IO - ION Geophysical rallies 24% on Q2 preliminary data

ION Geophysical (IO) expects Q2 revenues to be ~$20M (consensus $18.76), up 40% Q/Q and down 13% Y/Y.At quarter end, the Company’s total liquidity of ~$33M consisted of $27M of cash (including net revolver borrowings of $20 million) and ~$6M of remaining available borrowing capacity under the revolving credit facility.Backlog is estimated to be $14M as the Mid North Sea High 3D multi-client program in the North Sea proceeded ahead of schedule this quarter, leveraging the Company’s proprietary Marlin and Orca digital technologies to acquire the survey in a more efficient, eco-friendly manner. "Encouragingly, even in this uncertain environment, we are seeing some signs of market recovery – oil prices are up nearly 50% this year and early movers are starting to strategically purchase data again," said Chris Usher, ION’s President and Chief Executive Officer. IO +24.8% premarket to $1.91Source: Press Release

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ION Geophysical rallies 24% on Q2 preliminary data