Global Geophysical updates 2014 through 2018 financial projections

By Caroline Salls

Pittsburgh, Dec. 4 – Global Geophysical Services Inc. updated its financial projections for the fiscal years of 2014 through 2018, according to an 8-K filed Thursday with the Securities and Exchange Commission.

According to the projections, Global Geophysical now expects to have $53.17 million in EBITDA for the 2014 fiscal year, $85.7 million for the 2015 fiscal year, $93.45 million for the 2016 fiscal year, $99.95 million for the 2017 fiscal year and $104.84 million for the 2018 fiscal year.

Cash EBITDA is expected to be $40.52 million for fiscal year 2014, $59.09 million for fiscal year 2015, $68.68 million for fiscal year 2016, $72.09 million for fiscal year 2017 and $76.42 million for fiscal year 2018.

Revenue for 2014 is projected to be $299.87 million; revenue for 2015 is projected to be $313.47 million; revenue for 2016 is projected to be $336.43 million; revenue for 2017 is projected to be $369.56 million; and revenue for 2018 is projected to be $392.87 million.

The company expects cash and cash equivalents to be $13.81 million for 2014, $24.13 million for 2015, $39.37 million for 2016, $55.72 million for 2017 and $10 million for 2018.

According to the filing, Global Geophysical prepared updated projections primarily to satisfy requests from potential lenders in connection with its exit financing process.

Global Geophysical, a Missouri City, Texas-based provider of seismic data services to the oil and gas industry, filed for bankruptcy on March 25, 2014 in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 case number is 14-20130.

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