9 Nov 2011director interest notice● Neutral
GEOKINETICS INC President and CEO Miles Richard F received 25,000 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Nov 2011director interest notice● Neutral
GEOKINETICS INC Exe. Vice President and CFO Gary L Pittman received 15,000 shares as part of the equity award.
9 Nov 2011director interest notice● Neutral
GEOKINETICS INC VP, Gen. Cousel & Corp. Secre. Moll William Leo Jr. received 12,000 shares as part of the equity award.
2 Sept 2011securities registration● Neutral
GEOKINETICS INC registered a securities offering with the SEC using its shelf eligibility.
31 Aug 2011capital raising announcement▼ BadMajor
On August 29, 2011 the company issued 1,041,668 common shares at $3.84 to the new lenders to pay the $4.0M advisory fee from the August credit facility. Because that price was below existing conversion and exercise prices, the Series B preferred conversion price fell to $15.95, the 2008 warrants' exercise price to $9.05, and the 2010 warrants' exercise price to $3.84, which dilutes existing common shareholders.
16 Aug 2011debt financing● NeutralMajor
On August 12, 2011 the company replaced the RBC revolver (held since May by the Whitebox-led lenders) with a new $50.0M amended and restated credit facility, repaying the $50.0M drawn and terminating the old facility. The new loan bears fixed 11.125% interest, matures September 1, 2014, has no financial maintenance covenants and no letters of credit; fees were $1.7M cash plus $0.8M other costs, and a $4.0M advisory fee payable in new common shares, which resolves the forbearance deadline of Aug 22, 2011. The 8-K also furnishes the Q2 2011 results press release (revenue $145.5M).
15 Aug 2011quarterly activities report▼ Bad
GEOKINETICS INC reported quarterly revenue of $206.1 million and a net loss of $42.1 million for the period ended 2011-09-30.
13 June 2011agm notice● Neutral
GEOKINETICS INC shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
31 May 2011debt financing▼ BadMajor
On May 24, 2011 the existing RBC revolver lenders assigned their positions to a new lender group with Whitebox Advisors as successor agent. Under Forbearance Agreement and Amendment No. 5, the facility rose to $50M, the company borrowed the full $50M, no more letters of credit will be issued, and the lenders agreed to hold off on remedies for specified defaults until the earlier of August 22, 2011 or an amended and restated credit agreement. Fees are payable to the new lenders and agent. The need for forbearance shows defaults existed under the facility; this continues the waiver sequence, now with new lenders and a short deadline.
17 May 2011quarterly activities report▼ Bad
GEOKINETICS INC reported quarterly revenue of $145.5 million and a net loss of $39.4 million for the period ended 2011-06-30.
16 May 2011director interest notice● Neutral
GEOKINETICS INC director Christopher D Strong received 5,250 shares as part of the equity award.
16 May 2011director interest notice● Neutral
GEOKINETICS INC director William R Ziegler received 5,250 shares as part of the equity award.
16 May 2011director interest notice● Neutral
GEOKINETICS INC director Steven A Webster received 5,250 shares as part of the equity award.
16 May 2011director interest notice● Neutral
GEOKINETICS INC director Cabes Robert L Jr. received 5,250 shares as part of the equity award.
16 May 2011director interest notice● Neutral
GEOKINETICS INC director Langseth Gottfred received 5,250 shares as part of the equity award.
16 May 2011quarterly activities report▼ Bad
GEOKINETICS INC reported quarterly revenue of $145.5 million and a net loss of $39.4 million for the period ended 2011-06-30.
16 May 2011director interest notice● Neutral
GEOKINETICS INC director Anthony Tripodo received 5,250 shares as part of the equity award.
16 May 2011director interest notice● Neutral
GEOKINETICS INC director Gary M Pittman received 5,250 shares as part of the equity award.
16 May 2011director interest notice● Neutral
GEOKINETICS INC director Christopher M Harte received 5,250 shares as part of the equity award.
10 May 2011securities registration● Neutral
GEOKINETICS INC filed the final prospectus for a registered offering.
4 May 2011director interest notice● Neutral
GEOKINETICS INC VP, Gen. Counsel & Secretary Moll William Leo Jr. received 1,800 shares as part of the equity award.
4 May 2011director interest notice● Neutral
GEOKINETICS INC Executive V.P. and CFO Gary L Pittman received 5,200 shares as part of the equity award.
4 May 2011director interest notice● Neutral
GEOKINETICS INC Senior Vice President Gilbert Gerald M. received 3,660 shares as part of the equity award.
2 May 2011agm notice● Neutral
GEOKINETICS INC shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
20 Apr 2011securities registration● Neutral
GEOKINETICS INC registered a securities offering with the SEC using its shelf eligibility.
5 Apr 2011material agreement▼ BadMajor
On April 1, 2011 the RBC lenders waived the company's failure to deliver audited 2010 financial statements by March 31, but only until April 15, 2011. Amendment No. 4 also resets EBITDA and leverage covenants, requires a plan to address material weaknesses and monitor project economics, shortens the revolver maturity from February 12, 2013 to April 15, 2012, changes interest cost, and adds closing and commitment fees. The same filing furnished 2010 results: Q4 revenue $198.8M, full-year revenue $558.1M (up 9%), full-year EBITDA $22.8M versus $87.0M in 2009, and a $147.5M loss to common holders ($8.46 per share). Management cited cancelled or delayed jobs, crews held on standby, decentralised PGS Onshore integration and a roughly $14M loss on an Indonesia job. Backlog was $558M. This continues the covenant waiver thread and the earlier restatement and weakness issues.
1 Apr 2011late filing notice▼ Bad
GEOKINETICS INC notified the SEC that its annual report would be filed late.
14 Feb 2011director interest notice● Neutral
GEOKINETICS INC 10%+ owner Ironman Energy Master Fund sold 40,722 shares at $7.46.
10 Feb 2011director interest notice● Neutral
GEOKINETICS INC director William R Ziegler gifted 4,000 shares.
7 Feb 2011director interest notice● Neutral
GEOKINETICS INC Vice President and CAO Moore Diana S. received a stock option grant for 30,000 shares.