Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 21, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ION GEOPHYSICAL CORP | ' |
Entity Central Index Key | '0000866609 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 164,049,309 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $197,306 | $148,056 |
Accounts receivable, net | 98,231 | 149,448 |
Unbilled receivables | 68,452 | 49,468 |
Inventories | 54,709 | 57,173 |
Prepaid expenses and other current assets | 25,605 | 24,772 |
Total current assets | 444,303 | 428,917 |
Deferred income tax asset | 14,339 | 14,650 |
Property, plant, equipment and seismic rental equipment, net | 59,811 | 46,684 |
Multi-client data library, net | 243,083 | 238,784 |
Equity method investments | 47,466 | 53,865 |
Goodwill | 56,111 | 55,876 |
Intangible assets, net | 10,566 | 11,247 |
Other assets | 15,640 | 14,648 |
Total assets | 891,319 | 864,671 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 60,551 | 5,906 |
Accounts payable | 38,654 | 22,654 |
Accrued expenses | 72,471 | 84,358 |
Accrued multi-client data library royalties | 38,263 | 46,460 |
Deferred revenue | 16,030 | 20,682 |
Total current liabilities | 225,969 | 180,060 |
Long-term debt, net of current maturities | 180,462 | 214,246 |
Other long-term liabilities | 142,987 | 210,602 |
Total liabilities | 549,418 | 604,908 |
Redeemable noncontrolling interest | 5,552 | 1,878 |
Equity: | ' | ' |
Common stock, $0.01 par value; authorized 200,000,000 shares; outstanding 164,049,309 and 163,737,757 shares at March 31, 2014 and December 31, 2013, respectively, net of treasury stock | 1,640 | 1,637 |
Additional paid-in capital | 882,892 | 879,969 |
Accumulated deficit | -530,178 | -606,157 |
Accumulated other comprehensive loss | -11,799 | -11,138 |
Treasury stock, at cost, 849,539 shares at both March 31, 2014 and December 31, 2013 | -6,565 | -6,565 |
Total stockholders' equity | 335,990 | 257,746 |
Noncontrolling interests | 359 | 139 |
Total equity | 336,349 | 257,885 |
Total liabilities and equity | $891,319 | $864,671 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | 164,049,309 | 163,737,757 |
Treasury stock, shares | 849,539 | 849,539 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Service revenues | $110,696 | $89,949 |
Product revenues | 34,002 | 39,788 |
Total net revenues | 144,698 | 129,737 |
Cost of services | 72,071 | 69,273 |
Cost of products | 15,773 | 25,507 |
Gross profit | 56,854 | 34,957 |
Operating expenses: | ' | ' |
Research, development and engineering | 9,039 | 9,290 |
Marketing and sales | 9,213 | 7,980 |
General, administrative and other operating expenses | 18,931 | 15,764 |
Total operating expenses | 37,183 | 33,034 |
Income (loss) from operations | 19,671 | 1,923 |
Interest expense, net | -4,797 | -1,066 |
Equity in earnings (losses) of investments | -1,688 | 1,116 |
Other expense, net | 68,526 | 1,027 |
Income (loss) before income taxes | 81,712 | 3,000 |
Income tax expense | 5,263 | 1,201 |
Net income (loss) | 76,449 | 1,799 |
Net income (loss) attributable to noncontrolling interests | -470 | 76 |
Net income (loss) attributable to ION | 75,979 | 1,875 |
Preferred stock dividends | 0 | 338 |
Net income (loss) applicable to common shares | $75,979 | $1,537 |
Net income (loss) per share: | ' | ' |
Basic, in dollars per share | $0.46 | $0.01 |
Diluted, in dollars per share | $0.46 | $0.01 |
Weighted average number of common shares outstanding: | ' | ' |
Basic, in shares | 163,847 | 156,465 |
Diluted, in shares | 164,061 | 157,315 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $76,449 | $1,799 |
Other comprehensive income (loss), net of taxes, as appropriate: | ' | ' |
Foreign currency translation adjustments | 486 | -3,641 |
Equity interest in investees' other comprehensive loss | -1,173 | -23 |
Other changes in other comprehensive income | 26 | 8 |
Total other comprehensive income (loss), net of taxes | -661 | -3,656 |
Comprehensive net income (loss) | 75,788 | -1,857 |
Comprehensive (income) loss attributable to noncontrolling interest | -470 | 76 |
Comprehensive net income (loss) attributable to ION | $75,318 | ($1,781) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $76,449 | $1,799 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization (other than multi-client library) | 7,904 | 4,200 |
Amortization of multi-client library | 16,326 | 18,592 |
Stock-based compensation expense | 2,777 | 2,011 |
Equity in earnings (losses) of investments | 1,688 | -1,116 |
Reduction of accrual for loss contingency related to legal proceedings | -69,557 | 0 |
Deferred income taxes | -884 | -6,150 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | 60,646 | 35,307 |
Unbilled receivables | -18,945 | 11,938 |
Inventories | -144 | 1,381 |
Accounts payable, accrued expenses and accrued royalties | -5,359 | -13,373 |
Deferred revenue | -4,678 | -7,153 |
Other assets and liabilities | -3,541 | 2,155 |
Net cash provided by operating activities | 62,682 | 49,591 |
Cash flows from investing activities: | ' | ' |
Cash invested in multi-client data library | -22,353 | -28,778 |
Purchase of property, plant, equipment and seismic rental assets | -1,997 | -3,774 |
Repayment of advances to INOVA Geophysical | 1,000 | 0 |
Investment in and advances to OceanGeo B.V. | -3,683 | -9,500 |
Cash of OceanGeo B.V. upon acquiring a controlling interest | 609 | 0 |
Investment in convertible note | 0 | -1,000 |
Other investing activities | 605 | 76 |
Net cash used in investing activities | -25,819 | -42,976 |
Cash flows from financing activities: | ' | ' |
Borrowings under revolving line of credit | 15,000 | 0 |
Payments on long-term debt | -2,755 | -848 |
Payment of preferred dividends | 0 | -338 |
Proceeds from exercise of stock options | 246 | 716 |
Other financing activities | -80 | 350 |
Net cash provided by (used in) financing activities | 12,411 | -120 |
Effect of change in foreign currency exchange rates on cash and cash equivalents | -24 | -891 |
Net increase in cash and cash equivalents | 49,250 | 5,604 |
Cash and cash equivalents at beginning of period | 148,056 | 60,971 |
Cash and cash equivalents at end of period | $197,306 | $66,575 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
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, 2013 has been derived from the Company’s audited consolidated financial statements at that date. The condensed consolidated balance sheet at March 31, 2014, and the condensed consolidated statements of operations, comprehensive income (loss) and cash flows for the three months ended March 31, 2014 and 2013, 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 months ended March 31, 2014 are not necessarily indicative of the operating results for a full year or of future operations. | |
In late January 2014, the Company acquired an additional 40% interest in OceanGeo B.V. (“OceanGeo”) through the conversion of the outstanding indebtedness owed to the Company by OceanGeo into additional equity interests of OceanGeo, bringing the Company’s total equity interest to 70% and giving the Company control over OceanGeo. The Company has included in its results of operations, the results of OceanGeo from the date of the Company’s acquisition of the controlling interest. | |
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, 2013 and Amendment No. 1 thereto on Form 10-K/A, which was filed on March 28, 2014 and contains the separate consolidated financial statements of INOVA Geophysical Equipment Limited (“INOVA Geophysical”) for its fiscal year ended December 31, 2013. |
Acquisition_of_Controlling_Int
Acquisition of Controlling Interest in OceanGeo | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||
Acquisition of Controlling Interest in OceanGeo | |||||||||
In October 2013, the Company reached agreement with its joint venture partner in OceanGeo, Georadar Levantamentos Geofisicos S/A, for the Company to have the option to increase its ownership percentage in OceanGeo from 30% to 70%, subject to certain conditions. OceanGeo is headquartered in Rio de Janeiro, Brazil, and specializes in seismic acquisition operations using ocean-bottom cables deployed from vessels leased by OceanGeo. | |||||||||
To further assist OceanGeo in acquiring backlog, in October 2013 the Company also agreed to loan OceanGeo additional funds for working capital, subject to the Company’s agreement on the necessity and purpose for each advance and certain other conditions, up to a maximum of $25.0 million. As of December 31, 2013, the Company had advanced $15.3 million, and thereafter in January 2014, prior to obtaining the controlling interest, the Company advanced an additional $3.7 million. | |||||||||
In January, the Company exercised its option, increasing its ownership percentage through the conversion of certain outstanding amounts loaned to OceanGeo. The Company acquired its ownership interest in OceanGeo as part of its strategy to expand the range of service offerings it can provide to oil and gas exploration and production customers and to put its Calypso® seabed acquisition technology to work in a service model to meet the growing demand for seabed seismic services. | |||||||||
The acquisition was accounted for by the acquisition method, whereby the assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date based on an income approach. The estimated fair value of the assets acquired and liabilities assumed approximated the purchase price and therefore no goodwill or bargain purchase was recognized. As of March 31, 2014, the allocation of the purchase price of OceanGeo was based upon preliminary fair value studies, and may be subject to change as additional information becomes available. In connection with the acquisition, the Company incurred $1.3 million in acquisition-related transaction costs related to professional services and fees. These costs were expensed as incurred and were included in other income (expense), net in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2014. As a result of consolidating OceanGeo’s results into the Company’s consolidated results of operations for the period from the acquisition date at the end of January to March 31, 2014, the Company’s results of operations include $20.6 million of OceanGeo revenues and $4.2 million of income from OceanGeo’s operations for the three months ended March 31, 2014. For additional results related to OceanGeo, see Note 3 “Segment Information.” The following table summarizes the fair value assigned to the assets acquired and liabilities assumed, as well as the noncontrolling interest, at the acquisition date (in thousands): | |||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed: | |||||||||
Cash and cash equivalents | $ | 609 | |||||||
Accounts receivable | 9,247 | ||||||||
Prepaid expenses and other current assets | 1,433 | ||||||||
Multi-client data library | 3,876 | ||||||||
Property, plant, equipment and seismic rental equipment, net | 14,598 | ||||||||
Other assets | 2,227 | ||||||||
Total identifiable assets | 31,990 | ||||||||
Accounts payable and accrued liabilities | (13,464 | ) | |||||||
Bank loans | (6,135 | ) | |||||||
Other liabilities | (1,026 | ) | |||||||
Net assets | 11,365 | ||||||||
Noncontrolling interest | (3,410 | ) | |||||||
Total consideration | $ | 7,955 | |||||||
The following summarized unaudited pro forma consolidated income statement information for the three months ended March 31, 2014 and 2013, assumes that the OceanGeo acquisition had occurred as of the beginning of the periods presented. The Company has prepared these unaudited pro forma financial results for comparative purposes only. These unaudited pro forma financial results may not be indicative of the results that would have occurred if ION had completed the acquisition as of the beginning of the periods presented or the results that may be attained in the future. Amounts presented below are in thousands, except for the per share amounts: | |||||||||
Pro forma Consolidated ION Income Statement Information | Three Months Ended March 31, | ||||||||
2014 | 2013 | ||||||||
Net revenues | $ | 153,882 | $ | 147,706 | |||||
Income from operations | $ | 23,747 | $ | 4,291 | |||||
Net income | $ | 77,968 | $ | 4,010 | |||||
Net income attributable to ION | $ | 76,821 | $ | 3,164 | |||||
Basic net income per common share | $ | 0.47 | $ | 0.02 | |||||
Diluted net income per common share | $ | 0.47 | $ | 0.02 | |||||
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Information | ' | |||||||
Segment Information | ||||||||
The Company operates through four business segments – Solutions, Systems, Software and Ocean Bottom Services (the segment name for OceanGeo) – as well as through its INOVA Geophysical joint venture. See Note 4 “Equity Method Investments” for the summarized financial information for INOVA Geophysical. The Company measures segment operating results based on income from operations. | ||||||||
A summary of segment information is as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net revenues: | ||||||||
Solutions: | ||||||||
New Venture | $ | 32,738 | $ | 48,436 | ||||
Data Library | 13,217 | 9,448 | ||||||
Total multi-client revenues | 45,955 | 57,884 | ||||||
Data Processing | 43,286 | 31,286 | ||||||
Total | $ | 89,241 | $ | 89,170 | ||||
Systems: | ||||||||
Towed Streamer | $ | 11,851 | $ | 13,549 | ||||
Ocean Bottom Equipment | — | 6,765 | ||||||
Other | 12,997 | 11,533 | ||||||
Total | $ | 24,848 | $ | 31,847 | ||||
Software: | ||||||||
Software Systems | $ | 9,154 | $ | 7,941 | ||||
Services | 885 | 779 | ||||||
Total | $ | 10,039 | $ | 8,720 | ||||
Ocean Bottom Services | $ | 20,570 | $ | — | ||||
Total | $ | 144,698 | $ | 129,737 | ||||
Gross profit: | ||||||||
Solutions | $ | 33,011 | $ | 20,197 | ||||
Systems | 11,417 | 8,380 | ||||||
Software | 7,257 | 6,380 | ||||||
Ocean Bottom Services | 5,169 | — | ||||||
Total | $ | 56,854 | $ | 34,957 | ||||
Gross margin: | ||||||||
Solutions | 37 | % | 23 | % | ||||
Systems | 46 | % | 26 | % | ||||
Software | 72 | % | 73 | % | ||||
Ocean Bottom Services | 25 | % | — | % | ||||
Total | 39 | % | 27 | % | ||||
Income from operations: | ||||||||
Solutions | $ | 19,112 | $ | 7,357 | ||||
Systems | 3,371 | 934 | ||||||
Software | 5,128 | 5,161 | ||||||
Ocean Bottom Services | 4,162 | — | ||||||
Corporate and other | (12,102 | ) | (11,529 | ) | ||||
Income from operations | 19,671 | 1,923 | ||||||
Interest expense, net | (4,797 | ) | (1,066 | ) | ||||
Equity in earnings (losses) of investments | (1,688 | ) | 1,116 | |||||
Other income, net | 68,526 | 1,027 | ||||||
Income before income taxes | $ | 81,712 | $ | 3,000 | ||||
Equity_Method_Investments
Equity Method Investments | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
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 during the three months ended March 31, 2014 (in thousands): | ||||||||||||
INOVA Geophysical | OceanGeo | Total | ||||||||||
Investments at December 31, 2013 | $ | 51,065 | $ | 2,800 | $ | 53,865 | ||||||
Equity in earnings (losses) of investments | (2,426 | ) | 738 | (1,688 | ) | |||||||
Advances to OceanGeo (prior to consolidation) | — | 3,683 | 3,683 | |||||||||
Acquisition of controlling interest (consolidation) of OceanGeo | — | (7,221 | ) | (7,221 | ) | |||||||
Equity interest in investees' other comprehensive loss | (1,173 | ) | — | (1,173 | ) | |||||||
Investment at March 31, 2014 | $ | 47,466 | $ | — | $ | 47,466 | ||||||
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 months ended March 31, 2014, the Company recorded its share of losses from INOVA Geophysical of $2.4 million, compared to its share of earnings for the corresponding period in 2013, of $1.9 million. The following table reflects the summarized financial information for INOVA Geophysical for the three months ended December 31, 2013 and 2012 (in thousands): | ||||||||||||
Three Months Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Net revenues | $ | 40,176 | $ | 59,611 | ||||||||
Gross profit | $ | 4,948 | $ | 12,327 | ||||||||
Loss from operations | $ | (3,667 | ) | $ | (250 | ) | ||||||
Net income (loss) | $ | (4,951 | ) | $ | 3,742 | |||||||
Related Party Transactions | ||||||||||||
For information regarding transactions between the Company and its equity method investees, see Note 14 “Related Party Transactions.” |
Longterm_Debt
Long-term Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term Debt | ' | ||||||||
Long-term Debt | |||||||||
Obligations (in thousands) | March 31, 2014 | December 31, 2013 | |||||||
Senior secured second-priority notes | $ | 175,000 | $ | 175,000 | |||||
Revolving line of credit | 50,000 | 35,000 | |||||||
Equipment capital leases | 9,091 | 8,651 | |||||||
Brazil bank debt | 5,649 | — | |||||||
Facility lease obligation | 1,273 | 1,501 | |||||||
Total | 241,013 | 220,152 | |||||||
Current portion of long-term debt and lease obligations | (60,551 | ) | (5,906 | ) | |||||
Non-current portion of long-term debt and lease obligations | $ | 180,462 | $ | 214,246 | |||||
Senior Secured Second-Priority Notes | |||||||||
On May 13, 2013, the Company sold $175.0 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 of each year during their term. On April 10, 2014, the Company commenced a registered exchange offer pursuant to which holders of the privately placed Notes that have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), may exchange their Notes for a like principal amount of Notes that have been registered under the Securities Act. Unless extended, the exchange offer will expire at 5:00 p.m., New York City time, on May 9, 2014. | |||||||||
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 12-month period beginning on May 15th of the years indicated below: | |||||||||
Date | Percentage | ||||||||
2015 | 104.06% | ||||||||
2016 | 102.03% | ||||||||
2017 and thereafter | 100.00% | ||||||||
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 Notes contain certain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries. 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 March 31, 2014, 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 is March 24, 2015; therefore the outstanding balance of $50.0 million as of March 31, 2014 has been classified as a current obligation. | |||||||||
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 March 31, 2014, the $50.0 million in outstanding revolving loan indebtedness under the Credit Facility accrued interest at a rate of 2.56% per annum. | |||||||||
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. | ||||||||
As of March 31, 2014, the Company was in compliance with these financial covenants. | |||||||||
Brazil Bank Debt | |||||||||
In connection with the Company’s acquisition of a controlling interest in OceanGeo, OceanGeo’s existing debt was consolidated into the Company’s accounts. As of March 31, 2014, the outstanding amount, denominated in Brazilian Reais, of this debt was $5.6 million, with various maturity dates in 2014 and 2015; the latest being November 3, 2015. Interest on this debt accrues at an average rate of 15.68%. |
Net_Income_per_Share
Net Income per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Net Income per Share | ' | |||||||
Net Income per Share | ||||||||
Basic net income per common share is computed by dividing net income applicable to common shares by the weighted average number of common shares outstanding during the period. Diluted net income 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 March 31, 2014 and 2013 was 9,660,100 and 7,717,937, respectively, and the total number of shares of restricted stock and shares reserved for restricted stock units outstanding at March 31, 2014 and 2013 was 1,237,123 and 1,034,280, respectively. | ||||||||
Prior to September 30, 2013, there were 27,000 shares outstanding of the Company’s Series D Cumulative Convertible Preferred Stock (“Series D Preferred Stock”). On September 30, 2013, the holder converted all of the outstanding shares of Series D Preferred Stock into 6,065,075 shares of common stock. The then-outstanding shares of Series D Preferred Stock were anti-dilutive for the three months ended March 31, 2013. | ||||||||
The following table summarizes the computation of basic and diluted net income per common share (in thousands, except per share amounts): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net income applicable to common shares | $ | 75,979 | $ | 1,537 | ||||
Weighted average number of common shares outstanding | 163,847 | 156,465 | ||||||
Effect of dilutive stock awards | 214 | 850 | ||||||
Weighted average number of diluted common shares outstanding | 164,061 | 157,315 | ||||||
Basic net income per share | $ | 0.46 | $ | 0.01 | ||||
Diluted net income per share | $ | 0.46 | $ | 0.01 | ||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company maintains a valuation allowance for substantially all of its deferred tax assets. The valuation allowance is calculated in accordance with the provisions of the Financial Accounting Standards Board’s (“FASB”) Accounting Standard Codification Topic 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 March 31, 2014, the Company’s unreserved U.S. deferred tax assets totaled $3.8 million. These existing unreserved deferred tax assets are currently considered to be “more likely than not” realized. | |
The Company’s effective tax rates for the three months ended March 31, 2014 and 2013 were 6.4% and 40.0%, respectively. The Company’s effective tax rate for the first quarter of 2014 was positively impacted by the change in valuation allowance related to the reduction of the legal contingency reserve, offset by the impact of pre-tax losses of OceanGeo within certain jurisdictions for which it could not recognize a tax benefit to offset its tax expenses. Excluding the change in valuation allowance, the Company’s effective tax rate for the first quarter of 2014 was 43.3%. | |
The Company has approximately $2.2 million of unrecognized tax benefits and does not expect to recognize significant increases in unrecognized tax benefits during the next 12-month period. Interest and penalties, if any, related to unrecognized tax benefits are recorded in income tax expense. | |
As of March 31, 2014, 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 U.S. Internal Revenue Service (“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 2010 and subsequent years generally remain open to examination. |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2014 | |
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. | |
The 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 supplemental damages for the additional DigiFIN units that were supplied from the United States before and after trial that were not included in the jury verdict due to the timing of the trial. On October 24, 2013, the judge entered another Memorandum and Order, ruling on the number of DigiFIN units that are subject to supplemental damages and also ruling that the supplemental damages applicable to the additional units should be calculated by adding together the jury’s previous reasonable royalty and lost profits damages awards per unit, resulting in supplemental damages of $73.1 million. The October 2013 Memorandum and Order also concluded that the Company’s infringement involving the supplemental units was not willful and that WesternGeco was not entitled to receive enhanced damages. | |
On April 30, 2014, the judge entered another Order, ruling that lost profits should not have been included in the calculation of supplemental damages in the October 2013 Memorandum and Order and reducing the supplemental damages award in the case from $73.1 million to $9.4 million. In the Order, the judge also further reduced the damages award in the case by $3.0 million to reflect a settlement and license that WesternGeco entered into with a customer of the Company that had purchased and used DigiFIN units that were also included in the damages amounts awarded against the Company. After accounting for the above court-ordered reductions, the total damages award in the case now consists of approximately $123.8 million, consisting of adjusted jury verdict and supplemental damages, court costs and estimates of prejudgment interest. | |
The Company intends to appeal the judgment to the United States Court of Appeals for the Federal Circuit. WesternGeco also has the right to elect to appeal the 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 definitive terms of the permanent injunction. Until the permanent injunction is entered, the final 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, two parts that are unique to the DigiFIN product 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 conducted its business in compliance with the Court’s orders in the case, and the Company has reorganized its operations such that it no longer supplies DigiFIN units, the unique DigiFIN parts or 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 increased 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. Based on the Company’s analysis after the trial court’s Memorandum and Order in October 2013 awarding supplemental damages, the Company further increased its loss contingency accrual related to this case from $120.0 million to $193.3 million at December 31, 2013, consisting of jury verdict damages, supplemental damages, court costs, and estimates of prejudgment interest. As a result of the Order entered in April 2014, the Company reversed its prior loss contingency accrual by approximately $70.0 million, resulting in a loss contingency accrual of $123.8 million at March 31, 2014. Additional interest will continue to accrue until this legal matter is fully resolved. | |
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 or lesser loss contingency is probable. Any such reassessment 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 stay the judgment during the appeal, the Company will be required to post an appeal bond with the trial court. The amount of the appeal bond is in the discretion of the trial court judge and could be required to be up to the full amount of damages entered in the judgment, plus court costs and interest; however, in the Order entered in April 2014, the judge agreed that the appeal bond amount required to be posted by the Company will be $120.0 million. The Company has arranged with sureties to post an appeal bond on its behalf. The terms of the appeal bond arrangements provide the sureties the contractual right for as long as the bond is outstanding to require the Company to post cash collateral for up to the full amount of the bond; however, as a result of the reduced damages amount, the sureties have informed the Company that they will not require cash collateral upon the posting of the appeal bond. Until an appeal bond is posted, the terms applicable to the appeal bond, including collateral required to secure the bond, are not final. | |
If the sureties exercise their right to require collateral while the appeal bond is outstanding, the Company would intend to utilize a combination of cash on hand and undrawn balances available under its revolving line of credit. If the Company is required to collateralize the full amount of the bond, the Company might also seek additional debt and/or equity financing. The collateralization of the full amount of the bond could have an adverse effect on the Company’s liquidity. Any requirements that the Company collateralize the appeal bond will reduce its liquidity and may reduce the borrowings otherwise available under its Credit Facility. The current maturity date of any outstanding debt under the Company’s Credit Facility is March 2015. No assurances can be made whether the Company’s efforts to raise additional cash would be successful and, if so, on what terms and conditions, and at what cost the Company might be able to secure any such financing. | |
If the Company is unable to post the appeal bond, the Company will be unable to stay enforcement of the trial court judgment during the appeal of the judgment. The Company is unable to predict the timing of the posting of the required appeal bond. | |
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. |
Details_of_Selected_Balance_Sh
Details of Selected Balance Sheet Accounts Details of Selected Balance Sheet Accounts | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Details of Selected Balance Sheet Accounts | ' | |||||||
Details of Selected Balance Sheet Accounts | ||||||||
Inventories | ||||||||
A summary of inventories is as follows (in thousands): | March 31, 2014 | December 31, 2013 | ||||||
Raw materials and subassemblies | $ | 56,252 | $ | 54,168 | ||||
Work-in-process | 2,428 | 2,297 | ||||||
Finished goods | 27,285 | 33,263 | ||||||
Reserve for excess and obsolete inventories | (31,256 | ) | (32,555 | ) | ||||
Total | $ | 54,709 | $ | 57,173 | ||||
Other Long-term Liabilities | ||||||||
A summary of other long-term liabilities is as follows (in thousands): | March 31, 2014 | December 31, 2013 | ||||||
Accrual for loss contingency related to legal proceedings (Note 8) | $ | 123,770 | $ | 193,327 | ||||
Facility restructuring accrual | 4,818 | 4,837 | ||||||
Other long-term liabilities | 14,399 | 12,438 | ||||||
Total | $ | 142,987 | $ | 210,602 | ||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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) | Other changes in other comprehensive income (loss) | Total | |||||||||||||
Accumulated other comprehensive income (loss) at December 31, 2013 | $ | (11,923 | ) | $ | 841 | $ | (56 | ) | $ | (11,138 | ) | |||||
Net current-period other comprehensive income (loss) | 486 | (1,173 | ) | 26 | (661 | ) | ||||||||||
Accumulated other comprehensive income (loss) at March 31, 2014 | $ | (11,437 | ) | $ | (332 | ) | $ | (30 | ) | $ | (11,799 | ) | ||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information and Non-Cash Activity Supplemental Cash Flow Information and Non-Cash Activity | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Purchases of computer equipment financed through capital leases | $ | 1,952 | $ | — | ||||
Transfer of inventory to property, plant, equipment and seismic rental equipment | $ | 2,308 | $ | 134 | ||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
Authoritative guidance on fair value measurements defines fair value, establishes a framework for measuring fair value and stipulates the related disclosure requirements. The Company follows a three-level hierarchy, prioritizing and defining the types of inputs used to measure fair value. | |
Investment in Convertible Note. In March 2012, the Company and a privately owned U.S.-based technology company entered into an agreement for the Company to make available to the technology company a credit facility in an amount of up to $4.0 million. The credit facility has since been amended, such that the current maturity date is March 2015, the annual interest rate is 0.25%, and the conversion provision allows for conversion of any or all of the outstanding balance of the promissory note under the credit facility into common shares of the technology company. As of March 31, 2014, the technology company 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 a market approach, including the terms and likelihood of an investment event. As of March 31, 2014, the fair value of this investment was approximately $4.2 million, including accrued interest. | |
Fair Value of Other Financial Instruments. Due to their highly liquid nature, the amount of the Company’s other financial instruments, including cash and cash equivalents, accounts and unbilled receivables, notes receivable, accounts payable, and accrued multi-client data library royalties, represent their approximate fair value. | |
The carrying amounts of the Company’s long-term debt as of March 31, 2014 and December 31, 2013 were $241.0 million and $220.2 million, respectively, compared to its fair values of $228.8 million and $190.4 million as of March 31, 2014 and December 31, 2013, 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. | |
The Company’s cost method investments for which quoted market prices are not available are recorded at cost and reviewed periodically if there are events or changes in circumstances that may have a significant adverse effect on the fair value of the investments. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
BGP Inc. (“BGP”) owned approximately 14.5% of the Company’s outstanding common stock as of March 31, 2014. For the three months ended March 31, 2014 and 2013, the Company recorded revenues from BGP of $2.0 million and $0.9 million, respectively. Total receivables due from BGP were $2.4 million at March 31, 2014. | |
In July 2013, the Company agreed to lend up to $10.0 million to INOVA Geophysical, and received a promissory note issued by INOVA Geophysical to the order of the Company, which was originally scheduled to mature on September 30, 2013. The maturity date of the promissory note has since been extended to June 30, 2014. The loan was made by the Company to support certain short-term working capital needs of INOVA Geophysical. The indebtedness under the note accrues interest at an annual rate equal to the London Interbank Offered Rate plus 650 basis points. In 2013, the Company advanced the full principal amount of $10.0 million to INOVA Geophysical under the promissory note. INOVA Geophysical has repaid a total of $6.0 million, of which $4.0 million remains outstanding at March 31, 2014. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Reporting Discontinued Operations — In April 2014, the FASB issued amendments to guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s financial results or a business activity classified as held for sale should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and add new disclosures for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). The implementation of the amended guidance is not expected to have a material impact on the Company’s consolidated financial position or results of operations. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ||||||||||||||||||||
In 2013, the Company sold $175.0 million of its 8.125% Senior Secured Second-Priority Notes due 2018. The Notes were issued by ION Geophysical Corporation and are guaranteed by the Company’s current material U.S. subsidiaries: GX Technology Corporation, ION Exploration Products (U.S.A.), Inc. and I/O Marine Systems, Inc. (“the Guarantors”), which are 100-percent-owned subsidiaries. The Guarantors have fully and unconditionally guaranteed the payment obligations of ION Geophysical Corporation with respect to these debt securities. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for: | ||||||||||||||||||||
• | ION Geophysical Corporation and the Guarantors (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). | |||||||||||||||||||
• | All other subsidiaries of ION Geophysical Corporation that are not Guarantors. | |||||||||||||||||||
• | The consolidating adjustments necessary to present ION Geophysical Corporation’s results on a consolidated basis. | |||||||||||||||||||
This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Balance Sheet | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 154,845 | $ | 1,539 | $ | 40,922 | $ | — | $ | 197,306 | ||||||||||
Accounts receivable, net | 2,532 | 46,308 | 49,391 | — | 98,231 | |||||||||||||||
Unbilled receivables | — | 55,168 | 13,284 | — | 68,452 | |||||||||||||||
Inventories | — | 5,658 | 49,051 | — | 54,709 | |||||||||||||||
Prepaid expenses and other current assets | 12,087 | 4,897 | 10,391 | (1,770 | ) | 25,605 | ||||||||||||||
Total current assets | 169,464 | 113,570 | 163,039 | (1,770 | ) | 444,303 | ||||||||||||||
Deferred income tax asset | 6,500 | 6,675 | 758 | 406 | 14,339 | |||||||||||||||
Property, plant, equipment and seismic rental equipment, net | 6,152 | 29,977 | 23,682 | — | 59,811 | |||||||||||||||
Multi-client data library, net | — | 213,272 | 29,811 | — | 243,083 | |||||||||||||||
Equity method investments | 47,466 | — | — | — | 47,466 | |||||||||||||||
Investment in subsidiaries | 785,917 | 256,637 | — | (1,042,554 | ) | — | ||||||||||||||
Goodwill | — | 26,984 | 29,127 | — | 56,111 | |||||||||||||||
Intangible assets, net | — | 7,747 | 2,819 | — | 10,566 | |||||||||||||||
Intercompany receivables | 50,557 | — | — | (50,557 | ) | — | ||||||||||||||
Other assets | 13,845 | 46 | 24,249 | (22,500 | ) | 15,640 | ||||||||||||||
Total assets | $ | 1,079,901 | $ | 654,908 | $ | 273,485 | $ | (1,116,975 | ) | $ | 891,319 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current maturities of long-term debt | $ | 50,000 | $ | 4,794 | $ | 5,757 | $ | — | $ | 60,551 | ||||||||||
Accounts payable | 2,001 | 13,078 | 23,575 | — | 38,654 | |||||||||||||||
Accrued expenses | 15,888 | 41,532 | 16,133 | (1,082 | ) | 72,471 | ||||||||||||||
Accrued multi-client data library royalties | — | 37,648 | 615 | — | 38,263 | |||||||||||||||
Deferred revenue | — | 12,689 | 3,341 | — | 16,030 | |||||||||||||||
Total current liabilities | 67,889 | 109,741 | 49,421 | (1,082 | ) | 225,969 | ||||||||||||||
Long-term debt, net of current maturities | 175,000 | 4,073 | 1,389 | — | 180,462 | |||||||||||||||
Intercompany payables | 467,223 | 34,145 | 16,412 | (517,780 | ) | — | ||||||||||||||
Other long-term liabilities | 33,957 | 121,617 | 10,195 | (22,782 | ) | 142,987 | ||||||||||||||
Total liabilities | 744,069 | 269,576 | 77,417 | (541,644 | ) | 549,418 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 5,552 | — | 5,552 | |||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 1,640 | 290,460 | 22,362 | (312,822 | ) | 1,640 | ||||||||||||||
Additional paid-in capital | 882,892 | 175,005 | 235,994 | (410,999 | ) | 882,892 | ||||||||||||||
Accumulated earnings (deficit) | (530,178 | ) | 324,015 | (69 | ) | (323,946 | ) | (530,178 | ) | |||||||||||
Accumulated other comprehensive income (loss) | (11,799 | ) | 6,217 | (11,430 | ) | 5,213 | (11,799 | ) | ||||||||||||
Due from ION Geophysical Corporation | — | (410,365 | ) | (56,858 | ) | 467,223 | — | |||||||||||||
Treasury stock | (6,565 | ) | — | — | — | (6,565 | ) | |||||||||||||
Total stockholders’ equity | 335,990 | 385,332 | 189,999 | (575,331 | ) | 335,990 | ||||||||||||||
Noncontrolling interests | (158 | ) | — | 517 | — | 359 | ||||||||||||||
Total equity | 335,832 | 385,332 | 190,516 | (575,331 | ) | 336,349 | ||||||||||||||
Total liabilities and equity | $ | 1,079,901 | $ | 654,908 | $ | 273,485 | $ | (1,116,975 | ) | $ | 891,319 | |||||||||
December 31, 2013 | ||||||||||||||||||||
Balance Sheet | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 124,701 | $ | — | $ | 23,355 | $ | — | $ | 148,056 | ||||||||||
Accounts receivable, net | 1,874 | 99,547 | 48,027 | — | 149,448 | |||||||||||||||
Unbilled receivables | — | 33,490 | 15,978 | — | 49,468 | |||||||||||||||
Inventories | — | 6,595 | 50,578 | — | 57,173 | |||||||||||||||
Prepaid expenses and other current assets | 12,888 | 5,030 | 7,438 | (584 | ) | 24,772 | ||||||||||||||
Total current assets | 139,463 | 144,662 | 145,376 | (584 | ) | 428,917 | ||||||||||||||
Deferred income tax asset | 6,513 | 6,960 | 489 | 688 | 14,650 | |||||||||||||||
Property, plant, equipment and seismic rental equipment, net | 6,440 | 29,845 | 10,399 | — | 46,684 | |||||||||||||||
Multi-client data library, net | — | 212,572 | 26,212 | — | 238,784 | |||||||||||||||
Equity method investments | 51,065 | — | 2,800 | — | 53,865 | |||||||||||||||
Investment in subsidiaries | 699,695 | 248,482 | — | (948,177 | ) | — | ||||||||||||||
Goodwill | — | 26,984 | 28,892 | — | 55,876 | |||||||||||||||
Intangible assets, net | — | 8,246 | 3,001 | — | 11,247 | |||||||||||||||
Intercompany receivables | 8,313 | 13,419 | — | (21,732 | ) | — | ||||||||||||||
Other assets | 14,315 | 56 | 24,262 | (23,985 | ) | 14,648 | ||||||||||||||
Total assets | $ | 925,804 | $ | 691,226 | $ | 241,431 | $ | (993,790 | ) | $ | 864,671 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 4,716 | $ | 1,190 | $ | — | $ | 5,906 | ||||||||||
Accounts payable | 3,515 | 11,741 | 7,364 | 34 | 22,654 | |||||||||||||||
Accrued expenses | 16,652 | 54,250 | 13,392 | 64 | 84,358 | |||||||||||||||
Accrued multi-client data library royalties | — | 45,921 | 539 | — | 46,460 | |||||||||||||||
Deferred revenue | — | 16,387 | 4,295 | — | 20,682 | |||||||||||||||
Total current liabilities | 20,167 | 133,015 | 26,780 | 98 | 180,060 | |||||||||||||||
Long-term debt, net of current maturities | 210,000 | 3,655 | 591 | — | 214,246 | |||||||||||||||
Intercompany payables | 426,134 | — | 21,732 | (447,866 | ) | — | ||||||||||||||
Other long-term liabilities | 11,757 | 214,211 | 8,637 | (24,003 | ) | 210,602 | ||||||||||||||
Total liabilities | 668,058 | 350,881 | 57,740 | (471,771 | ) | 604,908 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 1,878 | — | 1,878 | |||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 1,637 | 290,460 | 19,138 | (309,598 | ) | 1,637 | ||||||||||||||
Additional paid-in capital | 879,969 | 180,700 | 235,381 | (416,081 | ) | 879,969 | ||||||||||||||
Accumulated earnings (deficit) | (606,157 | ) | 232,186 | (4,010 | ) | (228,176 | ) | (606,157 | ) | |||||||||||
Accumulated other comprehensive income (loss) | (11,138 | ) | 6,218 | (11,920 | ) | 5,702 | (11,138 | ) | ||||||||||||
Due from ION Geophysical Corporation | — | (369,219 | ) | (56,915 | ) | 426,134 | — | |||||||||||||
Treasury stock | (6,565 | ) | — | — | — | (6,565 | ) | |||||||||||||
Total stockholders’ equity | 257,746 | 340,345 | 181,674 | (522,019 | ) | 257,746 | ||||||||||||||
Noncontrolling interests | — | — | 139 | — | 139 | |||||||||||||||
Total equity | 257,746 | 340,345 | 181,813 | (522,019 | ) | 257,885 | ||||||||||||||
Total liabilities and equity | $ | 925,804 | $ | 691,226 | $ | 241,431 | $ | (993,790 | ) | $ | 864,671 | |||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Income Statement | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Total net revenues | $ | — | $ | 78,122 | $ | 66,576 | $ | — | $ | 144,698 | ||||||||||
Cost of goods sold | — | 43,996 | 43,848 | — | 87,844 | |||||||||||||||
Gross profit | — | 34,126 | 22,728 | — | 56,854 | |||||||||||||||
Total operating expenses | 9,021 | 15,255 | 12,907 | — | 37,183 | |||||||||||||||
Income (loss) from operations | (9,021 | ) | 18,871 | 9,821 | — | 19,671 | ||||||||||||||
Interest expense, net | (4,573 | ) | (42 | ) | (182 | ) | — | (4,797 | ) | |||||||||||
Intercompany interest, net | 66 | (435 | ) | 369 | — | — | ||||||||||||||
Equity in earnings (losses) of investments | 89,488 | 3,856 | 738 | (95,770 | ) | (1,688 | ) | |||||||||||||
Other income (expense) | 497 | 69,911 | (1,882 | ) | — | 68,526 | ||||||||||||||
Net income before income taxes | 76,457 | 92,161 | 8,864 | (95,770 | ) | 81,712 | ||||||||||||||
Income tax expense | 478 | 332 | 4,453 | — | 5,263 | |||||||||||||||
Net income | 75,979 | 91,829 | 4,411 | (95,770 | ) | 76,449 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (470 | ) | — | (470 | ) | |||||||||||||
Net income applicable to common shares | $ | 75,979 | $ | 91,829 | $ | 3,941 | $ | (95,770 | ) | $ | 75,979 | |||||||||
Comprehensive net income | $ | 75,318 | $ | 91,828 | $ | 4,901 | $ | (96,259 | ) | $ | 75,788 | |||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (470 | ) | — | (470 | ) | |||||||||||||
Comprehensive net income attributable to ION | $ | 75,318 | $ | 91,828 | $ | 4,431 | $ | (96,259 | ) | $ | 75,318 | |||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Income Statement | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Total net revenues | $ | — | $ | 73,922 | $ | 55,815 | $ | — | $ | 129,737 | ||||||||||
Cost of goods sold | — | 60,183 | 34,597 | — | 94,780 | |||||||||||||||
Gross profit | — | 13,739 | 21,218 | — | 34,957 | |||||||||||||||
Total operating expenses | 8,030 | 16,357 | 8,647 | — | 33,034 | |||||||||||||||
Income (loss) from operations | (8,030 | ) | (2,618 | ) | 12,571 | — | 1,923 | |||||||||||||
Interest expense, net | (1,025 | ) | 22 | (63 | ) | — | (1,066 | ) | ||||||||||||
Intercompany interest, net | 82 | (269 | ) | 187 | — | — | ||||||||||||||
Equity in earnings (losses) of investments | 5,837 | 6,634 | (735 | ) | (10,620 | ) | 1,116 | |||||||||||||
Other income | 340 | 8 | 679 | — | 1,027 | |||||||||||||||
Net income (loss) before income taxes | (2,796 | ) | 3,777 | 12,639 | (10,620 | ) | 3,000 | |||||||||||||
Income tax expense (benefit) | (4,671 | ) | (768 | ) | 6,640 | — | 1,201 | |||||||||||||
Net income | 1,875 | 4,545 | 5,999 | (10,620 | ) | 1,799 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 76 | — | 76 | |||||||||||||||
Net income attributable to ION | 1,875 | 4,545 | 6,075 | (10,620 | ) | 1,875 | ||||||||||||||
Preferred stock dividends | 338 | — | — | — | 338 | |||||||||||||||
Net income applicable to common shares | $ | 1,537 | $ | 4,545 | $ | 6,075 | $ | (10,620 | ) | $ | 1,537 | |||||||||
Comprehensive net income (loss) | $ | (1,781 | ) | $ | 4,546 | $ | 2,275 | $ | (6,897 | ) | $ | (1,857 | ) | |||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 76 | — | 76 | |||||||||||||||
Comprehensive net income (loss) attributable to ION | $ | (1,781 | ) | $ | 4,546 | $ | 2,351 | $ | (6,897 | ) | $ | (1,781 | ) | |||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Statement of Cash Flows | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net cash provided by operating activities | $ | 15,105 | $ | 19,989 | $ | 27,588 | $ | — | $ | 62,682 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Cash invested in multi-client data library | — | (22,299 | ) | (54 | ) | — | (22,353 | ) | ||||||||||||
Purchase of property, plant, equipment and seismic rental equipment | (551 | ) | (1,230 | ) | (216 | ) | — | (1,997 | ) | |||||||||||
Repayment of advances by INOVA Geophysical | 1,000 | — | — | — | 1,000 | |||||||||||||||
Investment in and advances to OceanGeo B.V. | — | — | (3,683 | ) | — | (3,683 | ) | |||||||||||||
Cash of OceanGeo B.V. upon acquiring a controlling interest | — | — | 609 | — | 609 | |||||||||||||||
Other investing activities | 579 | 26 | — | — | 605 | |||||||||||||||
Net cash provided by (used in) investing activities | 1,028 | (23,503 | ) | (3,344 | ) | — | (25,819 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings under revolving line of credit | 15,000 | — | — | — | 15,000 | |||||||||||||||
Payments on notes payable and long-term debt | — | (1,365 | ) | (1,390 | ) | — | (2,755 | ) | ||||||||||||
Intercompany lending | (1,155 | ) | 6,418 | (5,263 | ) | — | — | |||||||||||||
Proceeds from employee stock purchases and exercise of stock options | 246 | — | — | — | 246 | |||||||||||||||
Other financing activities | (80 | ) | — | — | — | (80 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 14,011 | 5,053 | (6,653 | ) | — | 12,411 | ||||||||||||||
Effect of change in foreign currency exchange rates on cash and cash equivalents | — | — | (24 | ) | — | (24 | ) | |||||||||||||
Net increase in cash and cash equivalents | 30,144 | 1,539 | 17,567 | — | 49,250 | |||||||||||||||
Cash and cash equivalents at beginning of period | 124,701 | — | 23,355 | — | 148,056 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 154,845 | $ | 1,539 | $ | 40,922 | $ | — | $ | 197,306 | ||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Statement of Cash Flows | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net cash provided by operating activities | $ | 16,769 | $ | 7,813 | $ | 25,009 | $ | — | $ | 49,591 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Cash invested in multi-client data library | — | (13,076 | ) | (15,702 | ) | — | (28,778 | ) | ||||||||||||
Purchase of property, plant, equipment and seismic rental equipment | — | (3,774 | ) | — | — | (3,774 | ) | |||||||||||||
Investment in and advances to OceanGeo B.V. | (8,000 | ) | — | (1,500 | ) | — | (9,500 | ) | ||||||||||||
Investment in convertible notes | (1,000 | ) | — | — | — | (1,000 | ) | |||||||||||||
Other investing activities | — | — | 76 | — | 76 | |||||||||||||||
Net cash used in investing activities | (9,000 | ) | (16,850 | ) | (17,126 | ) | — | (42,976 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments on notes payable and long-term debt | — | (597 | ) | (251 | ) | — | (848 | ) | ||||||||||||
Intercompany lending | (26,286 | ) | 9,634 | 16,652 | — | — | ||||||||||||||
Payment of preferred dividends | (338 | ) | — | — | — | (338 | ) | |||||||||||||
Proceeds from employee stock purchases and exercise of stock options | 716 | — | — | — | 716 | |||||||||||||||
Other financing activities | 350 | — | — | — | 350 | |||||||||||||||
Net cash provided by (used in) financing activities | (25,558 | ) | 9,037 | 16,401 | — | (120 | ) | |||||||||||||
Effect of change in foreign currency exchange rates on cash and cash equivalents | — | — | (891 | ) | — | (891 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (17,789 | ) | — | 23,393 | — | 5,604 | ||||||||||||||
Cash and cash equivalents at beginning of period | 30,343 | — | 30,628 | — | 60,971 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 12,554 | $ | — | $ | 54,021 | $ | — | $ | 66,575 | ||||||||||
Other_Income_Net
Other Income, Net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Income and Expenses [Abstract] | ' | |||||||
Other Income, Net | ' | |||||||
Other Income, Net | ||||||||
A summary of other income, net is as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Reduction of accrual for loss contingency related to legal proceedings (Note 8) | $ | 69,557 | $ | — | ||||
Other income (expense), net | (1,031 | ) | 1,027 | |||||
Total other income, net | $ | 68,526 | $ | 1,027 | ||||
Acquisition_of_Controlling_Int1
Acquisition of Controlling Interest in OceanGeo (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table summarizes the fair value assigned to the assets acquired and liabilities assumed, as well as the noncontrolling interest, at the acquisition date (in thousands): | |||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed: | |||||||||
Cash and cash equivalents | $ | 609 | |||||||
Accounts receivable | 9,247 | ||||||||
Prepaid expenses and other current assets | 1,433 | ||||||||
Multi-client data library | 3,876 | ||||||||
Property, plant, equipment and seismic rental equipment, net | 14,598 | ||||||||
Other assets | 2,227 | ||||||||
Total identifiable assets | 31,990 | ||||||||
Accounts payable and accrued liabilities | (13,464 | ) | |||||||
Bank loans | (6,135 | ) | |||||||
Other liabilities | (1,026 | ) | |||||||
Net assets | 11,365 | ||||||||
Noncontrolling interest | (3,410 | ) | |||||||
Total consideration | $ | 7,955 | |||||||
Business Acquisition, Pro Forma Information | ' | ||||||||
Amounts presented below are in thousands, except for the per share amounts: | |||||||||
Pro forma Consolidated ION Income Statement Information | Three Months Ended March 31, | ||||||||
2014 | 2013 | ||||||||
Net revenues | $ | 153,882 | $ | 147,706 | |||||
Income from operations | $ | 23,747 | $ | 4,291 | |||||
Net income | $ | 77,968 | $ | 4,010 | |||||
Net income attributable to ION | $ | 76,821 | $ | 3,164 | |||||
Basic net income per common share | $ | 0.47 | $ | 0.02 | |||||
Diluted net income per common share | $ | 0.47 | $ | 0.02 | |||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Summary of Segment Information | ' | |||||||
A summary of segment information is as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net revenues: | ||||||||
Solutions: | ||||||||
New Venture | $ | 32,738 | $ | 48,436 | ||||
Data Library | 13,217 | 9,448 | ||||||
Total multi-client revenues | 45,955 | 57,884 | ||||||
Data Processing | 43,286 | 31,286 | ||||||
Total | $ | 89,241 | $ | 89,170 | ||||
Systems: | ||||||||
Towed Streamer | $ | 11,851 | $ | 13,549 | ||||
Ocean Bottom Equipment | — | 6,765 | ||||||
Other | 12,997 | 11,533 | ||||||
Total | $ | 24,848 | $ | 31,847 | ||||
Software: | ||||||||
Software Systems | $ | 9,154 | $ | 7,941 | ||||
Services | 885 | 779 | ||||||
Total | $ | 10,039 | $ | 8,720 | ||||
Ocean Bottom Services | $ | 20,570 | $ | — | ||||
Total | $ | 144,698 | $ | 129,737 | ||||
Gross profit: | ||||||||
Solutions | $ | 33,011 | $ | 20,197 | ||||
Systems | 11,417 | 8,380 | ||||||
Software | 7,257 | 6,380 | ||||||
Ocean Bottom Services | 5,169 | — | ||||||
Total | $ | 56,854 | $ | 34,957 | ||||
Gross margin: | ||||||||
Solutions | 37 | % | 23 | % | ||||
Systems | 46 | % | 26 | % | ||||
Software | 72 | % | 73 | % | ||||
Ocean Bottom Services | 25 | % | — | % | ||||
Total | 39 | % | 27 | % | ||||
Income from operations: | ||||||||
Solutions | $ | 19,112 | $ | 7,357 | ||||
Systems | 3,371 | 934 | ||||||
Software | 5,128 | 5,161 | ||||||
Ocean Bottom Services | 4,162 | — | ||||||
Corporate and other | (12,102 | ) | (11,529 | ) | ||||
Income from operations | 19,671 | 1,923 | ||||||
Interest expense, net | (4,797 | ) | (1,066 | ) | ||||
Equity in earnings (losses) of investments | (1,688 | ) | 1,116 | |||||
Other income, net | 68,526 | 1,027 | ||||||
Income before income taxes | $ | 81,712 | $ | 3,000 | ||||
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
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 during the three months ended March 31, 2014 (in thousands): | ||||||||||||
INOVA Geophysical | OceanGeo | Total | ||||||||||
Investments at December 31, 2013 | $ | 51,065 | $ | 2,800 | $ | 53,865 | ||||||
Equity in earnings (losses) of investments | (2,426 | ) | 738 | (1,688 | ) | |||||||
Advances to OceanGeo (prior to consolidation) | — | 3,683 | 3,683 | |||||||||
Acquisition of controlling interest (consolidation) of OceanGeo | — | (7,221 | ) | (7,221 | ) | |||||||
Equity interest in investees' other comprehensive loss | (1,173 | ) | — | (1,173 | ) | |||||||
Investment at March 31, 2014 | $ | 47,466 | $ | — | $ | 47,466 | ||||||
Equity Method Investments Summarized Financial Information | ' | |||||||||||
The following table reflects the summarized financial information for INOVA Geophysical for the three months ended December 31, 2013 and 2012 (in thousands): | ||||||||||||
Three Months Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Net revenues | $ | 40,176 | $ | 59,611 | ||||||||
Gross profit | $ | 4,948 | $ | 12,327 | ||||||||
Loss from operations | $ | (3,667 | ) | $ | (250 | ) | ||||||
Net income (loss) | $ | (4,951 | ) | $ | 3,742 | |||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Obligations | ' | ||||||||
Obligations (in thousands) | March 31, 2014 | December 31, 2013 | |||||||
Senior secured second-priority notes | $ | 175,000 | $ | 175,000 | |||||
Revolving line of credit | 50,000 | 35,000 | |||||||
Equipment capital leases | 9,091 | 8,651 | |||||||
Brazil bank debt | 5,649 | — | |||||||
Facility lease obligation | 1,273 | 1,501 | |||||||
Total | 241,013 | 220,152 | |||||||
Current portion of long-term debt and lease obligations | (60,551 | ) | (5,906 | ) | |||||
Non-current portion of long-term debt and lease obligations | $ | 180,462 | $ | 214,246 | |||||
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 12-month period beginning on May 15th of the years indicated below: | |||||||||
Date | Percentage | ||||||||
2015 | 104.06% | ||||||||
2016 | 102.03% | ||||||||
2017 and thereafter | 100.00% |
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 per common share (in thousands, except per share amounts): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net income applicable to common shares | $ | 75,979 | $ | 1,537 | ||||
Weighted average number of common shares outstanding | 163,847 | 156,465 | ||||||
Effect of dilutive stock awards | 214 | 850 | ||||||
Weighted average number of diluted common shares outstanding | 164,061 | 157,315 | ||||||
Basic net income per share | $ | 0.46 | $ | 0.01 | ||||
Diluted net income per share | $ | 0.46 | $ | 0.01 | ||||
Details_of_Selected_Balance_Sh1
Details of Selected Balance Sheet Accounts (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Summary of Inventories | ' | |||||||
A summary of inventories is as follows (in thousands): | March 31, 2014 | December 31, 2013 | ||||||
Raw materials and subassemblies | $ | 56,252 | $ | 54,168 | ||||
Work-in-process | 2,428 | 2,297 | ||||||
Finished goods | 27,285 | 33,263 | ||||||
Reserve for excess and obsolete inventories | (31,256 | ) | (32,555 | ) | ||||
Total | $ | 54,709 | $ | 57,173 | ||||
Summary of Other Long-term Liabilities | ' | |||||||
A summary of other long-term liabilities is as follows (in thousands): | March 31, 2014 | December 31, 2013 | ||||||
Accrual for loss contingency related to legal proceedings (Note 8) | $ | 123,770 | $ | 193,327 | ||||
Facility restructuring accrual | 4,818 | 4,837 | ||||||
Other long-term liabilities | 14,399 | 12,438 | ||||||
Total | $ | 142,987 | $ | 210,602 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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) | Other changes in other comprehensive income (loss) | Total | |||||||||||||
Accumulated other comprehensive income (loss) at December 31, 2013 | $ | (11,923 | ) | $ | 841 | $ | (56 | ) | $ | (11,138 | ) | |||||
Net current-period other comprehensive income (loss) | 486 | (1,173 | ) | 26 | (661 | ) | ||||||||||
Accumulated other comprehensive income (loss) at March 31, 2014 | $ | (11,437 | ) | $ | (332 | ) | $ | (30 | ) | $ | (11,799 | ) | ||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information and Non-Cash Activity (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Purchases of computer equipment financed through capital leases | $ | 1,952 | $ | — | ||||
Transfer of inventory to property, plant, equipment and seismic rental equipment | $ | 2,308 | $ | 134 | ||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Balance Sheet | ' | |||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Balance Sheet | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 154,845 | $ | 1,539 | $ | 40,922 | $ | — | $ | 197,306 | ||||||||||
Accounts receivable, net | 2,532 | 46,308 | 49,391 | — | 98,231 | |||||||||||||||
Unbilled receivables | — | 55,168 | 13,284 | — | 68,452 | |||||||||||||||
Inventories | — | 5,658 | 49,051 | — | 54,709 | |||||||||||||||
Prepaid expenses and other current assets | 12,087 | 4,897 | 10,391 | (1,770 | ) | 25,605 | ||||||||||||||
Total current assets | 169,464 | 113,570 | 163,039 | (1,770 | ) | 444,303 | ||||||||||||||
Deferred income tax asset | 6,500 | 6,675 | 758 | 406 | 14,339 | |||||||||||||||
Property, plant, equipment and seismic rental equipment, net | 6,152 | 29,977 | 23,682 | — | 59,811 | |||||||||||||||
Multi-client data library, net | — | 213,272 | 29,811 | — | 243,083 | |||||||||||||||
Equity method investments | 47,466 | — | — | — | 47,466 | |||||||||||||||
Investment in subsidiaries | 785,917 | 256,637 | — | (1,042,554 | ) | — | ||||||||||||||
Goodwill | — | 26,984 | 29,127 | — | 56,111 | |||||||||||||||
Intangible assets, net | — | 7,747 | 2,819 | — | 10,566 | |||||||||||||||
Intercompany receivables | 50,557 | — | — | (50,557 | ) | — | ||||||||||||||
Other assets | 13,845 | 46 | 24,249 | (22,500 | ) | 15,640 | ||||||||||||||
Total assets | $ | 1,079,901 | $ | 654,908 | $ | 273,485 | $ | (1,116,975 | ) | $ | 891,319 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current maturities of long-term debt | $ | 50,000 | $ | 4,794 | $ | 5,757 | $ | — | $ | 60,551 | ||||||||||
Accounts payable | 2,001 | 13,078 | 23,575 | — | 38,654 | |||||||||||||||
Accrued expenses | 15,888 | 41,532 | 16,133 | (1,082 | ) | 72,471 | ||||||||||||||
Accrued multi-client data library royalties | — | 37,648 | 615 | — | 38,263 | |||||||||||||||
Deferred revenue | — | 12,689 | 3,341 | — | 16,030 | |||||||||||||||
Total current liabilities | 67,889 | 109,741 | 49,421 | (1,082 | ) | 225,969 | ||||||||||||||
Long-term debt, net of current maturities | 175,000 | 4,073 | 1,389 | — | 180,462 | |||||||||||||||
Intercompany payables | 467,223 | 34,145 | 16,412 | (517,780 | ) | — | ||||||||||||||
Other long-term liabilities | 33,957 | 121,617 | 10,195 | (22,782 | ) | 142,987 | ||||||||||||||
Total liabilities | 744,069 | 269,576 | 77,417 | (541,644 | ) | 549,418 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 5,552 | — | 5,552 | |||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 1,640 | 290,460 | 22,362 | (312,822 | ) | 1,640 | ||||||||||||||
Additional paid-in capital | 882,892 | 175,005 | 235,994 | (410,999 | ) | 882,892 | ||||||||||||||
Accumulated earnings (deficit) | (530,178 | ) | 324,015 | (69 | ) | (323,946 | ) | (530,178 | ) | |||||||||||
Accumulated other comprehensive income (loss) | (11,799 | ) | 6,217 | (11,430 | ) | 5,213 | (11,799 | ) | ||||||||||||
Due from ION Geophysical Corporation | — | (410,365 | ) | (56,858 | ) | 467,223 | — | |||||||||||||
Treasury stock | (6,565 | ) | — | — | — | (6,565 | ) | |||||||||||||
Total stockholders’ equity | 335,990 | 385,332 | 189,999 | (575,331 | ) | 335,990 | ||||||||||||||
Noncontrolling interests | (158 | ) | — | 517 | — | 359 | ||||||||||||||
Total equity | 335,832 | 385,332 | 190,516 | (575,331 | ) | 336,349 | ||||||||||||||
Total liabilities and equity | $ | 1,079,901 | $ | 654,908 | $ | 273,485 | $ | (1,116,975 | ) | $ | 891,319 | |||||||||
December 31, 2013 | ||||||||||||||||||||
Balance Sheet | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 124,701 | $ | — | $ | 23,355 | $ | — | $ | 148,056 | ||||||||||
Accounts receivable, net | 1,874 | 99,547 | 48,027 | — | 149,448 | |||||||||||||||
Unbilled receivables | — | 33,490 | 15,978 | — | 49,468 | |||||||||||||||
Inventories | — | 6,595 | 50,578 | — | 57,173 | |||||||||||||||
Prepaid expenses and other current assets | 12,888 | 5,030 | 7,438 | (584 | ) | 24,772 | ||||||||||||||
Total current assets | 139,463 | 144,662 | 145,376 | (584 | ) | 428,917 | ||||||||||||||
Deferred income tax asset | 6,513 | 6,960 | 489 | 688 | 14,650 | |||||||||||||||
Property, plant, equipment and seismic rental equipment, net | 6,440 | 29,845 | 10,399 | — | 46,684 | |||||||||||||||
Multi-client data library, net | — | 212,572 | 26,212 | — | 238,784 | |||||||||||||||
Equity method investments | 51,065 | — | 2,800 | — | 53,865 | |||||||||||||||
Investment in subsidiaries | 699,695 | 248,482 | — | (948,177 | ) | — | ||||||||||||||
Goodwill | — | 26,984 | 28,892 | — | 55,876 | |||||||||||||||
Intangible assets, net | — | 8,246 | 3,001 | — | 11,247 | |||||||||||||||
Intercompany receivables | 8,313 | 13,419 | — | (21,732 | ) | — | ||||||||||||||
Other assets | 14,315 | 56 | 24,262 | (23,985 | ) | 14,648 | ||||||||||||||
Total assets | $ | 925,804 | $ | 691,226 | $ | 241,431 | $ | (993,790 | ) | $ | 864,671 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 4,716 | $ | 1,190 | $ | — | $ | 5,906 | ||||||||||
Accounts payable | 3,515 | 11,741 | 7,364 | 34 | 22,654 | |||||||||||||||
Accrued expenses | 16,652 | 54,250 | 13,392 | 64 | 84,358 | |||||||||||||||
Accrued multi-client data library royalties | — | 45,921 | 539 | — | 46,460 | |||||||||||||||
Deferred revenue | — | 16,387 | 4,295 | — | 20,682 | |||||||||||||||
Total current liabilities | 20,167 | 133,015 | 26,780 | 98 | 180,060 | |||||||||||||||
Long-term debt, net of current maturities | 210,000 | 3,655 | 591 | — | 214,246 | |||||||||||||||
Intercompany payables | 426,134 | — | 21,732 | (447,866 | ) | — | ||||||||||||||
Other long-term liabilities | 11,757 | 214,211 | 8,637 | (24,003 | ) | 210,602 | ||||||||||||||
Total liabilities | 668,058 | 350,881 | 57,740 | (471,771 | ) | 604,908 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 1,878 | — | 1,878 | |||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 1,637 | 290,460 | 19,138 | (309,598 | ) | 1,637 | ||||||||||||||
Additional paid-in capital | 879,969 | 180,700 | 235,381 | (416,081 | ) | 879,969 | ||||||||||||||
Accumulated earnings (deficit) | (606,157 | ) | 232,186 | (4,010 | ) | (228,176 | ) | (606,157 | ) | |||||||||||
Accumulated other comprehensive income (loss) | (11,138 | ) | 6,218 | (11,920 | ) | 5,702 | (11,138 | ) | ||||||||||||
Due from ION Geophysical Corporation | — | (369,219 | ) | (56,915 | ) | 426,134 | — | |||||||||||||
Treasury stock | (6,565 | ) | — | — | — | (6,565 | ) | |||||||||||||
Total stockholders’ equity | 257,746 | 340,345 | 181,674 | (522,019 | ) | 257,746 | ||||||||||||||
Noncontrolling interests | — | — | 139 | — | 139 | |||||||||||||||
Total equity | 257,746 | 340,345 | 181,813 | (522,019 | ) | 257,885 | ||||||||||||||
Total liabilities and equity | $ | 925,804 | $ | 691,226 | $ | 241,431 | $ | (993,790 | ) | $ | 864,671 | |||||||||
Condensed Income Statement | ' | |||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Income Statement | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Total net revenues | $ | — | $ | 78,122 | $ | 66,576 | $ | — | $ | 144,698 | ||||||||||
Cost of goods sold | — | 43,996 | 43,848 | — | 87,844 | |||||||||||||||
Gross profit | — | 34,126 | 22,728 | — | 56,854 | |||||||||||||||
Total operating expenses | 9,021 | 15,255 | 12,907 | — | 37,183 | |||||||||||||||
Income (loss) from operations | (9,021 | ) | 18,871 | 9,821 | — | 19,671 | ||||||||||||||
Interest expense, net | (4,573 | ) | (42 | ) | (182 | ) | — | (4,797 | ) | |||||||||||
Intercompany interest, net | 66 | (435 | ) | 369 | — | — | ||||||||||||||
Equity in earnings (losses) of investments | 89,488 | 3,856 | 738 | (95,770 | ) | (1,688 | ) | |||||||||||||
Other income (expense) | 497 | 69,911 | (1,882 | ) | — | 68,526 | ||||||||||||||
Net income before income taxes | 76,457 | 92,161 | 8,864 | (95,770 | ) | 81,712 | ||||||||||||||
Income tax expense | 478 | 332 | 4,453 | — | 5,263 | |||||||||||||||
Net income | 75,979 | 91,829 | 4,411 | (95,770 | ) | 76,449 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (470 | ) | — | (470 | ) | |||||||||||||
Net income applicable to common shares | $ | 75,979 | $ | 91,829 | $ | 3,941 | $ | (95,770 | ) | $ | 75,979 | |||||||||
Comprehensive net income | $ | 75,318 | $ | 91,828 | $ | 4,901 | $ | (96,259 | ) | $ | 75,788 | |||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (470 | ) | — | (470 | ) | |||||||||||||
Comprehensive net income attributable to ION | $ | 75,318 | $ | 91,828 | $ | 4,431 | $ | (96,259 | ) | $ | 75,318 | |||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Income Statement | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Total net revenues | $ | — | $ | 73,922 | $ | 55,815 | $ | — | $ | 129,737 | ||||||||||
Cost of goods sold | — | 60,183 | 34,597 | — | 94,780 | |||||||||||||||
Gross profit | — | 13,739 | 21,218 | — | 34,957 | |||||||||||||||
Total operating expenses | 8,030 | 16,357 | 8,647 | — | 33,034 | |||||||||||||||
Income (loss) from operations | (8,030 | ) | (2,618 | ) | 12,571 | — | 1,923 | |||||||||||||
Interest expense, net | (1,025 | ) | 22 | (63 | ) | — | (1,066 | ) | ||||||||||||
Intercompany interest, net | 82 | (269 | ) | 187 | — | — | ||||||||||||||
Equity in earnings (losses) of investments | 5,837 | 6,634 | (735 | ) | (10,620 | ) | 1,116 | |||||||||||||
Other income | 340 | 8 | 679 | — | 1,027 | |||||||||||||||
Net income (loss) before income taxes | (2,796 | ) | 3,777 | 12,639 | (10,620 | ) | 3,000 | |||||||||||||
Income tax expense (benefit) | (4,671 | ) | (768 | ) | 6,640 | — | 1,201 | |||||||||||||
Net income | 1,875 | 4,545 | 5,999 | (10,620 | ) | 1,799 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 76 | — | 76 | |||||||||||||||
Net income attributable to ION | 1,875 | 4,545 | 6,075 | (10,620 | ) | 1,875 | ||||||||||||||
Preferred stock dividends | 338 | — | — | — | 338 | |||||||||||||||
Net income applicable to common shares | $ | 1,537 | $ | 4,545 | $ | 6,075 | $ | (10,620 | ) | $ | 1,537 | |||||||||
Comprehensive net income (loss) | $ | (1,781 | ) | $ | 4,546 | $ | 2,275 | $ | (6,897 | ) | $ | (1,857 | ) | |||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 76 | — | 76 | |||||||||||||||
Comprehensive net income (loss) attributable to ION | $ | (1,781 | ) | $ | 4,546 | $ | 2,351 | $ | (6,897 | ) | $ | (1,781 | ) | |||||||
Condensed Cash Flow Statement | ' | |||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Statement of Cash Flows | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net cash provided by operating activities | $ | 15,105 | $ | 19,989 | $ | 27,588 | $ | — | $ | 62,682 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Cash invested in multi-client data library | — | (22,299 | ) | (54 | ) | — | (22,353 | ) | ||||||||||||
Purchase of property, plant, equipment and seismic rental equipment | (551 | ) | (1,230 | ) | (216 | ) | — | (1,997 | ) | |||||||||||
Repayment of advances by INOVA Geophysical | 1,000 | — | — | — | 1,000 | |||||||||||||||
Investment in and advances to OceanGeo B.V. | — | — | (3,683 | ) | — | (3,683 | ) | |||||||||||||
Cash of OceanGeo B.V. upon acquiring a controlling interest | — | — | 609 | — | 609 | |||||||||||||||
Other investing activities | 579 | 26 | — | — | 605 | |||||||||||||||
Net cash provided by (used in) investing activities | 1,028 | (23,503 | ) | (3,344 | ) | — | (25,819 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings under revolving line of credit | 15,000 | — | — | — | 15,000 | |||||||||||||||
Payments on notes payable and long-term debt | — | (1,365 | ) | (1,390 | ) | — | (2,755 | ) | ||||||||||||
Intercompany lending | (1,155 | ) | 6,418 | (5,263 | ) | — | — | |||||||||||||
Proceeds from employee stock purchases and exercise of stock options | 246 | — | — | — | 246 | |||||||||||||||
Other financing activities | (80 | ) | — | — | — | (80 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 14,011 | 5,053 | (6,653 | ) | — | 12,411 | ||||||||||||||
Effect of change in foreign currency exchange rates on cash and cash equivalents | — | — | (24 | ) | — | (24 | ) | |||||||||||||
Net increase in cash and cash equivalents | 30,144 | 1,539 | 17,567 | — | 49,250 | |||||||||||||||
Cash and cash equivalents at beginning of period | 124,701 | — | 23,355 | — | 148,056 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 154,845 | $ | 1,539 | $ | 40,922 | $ | — | $ | 197,306 | ||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Statement of Cash Flows | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net cash provided by operating activities | $ | 16,769 | $ | 7,813 | $ | 25,009 | $ | — | $ | 49,591 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Cash invested in multi-client data library | — | (13,076 | ) | (15,702 | ) | — | (28,778 | ) | ||||||||||||
Purchase of property, plant, equipment and seismic rental equipment | — | (3,774 | ) | — | — | (3,774 | ) | |||||||||||||
Investment in and advances to OceanGeo B.V. | (8,000 | ) | — | (1,500 | ) | — | (9,500 | ) | ||||||||||||
Investment in convertible notes | (1,000 | ) | — | — | — | (1,000 | ) | |||||||||||||
Other investing activities | — | — | 76 | — | 76 | |||||||||||||||
Net cash used in investing activities | (9,000 | ) | (16,850 | ) | (17,126 | ) | — | (42,976 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments on notes payable and long-term debt | — | (597 | ) | (251 | ) | — | (848 | ) | ||||||||||||
Intercompany lending | (26,286 | ) | 9,634 | 16,652 | — | — | ||||||||||||||
Payment of preferred dividends | (338 | ) | — | — | — | (338 | ) | |||||||||||||
Proceeds from employee stock purchases and exercise of stock options | 716 | — | — | — | 716 | |||||||||||||||
Other financing activities | 350 | — | — | — | 350 | |||||||||||||||
Net cash provided by (used in) financing activities | (25,558 | ) | 9,037 | 16,401 | — | (120 | ) | |||||||||||||
Effect of change in foreign currency exchange rates on cash and cash equivalents | — | — | (891 | ) | — | (891 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (17,789 | ) | — | 23,393 | — | 5,604 | ||||||||||||||
Cash and cash equivalents at beginning of period | 30,343 | — | 30,628 | — | 60,971 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 12,554 | $ | — | $ | 54,021 | $ | — | $ | 66,575 | ||||||||||
Other_Income_Net_Tables
Other Income, Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Income and Expenses [Abstract] | ' | |||||||
Schedule of Other Income, Net | ' | |||||||
A summary of other income, net is as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Reduction of accrual for loss contingency related to legal proceedings (Note 8) | $ | 69,557 | $ | — | ||||
Other income (expense), net | (1,031 | ) | 1,027 | |||||
Total other income, net | $ | 68,526 | $ | 1,027 | ||||
Basis_of_Presentation_Details_
Basis of Presentation - Details (Details) (OceanGeo [Member]) | Jan. 31, 2014 |
OceanGeo [Member] | ' |
Business Acquisition [Line Items] | ' |
Increase in ownership percentage | 40.00% |
Ownership percentage interest | 70.00% |
Acquisition_of_Controlling_Int2
Acquisition of Controlling Interest in OceanGeo - Narrative (Details) (USD $) | 3 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
OceanGeo [Member] | OceanGeo [Member] | OceanGeo [Member] | OceanGeo [Member] | Optional Increase in Ownership [Member] | |||
OceanGeo [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage in equity interest prior to acquisition | ' | ' | ' | ' | 30.00% | ' | ' |
Ownership percentage interest | ' | ' | ' | 70.00% | ' | ' | 70.00% |
Loan made to equity method investee | ' | ' | ' | ' | ' | $25,000,000 | ' |
Amount drawn on credit facility by investee | ' | ' | ' | 3,700,000 | 15,300,000 | ' | ' |
Acquisition related costs | ' | ' | 1,300,000 | ' | ' | ' | ' |
Revenues | 144,698,000 | 129,737,000 | 4,200,000 | ' | ' | ' | ' |
Income (loss) from operations | $19,671,000 | $1,923,000 | $20,600,000 | ' | ' | ' | ' |
Acquisition_of_Controlling_Int3
Acquisition of Controlling Interest in OceanGeo - Assets and Liabilities Assumed (Details) (OceanGeo [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Jan. 31, 2014 |
OceanGeo [Member] | ' |
Business Acquisition [Line Items] | ' |
Cash and cash equivalents | $609 |
Accounts receivable | 9,247 |
Prepaid expenses and other current assets | 1,433 |
Multi-client data library | 3,876 |
Property, plant, equipment and seismic rental equipment, net | 14,598 |
Other assets | 2,227 |
Total identifiable assets | 31,990 |
Accounts payable and accrued liabilities | -13,464 |
Bank loans | -6,135 |
Other liabilities | -1,026 |
Net assets | 11,365 |
Noncontrolling interest | -3,410 |
Total consideration | $7,955 |
Acquisition_of_Controlling_Int4
Acquisition of Controlling Interest in OceanGeo - Pro Forma Income Statement Information (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Business Combinations [Abstract] | ' | ' |
Net revenues | $153,882 | $147,706 |
Income from operations | 23,747 | 4,291 |
Net income | 77,968 | 4,010 |
Net income attributable to ION | $76,821 | $3,164 |
Basic net income per common share | $0.47 | $0.02 |
Diluted net income per common share | $0.47 | $0.02 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Summary of segment information | ' | ' |
Revenues | $144,698 | $129,737 |
Gross profit (loss) | 56,854 | 34,957 |
Gross margin | 39.00% | 27.00% |
Income (loss) from operations | 19,671 | 1,923 |
Interest expense, net | -4,797 | -1,066 |
Equity in earnings (losses) of investments | -1,688 | 1,116 |
Other expense, net | 68,526 | 1,027 |
Income (loss) before income taxes | 81,712 | 3,000 |
Solutions [Member] | ' | ' |
Summary of segment information | ' | ' |
Revenues | 89,241 | 89,170 |
Gross profit (loss) | 33,011 | 20,197 |
Gross margin | 37.00% | 23.00% |
Income (loss) from operations | 19,112 | 7,357 |
Systems [Member] | ' | ' |
Summary of segment information | ' | ' |
Revenues | 24,848 | 31,847 |
Gross profit (loss) | 11,417 | 8,380 |
Gross margin | 46.00% | 26.00% |
Income (loss) from operations | 3,371 | 934 |
Software [Member] | ' | ' |
Summary of segment information | ' | ' |
Revenues | 10,039 | 8,720 |
Gross profit (loss) | 7,257 | 6,380 |
Gross margin | 72.00% | 73.00% |
Income (loss) from operations | 5,128 | 5,161 |
Ocean Bottom Services Segment [Member] | ' | ' |
Summary of segment information | ' | ' |
Revenues | 20,570 | 0 |
Gross profit (loss) | 5,169 | 0 |
Gross margin | 25.00% | 0.00% |
Income (loss) from operations | 4,162 | 0 |
Corporate and Other [Member] | ' | ' |
Summary of segment information | ' | ' |
Income (loss) from operations | -12,102 | -11,529 |
New Venture and Data Library [Member] | Solutions [Member] | ' | ' |
Summary of segment information | ' | ' |
Revenues | 45,955 | 57,884 |
New Venture [Member] | Solutions [Member] | ' | ' |
Summary of segment information | ' | ' |
Revenues | 32,738 | 48,436 |
Data Library [Member] | Solutions [Member] | ' | ' |
Summary of segment information | ' | ' |
Revenues | 13,217 | 9,448 |
Data Processing [Member] | Solutions [Member] | ' | ' |
Summary of segment information | ' | ' |
Revenues | 43,286 | 31,286 |
Towed Streamer [Member] | Systems [Member] | ' | ' |
Summary of segment information | ' | ' |
Revenues | 11,851 | 13,549 |
Ocean Bottom Equipment [Member] | Systems [Member] | ' | ' |
Summary of segment information | ' | ' |
Revenues | 0 | 6,765 |
Other [Member] | Systems [Member] | ' | ' |
Summary of segment information | ' | ' |
Revenues | 12,997 | 11,533 |
Software Systems [Member] | Software [Member] | ' | ' |
Summary of segment information | ' | ' |
Revenues | 9,154 | 7,941 |
Services [Member] | Software [Member] | ' | ' |
Summary of segment information | ' | ' |
Revenues | $885 | $779 |
Equity_Method_Investments_Chan
Equity Method Investments Changes in Equity Method Investments (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investment balance, beginning balance | $53,865 | ' |
Equity in earnings (losses) of investments | -1,688 | 1,116 |
Advances to OceanGeo (prior to consolidation) | 3,683 | ' |
Acquisition of controlling interest (consolidation) of OceanGeo | -7,221 | ' |
Equity interest in investees' other comprehensive loss | -1,173 | ' |
Investment balance, ending balance | 47,466 | ' |
INOVA Geophysical [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investment balance, beginning balance | 51,065 | ' |
Equity in earnings (losses) of investments | -2,426 | 1,900 |
Advances to OceanGeo (prior to consolidation) | 0 | ' |
Acquisition of controlling interest (consolidation) of OceanGeo | 0 | ' |
Equity interest in investees' other comprehensive loss | -1,173 | ' |
Investment balance, ending balance | 47,466 | ' |
OceanGeo [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investment balance, beginning balance | 2,800 | ' |
Equity in earnings (losses) of investments | 738 | ' |
Advances to OceanGeo (prior to consolidation) | 3,683 | ' |
Acquisition of controlling interest (consolidation) of OceanGeo | -7,221 | ' |
Equity interest in investees' other comprehensive loss | 0 | ' |
Investment balance, ending balance | $0 | ' |
Equity_Method_Investments_Narr
Equity Method Investments Narrative (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
OceanGeo [Member] | OceanGeo [Member] | OceanGeo [Member] | INOVA Geophysical [Member] | INOVA Geophysical [Member] | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity method investment | ' | ' | ' | ' | ' | 49.00% | ' |
Working capital loan to investee | ' | ' | ' | $3,700,000 | $15,300,000 | ' | ' |
Equity in earnings (losses) of investments | ($1,688,000) | $1,116,000 | $738,000 | ' | ' | ($2,426,000) | $1,900,000 |
Equity_Method_Investments_Inco
Equity Method Investments Income (Loss) (Details) (INOVA Geophysical [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
INOVA Geophysical [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net revenues | $40,176 | $59,611 |
Gross profit | 4,948 | 12,327 |
Loss from operations | -3,667 | -250 |
Net income (loss) | ($4,951) | $3,742 |
Longterm_Debt_Obligations_Deta
Long-term Debt Obligations (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Obligations | ' | ' |
Carrying value of long-term debt | $241,013 | $220,152 |
Current portion of long-term debt and lease obligations | -60,551 | -5,906 |
Long-term debt, net of current maturities | 180,462 | 214,246 |
Senior secured second-priority notes [Member] | ' | ' |
Obligations | ' | ' |
Carrying value of long-term debt | 175,000 | 175,000 |
Revolving line of credit [Member] | ' | ' |
Obligations | ' | ' |
Carrying value of long-term debt | 50,000 | 35,000 |
Equipment capital leases [Member] | ' | ' |
Obligations | ' | ' |
Carrying value of long-term debt | 9,091 | 8,651 |
Brazil bank debt [Member] | ' | ' |
Obligations | ' | ' |
Carrying value of long-term debt | 5,649 | 0 |
Facility lease obligation [Member] | ' | ' |
Obligations | ' | ' |
Carrying value of long-term debt | $1,273 | $1,501 |
Longterm_Debt_Narrative_Detail
Long-term Debt Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | 13-May-13 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2010 | Mar. 31, 2014 | Mar. 31, 2010 | Mar. 31, 2014 |
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Brazil Bank Debt [Member] | Brazil Bank Debt [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] | |||||||||
Eurodollar Borrowing [Member] | Eurodollar Borrowing [Member] | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of long-term debt and lease obligations | $241,013,000 | $220,152,000 | $175,000,000 | $175,000,000 | ' | $50,000,000 | $35,000,000 | $5,649,000 | $0 | ' | ' | ' | ' |
Long-term Debt and Interest Rate Caps (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt | ' | ' | ' | ' | 175,000,000 | 50,000,000 | ' | 5,600,000 | ' | ' | ' | ' | ' |
Stated rate on debt | ' | ' | ' | ' | 8.13% | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | ' | ' |
Outstanding term loan indebtedness under Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' |
Interest rate debt accrued per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.56% | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.125 | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25 | ' | ' |
Percentage of tangible net worth for covenants compliance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' |
Average rate on long-term debt | ' | ' | ' | ' | ' | ' | ' | 15.68% | ' | ' | ' | ' | ' |
Longterm_Debt_Redemption_Perce
Long-term Debt Redemption Percentages for Future Periods (Details) | 3 Months Ended |
Mar. 31, 2014 | |
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% |
Net_Income_per_Share_Narrative
Net Income per Share - Narrative (Details) | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 29, 2013 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Number of shares issued or committed for issuance under outstanding stock options | 9,660,100 | ' | ' | 7,717,937 |
Number of shares of restricted stock and shares reserved for restricted stock units outstanding | 1,237,123 | ' | ' | 1,034,280 |
Preferred stock shares outstanding | ' | ' | 27,000 | ' |
Number of common stock issuable upon conversion of remaining cumulative convertible preferred stock | ' | 6,065,075 | ' | ' |
Net_Income_per_Share_Basic_and
Net Income per Share - Basic and Diluted Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Net income (loss) applicable to common shares | $75,979 | $1,537 |
Weighted average number of common shares outstanding | 163,847 | 156,465 |
Effect of dilutive stock awards and convertible preferred stock | 214 | 850 |
Weighted average number of diluted common shares outstanding | 164,061 | 157,315 |
Basic net income per share | $0.46 | $0.01 |
Diluted net income per share | $0.46 | $0.01 |
Series D Preferred Stock | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Net income (loss) applicable to common shares | $75,979 | $1,537 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Loss Carryforwards [Line Items] | ' | ' |
Effective income tax rates | 6.40% | 40.00% |
Effective Income Tax Rate Reconciliation, Percent, Excluding Change In Valuation Allowance | 43.30% | ' |
Unrecognized tax benefits | $2.20 | ' |
United States Tax Authority [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net deferred tax asset | $3.80 | ' |
Litigation_Details
Litigation (Details) (WesternGeco [Member], USD $) | 1 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||
In Millions, unless otherwise specified | Mar. 31, 2011 | Jun. 30, 2009 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Aug. 16, 2012 | Mar. 31, 2014 | Aug. 16, 2012 | Aug. 16, 2012 | Oct. 24, 2013 | Apr. 30, 2014 | Oct. 24, 2013 | Oct. 24, 2013 |
mi | Patent | Pending Litigation [Member] | Pending Litigation, Post Appeal [Member] | Lost Royalties [Member] | Lost Profits [Member] | Lost Profits [Member] | Subsequent Event [Member] | Previously Reported [Member] | Scenario, Adjustment [Member] | |||||
Pending Litigation [Member] | Pending Litigation [Member] | Settled Litigation [Member] | Lost Profits [Member] | Lost Profits [Member] | Lost Profits [Member] | |||||||||
Settled Litigation [Member] | Settled Litigation [Member] | Settled Litigation [Member] | ||||||||||||
Litigation (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of patent apparatus claims contained | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum distance from coast to make alleged activities not actionable under patent infringement law | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total damages awarded | ' | ' | ' | ' | ' | ' | $105.90 | ' | $12.50 | $93.40 | $9.40 | ' | $73.10 | ($70) |
Reduction in damages award in the case | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 | ' | ' |
Accrual for loss contingency related to legal proceedings | ' | ' | 123.8 | 193.3 | 120 | 10 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of appeal bond | ' | ' | ' | ' | ' | ' | ' | $120 | ' | ' | ' | ' | ' | ' |
Details_of_Selected_Balance_Sh2
Details of Selected Balance Sheet Accounts Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Raw materials and subassemblies | $56,252 | $54,168 |
Work-in-process | 2,428 | 2,297 |
Finished goods | 27,285 | 33,263 |
Reserve for excess and obsolete inventories | -31,256 | -32,555 |
Total | $54,709 | $57,173 |
Details_of_Selected_Balance_Sh3
Details of Selected Balance Sheet Accounts Long-term Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Accrual for loss contingency related to legal proceedings (Note 8) | $123,770 | $193,327 |
Facility restructuring accrual | 4,818 | 4,837 |
Other long-term liabilities | 14,399 | 12,438 |
Total | $142,987 | $210,602 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | ($11,138) | ' |
Net current-period other comprehensive income (loss) | -661 | -3,656 |
Accumulated other comprehensive income (loss), ending balance | -11,799 | ' |
Foreign currency translation adjustments | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | -11,923 | ' |
Net current-period other comprehensive income (loss) | 486 | ' |
Accumulated other comprehensive income (loss), ending balance | -11,437 | ' |
Equity interest in investeesb other comprehensive income (loss) | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | 841 | ' |
Net current-period other comprehensive income (loss) | -1,173 | ' |
Accumulated other comprehensive income (loss), ending balance | -332 | ' |
Other changes in other comprehensive income (loss) | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | -56 | ' |
Net current-period other comprehensive income (loss) | 26 | ' |
Accumulated other comprehensive income (loss), ending balance | ($30) | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information and Non-Cash Activity (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Purchases of computer equipment financed through capital leases | $1,952 | $0 |
Transfer of inventory to seismic rental equipment | $2,308 | $134 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 |
Credit Facility Receivable [Member] | Credit Facility Receivable [Member] | LIBOR | |||
Credit Facility Receivable [Member] | |||||
Fair Value of Financial Instruments (Additional Textual) [Abstract] | ' | ' | ' | ' | ' |
Credit facility to investee | ' | ' | $4,000,000 | ' | ' |
Interest rate on convertible note | ' | ' | ' | ' | 0.25% |
Amount drawn on credit facility by investee | ' | ' | ' | 4,000,000 | ' |
Note and accrued interest, fair value | 4,200,000 | ' | ' | ' | ' |
Carrying value of long-term debt | 241,013,000 | 220,152,000 | ' | ' | ' |
Fair value of long-term debt | $228,800,000 | $190,400,000 | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 |
BGP Joint Venture [Member] | BGP Joint Venture [Member] | INOVA Geophysical [Member] | INOVA Geophysical [Member] | INOVA Geophysical [Member] | INOVA Geophysical [Member] | LIBOR | |
INOVA Geophysical [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Company's outstanding common stock owned by BGP | 14.50% | ' | ' | ' | ' | ' | ' |
Related party transaction, revenues from transactions with related party | $2 | $0.90 | ' | ' | ' | ' | ' |
Receivables due from BGP | 2.4 | ' | ' | ' | ' | ' | ' |
Loan made to equity method investee | ' | ' | ' | ' | ' | 10 | ' |
Basis spread on annual rate of loan | ' | ' | ' | ' | ' | ' | 6.50% |
Value of receivables due from related party | ' | ' | ' | 4 | 10 | ' | ' |
Payment received on related party debt | ' | ' | $6 | ' | ' | ' | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | 13-May-13 |
Senior Notes [Member] | Senior Notes [Member] | China Merchants Bank Co. (CMB) [Member] | |||
Senior Notes [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Principal amount of debt | ' | ' | ' | ' | $175,000,000 |
Carrying value of long-term debt and lease obligations | $241,013,000 | $220,152,000 | $175,000,000 | $175,000,000 | ' |
Stated rate on debt | ' | ' | ' | ' | 8.13% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information - Condensed Balance Sheet (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $197,306 | $148,056 | $66,575 | $60,971 |
Accounts receivable, net | 98,231 | 149,448 | ' | ' |
Unbilled receivables | 68,452 | 49,468 | ' | ' |
Inventories | 54,709 | 57,173 | ' | ' |
Prepaid expenses and other current assets | 25,605 | 24,772 | ' | ' |
Total current assets | 444,303 | 428,917 | ' | ' |
Deferred income tax asset | 14,339 | 14,650 | ' | ' |
Property, plant, equipment and seismic rental equipment, net | 59,811 | 46,684 | ' | ' |
Multi-client data library, net | 243,083 | 238,784 | ' | ' |
Equity method investments | 47,466 | 53,865 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Goodwill | 56,111 | 55,876 | ' | ' |
Intangible assets, net | 10,566 | 11,247 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Other assets | 15,640 | 14,648 | ' | ' |
Total assets | 891,319 | 864,671 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 60,551 | 5,906 | ' | ' |
Accounts payable | 38,654 | 22,654 | ' | ' |
Accrued expenses | 72,471 | 84,358 | ' | ' |
Accrued multi-client data library royalties | 38,263 | 46,460 | ' | ' |
Deferred revenue | 16,030 | 20,682 | ' | ' |
Total current liabilities | 225,969 | 180,060 | ' | ' |
Long-term debt, net of current maturities | 180,462 | 214,246 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Other long-term liabilities | 142,987 | 210,602 | ' | ' |
Total liabilities | 549,418 | 604,908 | ' | ' |
Redeemable noncontrolling interests | 5,552 | 1,878 | ' | ' |
Stockholdersb equity: | ' | ' | ' | ' |
Common stock | 1,640 | 1,637 | ' | ' |
Additional paid-in capital | 882,892 | 879,969 | ' | ' |
Accumulated earnings (deficit) | -530,178 | -606,157 | ' | ' |
Accumulated other comprehensive income (loss) | -11,799 | -11,138 | ' | ' |
Due from ION Geophysical Corporation | 0 | 0 | ' | ' |
Treasury stock | -6,565 | -6,565 | ' | ' |
Total stockholders' equity | 335,990 | 257,746 | ' | ' |
Noncontrolling interests | 359 | 139 | ' | ' |
Total equity | 336,349 | 257,885 | ' | ' |
Total liabilities and equity | 891,319 | 864,671 | ' | ' |
Reportable Legal Entities [Member] | ION Geophysical Corporation [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 154,845 | 124,701 | 12,554 | 30,343 |
Accounts receivable, net | 2,532 | 1,874 | ' | ' |
Unbilled receivables | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 12,087 | 12,888 | ' | ' |
Total current assets | 169,464 | 139,463 | ' | ' |
Deferred income tax asset | 6,500 | 6,513 | ' | ' |
Property, plant, equipment and seismic rental equipment, net | 6,152 | 6,440 | ' | ' |
Multi-client data library, net | 0 | 0 | ' | ' |
Equity method investments | 47,466 | 51,065 | ' | ' |
Investment in subsidiaries | 785,917 | 699,695 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Intercompany receivables | 50,557 | 8,313 | ' | ' |
Other assets | 13,845 | 14,315 | ' | ' |
Total assets | 1,079,901 | 925,804 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 50,000 | 0 | ' | ' |
Accounts payable | 2,001 | 3,515 | ' | ' |
Accrued expenses | 15,888 | 16,652 | ' | ' |
Accrued multi-client data library royalties | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Total current liabilities | 67,889 | 20,167 | ' | ' |
Long-term debt, net of current maturities | 175,000 | 210,000 | ' | ' |
Intercompany payables | 467,223 | 426,134 | ' | ' |
Other long-term liabilities | 33,957 | 11,757 | ' | ' |
Total liabilities | 744,069 | 668,058 | ' | ' |
Redeemable noncontrolling interests | 0 | 0 | ' | ' |
Stockholdersb equity: | ' | ' | ' | ' |
Common stock | 1,640 | 1,637 | ' | ' |
Additional paid-in capital | 882,892 | 879,969 | ' | ' |
Accumulated earnings (deficit) | -530,178 | -606,157 | ' | ' |
Accumulated other comprehensive income (loss) | -11,799 | -11,138 | ' | ' |
Due from ION Geophysical Corporation | 0 | 0 | ' | ' |
Treasury stock | -6,565 | -6,565 | ' | ' |
Total stockholders' equity | 335,990 | 257,746 | ' | ' |
Noncontrolling interests | -158 | 0 | ' | ' |
Total equity | 335,832 | 257,746 | ' | ' |
Total liabilities and equity | 1,079,901 | 925,804 | ' | ' |
Reportable Legal Entities [Member] | The Guarantors [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1,539 | 0 | 0 | 0 |
Accounts receivable, net | 46,308 | 99,547 | ' | ' |
Unbilled receivables | 55,168 | 33,490 | ' | ' |
Inventories | 5,658 | 6,595 | ' | ' |
Prepaid expenses and other current assets | 4,897 | 5,030 | ' | ' |
Total current assets | 113,570 | 144,662 | ' | ' |
Deferred income tax asset | 6,675 | 6,960 | ' | ' |
Property, plant, equipment and seismic rental equipment, net | 29,977 | 29,845 | ' | ' |
Multi-client data library, net | 213,272 | 212,572 | ' | ' |
Equity method investments | 0 | 0 | ' | ' |
Investment in subsidiaries | 256,637 | 248,482 | ' | ' |
Goodwill | 26,984 | 26,984 | ' | ' |
Intangible assets, net | 7,747 | 8,246 | ' | ' |
Intercompany receivables | 0 | 13,419 | ' | ' |
Other assets | 46 | 56 | ' | ' |
Total assets | 654,908 | 691,226 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 4,794 | 4,716 | ' | ' |
Accounts payable | 13,078 | 11,741 | ' | ' |
Accrued expenses | 41,532 | 54,250 | ' | ' |
Accrued multi-client data library royalties | 37,648 | 45,921 | ' | ' |
Deferred revenue | 12,689 | 16,387 | ' | ' |
Total current liabilities | 109,741 | 133,015 | ' | ' |
Long-term debt, net of current maturities | 4,073 | 3,655 | ' | ' |
Intercompany payables | 34,145 | 0 | ' | ' |
Other long-term liabilities | 121,617 | 214,211 | ' | ' |
Total liabilities | 269,576 | 350,881 | ' | ' |
Redeemable noncontrolling interests | 0 | 0 | ' | ' |
Stockholdersb equity: | ' | ' | ' | ' |
Common stock | 290,460 | 290,460 | ' | ' |
Additional paid-in capital | 175,005 | 180,700 | ' | ' |
Accumulated earnings (deficit) | 324,015 | 232,186 | ' | ' |
Accumulated other comprehensive income (loss) | 6,217 | 6,218 | ' | ' |
Due from ION Geophysical Corporation | -410,365 | -369,219 | ' | ' |
Treasury stock | 0 | 0 | ' | ' |
Total stockholders' equity | 385,332 | 340,345 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 385,332 | 340,345 | ' | ' |
Total liabilities and equity | 654,908 | 691,226 | ' | ' |
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 40,922 | 23,355 | 54,021 | 30,628 |
Accounts receivable, net | 49,391 | 48,027 | ' | ' |
Unbilled receivables | 13,284 | 15,978 | ' | ' |
Inventories | 49,051 | 50,578 | ' | ' |
Prepaid expenses and other current assets | 10,391 | 7,438 | ' | ' |
Total current assets | 163,039 | 145,376 | ' | ' |
Deferred income tax asset | 758 | 489 | ' | ' |
Property, plant, equipment and seismic rental equipment, net | 23,682 | 10,399 | ' | ' |
Multi-client data library, net | 29,811 | 26,212 | ' | ' |
Equity method investments | 0 | 2,800 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Goodwill | 29,127 | 28,892 | ' | ' |
Intangible assets, net | 2,819 | 3,001 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Other assets | 24,249 | 24,262 | ' | ' |
Total assets | 273,485 | 241,431 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 5,757 | 1,190 | ' | ' |
Accounts payable | 23,575 | 7,364 | ' | ' |
Accrued expenses | 16,133 | 13,392 | ' | ' |
Accrued multi-client data library royalties | 615 | 539 | ' | ' |
Deferred revenue | 3,341 | 4,295 | ' | ' |
Total current liabilities | 49,421 | 26,780 | ' | ' |
Long-term debt, net of current maturities | 1,389 | 591 | ' | ' |
Intercompany payables | 16,412 | 21,732 | ' | ' |
Other long-term liabilities | 10,195 | 8,637 | ' | ' |
Total liabilities | 77,417 | 57,740 | ' | ' |
Redeemable noncontrolling interests | 5,552 | 1,878 | ' | ' |
Stockholdersb equity: | ' | ' | ' | ' |
Common stock | 22,362 | 19,138 | ' | ' |
Additional paid-in capital | 235,994 | 235,381 | ' | ' |
Accumulated earnings (deficit) | -69 | -4,010 | ' | ' |
Accumulated other comprehensive income (loss) | -11,430 | -11,920 | ' | ' |
Due from ION Geophysical Corporation | -56,858 | -56,915 | ' | ' |
Treasury stock | 0 | 0 | ' | ' |
Total stockholders' equity | 189,999 | 181,674 | ' | ' |
Noncontrolling interests | 517 | 139 | ' | ' |
Total equity | 190,516 | 181,813 | ' | ' |
Total liabilities and equity | 273,485 | 241,431 | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Unbilled receivables | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | -1,770 | -584 | ' | ' |
Total current assets | -1,770 | -584 | ' | ' |
Deferred income tax asset | 406 | 688 | ' | ' |
Property, plant, equipment and seismic rental equipment, net | 0 | 0 | ' | ' |
Multi-client data library, net | 0 | 0 | ' | ' |
Equity method investments | 0 | 0 | ' | ' |
Investment in subsidiaries | -1,042,554 | -948,177 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Intercompany receivables | -50,557 | -21,732 | ' | ' |
Other assets | -22,500 | -23,985 | ' | ' |
Total assets | -1,116,975 | -993,790 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accounts payable | 0 | 34 | ' | ' |
Accrued expenses | -1,082 | 64 | ' | ' |
Accrued multi-client data library royalties | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Total current liabilities | -1,082 | 98 | ' | ' |
Long-term debt, net of current maturities | 0 | 0 | ' | ' |
Intercompany payables | -517,780 | -447,866 | ' | ' |
Other long-term liabilities | -22,782 | -24,003 | ' | ' |
Total liabilities | -541,644 | -471,771 | ' | ' |
Redeemable noncontrolling interests | 0 | 0 | ' | ' |
Stockholdersb equity: | ' | ' | ' | ' |
Common stock | -312,822 | -309,598 | ' | ' |
Additional paid-in capital | -410,999 | -416,081 | ' | ' |
Accumulated earnings (deficit) | -323,946 | -228,176 | ' | ' |
Accumulated other comprehensive income (loss) | 5,213 | 5,702 | ' | ' |
Due from ION Geophysical Corporation | 467,223 | 426,134 | ' | ' |
Treasury stock | 0 | 0 | ' | ' |
Total stockholders' equity | -575,331 | -522,019 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | -575,331 | -522,019 | ' | ' |
Total liabilities and equity | ($1,116,975) | ($993,790) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information - Condensed Income Statement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Total net revenues | $144,698 | $129,737 |
Cost of goods sold | 87,844 | 94,780 |
Gross profit | 56,854 | 34,957 |
Total operating expenses | 37,183 | 33,034 |
Income (loss) from operations | 19,671 | 1,923 |
Interest expense, net | -4,797 | -1,066 |
Intercompany interest, net | 0 | 0 |
Equity in earnings (losses) of investments | -1,688 | 1,116 |
Other income (expense) | 68,526 | 1,027 |
Income (loss) before income taxes | 81,712 | 3,000 |
Income tax expense (benefit) | 5,263 | 1,201 |
Net income | 76,449 | 1,799 |
Net income (loss) attributable to noncontrolling interests | -470 | 76 |
Net income (loss) attributable to ION | 75,979 | 1,875 |
Preferred stock dividends | 0 | 338 |
Net income (loss) applicable to common shares | 75,979 | 1,537 |
Comprehensive net income (loss) | 75,788 | -1,857 |
Comprehensive income (loss) attributable to noncontrolling interest | -470 | 76 |
Comprehensive net income (loss) attributable to ION | 75,318 | -1,781 |
Reportable Legal Entities [Member] | ION Geophysical Corporation [Member] | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Total net revenues | 0 | 0 |
Cost of goods sold | 0 | 0 |
Gross profit | 0 | 0 |
Total operating expenses | 9,021 | 8,030 |
Income (loss) from operations | -9,021 | -8,030 |
Interest expense, net | -4,573 | -1,025 |
Intercompany interest, net | 66 | 82 |
Equity in earnings (losses) of investments | 89,488 | 5,837 |
Other income (expense) | 497 | 340 |
Income (loss) before income taxes | 76,457 | -2,796 |
Income tax expense (benefit) | 478 | -4,671 |
Net income | 75,979 | 1,875 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to ION | 75,979 | 1,875 |
Preferred stock dividends | ' | 338 |
Net income (loss) applicable to common shares | ' | 1,537 |
Comprehensive net income (loss) | 75,318 | -1,781 |
Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 |
Comprehensive net income (loss) attributable to ION | 75,318 | -1,781 |
Reportable Legal Entities [Member] | The Guarantors [Member] | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Total net revenues | 78,122 | 73,922 |
Cost of goods sold | 43,996 | 60,183 |
Gross profit | 34,126 | 13,739 |
Total operating expenses | 15,255 | 16,357 |
Income (loss) from operations | 18,871 | -2,618 |
Interest expense, net | -42 | 22 |
Intercompany interest, net | -435 | -269 |
Equity in earnings (losses) of investments | 3,856 | 6,634 |
Other income (expense) | 69,911 | 8 |
Income (loss) before income taxes | 92,161 | 3,777 |
Income tax expense (benefit) | 332 | -768 |
Net income | 91,829 | 4,545 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to ION | 91,829 | 4,545 |
Preferred stock dividends | ' | 0 |
Net income (loss) applicable to common shares | ' | 4,545 |
Comprehensive net income (loss) | 91,828 | 4,546 |
Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 |
Comprehensive net income (loss) attributable to ION | 91,828 | 4,546 |
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Total net revenues | 66,576 | 55,815 |
Cost of goods sold | 43,848 | 34,597 |
Gross profit | 22,728 | 21,218 |
Total operating expenses | 12,907 | 8,647 |
Income (loss) from operations | 9,821 | 12,571 |
Interest expense, net | -182 | -63 |
Intercompany interest, net | 369 | 187 |
Equity in earnings (losses) of investments | 738 | -735 |
Other income (expense) | -1,882 | 679 |
Income (loss) before income taxes | 8,864 | 12,639 |
Income tax expense (benefit) | 4,453 | 6,640 |
Net income | 4,411 | 5,999 |
Net income (loss) attributable to noncontrolling interests | -470 | 76 |
Net income (loss) attributable to ION | 3,941 | 6,075 |
Preferred stock dividends | ' | 0 |
Net income (loss) applicable to common shares | ' | 6,075 |
Comprehensive net income (loss) | 4,901 | 2,275 |
Comprehensive income (loss) attributable to noncontrolling interest | -470 | 76 |
Comprehensive net income (loss) attributable to ION | 4,431 | 2,351 |
Consolidation, Eliminations [Member] | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Total net revenues | 0 | 0 |
Cost of goods sold | 0 | 0 |
Gross profit | 0 | 0 |
Total operating expenses | 0 | 0 |
Income (loss) from operations | 0 | 0 |
Interest expense, net | 0 | 0 |
Intercompany interest, net | 0 | 0 |
Equity in earnings (losses) of investments | -95,770 | -10,620 |
Other income (expense) | 0 | 0 |
Income (loss) before income taxes | -95,770 | -10,620 |
Income tax expense (benefit) | 0 | 0 |
Net income | -95,770 | -10,620 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to ION | -95,770 | -10,620 |
Preferred stock dividends | ' | 0 |
Net income (loss) applicable to common shares | ' | -10,620 |
Comprehensive net income (loss) | -96,259 | -6,897 |
Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 |
Comprehensive net income (loss) attributable to ION | ($96,259) | ($6,897) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information - Condensed Cash Flow Statement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net cash provided by operating activities | $62,682 | $49,591 |
Cash flows from investing activities: | ' | ' |
Cash invested in multi-client data library | -22,353 | -28,778 |
Purchase of property, plant, equipment and seismic rental equipment | -1,997 | -3,774 |
Repayment of advances to INOVA Geophysical | 1,000 | 0 |
Investment in and advances to OceanGeo B.V. | -3,683 | -9,500 |
Cash of OceanGeo B.V. upon acquiring a controlling interest | 609 | 0 |
Investment in convertible notes | 0 | -1,000 |
Other investing activities | 605 | 76 |
Net cash used in investing activities | -25,819 | -42,976 |
Cash flows from financing activities: | ' | ' |
Borrowings under revolving line of credit | 15,000 | 0 |
Payments on notes payable and long-term debt | -2,755 | -848 |
Intercompany lending | 0 | 0 |
Payment of preferred dividends | 0 | -338 |
Proceeds from employee stock purchases and exercise of stock options | 246 | 716 |
Other financing activities | -80 | 350 |
Net cash provided by (used in) financing activities | 12,411 | -120 |
Effect of change in foreign currency exchange rates on cash and cash equivalents | -24 | -891 |
Net increase (decrease) in cash and cash equivalents | 49,250 | 5,604 |
Cash and cash equivalents at beginning of period | 148,056 | 60,971 |
Cash and cash equivalents at end of period | 197,306 | 66,575 |
Reportable Legal Entities [Member] | ION Geophysical Corporation [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by operating activities | 15,105 | 16,769 |
Cash flows from investing activities: | ' | ' |
Cash invested in multi-client data library | 0 | 0 |
Purchase of property, plant, equipment and seismic rental equipment | -551 | 0 |
Repayment of advances to INOVA Geophysical | 1,000 | ' |
Investment in and advances to OceanGeo B.V. | 0 | -8,000 |
Cash of OceanGeo B.V. upon acquiring a controlling interest | 0 | ' |
Investment in convertible notes | ' | -1,000 |
Other investing activities | 579 | 0 |
Net cash used in investing activities | 1,028 | -9,000 |
Cash flows from financing activities: | ' | ' |
Borrowings under revolving line of credit | 15,000 | ' |
Payments on notes payable and long-term debt | 0 | 0 |
Intercompany lending | -1,155 | -26,286 |
Payment of preferred dividends | ' | -338 |
Proceeds from employee stock purchases and exercise of stock options | 246 | 716 |
Other financing activities | -80 | 350 |
Net cash provided by (used in) financing activities | 14,011 | -25,558 |
Effect of change in foreign currency exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 30,144 | -17,789 |
Cash and cash equivalents at beginning of period | 124,701 | 30,343 |
Cash and cash equivalents at end of period | 154,845 | 12,554 |
Reportable Legal Entities [Member] | The Guarantors [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by operating activities | 19,989 | 7,813 |
Cash flows from investing activities: | ' | ' |
Cash invested in multi-client data library | -22,299 | -13,076 |
Purchase of property, plant, equipment and seismic rental equipment | -1,230 | -3,774 |
Repayment of advances to INOVA Geophysical | 0 | ' |
Investment in and advances to OceanGeo B.V. | 0 | 0 |
Cash of OceanGeo B.V. upon acquiring a controlling interest | 0 | ' |
Investment in convertible notes | ' | 0 |
Other investing activities | 26 | 0 |
Net cash used in investing activities | -23,503 | -16,850 |
Cash flows from financing activities: | ' | ' |
Borrowings under revolving line of credit | 0 | ' |
Payments on notes payable and long-term debt | -1,365 | -597 |
Intercompany lending | 6,418 | 9,634 |
Payment of preferred dividends | ' | 0 |
Proceeds from employee stock purchases and exercise of stock options | 0 | 0 |
Other financing activities | 0 | 0 |
Net cash provided by (used in) financing activities | 5,053 | 9,037 |
Effect of change in foreign currency exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 1,539 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 1,539 | 0 |
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by operating activities | 27,588 | 25,009 |
Cash flows from investing activities: | ' | ' |
Cash invested in multi-client data library | -54 | -15,702 |
Purchase of property, plant, equipment and seismic rental equipment | -216 | 0 |
Repayment of advances to INOVA Geophysical | 0 | ' |
Investment in and advances to OceanGeo B.V. | -3,683 | -1,500 |
Cash of OceanGeo B.V. upon acquiring a controlling interest | 609 | ' |
Investment in convertible notes | ' | 0 |
Other investing activities | 0 | 76 |
Net cash used in investing activities | -3,344 | -17,126 |
Cash flows from financing activities: | ' | ' |
Borrowings under revolving line of credit | 0 | ' |
Payments on notes payable and long-term debt | -1,390 | -251 |
Intercompany lending | -5,263 | 16,652 |
Payment of preferred dividends | ' | 0 |
Proceeds from employee stock purchases and exercise of stock options | 0 | 0 |
Other financing activities | 0 | 0 |
Net cash provided by (used in) financing activities | -6,653 | 16,401 |
Effect of change in foreign currency exchange rates on cash and cash equivalents | -24 | -891 |
Net increase (decrease) in cash and cash equivalents | 17,567 | 23,393 |
Cash and cash equivalents at beginning of period | 23,355 | 30,628 |
Cash and cash equivalents at end of period | 40,922 | 54,021 |
Consolidation, Eliminations [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by operating activities | 0 | 0 |
Cash flows from investing activities: | ' | ' |
Cash invested in multi-client data library | 0 | 0 |
Purchase of property, plant, equipment and seismic rental equipment | 0 | 0 |
Repayment of advances to INOVA Geophysical | 0 | ' |
Investment in and advances to OceanGeo B.V. | 0 | 0 |
Cash of OceanGeo B.V. upon acquiring a controlling interest | 0 | ' |
Investment in convertible notes | ' | 0 |
Other investing activities | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Borrowings under revolving line of credit | 0 | ' |
Payments on notes payable and long-term debt | 0 | 0 |
Intercompany lending | 0 | 0 |
Payment of preferred dividends | ' | 0 |
Proceeds from employee stock purchases and exercise of stock options | 0 | 0 |
Other financing activities | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Effect of change in foreign currency exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |
Other_Income_Net_Details
Other Income, Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Income and Expenses [Abstract] | ' | ' |
Reduction of accrual for loss contingency related to legal proceedings (Note 8) | $69,557 | $0 |
Other income (expense), net | -1,031 | 1,027 |
Total other income, net | $68,526 | $1,027 |