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Press release from PR Newswire

ION Reports INOVA's Full-Year Audited 2011 Financial Results

Monday, March 26, 2012

ION Reports INOVA's Full-Year Audited 2011 Financial Results16:50 EDT Monday, March 26, 2012HOUSTON, March 26, 2012 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today filed an amendment to its 2011 Annual Report on Form 10-K to provide separate audited financial statements of INOVA Geophysical Equipment Limited for the year ended December 31, 2011. INOVA's net income for the fourth quarter of 2011 was $5.7 million, its first profitable quarter since the formation of the joint venture in March 2010.  INOVA's full-year results include a third-quarter pre-tax charge of approximately $15 million for excess inventory.  ION will reflect its 49% share of INOVA's fourth quarter net income in ION's first quarter 2012 financial results.  For 2012, ION continues to expect INOVA to break even for the year.INOVA's summarized financial highlights are as follows (in thousands):  Three MonthsEndedDecember 31, 2011Twelve MonthsEndedDecember 31, 2011 Net revenues.................................................. $    58,998$  152,193Gross profit.................................................... $    13,964$      8,514Income (loss) from operations........................$      6,509$  (32,117)Net income (loss)............................................ $      5,717$  (37,635)About IONION Geophysical Corporation is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION's offerings are designed to allow E&P operators to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and to enable seismic contractors to acquire geophysical data safely and efficiently. Additional information about ION is available at www.iongeo.com.Contacts ION (Financial community) Chief Financial OfficerGreg Heinlein, +1 281.552.3011Jack Lascar, +1 713.529.6600DRG&LSOURCE ION Geophysical Corporation