ION Geophysical has reported revenues of $33.5 million in the first quarter 2018, a 3% increase compared to revenues of $32.6 million one year ago.
ION’s net loss was $18.4 million, or $(1.44) per share, compared to a net loss of $23.3 million, or $(1.98) per share in the first quarter 2017.
Excluding special items in both periods, the company reported an adjusted net loss of $17.2 million, or $(1.34) per share, compared to an adjusted net loss of $18.3 million, or $(1.55) per share in the first quarter 2017.
The company reported adjusted EBITDA of $0.1 million for the first quarter 2018, a slight improvement to the break-even adjusted EBITDA one year ago. A reconciliation of adjusted EBITDA to the closest comparable GAAP numbers can be found in the tables of this press release.
Net cash flows from operations were $0.6 million during the first quarter 2018, compared to $1.8 million in the first quarter 2017. Total net cash flows, including investing and financing activities, were $(1.3) million, compared to $(3.2) million in the first quarter 2017.
At March 31, 2018, the company had total liquidity of $74.4 million, consisting of $50.8 million of cash on hand and $23.6 million of available and undrawn borrowing base under its revolving credit facility. At March 31, 2018, there was no indebtedness outstanding under the credit facility.