ION Geophysical Corporation Provides Revenue Guidance for the Second Quarter 2020
July 01, 2020 at 04:15 pm
ION Geophysical Corporation announced that the company expects second quarter 2020 revenues to be approximately $22 million, increasing cash to approximately $40 million (excluding net revolver borrowings) at June 30, 2020, an improvement of approximately $24 million over the prior quarter. Second quarter revenues were consistent with the Company's expectations due to customer spend contraction related to COVID-19 demand destruction and oil oversupply weighing on the commodity price.