Geokinetics announces first-quarter revenues

Geokinetics, a provider of seismic data acquisition and processing services, has announced its financial results for the first quarter ended 31 March 2010, reporting a first-quarter revenue decrease of 28 per cent to $105.7m (£70.8m), from $146.9m in the first quarter of 2009.

EBITDA was $3.3m, compared with $25.4m in the same period in 2009.

The company reported a loss applicable to common stockholders of $32m, or $1.89 per share.  

Excluding one-time costs associated with the PGS Onshore acquisition of $4m, or $0.24 per share after tax, the company reported adjusted loss per share of $1.65.