3-D Geophysical announces preliminary results for fourth quarter 1996.ENGLEWOOD, Colo.--(BUSINESS WIRE)--Feb. 4, 1997--3-D Geophysical Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : TDGO) today announced that, based on a review of unaudited, preliminary results for the fourth quarter of 1996, management believes that the company will approximately break even in the fourth quarter. These results will be below analysts' estimates. Results for the fourth quarter 1996 were adversely affected by a number of factors, including lower than anticipated margins in the company's Mexican operations, increased costs due to adverse weather conditions and a delay in the startup of a seismic survey in Alaska which had been expected to start in December 1996 and which did not commence until January 1997. In addition, on Jan. 31, 1997, ARCO ar·co adv. & adj. Music With a bow. Used chiefly as a direction to indicate the resumption of bowing after a pizzicato passage. Adj. 1. informed the company that ARCO has delayed a seismic exploration contract in Peru for an indeterminate That which is uncertain or not particularly designated. INDETERMINATE. That which is uncertain or not particularly designated; as, if I sell you one hundred bushels of wheat, without stating what wheat. 1 Bouv. Inst. n. 950. time due to causes beyond the control of ARCO and the company. As of Dec. 31, 1996, the company has approximately $800,000 of unrecovered costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc this contract and may be required to take a reserve with respect a portion of these costs. Any such reserve will also adversely affect fourth quarter results. At Dec. 31, 1996, the company's backlog that is expected to be completed in 1997 (including backlog of the recently acquired J.R. S. Exploration Company) consisted of approximately $46 million. Of this backlog, approximately $20 million relates to services to be performed in Alaska, approximately $11 million relates to Mexico, approximately $9 million relates to the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. (other than Alaska) and approximately $6 million relates to Canada. Headquartered in Englewood, 3-D Geophysical Inc. is a leading provider of land-based seismic data acquisition services in the United States, Canada and Mexico. This press release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 21E of the Securities Exchange Act of 1934. These forward-looking statements reflect numerous assumptions, involve a number of risks and uncertainties, and actual results may vary materially. Among the factors that could cause actual results to differ materially are: unanticipated adverse weather conditions; the level of activity in the oil and gas industry; inflationary trends; interest and exchange rates, and the other risks detailed from time to time in the company's filings with the SEC. CONTACT: 3-D Geophysical Inc. Ronald L. Koons, CFO See Chief Financial Officer. 303/290-0214 or Strauss Global Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most George Strauss/Judith Driver 212/818-1112 |
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