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Mar. 26, 2014, 7:53 AM
- Global Geophysical Services (GGS) -57.5% premarket after announcing it has filed for Chapter 11 bankruptcy due to heavy debt and will seek court approval for $60M in debtor-in-possession financing.
- GGS says it nevertheless has a strong order backlog and is seeing increasing demand for its services, and its financing will provide liquidity to execute existing projects as well as enable it pursue additional programs.
- GGS's foreign subsidiaries are not included in the bankruptcy filing.
Mar. 18, 2014, 11:48 AM
- Global Geophysical Services (GGS -58.1%) shares are cut in half after the provider of seismic data solutions for the oil and gas industry said some of its past financial reports are unreliable.
- GGS says its financial statements and auditors' reports for the 2012, 2011, 2010 and 2009 fiscal years and Q1, Q2 and Q3 2013 should no longer be relied upon because of accounting errors resulting from material weaknesses in the company's internal controls.
- However, GGS expects to report Q4 revenue of ~$81M, which would beat the analyst consensus estimate of $75.6M, and sees a pre-tax loss from operations of $69.4M.
Mar. 18, 2014, 9:13 AM
Jan. 3, 2014, 7:41 AM
- Global Geophysical (GGS) +14.9% premarket on news that Seismic Equipment Solutions agrees to acquire and market GGS's AutoSeis high definition recorder systems to the seismic equipment rental and leasing market.
- SES also places an order for an AutoSeis HDR nodal system comprised of 20K single-channel units and other related equipment; SES took delivery of this $9.5M equipment order on Dec. 30.
Nov. 19, 2013, 12:45 PM
Sep. 18, 2013, 12:49 PM
Sep. 12, 2013, 12:45 PM
Sep. 11, 2013, 5:41 PM
Aug. 27, 2013, 12:45 PM
Apr. 25, 2013, 10:24 AM
Feb. 25, 2013, 12:53 PM
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