Global Geophysical Services Inc

CIK:0001311486|SEC Filings

Condensed Consolidated Statements Of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
REVENUES
Proprietary revenues	$ 40,561	$ 27,537
Multi-client library pre-commitments	11,360	28,567
Multi-client library late sales	12,362	27,690
TOTAL REVENUES	64,283	83,794
OPERATING EXPENSES
Operating costs	42,616	21,544
Multi-client library amortization	13,886	34,813
Depreciation and other amortization	6,771	7,273
TOTAL OPERATING EXPENSES	63,273	63,630
MULTI-CLIENT LIBRARY AND OTHER IMPAIRMENT		12,992
MULTI-CLIENT LIBRARY COMMISSIONS	4,176
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	13,990	14,418
GAIN ON DISPOSAL OF PROPERTY AND EQUIPMENT	(2,232)	(2,636)
LOSS FROM OPERATIONS	(14,924)	(4,610)
OTHER EXPENSE
Interest expense, net (contractual interest $0.4 million)	9,631	8,389
Prepetition professional fees	2,271
Reorganization items, net	1,120
Other expense (income), net	337	(133)
TOTAL OTHER EXPENSE	13,359	8,256
LOSS BEFORE INCOME TAXES	(28,283)	(12,866)
INCOME TAX EXPENSE (BENEFIT)
Current	1,894	(1,570)
Deferred		85
TOTAL INCOME TAX EXPENSE (BENEFIT)	1,894	(1,485)
LOSS AFTER INCOME TAXES	(30,177)	(11,381)
NET LOSS, attributable to non-controlling interests		(295)
NET LOSS, attributable to common stockholders	$ (30,177)	$ (11,086)
LOSS PER COMMON SHARE
Basic (in Dollars per share)	$ (0.77)	$ (0.29)
Diluted (in Dollars per share)	$ (0.77)	$ (0.29)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in Shares)	39,394	37,756
Diluted (in Shares)	39,394	37,756

Condensed Consolidated Statements Of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 1,850	$ 43,520
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(4,227)	(3,907)
Investment in Multi-client library	(8,842)	(27,916)
Proceeds from the sale of assets	2,070	4,752
Other, net	801	42
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES	(10,198)	(27,029)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Debtor-In-Possession financing	25,000
Other	(4,113)	(4,018)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	20,886	(7,518)
NET INCREASE IN CASH AND CASH EQUIVALENTS	12,538	8,973
CASH AND CASH EQUIVALENTS, beginning of period	18,900	23,359
CASH AND CASH EQUIVALENTS, end of period	31,438	32,332
Credit Facility Revolving [Member]
CASH FLOWS FROM FINANCING ACTIVITIES
Net payments on revolving credit facility and senior notes		$ (3,500)

Note 4 - Selected Balance Sheet Accounts

3 Months Ended

Mar. 31, 2014

NOTE 4 - SELECTED BALANCE SHEET ACCOUNTS

Accounts receivable, net included the following (in thousands):

	March 31, 2014			December 31, 2013
	(unaudited)
Accounts receivable, trade	$	26,906		$	27,138
Unbilled accounts receivable, trade		21,425			27,605
Allowance for doubtful accounts		(3,569	)		(3,663	)
Total accounts receivable, net	$	44,762		$	51,080

Bad debt expense, net of recovery for the three months ended March 31, 2014 and 2013 was immaterial and $1.1 million, respectively.

Prepaid expenses and other current assets included the following (in thousands):

	March 31, 2014		December 31, 2013
	(unaudited)
Inventory	$	107	$	107
Prepaid expenses		4,036		3,227
Note receivables		266		3,175
Total prepaid expenses and other current assets	$	4,409	$	6,509