Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Executives

Prakash Mathew Verghese - Chief Financial Officer, Principal Accounting Officer and Senior Vice President

Richard C. White - Chairman, Chief Executive Officer and President

Analysts

Joseph A. Maxa - Dougherty & Company LLC, Research Division

Rudolf A. Hokanson - Barrington Research Associates, Inc., Research Division

Collin Gerry - Raymond James & Associates, Inc., Research Division

Joel D. Luton - Westlake Securities LLC, Research Division

Global Geophysical Services (GGS) Q2 2013 Earnings Call August 6, 2013 11:00 AM ET

Operator

Good day, ladies and gentlemen, and welcome to the Global Geophysical Services 2Q Earnings Conference Call. [Operator Instructions] I would now like to introduce the host of today's conference call, Mathew Verghese, Chief Financial Officer. You may begin, sir.

Prakash Mathew Verghese

Thank you, Kevin. Good morning, everyone, and welcome to Global Geophysical Services' Second Quarter 2013 Earnings Conference Call. Today's call is being webcast and a replay will be available on Global's website.

The press release announcing the second quarter results is also available on Global's website. And later today, we'll have an updated corporate presentation posted up on our website as well.

I'd like to remind our audience that some of today's comments, including forward-looking statements reflecting Global's views about future events and their potential impact on performance. These matters involve risks and uncertainties that could impact operations and financial results and cause our actual results to differ materially from our forward-looking statements. These risks and uncertainties are discussed in Global's Form 10-K for the year ended December 31, 2012, and other current reports on Form 10-Q and Form 8-K.

Our comments include non-GAAP financial measures. Reconciliation to the most directly comparable GAAP financial measures are included in the press release announcing the second quarter results or on our corporate presentation, which as I said earlier would be made available on our website later today.

Now, I'll turn the call over to Richard White

Richard C. White

Thank you, Mathew. Good morning, everyone. Mathew will take you to the numbers for the second quarter in a few minutes. I'm going to focus my comments on the progress we are making in this turnaround effort. As a start, let me reiterate Global's priorities that I outlined when I accepted the CEO role about 8 months ago. Global's priorities are: To create an excellent customer experience; to grow our people; to expand our market position; to integrate our service portfolio; to unlock the value of our assets; and to manage capital better.

I'm pleased to report that our team continues to make progress on all these priorities. As one of the key leading indicators, our order book continued to grow in size, achieve geographic diversity and change in the service mix. Backlog increased over $200 million, up nearly 100% from the start of the year. More importantly, the mix of the order book is now weighted 85% in the proprietary program. Geographically, our order book is internationally weighted with equivalent contributions from both Latin America, as well as our Europe, Africa, Middle East region.

Within North America, our effort to reduce multi-client data acquisition for our own account continues. Within the second quarter backlog numbers are some moderate levels of proprietary program. We expect these to increase over the balance of the year.

Importantly, our order book growth was driven by program awards from long-standing customer relationships as well as from several new relationships with international oil companies and leading independents. We are very pleased with this progress.

Turning to our data library business. The second quarter marked a milestone. Data library late sale revenues for the first 6 months of the year reached $50 million. That amount is higher than we have generated in any other annual period in the company's history. The marketing and distribution relationship that we created for our data library assets during the first quarter has been very rewarding. We remain enthusiastic about the value-generation potential of these assets and continue to evaluate various mechanisms through which these can be best leveraged.

Let me give you a brief update on the operations. In North America, we're currently operating 3 data acquisition crews within the lower 48. Those crews are working on a combination of remaining multi-client program as well as the more recently awarded proprietary programs. Our Gulf of Mexico multi-client data programs have been wrapped up, and we have idled our shallow-water Marine crew. We continue to evaluate the best use of our legacy Marine assets and expect them to remain idle for the remainder of 2013.

In Eastern Hemisphere, we continue to operate in the Kurdistan region of Iraq and are commencing crew operations in both Kenya and Libya. Through our newly established Eastern Hemisphere headquarters in Dubai, we are continuing to see robust bid levels and tendering activity across several markets. To be clear, our objective is to first add term to our programs, and secondly, to add capacity.

Within South America, our activities remain focused on Colombia, Brazil and Paraguay. During the second quarter, we were able to add programs within each of these markets and our weighing the expansion of our capacity within the region to support fourth quarter and 2014 needs for that market.

Let me offer a few comments about the second quarter results. As we have previously observed, data acquisition revenues were down sequentially during the second quarter. When combined with the cost of new program startups in 4 key geographic areas, operating margins were clearly burdened for our Proprietary segment during the second quarter. We had expected this to occur as part of the company's transition of mix and scale.

With respect to the data library business, our priorities are straightforward. First, we balance cash investment with equivalent pre-funding so as not to utilize additional balance sheet. And second, generate value with current library assets through late-sale generation. During the quarter and year-to-date, the company performed well on both these fronts.

As we have previously noted, non-cash amortization charges driven by the accounting policy for the library are going to impact operating income. We expect that situation to continue.

E&P Services, our data-processing, interpretation and reservoir characterization services, is growing its customer base and revenue through the application of differentiating technologies and innovative workflows, particularly for the development of unconventional resources. E&P Services is also a natural and integral part of our Proprietary acquisition efforts and data library product development and sales. The data processing component of this service has been largely dedicated the last several years to supporting our Internet -- our internal multi-client library development. As part of the transition to proprietary focus, during the first 6 months of calendar year 2013, E&P Services contracted work for over 70 different customers. During that period, third-party revenues were up 22% over the same period last year. We expect E&P Services to accelerate its growth and become a meaningful contributor to the company's results. Global's focus remains on cash margin generation across the mix of service offerings in support of our broader goal of strengthening the balance sheet.

With that, I'm going to let Mathew run through some of the numbers.

Prakash Mathew Verghese

Thanks, Richard. Today, we reported an adjusted loss per share of $0.03 and a net loss of $ 0.42 a share. As provided in our earnings release, adjusted EPS excludes $19.6 million of principally noncash charges related to data library amortization for late sale revenues, backstop amortization charges and non-recurring SG&A items. These excluded charges were tax affected using our normalized rate at arriving at our adjusted EPS.

We recorded revenues of $63.4 million for the second quarter of 2013, of which $38.7 million was from North America and $24.7 million was from our international operations. Multi-client revenues for the second quarter were $36.6 million, which included $22.5 million of late sale revenues and $14.1 million of precommitment revenues.

Noncash amortization expense for the second quarter related to data library was $24.4 million. During the second quarter, the company recognized $5.9 million of commission expense related to Multi-client sales. This amount is reflected in the SG&A line of our income statement.

Proprietary revenues for the second quarter were $26.8 million compared with $27.4 million during the first quarter of 2013. EBITDA margins for the Proprietary segment were 16% during the second quarter. On a year-to-date basis, EBITDA margins for our Proprietary segment were 21%.

SG&A expense for the second quarter was $20.6 million, which included $5.9 million of Multi-client commission expense, $1.4 million of stock-based compensation charges and approximately $400,000 in other non-recurring items. As we had noted with the Q1 financials, variable commission expense associated with our data library marketing and distribution arrangement are booked through SG&A.

Turning to the balance sheet, working capital usage impacted cash flow and net debt for the quarter. Working capital changed by $18 million between Q1 to Q2. We expect these amounts to be normalized, in the least, over the next 2 quarters. You will also note that amounts outstanding on the company's credit facility have been classified in the current liability section. This classification corresponds with the April 2014 maturity of the original $67.5 million tranche and the September 2013 maturity of the recently extended $12.5 million tranche. As we had previously noted, we have commenced the process to refinance the company's credit facility and expect to have completed this effort prior to the end of the third quarter.

At the time, the refinancing effort is completed, we would expect those amounts to be reclassified as long-term debt.

Now let me walk you through some of the numbers for our data library. Our objective remains -- is to remain fully prefunded on data library investments. Year-to-date, our $51.4 million of data library cash investment has been matched by $51.7 million in precommitment and deferred revenue amounts for our data library. On an inception-to-date basis, as of the end of the second quarter, Global's aggregate net cash investment in its data library was down to $31.1 million. Net cash investment in the library is calculated by taking the cumulative cash investments in our library through the end of the second quarter of $624.5 million and deducting the cumulative cash revenues and deferred revenues of $593.4 million over the same period.

During our last earnings call, I provided an update on backstop amortization. As a reminder, backstop amortization are noncash charges that are intended to ensure that our data library investments are amortized, at a minimum, on a 4-year straight-line basis. The actual amortization charge is booked at the time of recognizing the corresponding revenue if the amounts are higher than the minimum backstop amounts. Based on the second quarter's actual and the resulting updated estimates, we could be required to take an additional $9 million in noncash backstop amortization over the remainder of 2013. That is down from the $11 million we had estimated at the end of the first quarter.

Looking ahead to future periods, our current estimate of noncash backstop amortization charges that we could be required to take in 2014 are approximately $43 million, which is up from the $40 million we have previously estimated. Just to be clear and to reiterate, these are noncash charges. Actual amortization expense for these assets could flow through in earlier periods if the corresponding late sale revenues for these assets occur prior to backstop periods.

The component figures for our data library activities are included in Table 3 of our earnings release.

Now let me spend a few minutes providing an overview of some key factors influencing the next couple of quarters. In our announcement today, we had indicated that our backlog had improved to $201 million at the end of the first quarter, up from $100 million at the start of the year and up from $180 million as of the end of March. Backlog at the end of the second quarter is comprised of $174 million in Proprietary Services and $27 million in Multi-client Services. We expect that $100 million to $120 million of the total backlog, including the entirety of the Multi-client amounts will flow through revenues during the second half of the year. During the last earnings call, we outlined an expectation that EBITDA margins from Proprietary Services would be in the range of 15% to 20%. Our results in the second quarter were in line with that expectation.

As we exit 2013 and into 2014, our order book and outlook continues to support our view that these margins should increase between 500 to 750 basis points. Last quarter, we had indicated that we expected approximately $75 million of cash investment during 2013 on Multi-client programs. That outlook remains unchanged. Through the second quarter, our cash, year-to-date cash investment in data library was $51.4 million, leaving approximately $24 million of the planned $75 million to be invested over the balance of this year. To be clear, the remaining cash investment associated with our Multi-client backlog as of the end of June does not require the remaining full $24 million of investment. Our decision to invest up to the full $75 million amount would be dependent on new Multi-client program opportunities meeting our investment criteria, including at least 100% pre-funding.

Finally, with respect to our PP&E CapEx, our year-to-date investments are $6.6 million. As such, we believe the remaining spend for the balance of the year to be under $10 million in line with previously guided ranges.

With that, we're happy to take some questions.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question comes from Joe Maxa with Dougherty & Company.

Joseph A. Maxa - Dougherty & Company LLC, Research Division

I'm just -- I'm wondering if you can explain that $19 million amortization charge in the quarter, again? Can you give us a little more details on what it's related to?

Prakash Mathew Verghese

Yes, absolutely. So the data library accounting policy has us amortizing certain amounts of book value corresponding either with the late sale revenues or in connection with backstop requirements. The $19 million adjustment in computing the adjusted EPS was extracting those amounts that correspond either with late sale revenues or with the backstop component. We didn't adjust the amortization corresponding with pre-funding, but our view is that the computation of the margins are more consistent given the volatility that you may experience period over period in late sale levels and the amount of backstop by stripping that piece out. That's what that deal's with.

Joseph A. Maxa - Dougherty & Company LLC, Research Division

Okay. And that had no impact on your future potential backstop charges?

Prakash Mathew Verghese

It has the impact of -- in Q -- in the second half of the year, reducing the backstop amount from, I think our last estimate was $11 million, I reduced it to $9 million.

Joseph A. Maxa - Dougherty & Company LLC, Research Division

Okay, okay. As far as the precommitment investment -- I'm sorry, revenue associated with the Multi-client investment, was there a delay in recognizing some of that revenue? Is that why we're talking more about the deferred revenue, basic balancing is out?

Prakash Mathew Verghese

Yes. Just as a methodology, let me give you a simple example. We begin to recognize revenue when we record data on Multi-client programs. Obviously, in advance of that occurring, there are -- there's a fair amount of investment in activities such as permitting and surveying and a number of other things. We receive cash from our customers that flows through deferred revenues. So if you're looking at apples-to-apples cash investments, the deferred revenues is an appropriate amount to include in that just given the receipt of cash or the flow-through and receivables versus the timing effect of the revenue recognition. So going forward, the appropriate calculation would be net change in deferred revenue as the appropriate adjustment.

Joseph A. Maxa - Dougherty & Company LLC, Research Division

I see. I see. Okay. Now I want to ask along this -- the backlog being $201 million, and $100 million to $120 million being recognized in the second half. I was just wondering, how much revenue do you -- would you normally or would you anticipate to get in addition to that or is it pretty much driven off the backlog, given these are in the programs in the pipeline?

Prakash Mathew Verghese

Well, what doesn't flow through in backlog is late sale revenue. So any late sale revenues that we generate would be amounts that would be recognized above that. In addition to that, given that we're still relatively early in the third quarter, it's reasonable to assume that we'll have some incremental book and turn that would take place. I think a reasonable view of that just giving -- given crew availability and utilization levels would be potentially in the range of $10 million to $15 million over the second half of the year.

Joseph A. Maxa - Dougherty & Company LLC, Research Division

Okay. Primarily, it would be 4Q, I would imagine or not?

Prakash Mathew Verghese

Yes, at this point, that's right.

Joseph A. Maxa - Dougherty & Company LLC, Research Division

Okay. And just lastly for me and I'll jump off is, crews to date, what are you -- are you still expecting 12 by the end of the year? I think that was the number you gave out last quarter.

Prakash Mathew Verghese

We're still expecting 12, Joe.

Operator

Our next question comes from Rudy Hokanson with Barrington Research.

Rudolf A. Hokanson - Barrington Research Associates, Inc., Research Division

I've got a quick follow-up on the other one just in terms of the backstop charge. Is that -- was the $19 million -- is that something that is only recognized now in this quarter? I thought there might be backstop charges or expenses sort of an ongoing basis, if you hadn't fully used up the amortization relative to revenue. Was there something special in this quarter? Or how is that something -- I guess, the question is, if you could explain again when you choose to take it as an item that would then be removed in order to come to adjusted loss in the quarter?

Prakash Mathew Verghese

Yes. Our -- the intent in outlining that adjustment as it relates to late sales is that those are noncash charges relative to precommitment. These are noncash charges associated with late sales. And so, ultimately, they would flow through in backstop by virtue of the accounting policy. We think, given the volatility that's going to exist in late sale revenues period over period, that's going to be an appropriate adjustment. And we'll compute that. It's going to burden operating margins, really as long as we have any carrying value associated with library assets, and then you go the other way. But we still have backstop projections in subsequent periods and to the extent that we recognize late sales, then you'd see a reduction in backstop amounts. But going forward, as an adjusted calculation in getting to a per-share number, we'll obviously report the GAAP number, we'll make the adjustment as it corresponds to late sale or if there's any backstop itself flowing through in the period.

Rudolf A. Hokanson - Barrington Research Associates, Inc., Research Division

I just want to be clear. So in the past, though, were the backstop charges viewed as being sort of a regular part of what's going on? Because you're basically have to amortize it over 4 years, regardless, right?

Prakash Mathew Verghese

That's correct. That's -- it's over a 4-year life, and we had minimal amounts of backstop in historical periods. Really, beginning 2 quarters ago, we started providing guidance on what we anticipated to be potentially, meaningfully, higher levels of backstop that were going to be flowing through, which we're seeing now. And so we think it's an appropriate adjustment to the numbers on that basis.

Rudolf A. Hokanson - Barrington Research Associates, Inc., Research Division

Okay. And then another question. On your acquisition business, your Proprietary acquisition business in the lower 48. I know that you have a lot of activity going on internationally and that was emphasized. But could you maybe give a bit more of a perspective on what you see happening in the lower 48 right now and where your services are being requested and how you see yourself prepared for that in terms of crews and -- or channels that you have available?

Richard C. White

Yes, Rudy, I think what would you would -- we're active and seeing -- we're currently working in -- and we're seeing a lot of bidding activity where you would expect it to be, in South Texas, mid-continent, up in the Northwest, I mean, mid-continent -- northern mid-continent, and then also in the Northeast. Our decision to move towards more Proprietary work, obviously, we didn't have the backlog. We're working hard to build that forward. We've got 2 out of 3 crews working on Proprietary work today. And I could see by the end of the year that we would have all 3 of our crews working on Proprietary work. So we're certainly growing our Proprietary backlog, and we're seeing a reasonable amount of activity in terms of bids and tenders that we're looking at. The fourth quarter is typically a difficult quarter, anyway, with weather and hunting seasons but -- in North America, but we'll find a way to work through it.

And Rudy, just one last comment on the backstop, I think, it's probably as much a reflect and the fact that our data library is so new. Most of that data has been acquired in the last 2 or 3 years, 4 years. So I think that's why we haven't seen that backstop amortization.

Operator

Our next question comes from Collin Gerry with Raymond James.

Collin Gerry - Raymond James & Associates, Inc., Research Division

Just kind of pointing away a little bit more the numbers here. You mentioned, Mathew, 16% EBITDA margin on the Proprietary side this quarter. Did I get that right? Just first off.

Prakash Mathew Verghese

You did.

Collin Gerry - Raymond James & Associates, Inc., Research Division

Okay. And then it was year-to-date 21%?

Prakash Mathew Verghese

Yes, 16% and 21%.

Collin Gerry - Raymond James & Associates, Inc., Research Division

Okay. And so I'm curious when I look at that breakdown, what percentage of SG&A are you allocating to the Proprietary side? Or at what level of SG&A is baked into that calculation?

Prakash Mathew Verghese

SG&A is, with the exception of sales and marketing expense for Multi-client, is flowing all through corporate. You'll see that breakdown on Table 1 of our earnings release. And so in arriving at the EBITDA margins, the lion's share of SG&A is going under the corporate category.

Collin Gerry - Raymond James & Associates, Inc., Research Division

Okay. If -- I guess, what I'm going to -- so I'm trying to think about, as you wind down the Multi-client program, where does the normalized margin bake out to? It would be unfair to use that 16% level from a company perspective because you're still going to have corporate overhead that's going to flow through on the company side to the EBITDA line, right?

Prakash Mathew Verghese

Yes. I mean, at the end of the day, the margin number was very specifically commented on with respect to the Proprietary segment. I think, company-wide, even when we wind down the data acquisition element of the library business, you're still going to have cash margin and EBITDA margin being generated off late sales, right? Now just being net of commissions related for this distribution range. So the allocation methodology of the corporate component between those 2 segments, variety of different ways to deal with that, but at the end of the day, if what you're trying to get at is with company-wide EBITDA margins, where would that fall relative to the Proprietary side, well, the math generally should be -- it would be higher. And the rationale being that the revenue contribution from the Multi-client side is principally going to be through late sales. And therefore, that is somewhere between 60% to 75% EBITDA margins on a normalized basis, net of commissions. So on a blended basis, company-wide, we would expect EBITDA margins to be higher.

Collin Gerry - Raymond James & Associates, Inc., Research Division

That make sense. Okay. Second one for me is, if I got that guidance right on the Proprietary backlog flowing out, was it $100 million, $120 million in the back half of the year?

Prakash Mathew Verghese

Yes. The comment was $100 million to $120 million of the total backlog flowing out with the entirety of the Multi-client fees flowing out. So kind of what you get to on a net basis is somewhere between 70 to 100, I think, is the range of the Proprietary element that would flow out of that.

Collin Gerry - Raymond James & Associates, Inc., Research Division

That is excellent clarification. I'd written that down wrong. Now, just as it relates to that, it does sound like that's quite a bump up from the first half, which is consistent with what your message has been all year. I took a lot of Richard's comment at the beginning to mean -- I felt like I heard a lot of -- there's a lot of mobilizing 2 jobs that should start in the back half of the year. Is that the source of the revenue bump up that were kind of in between contracts now and we should see some of the stuff start working second half of the year?

Richard C. White

Yes, that's exactly what it is, and I think it also reflects on the second quarter's numbers. We had 2 large jobs we expected to start generating revenue in the second quarter and it didn't, and they moved into the third quarter. But we have 4 very large jobs that we'll be commencing 2 -- 3, commencing in the third quarter, and 1 commencing in the fourth quarter.

Operator

[Operator Instructions] Our next question comes from Joe Luton with Westlake Securities.

Joel D. Luton - Westlake Securities LLC, Research Division

I've got a question on your liquidity. At the end of the quarter, you had $10 million in cash. And at this time, you have that step down on the revolver that occurs at the end of September. Could you just discuss your liquidity situation and your outlook and just looking at it, it looks like you all are kind of walking on a tightrope here.

Prakash Mathew Verghese

Well, clearly working capital changed meaningfully Q1 to Q2. Working capital consumed about $18 million, basically, was the big driver of the change that impact, net debt a myriad of other things. To answer your question, explicitly, liquidity is higher since the start of the third quarter. Secondly, we're expecting, as I said in my commentary, to have the credit facility including the maturing tranche fully refinanced before the end of the third quarter.

Joel D. Luton - Westlake Securities LLC, Research Division

Okay. And are you going to cut it close? You got a couple of months away?

Prakash Mathew Verghese

We expect to get it done.

Operator

Our next question comes from Joe Maxa with Dougherty & Company.

Joseph A. Maxa - Dougherty & Company LLC, Research Division

Just the thoughts on reducing your net debt, $30 million to $40 million, where are we after this Q2?

Prakash Mathew Verghese

I think our view on that, Joe, remains unchanged. Clearly, the key drivers of that are no different than they were at the start of the year in that we were going to need to see a ramp-up in our revenue flow through so as to release working capital, which was the big user of cash this past quarter. And then secondly, where we fall within that range of net debt reduction is going to be heavily influenced by the level of late sales over the second half of the year. So the underlying catalyst for that level of deleveraging remain unchanged from where we were at the start of the year and we would still, at this point, stick with that range.

Joseph A. Maxa - Dougherty & Company LLC, Research Division

Okay. And then regarding the late sales, how have things trended so far in the quarter? And do you think you can maintain the levels that you've seen in Q2?

Richard C. White

I think we need to see, Q3 historically has had some softness. Q4 is historically very strong. I'm talking industry-wide. But it's a fairly robust, licensing market related to the data that we happen to have. And so I think we just need to see how the quarter flows through, but clearly, our expectation over the balance of the year is pretty strong performance out of those assets.

Joseph A. Maxa - Dougherty & Company LLC, Research Division

Okay. And with Multi-client acquisition winding down, I'm just wondering what you may need to invest, let's call it next year or the year after in order to keep data libraries relevant and perhaps growing that revenue stream.

Prakash Mathew Verghese

Joe, I don't think we're getting out of the Multi-client business. We're obviously not going to spend at the levels we had in last couple of years, but we're still looking in somewhere in the $50 million to $75 million a year in terms of investment in Multi-client. And the pre-funding match in those numbers. So that's where we are. We looked at a program this morning that's a Multi-client opportunity for us. So that's still at key part of our business in North America going forward, and we're going to continue to look at every opportunity. We may not, necessarily, always be going at it alone. We've developed some better relationships with some of the data library companies out there, and we're hoping that maybe we can partner up with them, either on projects that they initiate or projects that we initiate.

Operator

This concludes the question-and-answer session for today's conference. I'd like to turn the call back over to our host.

Richard C. White

I want to thank our employees across the world for their hard work, commitment to excellence and dedicated efforts in providing great service to our customers. We look forward to visiting with you all in the next call. Thank you very much for joining us today.

Operator

Ladies and gentlemen, that concludes today's presentation. You may now disconnect, and have a wonderful day.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Global Geophysical Services Management Discusses Q2 2013 Results - Earnings Call Transcript
This Transcript
All Transcripts