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Charges sting Geokinetics



By Upstream staff 

Houston seismic company Geokinetics fell to a net loss of $1.5 million in the third quarter after suffering a string of one-off charges.

The company said the third-quarter loss was primarily due to $3.2 million in charges related to the departure of senior executives and the restructuring of its data processing business segment.

The result was an improvement on a net loss of $1.9 million recorded in the same period last year, which was also affected by a one-time charge related to the acuisition of Grant Geophysical.

Third-quarter revenues were up 78% to $89.6 million, compared to $50.4 million for the third quarter of 2006, thanks to the Grant acquisition.


Friday, 09 November, 2007, 11:59 GMT  | last updated: Friday, 09 November, 2007, 12:00 GMT

Chraged: Geokinetics was hit by severance pay-outs
 

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