Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 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: |
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• | ION Geophysical Corporation and the Guarantors (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). | | | | | | | | | | | | | | | | | | |
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• | All other subsidiaries of ION Geophysical Corporation that are not Guarantors. | | | | | | | | | | | | | | | | | | |
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• | 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. |
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| June 30, 2014 |
Balance Sheet | ION Geophysical Corporation | | The Guarantors | | All Other Subsidiaries | | Consolidating Adjustments | | Total Consolidated |
| (In thousands) |
ASSETS | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 100,784 | | | $ | — | | | $ | 56,995 | | | $ | — | | | $ | 157,779 | |
|
Accounts receivable, net | 1,509 | | | 34,611 | | | 54,347 | | | (4,667 | ) | | 85,800 | |
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Unbilled receivables | — | | | 50,645 | | | 13,124 | | | — | | | 63,769 | |
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Inventories | — | | | 4,154 | | | 51,168 | | | — | | | 55,322 | |
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Prepaid expenses and other current assets | 16,031 | | | 4,224 | | | 16,041 | | | (1,770 | ) | | 34,526 | |
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Total current assets | 118,324 | | | 93,634 | | | 191,675 | | | (6,437 | ) | | 397,196 | |
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Deferred income tax asset | 6,499 | | | 6,675 | | | 759 | | | 406 | | | 14,339 | |
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Property, plant, equipment and seismic rental equipment, net | 6,082 | | | 30,548 | | | 22,993 | | | — | | | 59,623 | |
|
Multi-client data library, net | — | | | 216,044 | | | 30,010 | | | — | | | 246,054 | |
|
Equity method investments | 44,995 | | | — | | | — | | | — | | | 44,995 | |
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Investment in subsidiaries | 805,573 | | | 275,625 | | | — | | | (1,081,198 | ) | | — | |
|
Goodwill | — | | | 21,884 | | | 29,742 | | | — | | | 51,626 | |
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Intangible assets, net | — | | | 7,250 | | | 2,682 | | | — | | | 9,932 | |
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Intercompany receivables | 31,892 | | | — | | | 4,215 | | | (36,107 | ) | | — | |
|
Other assets | 13,767 | | | 97 | | | 1,740 | | | — | | | 15,604 | |
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Total assets | $ | 1,027,132 | | | $ | 651,757 | | | $ | 283,816 | | | $ | (1,123,336 | ) | | $ | 839,369 | |
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LIABILITIES AND EQUITY | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Current maturities of long-term debt | $ | — | | | $ | 5,153 | | | $ | 5,511 | | | $ | — | | | $ | 10,664 | |
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Accounts payable | 2,313 | | | 13,419 | | | 25,116 | | | (4,667 | ) | | 36,181 | |
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Accrued expenses | 9,374 | | | 48,721 | | | 24,448 | | | (1,083 | ) | | 81,460 | |
|
Accrued multi-client data library royalties | — | | | 23,315 | | | 666 | | | — | | | 23,981 | |
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Deferred revenue | — | | | 12,646 | | | 3,120 | | | — | | | 15,766 | |
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Total current liabilities | 11,687 | | | 103,254 | | | 58,861 | | | (5,750 | ) | | 168,052 | |
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Long-term debt, net of current maturities | 175,000 | | | 4,815 | | | 318 | | | (141 | ) | | 179,992 | |
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Intercompany payables | 496,632 | | | 31,892 | | | — | | | (528,524 | ) | | — | |
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Other long-term liabilities | 2,785 | | | 130,330 | | | 10,107 | | | (140 | ) | | 143,082 | |
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Total liabilities | 686,104 | | | 270,291 | | | 69,286 | | | (534,555 | ) | | 491,126 | |
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Redeemable noncontrolling interests | — | | | — | | | 6,846 | | | — | | | 6,846 | |
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Equity: | | | | | | | | | |
Common stock | 1,641 | | | 290,460 | | | 19,137 | | | (309,597 | ) | | 1,641 | |
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Additional paid-in capital | 884,796 | | | 175,005 | | | 235,236 | | | (410,241 | ) | | 884,796 | |
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Accumulated earnings (deficit) | (528,990 | ) | | 340,856 | | | 19,968 | | | (360,824 | ) | | (528,990 | ) |
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Accumulated other comprehensive income (loss) | (9,854 | ) | | 9,343 | | | (8,807 | ) | | (536 | ) | | (9,854 | ) |
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Due from ION Geophysical Corporation | — | | | (434,198 | ) | | (58,219 | ) | | 492,417 | | | — | |
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Treasury stock | (6,565 | ) | | — | | | — | | | — | | | (6,565 | ) |
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Total stockholders’ equity | 341,028 | | | 381,466 | | | 207,315 | | | (588,781 | ) | | 341,028 | |
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Noncontrolling interests | — | | | — | | | 369 | | | — | | | 369 | |
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Total equity | 341,028 | | | 381,466 | | | 207,684 | | | (588,781 | ) | | 341,397 | |
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Total liabilities and equity | $ | 1,027,132 | | | $ | 651,757 | | | $ | 283,816 | | | $ | (1,123,336 | ) | | $ | 839,369 | |
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| 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 | |
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Accounts receivable, net | 1,874 | | | 99,547 | | | 48,027 | | | — | | | 149,448 | |
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Unbilled receivables | — | | | 33,490 | | | 15,978 | | | — | | | 49,468 | |
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Inventories | — | | | 6,595 | | | 50,578 | | | — | | | 57,173 | |
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Prepaid expenses and other current assets | 12,888 | | | 5,030 | | | 7,438 | | | (584 | ) | | 24,772 | |
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Total current assets | 139,463 | | | 144,662 | | | 145,376 | | | (584 | ) | | 428,917 | |
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Deferred income tax asset | 6,513 | | | 6,960 | | | 489 | | | 688 | | | 14,650 | |
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Property, plant, equipment and seismic rental equipment, net | 6,440 | | | 29,845 | | | 10,399 | | | — | | | 46,684 | |
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Multi-client data library, net | — | | | 212,572 | | | 26,212 | | | — | | | 238,784 | |
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Equity method investments | 51,065 | | | — | | | 2,800 | | | — | | | 53,865 | |
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Investment in subsidiaries | 699,695 | | | 248,482 | | | — | | | (948,177 | ) | | — | |
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Goodwill | — | | | 26,984 | | | 28,892 | | | — | | | 55,876 | |
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Intangible assets, net | — | | | 8,246 | | | 3,001 | | | — | | | 11,247 | |
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Intercompany receivables | 8,313 | | | 13,419 | | | — | | | (21,732 | ) | | — | |
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Other assets | 14,315 | | | 56 | | | 24,262 | | | (23,985 | ) | | 14,648 | |
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Total assets | $ | 925,804 | | | $ | 691,226 | | | $ | 241,431 | | | $ | (993,790 | ) | | $ | 864,671 | |
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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 | |
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Accrued expenses | 16,652 | | | 54,250 | | | 13,392 | | | 64 | | | 84,358 | |
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Accrued multi-client data library royalties | — | | | 45,921 | | | 539 | | | — | | | 46,460 | |
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Deferred revenue | — | | | 16,387 | | | 4,295 | | | — | | | 20,682 | |
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Total current liabilities | 20,167 | | | 133,015 | | | 26,780 | | | 98 | | | 180,060 | |
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Long-term debt, net of current maturities | 210,000 | | | 3,655 | | | 591 | | | — | | | 214,246 | |
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Intercompany payables | 426,134 | | | — | | | 21,732 | | | (447,866 | ) | | — | |
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Other long-term liabilities | 11,757 | | | 214,211 | | | 8,637 | | | (24,003 | ) | | 210,602 | |
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Total liabilities | 668,058 | | | 350,881 | | | 57,740 | | | (471,771 | ) | | 604,908 | |
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Redeemable noncontrolling interests | — | | | — | | | 1,878 | | | — | | | 1,878 | |
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Equity: | | | | | | | | | |
Common stock | 1,637 | | | 290,460 | | | 19,138 | | | (309,598 | ) | | 1,637 | |
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Additional paid-in capital | 879,969 | | | 180,700 | | | 235,381 | | | (416,081 | ) | | 879,969 | |
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Accumulated earnings (deficit) | (606,157 | ) | | 232,186 | | | (4,010 | ) | | (228,176 | ) | | (606,157 | ) |
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Accumulated other comprehensive income (loss) | (11,138 | ) | | 6,218 | | | (11,920 | ) | | 5,702 | | | (11,138 | ) |
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Due from ION Geophysical Corporation | — | | | (369,219 | ) | | (56,915 | ) | | 426,134 | | | — | |
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Treasury stock | (6,565 | ) | | — | | | — | | | — | | | (6,565 | ) |
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Total stockholders’ equity | 257,746 | | | 340,345 | | | 181,674 | | | (522,019 | ) | | 257,746 | |
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Noncontrolling interests | — | | | — | | | 139 | | | — | | | 139 | |
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Total equity | 257,746 | | | 340,345 | | | 181,813 | | | (522,019 | ) | | 257,885 | |
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Total liabilities and equity | $ | 925,804 | | | $ | 691,226 | | | $ | 241,431 | | | $ | (993,790 | ) | | $ | 864,671 | |
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| Three Months Ended June 30, 2014 |
Income Statement | ION Geophysical Corporation | | The Guarantors | | All Other Subsidiaries | | Consolidating Adjustments | | Total Consolidated |
| (In thousands) |
Net revenues | $ | — | | | $ | 47,881 | | | $ | 74,877 | | | $ | (1,278 | ) | | $ | 121,480 | |
|
Cost of sales | — | | | 41,018 | | | 43,512 | | | (1,278 | ) | | 83,252 | |
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Gross profit | — | | | 6,863 | | | 31,365 | | | — | | | 38,228 | |
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Total operating expenses | 7,518 | | | 15,326 | | | 11,599 | | | — | | | 34,443 | |
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Income (loss) from operations | (7,518 | ) | | (8,463 | ) | | 19,766 | | | — | | | 3,785 | |
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Interest expense, net | (4,458 | ) | | (48 | ) | | (428 | ) | | — | | | (4,934 | ) |
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Intercompany interest, net | (210 | ) | | 1,388 | | | (1,178 | ) | | — | | | — | |
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Equity in earnings (losses) of investments | 14,838 | | | 20,259 | | | — | | | (36,878 | ) | | (1,781 | ) |
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Other income (expense) | (1,711 | ) | | 3,572 | | | 4,205 | | | — | | | 6,066 | |
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Net income before income taxes | 941 | | | 16,708 | | | 22,365 | | | (36,878 | ) | | 3,136 | |
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Income tax expense (benefit) | (247 | ) | | (133 | ) | | 1,033 | | | — | | | 653 | |
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Net income | 1,188 | | | 16,841 | | | 21,332 | | | (36,878 | ) | | 2,483 | |
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Net income attributable to noncontrolling interests | — | | | — | | | (1,295 | ) | | — | | | (1,295 | ) |
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Net income applicable to common shares | $ | 1,188 | | | $ | 16,841 | | | $ | 20,037 | | | $ | (36,878 | ) | | $ | 1,188 | |
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Comprehensive net income | $ | 3,133 | | | $ | 19,967 | | | $ | 23,955 | | | $ | (42,627 | ) | | $ | 4,428 | |
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Comprehensive income attributable to noncontrolling interest | — | | | — | | | (1,295 | ) | | — | | | (1,295 | ) |
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Comprehensive net income attributable to ION | $ | 3,133 | | | $ | 19,967 | | | $ | 22,660 | | | $ | (42,627 | ) | | $ | 3,133 | |
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| Three Months Ended June 30, 2013 |
Income Statement | ION Geophysical Corporation | | The Guarantors | | All Other Subsidiaries | | Consolidating Adjustments | | Total Consolidated |
| (In thousands) |
Net revenues | $ | — | | | $ | 76,453 | | | $ | 44,789 | | | $ | (327 | ) | | $ | 120,915 | |
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Cost of sales | — | | | 55,672 | | | 28,952 | | | (327 | ) | | 84,297 | |
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Gross profit | — | | | 20,781 | | | 15,837 | | | — | | | 36,618 | |
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Total operating expenses | 7,386 | | | 14,255 | | | 8,207 | | | — | | | 29,848 | |
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Income (loss) from operations | (7,386 | ) | | 6,526 | | | 7,630 | | | — | | | 6,770 | |
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Interest expense, net | (2,716 | ) | | 11 | | | (51 | ) | | — | | | (2,756 | ) |
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Intercompany interest, net | 128 | | | (277 | ) | | 149 | | | — | | | — | |
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Equity in earnings (losses) of investments | (107,674 | ) | | 3,097 | | | (1,611 | ) | | 99,850 | | | (6,338 | ) |
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Other income (expense) | 3,557 | | | (110,029 | ) | | (646 | ) | | — | | | (107,118 | ) |
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Net income (loss) before income taxes | (114,091 | ) | | (100,672 | ) | | 5,471 | | | 99,850 | | | (109,442 | ) |
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Income tax expense (benefit) | (43,295 | ) | | 1,996 | | | 2,594 | | | — | | | (38,705 | ) |
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Net income (loss) | (70,796 | ) | | (102,668 | ) | | 2,877 | | | 99,850 | | | (70,737 | ) |
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Net income attributable to noncontrolling interests | — | | | — | | | (59 | ) | | — | | | (59 | ) |
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Net income (loss) attributable to ION | (70,796 | ) | | (102,668 | ) | | 2,818 | | | 99,850 | | | (70,796 | ) |
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Preferred stock dividends | 338 | | | — | | | — | | | — | | | 338 | |
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Net income (loss) applicable to common shares | $ | (71,134 | ) | | $ | (102,668 | ) | | $ | 2,818 | | | $ | 99,850 | | | $ | (71,134 | ) |
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Comprehensive net loss | $ | (70,378 | ) | | $ | (102,667 | ) | | $ | (285 | ) | | $ | 103,011 | | | $ | (70,319 | ) |
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Comprehensive income attributable to noncontrolling interest | — | | | — | | | (59 | ) | | — | | | (59 | ) |
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Comprehensive net loss attributable to ION | $ | (70,378 | ) | | $ | (102,667 | ) | | $ | (344 | ) | | $ | 103,011 | | | $ | (70,378 | ) |
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| Six Months Ended June 30, 2014 |
Income Statement | ION Geophysical Corporation | | The Guarantors | | All Other Subsidiaries | | Consolidating Adjustments | | Total Consolidated |
| (In thousands) |
Net revenues | $ | — | | | $ | 126,003 | | | $ | 141,453 | | | $ | (1,278 | ) | | $ | 266,178 | |
|
Cost of sales | — | | | 85,014 | | | 87,360 | | | (1,278 | ) | | 171,096 | |
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Gross profit | — | | | 40,989 | | | 54,093 | | | — | | | 95,082 | |
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Total operating expenses | 16,539 | | | 30,581 | | | 24,506 | | | — | | | 71,626 | |
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Income (loss) from operations | (16,539 | ) | | 10,408 | | | 29,587 | | | — | | | 23,456 | |
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Interest expense, net | (9,031 | ) | | (90 | ) | | (610 | ) | | — | | | (9,731 | ) |
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Intercompany interest, net | (144 | ) | | 953 | | | (809 | ) | | — | | | — | |
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Equity in earnings (losses) of investments | 104,326 | | | 24,115 | | | 738 | | | (132,648 | ) | | (3,469 | ) |
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Other income (expense) | (1,214 | ) | | 73,483 | | | 2,323 | | | — | | | 74,592 | |
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Net income before income taxes | 77,398 | | | 108,869 | | | 31,229 | | | (132,648 | ) | | 84,848 | |
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Income tax expense | 231 | | | 199 | | | 5,486 | | | — | | | 5,916 | |
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Net income | 77,167 | | | 108,670 | | | 25,743 | | | (132,648 | ) | | 78,932 | |
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Net income attributable to noncontrolling interests | — | | | — | | | (1,765 | ) | | — | | | (1,765 | ) |
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Net income applicable to common shares | $ | 77,167 | | | $ | 108,670 | | | $ | 23,978 | | | $ | (132,648 | ) | | $ | 77,167 | |
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Comprehensive net income | $ | 78,451 | | | $ | 111,795 | | | $ | 28,856 | | | $ | (138,886 | ) | | $ | 80,216 | |
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Comprehensive income attributable to noncontrolling interest | — | | | — | | | (1,765 | ) | | — | | | (1,765 | ) |
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Comprehensive net income attributable to ION | $ | 78,451 | | | $ | 111,795 | | | $ | 27,091 | | | $ | (138,886 | ) | | $ | 78,451 | |
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| Six Months Ended June 30, 2013 |
Income Statement | ION Geophysical Corporation | | The Guarantors | | All Other Subsidiaries | | Consolidating Adjustments | | Total Consolidated |
| (In thousands) |
Net revenues | $ | — | | | $ | 150,375 | | | $ | 100,604 | | | $ | (327 | ) | | $ | 250,652 | |
|
Cost of sales | — | | | 115,855 | | | 63,549 | | | (327 | ) | | 179,077 | |
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Gross profit | — | | | 34,520 | | | 37,055 | | | — | | | 71,575 | |
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Total operating expenses | 15,416 | | | 30,612 | | | 16,854 | | | — | | | 62,882 | |
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Income (loss) from operations | (15,416 | ) | | 3,908 | | | 20,201 | | | — | | | 8,693 | |
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Interest expense, net | (3,741 | ) | | 33 | | | (114 | ) | | — | | | (3,822 | ) |
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Intercompany interest, net | 210 | | | (546 | ) | | 336 | | | — | | | — | |
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Equity in earnings (losses) of investments | (101,837 | ) | | 9,731 | | | (2,346 | ) | | 89,230 | | | (5,222 | ) |
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Other income (expense) | 3,897 | | | (110,021 | ) | | 33 | | | — | | | (106,091 | ) |
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Net income (loss) before income taxes | (116,887 | ) | | (96,895 | ) | | 18,110 | | | 89,230 | | | (106,442 | ) |
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Income tax expense (benefit) | (47,966 | ) | | 1,228 | | | 9,234 | | | — | | | (37,504 | ) |
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Net income (loss) | (68,921 | ) | | (98,123 | ) | | 8,876 | | | 89,230 | | | (68,938 | ) |
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Net loss attributable to noncontrolling interests | — | | | — | | | 17 | | | — | | | 17 | |
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Net income (loss) attributable to ION | (68,921 | ) | | (98,123 | ) | | 8,893 | | | 89,230 | | | (68,921 | ) |
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Preferred stock dividends | 676 | | | — | | | — | | | — | | | 676 | |
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Net income (loss) applicable to common shares | $ | (69,597 | ) | | $ | (98,123 | ) | | $ | 8,893 | | | $ | 89,230 | | | $ | (69,597 | ) |
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Comprehensive net income (loss) | $ | (72,159 | ) | | $ | (98,120 | ) | | $ | 1,992 | | | $ | 96,111 | | | $ | (72,176 | ) |
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Comprehensive loss attributable to noncontrolling interest | — | | | — | | | 17 | | | — | | | 17 | |
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Comprehensive net income (loss) attributable to ION | $ | (72,159 | ) | | $ | (98,120 | ) | | $ | 2,009 | | | $ | 96,111 | | | $ | (72,159 | ) |
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| Six Months Ended June 30, 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 (used in) operating activities | $ | 57,755 | | | $ | (23,434 | ) | | $ | 42,417 | | | $ | — | | | $ | 76,738 | |
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Cash flows from investing activities: | | | | | | | | | |
Cash invested in multi-client data library | — | | | (34,203 | ) | | (114 | ) | | — | | | (34,317 | ) |
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Purchase of property, plant, equipment and seismic rental equipment | (460 | ) | | (2,773 | ) | | (1,310 | ) | | — | | | (4,543 | ) |
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Repayment of advances to 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 | |
|
Net proceeds from sale of Source product line | — | | | 9,881 | | | 4,513 | | | — | | | 14,394 | |
|
Other investing activities | 579 | | | — | | | 26 | | | — | | | 605 | |
|
Net cash provided by (used in) investing activities | 1,119 | | | (27,095 | ) | | 41 | | | — | | | (25,935 | ) |
|
Cash flows from financing activities: | | | | | | | | | |
Payments under revolving line of credit | (50,000 | ) | | — | | | — | | | — | | | (50,000 | ) |
|
Borrowings under revolving line of credit | 15,000 | | | — | | | — | | | — | | | 15,000 | |
|
Payments on notes payable and long-term debt | (461 | ) | | (2,862 | ) | | (2,272 | ) | | — | | | (5,595 | ) |
|
Intercompany lending | (46,991 | ) | | 53,391 | | | (6,400 | ) | | — | | | — | |
|
Proceeds from employee stock purchases and exercise of stock options | 340 | | | — | | | — | | | — | | | 340 | |
|
Other financing activities | (679 | ) | | — | | | — | | | — | | | (679 | ) |
|
Net cash provided by (used in) financing activities | (82,791 | ) | | 50,529 | | | (8,672 | ) | | — | | | (40,934 | ) |
|
Effect of change in foreign currency exchange rates on cash and cash equivalents | — | | | — | | | (146 | ) | | — | | | (146 | ) |
|
Net increase (decrease) in cash and cash equivalents | (23,917 | ) | | — | | | 33,640 | | | — | | | 9,723 | |
|
Cash and cash equivalents at beginning of period | 124,701 | | | — | | | 23,355 | | | — | | | 148,056 | |
|
Cash and cash equivalents at end of period | $ | 100,784 | | | $ | — | | | $ | 56,995 | | | $ | — | | | $ | 157,779 | |
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| Six Months Ended June 30, 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 (used in) operating activities | $ | (47,878 | ) | | $ | 69,942 | | | $ | 21,313 | | | $ | — | | | $ | 43,377 | |
|
Cash flows from investing activities: | | | | | | | | | |
Cash invested in multi-client data library | — | | | (46,168 | ) | | (2,431 | ) | | — | | | (48,599 | ) |
|
Purchase of property, plant, equipment and seismic rental equipment | (1,503 | ) | | (5,045 | ) | | (2,415 | ) | | — | | | (8,963 | ) |
|
Investment in and advances to OceanGeo B.V. | — | | | — | | | (9,500 | ) | | — | | | (9,500 | ) |
|
Proceeds from sale of a cost method investment | 4,150 | | | — | | | — | | | — | | | 4,150 | |
|
Investment in convertible notes | (2,000 | ) | | — | | | — | | | — | | | (2,000 | ) |
|
Capital contribution to affiliate | — | | | (2,202 | ) | | — | | | 2,202 | | | — | |
|
Other investing activities | — | | | 76 | | | — | | | — | | | 76 | |
|
Net cash provided by (used in) investing activities | 647 | | | (53,339 | ) | | (14,346 | ) | | 2,202 | | | (64,836 | ) |
|
Cash flows from financing activities: | | | | | | | | | |
Proceeds from issuance of notes | 175,000 | | | — | | | — | | | — | | | 175,000 | |
|
Payments under revolving line of credit | (97,250 | ) | | — | | | — | | | — | | | (97,250 | ) |
|
Payments on notes payable and long-term debt | — | | | (1,306 | ) | | (509 | ) | | — | | | (1,815 | ) |
|
Cost associated with issuance of notes | (6,731 | ) | | — | | | — | | | — | | | (6,731 | ) |
|
Capital contribution from affiliate | — | | | — | | | 2,202 | | | (2,202 | ) | | — | |
|
Intercompany lending | 16,414 | | | (15,297 | ) | | (1,117 | ) | | — | | | — | |
|
Payment of preferred dividends | (676 | ) | | — | | | — | | | — | | | (676 | ) |
|
Proceeds from employee stock purchases and exercise of stock options | 1,972 | | | — | | | — | | | — | | | 1,972 | |
|
Other financing activities | 302 | | | — | | | — | | | — | | | 302 | |
|
Net cash provided by (used in) financing activities | 89,031 | | | (16,603 | ) | | 576 | | | (2,202 | ) | | 70,802 | |
|
Effect of change in foreign currency exchange rates on cash and cash equivalents | — | | | — | | | (813 | ) | | — | | | (813 | ) |
|
Net increase in cash and cash equivalents | 41,800 | | | — | | | 6,730 | | | — | | | 48,530 | |
|
Cash and cash equivalents at beginning of period | 30,343 | | | — | | | 30,628 | | | | | 60,971 | |
|
Cash and cash equivalents at end of period | $ | 72,143 | | | $ | — | | | $ | 37,358 | | | $ | — | | | $ | 109,501 | |
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