February 17, 2010 / 10:05 PM / 8 years ago

UPDATE 1-ION Geophysical posts wider-than-expected Q4 loss

* Q4 adj loss $0.11/shr vs est loss $0.02/shr

* Revenue down 13 percent to $121.3 million

* Shares fall 5 pct post-market

Feb 17 (Reuters) - ION Geophysical Corp (IO.N), which provides seismic data services to oil companies, posted a wider-than-expected quarterly loss, partly hurt by weakness in its land equipment business, and did not give outlook due to lack of visibility.

Fourth-quarter net loss applicable to common shareholders was $51.7 million, or 44 cents a share, compared with a loss of $341.7 million, or $3.43 a share, a year earlier.

Last year’s fourth quarter included a $252.3 million charge related to the impairment of goodwill and intangible assets.

In the latest fourth quarter, the company posted a loss of 11 cents a share, excluding items.

Revenue fell 13 percent to $121.3 million.

    Analysts on an average expected a loss of 2 cents a share, before items, on revenue of $126.5 million, according to Thomson Reuters I/B/E/S.

    “We do believe the seismic market has bottomed and, with higher than expected oil prices, we are starting to see some early indications of strengthening markets for 2010,” Chief Executive Bob Peebler said in a statement.

    Shares of the company were down 5 percent at $4.88 in after-market trade. They closed at $5.13 Wednesday on the New York Stock Exchange.

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    Reporting by Arundhati Ramanathan in Bangalore

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