ION Geophysical (IO) Reports Q3 Loss of $0.15

ION Geophysical (NYSE: IO) reported Q3 EPS of ($0.15), versus ($0.13) reported last year. Revenue for the quarter came in at $106.5 million versus the consensus estimate of $118.6 million.

Brian Hanson, ION's President and Chief Executive Officer, commented, "As we anticipated, the continued slowdown in exploration spending had a significant impact on our third quarter and year-to-date base business results. Fortunately, our decision a year ago to focus more on production activities through OceanGeo, our Ocean Bottom Services segment, has helped cushion the weakness in other parts of our business.

"In light of this challenging environment, we are conservatively managing our business to generate positive cash flow and further strengthen our balance sheet. We have made significant progress during the third quarter in a couple key areas of strategic importance.

For earnings history and earnings-related data on ION Geophysical (IO) click here.

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