Global Geophysical Services Inc. (GGS) reported that its fourth-quarter net loss attributable to common shareholders was $28.61 million or $0.76 per share, compared to profit of $1.40 million or $0.04 per share in the same quarter last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.
Results for the latest-quarter included several non-recurring charges. These non-recurring charges include an income tax expense charge of $14.3 million related to foreign tax credits and $1.7 million in crew shutdown costs. The quarter results also included the provision of $3.0 million bad debt expense.
Revenues for the quarter declined to $55.29 million from $113.09 million in the prior year quarter. Two analysts had consensus revenue estimate of $95.94 million for the quarter.
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