||||||
Date | Percentage | ||||||||
2015 | 104.063 | % | |||||||
2016 | 102.031 | % | |||||||
2017 and thereafter | 100 | % | |||||||
The Notes are initially jointly and severally guaranteed on a senior secured basis by each of the Company’s current material U.S. subsidiaries: GX Technology Corporation, ION Exploration Production (U.S.A.), Inc. and I/O Marine Systems, Inc. (the “Notes Guarantors”). The Notes and the guarantees are secured, subject to certain exceptions and permitted liens, by second-priority liens on substantially all of the assets that secure the indebtedness under the Company's senior first-priority secured credit facility with China Merchants Bank Co., Ltd., New York Branch (“CMB”) as administrative agent and lender under the facility (see “- Revolving Line of Credit” below). The indebtedness under the Notes is effectively junior to the Company's obligations under the senior secured credit facility to the extent of the value of the collateral securing the facility, and to any other indebtedness secured on a first-priority basis to the extent of the value of the Company's assets subject to those first-priority security interests. | |||||||||
The Company used the net proceeds from the offering to repay outstanding indebtedness under its senior secured credit facility with CMB and for general corporate purposes, including for potential additional capital contributions to GeoRXT. The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. | |||||||||
The Notes contain certain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to: | |||||||||
• | Make certain investments; pay certain dividends or distributions on the capital stock or other equity interests of the Company or any restricted subsidiary; purchase, redeem or retire capital stock or certain indebtedness or make other types of restricted payments, unless | ||||||||
• | No default under the Indenture has occurred or would occur as a result of such payment or investment, | ||||||||
• | The Company would, after giving pro forma effect to such investment or payment, have been permitted to incur at least $1.00 of additional indebtedness under a Fixed Charge Coverage Ratio test under the Indenture and | ||||||||
• | The aggregate cumulative amount of all such payments or investments would not exceed a sum calculated by reference to, among other items, the Company's consolidated net income, proceeds from certain sales of equity or assets, certain conversions or exchanges of debt for equity and certain other reductions in indebtedness; | ||||||||
• | Incur additional indebtedness or issue certain preferred stock, unless the Fixed Charge Coverage Ratio for the four most recently completed fiscal quarters immediately prior to such incurrence or issuance would have been 2.0 to 1.0, as determined on a pro forma basis as if the debt had been incurred or the stock issued at the beginning of such four-quarter period; | ||||||||
• | Create, incur or assume any lien, except certain permitted liens; | ||||||||
• | Restrict or encumber the ability of any restricted subsidiary to (i) pay dividends on or make any other distributions with respect to its equity interests, (ii) pay indebtedness owed to the Company or any restricted subsidiary, (iii) make loans or advances to the Company or any of its restricted subsidiaries or (iv) sell, lease or transfer properties or assets to the Company or any restricted subsidiary; | ||||||||
• | Carry out certain mergers or consolidations with another entity, or sell, assign or lease all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries, taken as a whole, unless | ||||||||
• | No default under the Indenture has occurred or would occur as a result of such merger or sale, and | ||||||||
• | The Fixed Charge Coverage Ratio of the Company or its successor for the four most recently completed fiscal quarters immediately prior to such merger or sale would have been 2.0 to 1.0, as determined on a pro forma basis as if the merger or sale and any related financing transactions had occurred at the beginning of such four-quarter period, which would permit the Company or its successor to incur additional indebtedness under the Indenture; | ||||||||
• | Create unrestricted subsidiaries; or | ||||||||
• | Enter into certain transactions with affiliates of the Company. | ||||||||
These and other restrictive covenants contained in the Indenture are subject to important exceptions and qualifications. All of the Company's subsidiaries are currently restricted subsidiaries. | |||||||||
As of June 30, 2013, the Company was in compliance with these covenants. | |||||||||
In connection with the offering of the Notes, the Company entered into a consent agreement with CMB as administrative agent and lender under the Company’s senior secured credit facility. See “— Revolving Line of Credit” below. | |||||||||
In connection with the issuance of the Notes, the Company and the Notes Guarantors entered into a second lien intercreditor agreement dated as of May 13, 2013 (the “Intercreditor Agreement”) with, among others, CMB, as administrative agent, first lien representative for the first lien secured parties and collateral agent for the first lien secured parties, the trustee under the Indenture and the collateral agent for the second lien secured parties. The Intercreditor Agreement provides, among other things, that the liens on the collateral securing the Notes and related obligations will be junior and subordinate in all respects to the liens on the collateral securing the Company's senior secured credit facility and related obligations. | |||||||||
Revolving Line of Credit | |||||||||
On May 29, 2012, the Company amended the terms of its senior secured credit facility (the “Credit Facility”) with CMB, as administrative agent and lender. The First Amendment to the Credit Agreement and Loan Documents (the “First Amendment”) modified certain provisions of the Company’s senior credit agreement with CMB that it had entered into on March 25, 2010. The maturity date of any outstanding debt under the Credit Facility remains March 24, 2015. | |||||||||
As amended by the First Amendment, the Credit Facility provides that the Company may make revolving credit borrowings in U.S. Dollars, Euros, British Pounds Sterling or Canadian Dollars up to an amount not to exceed the U.S. Dollar equivalent of $175.0 million. The Company also agreed that no additional borrowings may be made at any time at which the outstanding indebtedness under the revolving line of credit (principal, accrued interest and fees) exceeds the U.S. Dollar equivalent of $175.0 million. The First Amendment eliminated sub-facility limits under the Credit Facility. | |||||||||
The Company’s obligations under the Credit Facility continue to be guaranteed by certain of its material U.S. subsidiaries that remain as parties to the Credit Facility. In addition, INOVA Geophysical continues to provide a bank stand-by letter of credit as credit support for the Company’s obligations under the Credit Facility. The Company also entered into a credit support agreement with INOVA Geophysical whereby the Company has agreed to indemnify INOVA Geophysical for any and all losses sustained by INOVA Geophysical that arise out of INOVA Geophysical’s guarantee. | |||||||||
As amended by the First Amendment, the interest rates per annum on borrowings under the Credit Facility are, at the Company’s option: | |||||||||
• | an alternate base rate equal to the sum of (i) the greatest of (a) the prime rate of CMB, (b) a federal funds effective rate plus 0.50%, or (c) an adjusted LIBOR-based rate plus 1.0%, and (ii) an applicable interest margin of 1.4% (reduced from 2.5%); or | ||||||||
• | for eurodollar borrowings and borrowings in Euros, Pounds Sterling or Canadian Dollars, the sum of (i) an adjusted LIBOR-based rate, and (ii) an applicable interest margin of 2.4% (reduced from 3.5%). | ||||||||
As of June 30, 2013, no borrowed amounts were outstanding under the Credit Facility. | |||||||||
The Credit Facility contains covenants that restrict the Company, subject to certain exceptions, from: | |||||||||
• | incurring additional indebtedness (including certain capital lease obligations), granting or incurring additional liens on the Company's properties, pledging shares of the Company's subsidiaries, entering into certain merger or other change-in-control transactions, entering into certain transactions with the Company's affiliates, making certain sales or other dispositions of assets, making certain investments, acquiring other businesses and entering into sale-leaseback transactions with respect to the Company's properties; | ||||||||
• | paying cash dividends on the Company's common stock; and | ||||||||
• | repurchasing and acquiring the Company's capital stock, unless there is no event of default under the Credit Facility and the amount of such repurchases does not exceed an amount equal to (i) 25% of the Company's consolidated net income for the prior fiscal year, less (ii) the amount of any cash dividends paid on the Company's common stock. | ||||||||
The Credit Facility requires compliance with certain financial covenants, including the following: | |||||||||
• | maintain a minimum fixed charge coverage ratio, as defined, in an amount equal to at least 1.125 to 1; | ||||||||
• | not exceed a maximum leverage ratio, as defined, of 3.25 to 1; and | ||||||||
• | maintain a minimum tangible net worth of at least 60% of the Company’s tangible net worth as of March 31, 2010, as defined. | ||||||||
The fixed charge coverage ratio is defined as the ratio of (i) the Company's consolidated EBITDA, as defined in the Credit Facility, less cash income tax expense, non-financed capital expenditures and capitalized research and development costs to (ii) the sum of scheduled payments of lease payments and payments of principal indebtedness, interest expense actually paid and cash dividends, in each case for the four consecutive fiscal quarters most recently ended. The leverage ratio is defined as the ratio of (x) total funded consolidated debt, capital lease obligations and issued letters of credit (net of cash collateral) to (y) the Company's consolidated EBITDA for the four consecutive fiscal quarters most recently ended. | |||||||||
The Credit Facility contains customary event of default provisions, including a “change of control” event, the occurrence of which could lead to an acceleration of the Company's obligations under the Credit Facility. The Credit Facility also provides that certain acts of bankruptcy, insolvency or liquidation of INOVA Geophysical or BGP, Inc., China National Petroleum Corporation (“BGP”) would constitute additional events of default under the Credit Facility. | |||||||||
As of June 30, 2013, the Company was in compliance with these financial covenants and the Company expects to remain in compliance with these financial covenants for at least the next 12 months. | |||||||||
In connection with the Company’s offering of the Notes, on April 12, 2013, the Company, the Notes Guarantors and CMB, as administrative agent and lender under the Credit Facility, entered into a consent agreement related to the Credit Facility that permitted the Company and the Notes Guarantors to, among other things, (i) issue the Notes and related guarantees and (ii) invest a cumulative aggregate amount of up to $100 million in GeoRXT from and after February 26, 2013. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company maintains a valuation allowance for a portion of its deferred tax assets, which relate to U.S. capital losses or basis differences that will create capital losses as well as non-U.S. net operating losses. The valuation allowance is calculated in accordance with the provisions of Accounting Series Codification (“ASC”) 740 “Income Taxes,” which requires that a valuation allowance be established or maintained when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. In the event the Company's expectations of future operating results change, the valuation allowance may need to be adjusted upward or downward. As of June 30, 2013, the Company's unreserved U.S. net deferred tax assets totaled $55.8 million, including $42.0 million of deferred tax assets related to the impact of an accrual with respect to certain outstanding litigation, recorded primarily in the three months ended June 30, 2013. See Note 8 “Litigation — WesternGeco” below. These existing unreserved net deferred tax assets are currently considered to be “more likely than not” realized based on the Company’s expectations of future earnings and available tax planning strategies. | |
The Company's effective tax rates for the three months ended June 30, 2013 and 2012 were 35.4% and 25.7%, respectively, and for the six months ended June 30, 2013 and 2012 were 35.2% and 27.1%, respectively. The change in the Company's effective tax rate was due primarily to the tax impact of the accrual for litigation recognized during the three months ended June 30, 2013. | |
The total amount of the Company’s unrecognized tax benefits as of June 30, 2013 was $2.0 million. The Company accrues estimated interest and penalties, if any, related to unrecognized tax benefits as a component of the Company’s provision for income taxes. | |
The Company’s U.S. federal tax returns for 2007 and subsequent years remain subject to examination by tax authorities. The Company is no longer subject to IRS examination for periods prior to 2007, although carryforward attributes that were generated prior to 2007 may still be adjusted upon examination by the IRS if they either have been or will be used in an open year. In the Company’s foreign tax jurisdictions, tax returns for 2008 and subsequent years generally remain open to examination. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | |||||||||||
Jun. 30, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair Value of Financial Instruments | ' | |||||||||||
Fair Value of Financial Instruments | ||||||||||||
The Company’s financial instruments include cash and cash equivalents, accounts and unbilled receivables, notes receivable, accounts payable, accrued multi-client data library royalties, investment in a convertible note from a privately-owned U.S.-based technology company and long-term debt. The carrying amounts of cash and cash equivalents, accounts and unbilled receivables, notes receivable, accounts payable and accrued multi-client data library royalties approximate fair value due to the highly liquid nature of these instruments. | ||||||||||||
The carrying amounts of the Company’s long-term debt as of June 30, 2013 and December 31, 2012 were $183.7 million and $105.3 million, respectively, compared to its fair values of $173.2 million and $105.3 million as of June 30, 2013 and December 31, 2012, respectively. The fair value of the long-term debt was calculated using a market approach based upon Level 2 inputs, including a price quote from a major financial institution, as of June 30, 2013. As of December 31, 2012, Level 3 inputs were used, including an estimated interest rate reflecting then-current market conditions. | ||||||||||||
The following table provides additional information related to assets measured at fair value on a recurring basis at June 30, 2013 and December 31, 2012. The reference to level within the table relates to the level of inputs used to determine fair value, which the key inputs are then described below. The table is as follows (amounts in thousands): | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
As of June 30, 2013: | ||||||||||||
Investment in convertible note | $ | — | $ | — | $ | 3,972 | ||||||
As of December 31, 2012: | ||||||||||||
Investment in convertible notes | — | — | 8,195 | |||||||||
Investment in Convertible Notes. In May 2011, the Company purchased a convertible note from a privately-owned U.S.-based technology company. The original principal amount of the note is $6.5 million, and it bears interest at a rate of 4% per annum. On April 25, 2013, the Company converted the note and accrued interest into 1,533,858 common shares of the investee which resulted in a post-conversion equity ownership percentage interest in the investee of 16%. At April 25, 2013, prior to conversion, the note and accrued interest had a fair value of $6.9 million compared to a book value of $7.0 million resulting in a realized loss of $(0.1) million. The Company performed a fair value analysis with respect to its investment in the convertible note and interest using Level 3 inputs. These inputs included an income approach, using a discounted cash flow model; a market approach, using peer company multiples; as well as a market approach, including terms and likelihood of an investment event. | ||||||||||||
In March 2012, the Company and the investee entered into an agreement for the Company to make available to the investee a credit facility in an amount of up to $4.0 million. This credit facility originally had a term of one year with an option to extend its term by one year, which was agreed to by the Company and the investee effective March 16, 2013. The credit facility indebtedness now matures on March 15, 2014. The credit facility allows for conversion of the outstanding balance of the promissory note under the credit facility into common shares of the investee. As of June 30, 2013, the investee had drawn $4.0 million under this credit arrangement. | ||||||||||||
The Company performed a fair value analysis with respect to its investment in the convertible note using Level 3 inputs. These inputs included an income approach, using a discounted cash flow model; a market approach, using peer company multiples; as well as a market approach, including the terms and likelihood of an investment event. As of June 30, 2013, the fair value of this investment was approximately $4.0 million; which was equal to its carrying value. |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Litigation | ' |
Litigation | |
WesternGeco | |
In June 2009, WesternGeco L.L.C. (“WesternGeco”) filed a lawsuit against the Company in the United States District Court for the Southern District of Texas, Houston Division. In the lawsuit, styled WesternGeco L.L.C. v. ION Geophysical Corporation, WesternGeco alleged that the Company had infringed several method and apparatus claims contained in four of its United States patents regarding marine seismic streamer steering devices. WesternGeco sought unspecified monetary damages and an injunction prohibiting the Company from making, using, selling, offering for sale or supplying any infringing products in the United States. | |
In June 2010, WesternGeco filed a lawsuit against various subsidiaries and affiliates of Fugro N.V. (“Fugro”), one of the Company’s seismic contractor customers, accusing Fugro of infringing the same United States patents regarding marine seismic streamer steering devices by planning to use certain equipment purchased from the Company on a survey located outside of U.S. territorial waters. The court approved the consolidation of the Fugro case with the case against the Company. Fugro filed a motion to dismiss the lawsuit, and in March 2011 the presiding judge granted Fugro’s motion to dismiss in part, on the basis that the alleged activities of Fugro would occur more than 12 miles from the U.S. coast and therefore are not actionable under U.S. patent infringement law. In response to a Motion for Summary Judgment filed jointly by the Company and Fugro, the Court ruled in April 2012 that the Company did not directly infringe WesternGeco’s method patent claims. In a pre-trial ruling on June 29, 2012, the Court ruled that, if a particular patent claim of WesternGeco was held to be valid and enforceable at the trial, the Company’s supplying of its DigiFIN® lateral streamer control units and related software from the United States to its customers overseas with an intention for the customers to combine DigiFIN and such related software with other required components of the patent claim, would infringe one claim in one of WesternGeco’s asserted patents, U.S. Patent No. 7,293,520. | |
Trial began on July 23, 2012. During the trial, Fugro settled all claims asserted against it by WesternGeco and obtained a global license from WesternGeco. A verdict was returned by the jury on August 16, 2012, finding that the Company willfully infringed the claims contained in the four patents by supplying DigiFIN and the related software from the United States and awarded WesternGeco the sum of $105.9 million in damages, consisting of $12.5 million in reasonable royalty and $93.4 million in lost profits. | |
In September 2012, the Company filed motions with the trial court to overturn all or portions of the verdict. In June 2013, the presiding judge entered a Memorandum and Order rejecting the jury's finding of willfulness and denying WesternGeco's motions for willfulness and enhanced damages, but also denying the Company's post-verdict motions that challenged the jury's infringement findings and the damages amount. In the Memorandum and Order, the judge also stated that he would approve WesternGeco’s motion for a permanent injunction and that WesternGeco is entitled to be awarded damages for the additional DigiFIN units that were sold to customers prior to the entry of the final judgment but that were not included in the jury verdict due to the timing of the trial. The Court will likely determine supplemental damages for the additional sold DigiFIN units in a future order or a future proceeding. | |
The next probable step in the case is for the trial court judge to sign and enter a final judgment. As of the filing date of this Quarterly Report on Form 10-Q, the Court had not yet entered a final judgment in the case. | |
Upon the entering of a final judgment, the Company intends to appeal the judgment to the United States Court of Appeals for the Federal Circuit. WesternGeco would also have the right to elect to appeal any final judgment. | |
Either within its final judgment or in a separate order entered after its final judgment, the trial court has ruled that it will also enter a permanent injunction against the Company. As of the filing date of this Quarterly Report on Form 10-Q, the Court had not issued the terms of the permanent injunction. Until the permanent injunction is entered, the terms of the injunction cannot be known for certain, but it is likely that the permanent injunction will prohibit the Company from supplying its DigiFIN units and related software from the United States to its customers overseas with an intention for the customers to combine DigiFIN and the software with other required components of the patent claims. The Company has reorganized its operations such that it no longer supplies DigiFIN units and the related software from the United States. | |
Based on the Company’s analysis after the trial court’s Memorandum and Order in June 2013 denying the Company’s post-verdict motions that challenged the jury's infringement findings and the damages amount, the Company determined to increase its loss contingency accrual related to this case from $10.0 million to $120.0 million, consisting of jury verdict damages, court costs, and estimates of prejudgment interest and supplemental damages. | |
The Company’s assessment of its potential loss contingency may change in the future due to developments at the trial court or appellate court and other events, such as changes in applicable law, and such reassessment could lead to the determination that no loss contingency is probable or that a greater loss contingency is probable, which could have a material effect on the Company’s financial condition or results of operations. | |
As stated above, the Company intends to appeal the trial court judgment to the United States Court of Appeals for the Federal Circuit. In order to appeal the judgment, the Company may be required to post an appeal bond for the full amount of damages entered in the judgment. To be prepared for a possible adverse judgment in this case, the Company has arranged with sureties to post an appeal bond on its behalf if necessary. Although the terms of the appeal bond enable each surety to require the Company to post collateral with the surety at any time the bond is outstanding, for up to the full amount of the bond, each surety has represented to the Company that such a requirement would only occur in rare circumstances where the surety deems a larger amount of security is necessary. In the unlikely event that the Company is required to post collateral with a surety during the appeal process, depending on the size of the bond and the level of required collateral, in order to collateralize the bond the Company might need to utilize a combination of cash on hand, undrawn balances available under its revolving line of credit and possibly incur additional debt and/or equity financing. The collateralization of such a large appeal bond could have a possible adverse effect on the Company’s liquidity. If the Company is unable to post the appeal bond, the Company may be unable to stay enforcement of the judgment or appeal the case. At this time, the Company is unable to determine the amount of such an appeal bond or whether and to what extent the sureties may require the appeal bond to be collateralized in the future. Similarly, the Company is unable to predict the timing of the final judgment being entered by the trial court or the timing of posting any required appeal bond. | |
Fletcher | |
In November 2009, Fletcher International Ltd. (“Fletcher”), the holder of the shares of the Company’s outstanding Series D Preferred Stock until June 2012, filed a lawsuit against the Company and certain of its directors in the Delaware Court of Chancery. In the lawsuit, styled Fletcher International, Ltd. v. ION Geophysical Corporation, et al, Fletcher alleged, among other things, that the Company violated Fletcher’s consent rights contained in the Series D Preferred Stock Certificates of Designation, by (a) the execution and delivery of a convertible promissory note to the Bank of China, New York Branch by one of the Company’s subsidiaries (incorporated in Luxembourg), in connection with a bridge loan funded in October 2009 by Bank of China, and (b) a Canadian subsidiary of the Company executing and delivering several promissory notes in 2008 in connection with the Company’s acquisition of ARAM Systems Ltd., Fletcher also alleged that the Company’s directors violated their fiduciary duties by allowing the subsidiaries to deliver the notes without Fletcher’s consent. In a Memorandum Opinion issued in May 2010 in response to a motion for partial summary judgment, the judge dismissed all of Fletcher’s claims against the named Company directors but also concluded that, because the bridge loan note executed by the Company’s Luxembourg subsidiary in 2009 was convertible into the Company’s common stock, Fletcher had the right to consent to the issuance of the note and that the Company had violated Fletcher’s consent rights by that subsidiary’s issuing the note without Fletcher’s consent. In March 2011, the judge dismissed certain additional claims asserted by Fletcher. In May 2012, the judge ruled that Fletcher did not have the right to consent with respect to two promissory notes executed and delivered by the Canadian subsidiary in September 2008 in connection with the Company’s purchase of ARAM Systems Ltd., but that Fletcher did have the right to consent to the execution and delivery in December 2008 of a replacement promissory note in the principal amount of $35 million, and that the Company had violated Fletcher’s consent rights by the subsidiary’s executing and delivering the replacement promissory note without Fletcher’s consent. Fletcher has since declared to the Court that it will not pursue damages related to the issuance of the replacement $35 million promissory note. | |
In June 2012, Fletcher filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Fletcher’s shares of Series D Preferred Stock, which had been pledged by Fletcher to secure certain indebtedness, were sold by the pledgee to the affiliate of D.E. Shaw & Co., Inc. in June 2012. The Company does not believe that the acquisition of the shares by such D. E. Shaw & Co., Inc. affiliate or the bankruptcy filing by Fletcher will have a material impact on Fletcher’s lawsuit against the Company. The Company believes that the monetary damages suffered by Fletcher as a result of the Company’s subsidiary executing and delivering the convertible note without Fletcher’s consent are nonexistent or nominal, and that the ultimate outcome of the lawsuit will not result in a material adverse effect on the Company’s financial condition or results of operations. | |
Other | |
The Company has been named in various other lawsuits or threatened actions that are incidental to its ordinary business. Litigation is inherently unpredictable. Any claims against the Company, whether meritorious or not, could be time-consuming, cause the Company to incur costs and expenses, require significant amounts of management time and result in the diversion of significant operational resources. The results of these lawsuits and actions cannot be predicted with certainty. Management currently believes that the ultimate resolution of these matters will not have a material adverse impact on the financial condition, results of operations or liquidity of the Company. |
Other_Income_Expense_Other_Inc
Other Income (Expense) Other Income (Expense) | 6 Months Ended | |||||||||||||||
Jun. 30, 2013 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Other Income (Expense) | ' | |||||||||||||||
Other Income (Expense) | ||||||||||||||||
A summary of other income (expense) is as follows (in thousands): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Accrual for loss contingency related to legal proceedings (Note 8) | $ | (110,000 | ) | $ | — | $ | (110,000 | ) | $ | — | ||||||
Gain on sale of investment | 3,591 | — | 3,591 | — | ||||||||||||
Other income (expense) | (709 | ) | 895 | 318 | 209 | |||||||||||
Total other income (expense) | $ | (107,118 | ) | $ | 895 | $ | (106,091 | ) | $ | 209 | ||||||
Details_of_Selected_Balance_Sh
Details of Selected Balance Sheet Accounts Details of Selected Balance Sheet Accounts | 6 Months Ended | |||||||
Jun. 30, 2013 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Details of Selected Balance Sheet Accounts | ' | |||||||
Details of Selected Balance Sheet Accounts | ||||||||
A summary of inventories is as follows (in thousands): | June 30, | December 31, | ||||||
2013 | 2012 | |||||||
Raw materials and subassemblies | $ | 52,881 | $ | 49,421 | ||||
Work-in-process | 10,110 | 8,613 | ||||||
Finished goods | 31,173 | 26,880 | ||||||
Reserve for excess and obsolete inventories | (14,669 | ) | (14,239 | ) | ||||
Total | $ | 79,495 | $ | 70,675 | ||||
A summary of other long-term liabilities is as follows (in thousands): | June 30, | December 31, | ||||||
2013 | 2012 | |||||||
Accrual for loss contingency related to legal proceedings | $ | 120,000 | $ | — | ||||
Facility restructuring accrual | 4,702 | 5,073 | ||||||
Other long-term liabilities | 7,637 | 3,058 | ||||||
Total | $ | 132,339 | $ | 8,131 | ||||
At December 31, 2012, the Company had an accrual for loss contingency related to legal proceedings of $10.0 million, which was reflected in Accrued Expenses. As of June 30, 2013, that amount was reclassified into other long-term liabilities. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2013 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
A summary of changes in accumulated other comprehensive income (loss) by component is as follows (in thousands): | ||||||||||||||||||||
Foreign currency translation adjustments | Equity interest in investees’ other comprehensive income (loss) | Unrealized income (loss) on available-for-sale securities | Other changes in other comprehensive income (loss) | Total | ||||||||||||||||
Accumulated other comprehensive income (loss) at December 31, 2012 | $ | (12,638 | ) | $ | 1,214 | $ | (305 | ) | $ | (157 | ) | $ | (11,886 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (3,044 | ) | (549 | ) | 177 | — | (3,416 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 99 | -1 | 79 | -2 | 178 | |||||||||||||
Net current-period other comprehensive income (loss) | (3,044 | ) | (549 | ) | 276 | 79 | (3,238 | ) | ||||||||||||
Accumulated other comprehensive income (loss) at June 30, 2013 | $ | (15,682 | ) | $ | 665 | $ | (29 | ) | $ | (78 | ) | $ | (15,124 | ) | ||||||
-1 | Previously unrealized income (loss) on available-for-sale securities now recognized in other income (expense), net on the Condensed Consolidated Statement of Operations | |||||||||||||||||||
-2 | Items previously recognized in other changes in other comprehensive income (loss) now recognized in interest expense on the Condensed Consolidated Statement of Operations |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information and Non-Cash Activity Supplemental Cash Flow Information and Non-Cash Activity | 6 Months Ended | |||||||
Jun. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Cash Flow Information and Non-cash Activity | ' | |||||||
Supplemental Cash Flow Information and Non-cash Activity | ||||||||
A summary of non-cash items from investing and financing activities is as follows (in thousands): | ||||||||
Six Months Ended June 30, | ||||||||
2013 | 2012 | |||||||
Purchases of computer equipment financed through capital leases | $ | 2,465 | $ | 2,953 | ||||
Leasehold improvement paid by landlord | $ | 1,738 | $ | — | ||||
Conversion of investment in a convertible note to equity | $ | 6,765 | $ | — | ||||
Transfer of inventory to seismic rental equipment | $ | — | $ | 6,053 | ||||
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
BGP owned approximately 15.2% of the Company’s outstanding common stock as of June 30, 2013. For the six months ended June 30, 2013 and 2012, the Company recorded revenues from BGP of $2.9 million and $10.2 million, respectively. Total receivables due from BGP were $2.7 million at June 30, 2013. During the six months ended June 30, 2013, the Company paid to BGP $33.5 million for seismic acquisition services provided on a large 3D marine project; the Company’s accounts payable owed to BGP for those same services was $10.9 million as of June 30, 2013. | |
For the six months ended June 30, 2013, the Company sold equipment to GeoRXT for $6.8 million, which was due to be paid in May 2013. This receivable remained outstanding at June 30, 2013. The payment of the purchase price for this equipment is guaranteed by the Company’s majority joint venture partner in GeoRXT, Georadar. The Company initially deferred 30% (ION’s ownership percentage in GeoRXT) of its profit on this sale and is being recognized over the period that GeoRXT depreciates the equipment. | |
On July 1, 2013, the Company agreed to loan up to $10 million to INOVA Geophysical through a promissory note due on September 30, 2013, and accruing interest at an annual rate equal to the London Interbank Offered Rate plus 650 basis points. Also on July 1, 2013, the Company advanced $5 million to INOVA Geophysical under this promissory note. On July 22, 2013, the Company advanced the remaining $5 million to INOVA Geophysical. This loan is to support short-term working capital needs from time-to-time. |
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Summary of Segment Information | ' | |||||||||||||||
A summary of segment information is as follows (in thousands): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenues: | ||||||||||||||||
Solutions: | ||||||||||||||||
New Venture | $ | 33,249 | $ | 21,544 | $ | 81,685 | $ | 50,538 | ||||||||
Data Library | 21,521 | 22,235 | 30,969 | 32,503 | ||||||||||||
Total multi-client revenues | 54,770 | 43,779 | 112,654 | 83,041 | ||||||||||||
Data Processing | 33,849 | 28,190 | 65,135 | 55,055 | ||||||||||||
Total | $ | 88,619 | $ | 71,969 | $ | 177,789 | $ | 138,096 | ||||||||
Systems: | ||||||||||||||||
Towed Streamer | $ | 12,570 | $ | 13,727 | $ | 26,119 | $ | 29,531 | ||||||||
Ocean Bottom | 383 | 1,616 | 7,148 | 5,135 | ||||||||||||
Other | 10,895 | 7,476 | 22,428 | 24,859 | ||||||||||||
Total | $ | 23,848 | $ | 22,819 | $ | 55,695 | $ | 59,525 | ||||||||
Software: | ||||||||||||||||
Software Systems | $ | 7,464 | $ | 9,551 | $ | 15,405 | $ | 17,921 | ||||||||
Services | 984 | 875 | 1,763 | 1,382 | ||||||||||||
Total | $ | 8,448 | $ | 10,426 | $ | 17,168 | $ | 19,303 | ||||||||
Total | $ | 120,915 | $ | 105,214 | $ | 250,652 | $ | 216,924 | ||||||||
Gross profit: | ||||||||||||||||
Solutions | $ | 21,890 | $ | 28,904 | $ | 42,087 | $ | 47,889 | ||||||||
Systems | 8,802 | 9,234 | 17,182 | 25,046 | ||||||||||||
Software | 5,926 | 7,805 | 12,306 | 14,164 | ||||||||||||
Total | $ | 36,618 | $ | 45,943 | $ | 71,575 | $ | 87,099 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Gross margin: | ||||||||||||||||
Solutions | 25 | % | 40 | % | 24 | % | 35 | % | ||||||||
Systems | 37 | % | 40 | % | 31 | % | 42 | % | ||||||||
Software | 70 | % | 75 | % | 72 | % | 73 | % | ||||||||
Total | 30 | % | 44 | % | 29 | % | 40 | % | ||||||||
Income from operations: | ||||||||||||||||
Solutions | $ | 11,021 | $ | 17,434 | $ | 18,378 | $ | 27,040 | ||||||||
Systems | 1,504 | 995 | 2,438 | 9,735 | ||||||||||||
Software | 4,955 | 6,879 | 10,116 | 12,361 | ||||||||||||
Corporate and other | (10,710 | ) | (12,336 | ) | (22,239 | ) | (24,521 | ) | ||||||||
Income from operations | 6,770 | 12,972 | 8,693 | 24,615 | ||||||||||||
Interest expense, net | (2,756 | ) | (1,364 | ) | (3,822 | ) | (2,882 | ) | ||||||||
Equity in earnings (losses) of investments | (6,338 | ) | 3,777 | (5,222 | ) | 6,245 | ||||||||||
Other income (expense), net | (107,118 | ) | 895 | (106,091 | ) | 209 | ||||||||||
Income (loss) before income taxes | $ | (109,442 | ) | $ | 16,280 | $ | (106,442 | ) | $ | 28,187 | ||||||
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Schedule of Change in Equity Method Investments | ' | |||||||||||||||
The following table reflects the change in the Company’s equity method investments and note receivable from equity method investees during the six months ended June 30, 2013 (in thousands): | ||||||||||||||||
INOVA Geophysical | GeoRXT | Total | ||||||||||||||
Investment at December 31, 2012 | $ | 73,925 | $ | — | $ | 73,925 | ||||||||||
Investment in equity | — | 1,500 | 1,500 | |||||||||||||
Note receivable | — | 8,000 | 8,000 | |||||||||||||
Equity in losses of investments | (2,876 | ) | (2,346 | ) | (5,222 | ) | ||||||||||
Equity interest in investees' other comprehensive income (loss) | (549 | ) | — | (549 | ) | |||||||||||
Investments at June 30, 2013 | $ | 70,500 | $ | 7,154 | $ | 77,654 | ||||||||||
Equity Method Investments Summarized Financial Information | ' | |||||||||||||||
The following table reflects the summarized financial information for INOVA Geophysical for the three months ended March 31, 2013 and 2012 and the six-month periods from October 1 to March 31 of 2013 and 2012 (in thousands): | ||||||||||||||||
Three months ended March 31, | Six-Month Period from October 1 through March 31 | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenues | $ | 22,095 | $ | 56,779 | $ | 81,706 | $ | 115,777 | ||||||||
Gross profit | $ | 1,808 | $ | 19,502 | $ | 14,135 | $ | 33,466 | ||||||||
Income (loss) from operations | $ | (8,511 | ) | $ | 8,910 | $ | (8,761 | ) | $ | 15,419 | ||||||
Net income (loss) | $ | (9,772 | ) | $ | 8,654 | $ | (6,030 | ) | $ | 14,371 | ||||||
The following table reflects the summarized financial information for GeoRXT for the three months ended June 30, 2013 and the period from March 1 to June 30, 2013 (in thousands): | ||||||||||||||||
Three Months Ended | Period from | |||||||||||||||
30-Jun-13 | March 1 to | |||||||||||||||
30-Jun-13 | ||||||||||||||||
Net revenues | $ | 13,698 | $ | 19,668 | ||||||||||||
Gross profit | $ | (195 | ) | $ | 122 | |||||||||||
Loss from operations | $ | (5,107 | ) | $ | (6,876 | ) | ||||||||||
Net loss | $ | (5,151 | ) | $ | (7,045 | ) |
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of basic and diluted net income per common share | ' | |||||||||||||||
The following table summarizes the computation of basic and diluted net income (loss) per common share (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income (loss) applicable to common shares | $ | (71,134 | ) | $ | 12,039 | $ | (69,597 | ) | $ | 20,276 | ||||||
Income impact of assumed Series D Preferred Stock conversion | — | 338 | — | 676 | ||||||||||||
Net income (loss) after assumed Series D Preferred Stock conversion | $ | (71,134 | ) | $ | 12,377 | $ | (69,597 | ) | $ | 20,952 | ||||||
Weighted average number of common shares outstanding | 156,910 | 155,631 | 156,689 | 155,587 | ||||||||||||
Effect of dilutive stock awards | — | 879 | — | 942 | ||||||||||||
Effect of convertible preferred stock | — | 6,065 | — | 6,065 | ||||||||||||
Weighted average number of diluted common shares outstanding | 156,910 | 162,575 | 156,689 | 162,594 | ||||||||||||
Basic net income (loss) per share | $ | (0.45 | ) | $ | 0.08 | $ | (0.44 | ) | $ | 0.13 | ||||||
Diluted net income (loss) per share | $ | (0.45 | ) | $ | 0.08 | $ | (0.44 | ) | $ | 0.13 | ||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Obligations | ' | ||||||||
Obligations (in thousands) | June 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Senior secured second-priority notes | $ | 175,000 | $ | — | |||||
Revolving line of credit | — | 97,250 | |||||||
Facility lease obligation | 1,936 | 2,334 | |||||||
Equipment capital leases | 6,771 | 5,744 | |||||||
Total | 183,707 | 105,328 | |||||||
Current portion of long-term debt and lease obligations | (4,388 | ) | (3,496 | ) | |||||
Non-current portion of long-term debt and lease obligations | $ | 179,319 | $ | 101,832 | |||||
Debt Instrument Redemption Percentages | ' | ||||||||
On or after May 15, 2015, the Company may on one or more occasions redeem all or a part of the Notes at the redemption prices set forth below, plus accrued and unpaid interest and special interest, if any, on the Notes redeemed during the twelve-month period beginning on May 15th of the years indicated below: | |||||||||
Date | Percentage | ||||||||
2015 | 104.063 | % | |||||||
2016 | 102.031 | % | |||||||
2017 and thereafter | 100 | % |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||
The following table provides additional information related to assets measured at fair value on a recurring basis at June 30, 2013 and December 31, 2012. The reference to level within the table relates to the level of inputs used to determine fair value, which the key inputs are then described below. The table is as follows (amounts in thousands): | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
As of June 30, 2013: | ||||||||||||
Investment in convertible note | $ | — | $ | — | $ | 3,972 | ||||||
As of December 31, 2012: | ||||||||||||
Investment in convertible notes | — | — | 8,195 | |||||||||
Other_Income_Expense_Tables
Other Income (Expense) (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2013 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Summary of Other Income (Expense) | ' | |||||||||||||||
A summary of other income (expense) is as follows (in thousands): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Accrual for loss contingency related to legal proceedings (Note 8) | $ | (110,000 | ) | $ | — | $ | (110,000 | ) | $ | — | ||||||
Gain on sale of investment | 3,591 | — | 3,591 | — | ||||||||||||
Other income (expense) | (709 | ) | 895 | 318 | 209 | |||||||||||
Total other income (expense) | $ | (107,118 | ) | $ | 895 | $ | (106,091 | ) | $ | 209 | ||||||
Details_of_Selected_Balance_Sh1
Details of Selected Balance Sheet Accounts (Tables) | 6 Months Ended | |||||||
Jun. 30, 2013 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Summary of Inventories | ' | |||||||
A summary of inventories is as follows (in thousands): | June 30, | December 31, | ||||||
2013 | 2012 | |||||||
Raw materials and subassemblies | $ | 52,881 | $ | 49,421 | ||||
Work-in-process | 10,110 | 8,613 | ||||||
Finished goods | 31,173 | 26,880 | ||||||
Reserve for excess and obsolete inventories | (14,669 | ) | (14,239 | ) | ||||
Total | $ | 79,495 | $ | 70,675 | ||||
Summary of Other Long-term Liabilities | ' | |||||||
A summary of other long-term liabilities is as follows (in thousands): | June 30, | December 31, | ||||||
2013 | 2012 | |||||||
Accrual for loss contingency related to legal proceedings | $ | 120,000 | $ | — | ||||
Facility restructuring accrual | 4,702 | 5,073 | ||||||
Other long-term liabilities | 7,637 | 3,058 | ||||||
Total | $ | 132,339 | $ | 8,131 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2013 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
A summary of changes in accumulated other comprehensive income (loss) by component is as follows (in thousands): | ||||||||||||||||||||
Foreign currency translation adjustments | Equity interest in investees’ other comprehensive income (loss) | Unrealized income (loss) on available-for-sale securities | Other changes in other comprehensive income (loss) | Total | ||||||||||||||||
Accumulated other comprehensive income (loss) at December 31, 2012 | $ | (12,638 | ) | $ | 1,214 | $ | (305 | ) | $ | (157 | ) | $ | (11,886 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (3,044 | ) | (549 | ) | 177 | — | (3,416 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 99 | -1 | 79 | -2 | 178 | |||||||||||||
Net current-period other comprehensive income (loss) | (3,044 | ) | (549 | ) | 276 | 79 | (3,238 | ) | ||||||||||||
Accumulated other comprehensive income (loss) at June 30, 2013 | $ | (15,682 | ) | $ | 665 | $ | (29 | ) | $ | (78 | ) | $ | (15,124 | ) | ||||||
-1 | Previously unrealized income (loss) on available-for-sale securities now recognized in other income (expense), net on the Condensed Consolidated Statement of Operations | |||||||||||||||||||
-2 | Items previously recognized in other changes in other comprehensive income (loss) now recognized in interest expense on the Condensed Consolidated Statement of Operations |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information and Non-Cash Activity (Tables) | 6 Months Ended | |||||||
Jun. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Summary of Non-cash Items from Investing and Financing Activities | ' | |||||||
A summary of non-cash items from investing and financing activities is as follows (in thousands): | ||||||||
Six Months Ended June 30, | ||||||||
2013 | 2012 | |||||||
Purchases of computer equipment financed through capital leases | $ | 2,465 | $ | 2,953 | ||||
Leasehold improvement paid by landlord | $ | 1,738 | $ | — | ||||
Conversion of investment in a convertible note to equity | $ | 6,765 | $ | — | ||||
Transfer of inventory to seismic rental equipment | $ | — | $ | 6,053 | ||||
Basis_of_Presentation_Restatem
Basis of Presentation Restatement (Details) (USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts payable, accrued expenses and accrued royalties | ($11,391) | $9,041 | ' | ' |
Net cash provided by operating activities | 43,377 | 85,730 | ' | ' |
Investment in multi-client data library | -48,599 | -52,581 | ' | ' |
Net cash used in investing activities | -64,836 | -39,855 | ' | ' |
Net increase (decrease) in cash and cash equivalents | 48,530 | 40,880 | ' | ' |
Cash and cash equivalents at end of period | 109,501 | 83,282 | 60,971 | 42,402 |
Scenario, Previously Reported [Member] | ' | ' | ' | ' |
Accounts payable, accrued expenses and accrued royalties | -26,487 | ' | ' | ' |
Net cash provided by operating activities | 28,281 | ' | ' | ' |
Investment in multi-client data library | -33,503 | ' | ' | ' |
Net cash used in investing activities | -49,740 | ' | ' | ' |
Net increase (decrease) in cash and cash equivalents | 48,530 | ' | ' | ' |
Cash and cash equivalents at end of period | 109,501 | ' | ' | ' |
Restatement Adjustment [Member] | ' | ' | ' | ' |
Accounts payable, accrued expenses and accrued royalties | 15,096 | ' | ' | ' |
Net cash provided by operating activities | 15,096 | ' | ' | ' |
Investment in multi-client data library | -15,096 | ' | ' | ' |
Net cash used in investing activities | -15,096 | ' | ' | ' |
Net increase (decrease) in cash and cash equivalents | 0 | ' | ' | ' |
Cash and cash equivalents at end of period | $0 | ' | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Summary of segment information | ' | ' | ' | ' |
Revenues | $120,915 | $105,214 | $250,652 | $216,924 |
Gross profit | 36,618 | 45,943 | 71,575 | 87,099 |
Gross margin | 30.00% | 44.00% | 29.00% | 40.00% |
Income from operations | 6,770 | 12,972 | 8,693 | 24,615 |
Interest expense, net | -2,756 | -1,364 | -3,822 | -2,882 |
Equity in earnings of investments | -6,338 | 3,777 | -5,222 | 6,245 |
Other income (expense) | -107,118 | 895 | -106,091 | 209 |
Income before income taxes | -109,442 | 16,280 | -106,442 | 28,187 |
Solutions [Member] | ' | ' | ' | ' |
Summary of segment information | ' | ' | ' | ' |
Revenues | 88,619 | 71,969 | 177,789 | 138,096 |
Gross profit | 21,890 | 28,904 | 42,087 | 47,889 |
Gross margin | 25.00% | 40.00% | 24.00% | 35.00% |
Income from operations | 11,021 | 17,434 | 18,378 | 27,040 |
Systems [Member] | ' | ' | ' | ' |
Summary of segment information | ' | ' | ' | ' |
Revenues | 23,848 | 22,819 | 55,695 | 59,525 |
Gross profit | 8,802 | 9,234 | 17,182 | 25,046 |
Gross margin | 37.00% | 40.00% | 31.00% | 42.00% |
Income from operations | 1,504 | 995 | 2,438 | 9,735 |
Software [Member] | ' | ' | ' | ' |
Summary of segment information | ' | ' | ' | ' |
Revenues | 8,448 | 10,426 | 17,168 | 19,303 |
Gross profit | 5,926 | 7,805 | 12,306 | 14,164 |
Gross margin | 70.00% | 75.00% | 72.00% | 73.00% |
Income from operations | 4,955 | 6,879 | 10,116 | 12,361 |
Corporate and Other [Member] | ' | ' | ' | ' |
Summary of segment information | ' | ' | ' | ' |
Income from operations | -10,710 | -12,336 | -22,239 | -24,521 |
New Venture and Data Library [Member] | Solutions [Member] | ' | ' | ' | ' |
Summary of segment information | ' | ' | ' | ' |
Revenues | 54,770 | 43,779 | 112,654 | 83,041 |
New Venture [Member] | Solutions [Member] | ' | ' | ' | ' |
Summary of segment information | ' | ' | ' | ' |
Revenues | 33,249 | 21,544 | 81,685 | 50,538 |
Data Library [Member] | Solutions [Member] | ' | ' | ' | ' |
Summary of segment information | ' | ' | ' | ' |
Revenues | 21,521 | 22,235 | 30,969 | 32,503 |
Data Processing [Member] | Solutions [Member] | ' | ' | ' | ' |
Summary of segment information | ' | ' | ' | ' |
Revenues | 33,849 | 28,190 | 65,135 | 55,055 |
Towed Streamer [Member] | Systems [Member] | ' | ' | ' | ' |
Summary of segment information | ' | ' | ' | ' |
Revenues | 12,570 | 13,727 | 26,119 | 29,531 |
Ocean Bottom [Member] | Systems [Member] | ' | ' | ' | ' |
Summary of segment information | ' | ' | ' | ' |
Revenues | 383 | 1,616 | 7,148 | 5,135 |
Other [Member] | Systems [Member] | ' | ' | ' | ' |
Summary of segment information | ' | ' | ' | ' |
Revenues | 10,895 | 7,476 | 22,428 | 24,859 |
Software Systems [Member] | Software [Member] | ' | ' | ' | ' |
Summary of segment information | ' | ' | ' | ' |
Revenues | 7,464 | 9,551 | 15,405 | 17,921 |
Services [Member] | Software [Member] | ' | ' | ' | ' |
Summary of segment information | ' | ' | ' | ' |
Revenues | $984 | $875 | $1,763 | $1,382 |
Equity_Method_Investments_Chan
Equity Method Investments Changes in Equity Method Investments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | ' | ' | $73,925 | ' |
Investment in equity | ' | ' | 1,500 | ' |
Notes receivable | ' | ' | 8,000 | ' |
Equity in losses of investments | -6,338 | 3,777 | -5,222 | 6,245 |
Equity interest in investees' other comprehensive income (loss) | ' | ' | -549 | ' |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 77,654 | ' | 77,654 | ' |
INOVA Geophysical [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | ' | ' | 73,925 | ' |
Investment in equity | ' | ' | 0 | ' |
Notes receivable | ' | ' | 0 | ' |
Equity in losses of investments | -4,700 | 3,777 | -2,876 | 6,245 |
Equity interest in investees' other comprehensive income (loss) | ' | ' | -549 | ' |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 70,500 | ' | 70,500 | ' |
GeoRXT [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | ' | ' | 0 | ' |
Investment in equity | ' | ' | 1,500 | ' |
Notes receivable | ' | ' | 8,000 | ' |
Equity in losses of investments | -1,600 | ' | -2,346 | ' |
Equity interest in investees' other comprehensive income (loss) | ' | ' | 0 | ' |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $7,154 | ' | $7,154 | ' |
Equity_Method_Investments_Narr
Equity Method Investments Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Apr. 25, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Feb. 19, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | |
GeoRXT [Member] | GeoRXT [Member] | GeoRXT [Member] | INOVA Geophysical [Member] | INOVA Geophysical [Member] | INOVA Geophysical [Member] | INOVA Geophysical [Member] | Optional Increase in Ownership [Member] | |||||||
GeoRXT [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity method investment | ' | ' | ' | ' | 16.00% | ' | ' | ' | 30.00% | 49.00% | ' | 49.00% | ' | 50.00% |
Optional capital contribution to GeoRXT to increase ownership percentagel | ' | ' | $9,500,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40,000,000 |
Amount of purchased interest in joint venture entity | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' |
Amount of short-term working capital loan to related party | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' |
Equity in losses of investments | -6,338,000 | 3,777,000 | -5,222,000 | 6,245,000 | ' | ' | -1,600,000 | -2,346,000 | ' | -4,700,000 | 3,777,000 | -2,876,000 | 6,245,000 | ' |
Equity method investments | 77,654,000 | ' | 77,654,000 | ' | ' | 73,925,000 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Equity method investments, notes receivable reduction | ' | ' | ' | ' | ' | ' | ($800,000) | ' | ' | ' | ' | ' | ' | ' |
Equity_Method_Investments_Inco
Equity Method Investments Income (Loss) (Details) (USD $) | 3 Months Ended | 4 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 |
GeoRXT [Member] | GeoRXT [Member] | INOVA Geophysical [Member] | INOVA Geophysical [Member] | INOVA Geophysical [Member] | INOVA Geophysical [Member] | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | $13,698 | $19,668 | $22,095 | $56,779 | $81,706 | $115,777 |
Gross profit | -195 | 122 | 1,808 | 19,502 | 14,135 | 33,466 |
Income (loss) from operations | -5,107 | -6,876 | -8,511 | 8,910 | -8,761 | 15,419 |
Net income | ($5,151) | ($7,045) | ($9,772) | $8,654 | ($6,030) | $14,371 |
Narrative_Details
Narrative (Details) | Jun. 30, 2013 | Jun. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' |
Number of shares issued or committed for issuance under outstanding stock options | 7,313,250 | 6,745,354 |
Number of shares of restricted stock and shares reserved for restricted stock units outstanding | 989,354 | 837,104 |
Number of outstanding shares of Series D Cumulative Convertible Preferred Stock | 27,000 | ' |
Number of shares of common stock | 6,065,075 | ' |
Basic_and_Diluted_Per_Share_De
Basic and Diluted Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income applicable to common shares | ($71,134) | $12,039 | ($69,597) | $20,276 |
Weighted average number of common shares outstanding | 156,910 | 155,631 | 156,689 | 155,587 |
Effect of dilutive stock awards and convertible preferred stock | 0 | 879 | 0 | 942 |
Effect of convertible preferred stock | 0 | 6,065 | 0 | 6,065 |
Weighted average number of diluted common shares outstanding | 156,910 | 162,575 | 156,689 | 162,594 |
Basic net income per share | ($0.45) | $0.08 | ($0.44) | $0.13 |
Diluted net income per share | ($0.45) | $0.08 | ($0.44) | $0.13 |
Series D Preferred Stock | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Income impact of assumed Series D Preferred Stock conversion | 0 | 338 | 0 | 676 |
Net Income after Assumed Preferred Stock Conversion | ($71,134) | $12,377 | ($69,597) | $20,952 |
Longterm_Debt_Obligations_Deta
Long-term Debt Obligations (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Obligations | ' | ' |
Carrying value of long-term debt | $183,707 | $105,328 |
Current portion of long-term debt and lease obligations | -4,388 | -3,496 |
Non-current portion of long-term debt and lease obligations | 179,319 | 101,832 |
Senior Notes [Member] | ' | ' |
Obligations | ' | ' |
Carrying value of long-term debt | 175,000 | 0 |
Revolving Credit Facility [Member] | ' | ' |
Obligations | ' | ' |
Carrying value of long-term debt | 0 | 97,250 |
Facility Lease Obligation [Member] | ' | ' |
Obligations | ' | ' |
Carrying value of long-term debt | 1,936 | 2,334 |
Capital Lease Obligations [Member] | ' | ' |
Obligations | ' | ' |
Carrying value of long-term debt | $6,771 | $5,744 |
Longterm_Debt_Narrative_Detail
Long-term Debt Narrative (Details) (USD $) | Feb. 26, 2013 | Jun. 30, 2013 | 13-May-13 | Mar. 31, 2010 | Jun. 30, 2013 | Mar. 31, 2010 | Jun. 30, 2013 |
Senior Notes [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||
China Merchants Bank Co. (CMB) [Member] | China Merchants Bank Co. (CMB) [Member] | China Merchants Bank Co. (CMB) [Member] | China Merchants Bank Co. (CMB) [Member] | China Merchants Bank Co. (CMB) [Member] | China Merchants Bank Co. (CMB) [Member] | ||
Eurodollar Borrowing [Member] | Eurodollar Borrowing [Member] | ||||||
Long-term Debt and Interest Rate Caps (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt | ' | ' | $175,000,000 | ' | ' | ' | ' |
Stated rate on debt | ' | ' | 8.13% | ' | ' | ' | ' |
Revolving line of credit, Maximum | ' | ' | ' | ' | 175,000,000 | ' | ' |
Outstanding term loan indebtedness under Credit Facility | ' | ' | ' | ' | 0 | ' | ' |
Debt instrument restrictive covenant, maximum percentage of stock to net income allowed to be repurchased | ' | ' | ' | ' | 25.00% | ' | ' |
Debt instrument basis spread on variable rate under option one | ' | ' | ' | ' | 0.50% | 3.50% | 2.40% |
Debt instrument basis spread on variable rate under option two | ' | ' | ' | ' | 1.00% | ' | ' |
Debt instrument basis spread on variable rate under option three | ' | ' | ' | 2.50% | 1.40% | ' | ' |
Fixed charge coverage ratio | ' | 2 | ' | ' | 1.125 | ' | ' |
Leverage ratio | ' | ' | ' | ' | 3.25 | ' | ' |
Percentage of tangible net worth for covenants compliance | ' | ' | ' | 60.00% | ' | ' | ' |
Amount allowed by lender to invest in investee | $100,000,000 | ' | ' | ' | ' | ' | ' |
Longterm_Debt_Redemption_Perce
Long-term Debt Redemption Percentages for Future Periods (Details) | 6 Months Ended |
Jun. 30, 2013 | |
2015 | ' |
Debt Instrument Redemption [Line Items] | ' |
Notes redemption percentages | 104.06% |
2016 | ' |
Debt Instrument Redemption [Line Items] | ' |
Notes redemption percentages | 102.03% |
2017 and thereafter | ' |
Debt Instrument Redemption [Line Items] | ' |
Notes redemption percentages | 100.00% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Unreserved portion of deferred tax assets | $55.80 | ' | $55.80 | ' |
Deferred tax assets related to impact of accrual for litigation | 42 | ' | 42 | ' |
Effective income tax rates | 35.40% | 25.70% | 35.20% | 27.10% |
Unrecognized tax benefits | $2 | ' | $2 | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments Assets Measured on Recurring Basis (Details) (Convertible Debt Securities [Member], Recurring Basis [Member], USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Level 1 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Available-for-sale investments, fair value | $0 | $0 |
Level 2 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Available-for-sale investments, fair value | 0 | 0 |
Level 3 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Available-for-sale investments, fair value | $3,972 | $8,195 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Narrative (Details) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended | |||
Apr. 25, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | |
Convertible Debt Securities [Member] | Credit Facility Receivable [Member] | |||||
Fair Value of Financial Instruments (Textual) [Abstract] | ' | ' | ' | ' | ' | ' |
Carrying value of long-term debt | ' | ' | $183,707,000 | $105,328,000 | ' | ' |
Fair value of long-term debt | ' | ' | 173,200,000 | 105,300,000 | ' | ' |
Fair Value of Financial Instruments (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' |
Principal amount of convertible note | ' | ' | ' | ' | 6,500,000 | ' |
Interest rate on convertible note | ' | ' | ' | ' | 4.00% | ' |
Number of common shares note receivable converted into | 1,533,858 | ' | ' | ' | ' | ' |
Post-conversion equity ownership percentage in investee | 16.00% | ' | ' | ' | ' | ' |
Note and accrued interest, fair value | 6,900,000 | ' | ' | ' | ' | ' |
Note and accrued interest, carrying value | 7,000,000 | ' | ' | ' | ' | ' |
Realized loss on convertible note prior to conversion | -100,000 | ' | ' | ' | ' | ' |
Credit facility to investee | ' | 4,000,000 | ' | ' | ' | ' |
Amount drawn on credit facility by investee | ' | ' | ' | ' | $4,000,000 | $4,000,000 |
Litigation_Details
Litigation (Details) (USD $) | 1 Months Ended | 1 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2009 | Jun. 30, 2009 | Jun. 30, 2013 | Mar. 31, 2013 | 31-May-12 | Aug. 16, 2012 | Aug. 16, 2012 | Aug. 16, 2012 |
Patent | WesternGeco [Member] | WesternGeco [Member] | WesternGeco [Member] | Fletcher [Member] | Pending Litigation [Member] | Lost Royalties [Member] | Lost Profits [Member] | |
Patent | WesternGeco [Member] | Pending Litigation [Member] | Pending Litigation [Member] | |||||
WesternGeco [Member] | WesternGeco [Member] | |||||||
Litigation (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of patent apparatus claims contained | 4 | 4 | ' | ' | ' | ' | ' | ' |
Total damages awarded | ' | ' | ' | ' | ' | $105.90 | $12.50 | $93.40 |
Accrual for loss contingency related to legal proceedings | ' | ' | 120 | 10 | ' | ' | ' | ' |
Principal amount of promissory note | ' | ' | ' | ' | $35 | ' | ' | ' |
Other_Income_Expense_Details
Other Income (Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Accrual for loss contingency related to legal proceedings (Note 8) | ($110,000) | $0 | ($110,000) | $0 |
Gain on sale of investment | 3,591 | 0 | 3,591 | 0 |
Other income (expense) | -709 | 895 | 318 | 209 |
Total other income (expense) | ($107,118) | $895 | ($106,091) | $209 |
Details_of_Selected_Balance_Sh2
Details of Selected Balance Sheet Accounts Inventories (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Raw materials and subassemblies | $52,881 | $49,421 |
Work-in-process | 10,110 | 8,613 |
Finished goods | 31,173 | 26,880 |
Reserve for excess and obsolete inventories | -14,669 | -14,239 |
Total | $79,495 | $70,675 |
Details_of_Selected_Balance_Sh3
Details of Selected Balance Sheet Accounts Long-term Liabilities (Details) (USD $) | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Other Liabilities Disclosure [Abstract] | ' | ' | ' |
Accrual for loss contingency related to legal proceedings | $120,000,000 | ' | $0 |
Stafford facility restructuring accrual | 4,702,000 | ' | 5,073,000 |
Other long-term liabilities | 7,637,000 | ' | 3,058,000 |
Total | 132,339,000 | ' | 8,131,000 |
Accrual for loss contingency related to legal proceedings | ' | $10,000,000 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | |
Accumulated other comprehensive income (loss), beginning balance | ' | ' | ($11,886) | ' | |
Other comprehensive income (loss) before reclassifications | ' | ' | -3,416 | ' | |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 178 | ' | |
Net current-period other comprehensive income (loss) | 418 | -1,667 | -3,238 | 1,417 | |
Accumulated other comprehensive income (loss), ending balance | -15,124 | ' | -15,124 | ' | |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | |
Accumulated other comprehensive income (loss), beginning balance | ' | ' | -12,638 | ' | |
Other comprehensive income (loss) before reclassifications | ' | ' | -3,044 | ' | |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 0 | ' | |
Net current-period other comprehensive income (loss) | ' | ' | -3,044 | ' | |
Accumulated other comprehensive income (loss), ending balance | -15,682 | ' | -15,682 | ' | |
Accumulated Equity Interest in Investees' Adjustment [Member] | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | |
Accumulated other comprehensive income (loss), beginning balance | ' | ' | 1,214 | ' | |
Other comprehensive income (loss) before reclassifications | ' | ' | -549 | ' | |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 0 | ' | |
Net current-period other comprehensive income (loss) | ' | ' | -549 | ' | |
Accumulated other comprehensive income (loss), ending balance | 665 | ' | 665 | ' | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | |
Accumulated other comprehensive income (loss), beginning balance | ' | ' | -305 | ' | |
Other comprehensive income (loss) before reclassifications | ' | ' | 177 | ' | |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 99 | [1] | ' |
Net current-period other comprehensive income (loss) | ' | ' | 276 | ' | |
Accumulated other comprehensive income (loss), ending balance | -29 | ' | -29 | ' | |
Accumulated Other Changes Adjustment [Member] | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | |
Accumulated other comprehensive income (loss), beginning balance | ' | ' | -157 | ' | |
Other comprehensive income (loss) before reclassifications | ' | ' | 0 | ' | |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 79 | [2] | ' |
Net current-period other comprehensive income (loss) | ' | ' | 79 | ' | |
Accumulated other comprehensive income (loss), ending balance | ($78) | ' | ($78) | ' | |
[1] | Unrealized income (loss) on available-for-sale securities affected Other income (expense), net on the Condensed ConsolidatedStatement of Operations | ||||
[2] | Other changes in other comprehensive income affected Interest expense and Tax expense on the Condensed Consolidated Statement of Operations |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information and Non-Cash Activity (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Purchases of computer equipment financed through capital leases | $2,465 | $2,953 |
Leasehold improvement paid by landlord | 1,738 | 0 |
Conversion of investment in a convertible note to equity | 6,765 | 0 |
Transfer of inventory to seismic rental equipment | $0 | $6,053 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Apr. 25, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Feb. 19, 2013 | Jul. 22, 2013 | Jul. 02, 2013 |
In Millions, unless otherwise specified | BGP Joint Venture [Member] | BGP Joint Venture [Member] | BGP Joint Venture [Member] | GeoRXT [Member] | GeoRXT [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
INOVA Geophysical [Member] | INOVA Geophysical [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Basis pread on annual rate of loan | ' | ' | ' | ' | ' | ' | ' | 6.50% |
Company's outstanding common stock owned by BGP | ' | 15.20% | 15.20% | ' | ' | ' | ' | ' |
Related party transaction, revenues from transactions with related party | ' | ' | $2.90 | $10.20 | ' | ' | ' | ' |
Receivables due from BGP | ' | 2.7 | 2.7 | ' | ' | ' | ' | ' |
Paid to related party for seismic acquisition services | ' | 33.5 | ' | ' | 6.8 | ' | ' | ' |
Owed to related party for unpaid services | ' | 10.9 | 10.9 | ' | ' | ' | ' | ' |
Percentage of equity method investment | 16.00% | ' | ' | ' | ' | 30.00% | ' | ' |
Loan made to equity method investee | ' | ' | ' | ' | ' | ' | ' | 10 |
Payments for Advance to Affiliate | ' | ' | ' | ' | ' | ' | $5 | $5 |