March 5, 2009 - 11:42



Geokinetics Reports Record Results for 2008
Strong International Demand Drives Significant Increases in Revenues and EBITDA, Backlog Remains at Record Level


HOUSTON, March 5 /PRNewswire-FirstCall/ -- Geokinetics Inc. (NYSE Alternext US: GOK) announced today financial results of operations for the three and twelve months ending December 31, 2008.


Highlights for the year ended December 31, 2008 include:


Revenue increased 33% from 2007 to $474.6 million.
EBITDA (a non-GAAP financial measurement, defined below) increased 89% from 2007 (excluding $3.2 million of one-time, non-recurring severance and reorganization costs in 2007) to $65.0 million.
Loss Applicable to Common Stockholders narrowed to $5.3 million, or ($0.51) per share, compared to a loss before one-time, non-recurring charges ($3.2 million mentioned above and $6.9 million loss on redemption of Notes in 2007) of $10.7 million, or ($1.25) per share, for the twelve months ended December 31, 2007.



Highlights for the quarter ended December 31, 2008 include:


Revenue increased 38% from the fourth quarter of 2007 to $117.8 million.
EBITDA (a non-GAAP financial measurement, defined below) increased 587% from the fourth quarter of 2007 to $15.8 million.
Loss Applicable to Common Stockholders narrowed to $6.3 million, or ($0.60) per share, compared to a loss of $9.0 million, or ($0.87) per share, for the three months ended December 31, 2007.



Additionally:


The Company invested $77.1 million during the year (including $7.5 million in the fourth quarter), primarily to increase its international drilling and recording capacity. Overall channel count increased 13% from year-end 2007 to 122,500 channels. In addition, the Company further bolstered its shallow water operations through the development and addition of multiple new special purpose vessels which are already deployed on existing contracts.
Backlog increased approximately 33% to $548 million at December 31, 2008, from $411 million at December 31, 2007, up approximately 8% from $509 million at September 30, 2008. The increase is primarily related to international projects targeting oil prospects with 84% of backlog at year-end associated with orders from international customers.



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