Spending charges ping Geokinetics
US seismic survey group Geokinetics saw first quarter earnings fall as a
result of higher depreciation expenses on its capital investment programme,
it said.
Houston-based Geokinetics reported first quarter net income of $2.6 million,
or 24 cents per diluted share, compared with net income of $5.1 million, or
75 cents per diluted share, in the same quarter last year.
Revenue rose 8% to $120.2 million, including $61.7 million from data shot in
North America, $55.6 million for data shot overseas and $2.9 million for
data processing.
Operating income measured as earnings before income tax, debt and amortisation
was $18.4 million, down from $18.6 million in the year-ago quarter when it
was boosted by a large overseas project, the company said.
Geokinetics said the value of its work backlog grew to a new quarterly record
of $417 million from $411 million at the end of the last fourth quarter of
2007.
The company said it invested $25.7 million in capital improvements in the
quarter, mainly in upgradings its channel count internationally. The spend
was part of a $64.65 million capital budget for 2008.
Geokinetics said it kicked off work in Bangladesh, Bolivia and Tanzania in the
period and assembled a crew for new work in Australia and New Zealand.
08 May 2008 07:22 GMT
| last updated:
08 May 2008 07:22 GMT
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