Exhibit 99.1

ION Reports Strong Fourth Quarter and Full Year 2010 Results

Q4 and Full Year EPS of $0.14 and $0.16, excluding special items
$68.5 million of net cash generation in Q4
Stronger seismic industry outlook expected in 2011

     HOUSTON — February 16, 2011 — ION Geophysical Corporation (NYSE: IO) today reported fourth quarter 2010 revenues of $158.6 million, a 31% increase from $121.3 million in the fourth quarter of 2009. Including special items, fourth quarter 2010 net income was $20.0 million, or $0.13 per diluted share, compared to a net loss of ($51.7) million, or ($0.44) per share, in the fourth quarter of 2009. Excluding special items, ION reported fourth quarter net income of $21.2 million, or $0.14 per diluted share. ION generated fourth quarter net cash of $68.5 million, bringing the year-end cash balance to $84.4 million.

     In 2010, ION reported revenues of $444.3 million, a 6% increase from $419.8 million reported in 2009. Excluding the revenues of the Legacy Land Systems (INOVA) segment, total revenues increased 25%. Including special items, net loss in 2010 was ($38.8) million, or ($0.27) per share compared to a net loss of ($113.6) million, or ($1.03) per share. Excluding these special items, ION reported net income of $22.8 million, or $0.16 per diluted share.

     In addition to the $44.1 million of first quarter pre-tax special charges associated with the formation of the land joint venture with BGP and the debt refinancing, 2010 results include three special items incurred in the fourth quarter. The first item relates to a $24.5 million pre-tax gain associated with net cash received from the Wilson Greatbatch legal settlement. The second item is a $7.7 million pre-tax impairment charge of one of ION’s investments. The last item is a $9.5 million pre-tax charge representing ION’s 49% share of a one-time write-down of excess inventory by INOVA Geophysical. These special items total $0.43 per diluted share.

     Bob Peebler, ION’s Chief Executive Officer, said, “We are extremely pleased with our strong finish in 2010, with solid earnings over and above our portion of the losses from our INOVA joint venture. Highlights for the quarter included extremely robust data library sales driven by a return to year-end spending by oil companies. We shipped the positioning portion of the 12-streamer BGP deal and finalized the DigiSTREAMER™

testing. The system is now on its way to South Korea, where it will be installed on BGP’s new vessel in early spring. Our data processing business ended with a record year. We are pleased that 10% of our data processing revenues were from full wave processing, which appears to be moving into the mainstream in certain market segments. In addition, INOVA’s business has started to expand, with BGP purchases leading the way. Ending the year like we did further increases our confidence that we will see continued growth in 2011 in all of our product and service-lines. We now feel that we have a little wind to our back and that the industry is on a full recovery path.”

     Total revenues for the fourth quarter of 2010 increased to $158.6 million compared to $121.3 million a year ago. Excluding the revenues of the Legacy Land Systems (INOVA) segment, total fourth quarter revenues increased 78%. The Solutions and Systems segments increased revenues by 131% and 27%, respectively, while the Software segment experienced a slight 3% decrease in revenues to $9.4 million as a result of currency exchange rates.

     The Solutions group sales increased 131% and generated $106.6 million in revenues during the fourth quarter, up $60.4 million compared to $46.2 million for the same period a year ago. Of this increase, $48.1 million was the result of strong data library sales in basins across the world, including East and West Africa, Brazil and the Arctic regions, $8.2 million was from new venture activities and $4.1 million was due to increased data processing activities.

     Systems segment sales increased 27% to $42.6 million in the fourth quarter compared to $33.5 million in the same period of 2009, principally due to increased sales of towed streamer products, including the sale of a 3-D positioning system to BGP.

     Consolidated gross margins for the fourth quarter of 2010 increased to 42% from 28% in the fourth quarter of 2009. The increase in gross margins was attributable in part to the contribution of the Company’s lower margin land business to INOVA Geophysical in March 2010, which had a gross margin of (6%) in the fourth quarter of 2009. Excluding the results of the legacy land business, the overall gross margin of the Company’s remaining segments increased to 42% compared to 40% for the prior

period. Gross margins improved in each of the remaining segments, predominantly related to sales mix. Systems segment gross margin increased 8% as a result of sales mix and cost improvements, while Software and Solutions segment gross margins increased by 3 and 2 percentage points, respectively.

     As a percentage of revenue, after excluding the 2009 results of the legacy land business, operating expenses declined to 20% during the quarter compared to 31% in the prior year period. Fourth quarter operating expenses exceeded normalized levels by $3.9 million primarily due to higher employment and bad debt-related expenses partially offset by lower professional fees. Adjusted EBITDA more than doubled to $55.9 million compared to $21.4 million for the same quarter of the prior year.

     The Company accounts for its 49% interest in INOVA Geophysical as an equity method investment on a one fiscal quarter-lag basis. As a result, the Company’s share of INOVA Geophysical’s third quarter financial results is included in the Company’s fourth quarter financial results. For the three months ended December 31, 2010, the Company recognized a loss on its equity investment of approximately $15.5 million, which included approximately $9.5 million (ION’s 49% share) of a one-time write-down of excess inventory by INOVA Geophysical.

     Consolidated revenues for full year 2010 increased to $444.3 million compared to $419.8 million for 2009. Excluding the results of the Legacy Land Systems (INOVA) segment in 2009 and the first quarter of 2010, full year revenues increased 25% or $85.8 million. Solutions segment revenues increased $97.0 million or 54% over prior year, while Software segment revenues increased 9% or $2.9 million. Systems segment revenues decreased $14.1 million to $114.2 million primarily as a result of continued softness in land geophone sales and a decrease in ocean bottom revenues.

     Gross margins for full year 2010 improved to 37% compared to 31% for 2009 entirely due to the disposition of the lower margin legacy land business to INOVA Geophysical in the first quarter. Excluding the results of the legacy land business, the overall gross margin of the remaining segments remained consistent at 39%.

     Excluding the results of the Legacy Land Systems (INOVA) segment, operating expenses as a percentage of revenues for full year 2010 decreased to 24% compared to 33% in the prior year period. The 2010 effective tax rate was impacted by the formation of the joint venture and the establishment of valuation allowances associated with equity in losses of INOVA Geophysical and the write-down of one of ION’s investments partially offset by a benefit related to alternative minimum tax. Excluding these items, the 2010 effective tax rate would have been 14.5% (provision on income) compared to 15.4% (benefit on a loss) for 2009, as reported. The decrease in the effective tax rate relates to the changes in the distribution of earnings between U.S. and foreign jurisdictions.

     Income from operations for full year 2010 totaled $52.8 million compared to a loss of ($58.2) million in the prior period. Excluding the first quarter 2010 results of the Legacy Land Systems (INOVA) segment, income from operations during 2010 was $62.5 million.

     Excluding the after-tax impact of the special items for both periods as noted in the attached tables, the Company reported a net income of $22.8 million, or $0.16 per diluted share, for full year 2010, compared to a net loss of ($43.4) million, or ($0.39) per share, for 2009. Including the special items, the Company reported a net loss of ($38.8) million, or ($0.27) per share, for full year 2010, compared to ($113.6) million, or ($1.03) per share, in 2009. Adjusted EBITDA for 2010 increased 94% to $140.1 million compared to $72.2 million in 2009.

     Fourth quarter cash generation increased $68.5 million, resulting in cash on hand at year-end of $84.4 million compared to total debt of $108.7 million or net debt of $24.3 million. At year end, ION had no outstanding balance associated with its $100 million revolving credit facility, bringing total liquidity to $184.4 million.

     Brian Hanson, Executive Vice President and Chief Financial Officer, commented, “As previously mentioned in our third quarter earnings call, we expected the second half of 2010 to be considerably better than the first half and this proved to be the case as we finished the year by delivering strong fourth quarter results. We also delivered on our

goal of profitability for ION in 2010, excluding one-time items, and expect that the momentum that we experienced during the second half of 2010 will likely continue into 2011.

     Similar to years prior to the global financial collapse of 2008, we anticipate our 2011 financial performance to be back-end loaded. This is mainly due to the natural budget/planning cycle of our customers who usually formulate capital spending plans during the first quarter of each year, and the potential for data library sales in the fourth quarter as customers tap the unspent portions of their capital budgets.

     While we are not providing earnings guidance, we are providing guidelines on certain items. In 2011, we anticipate investing between $90 and $110 million in our customer-underwritten multi-client data libraries. We estimate interest expense for 2011 to be between $5 and $7 million. In addition, we expect our effective tax rate to be between 24% and 26%.”

     The Company has scheduled a conference call for Thursday, February 17, 2011, at 10:00 a.m. Eastern Time. To participate in the conference call, dial 480-629-9645 at least 10 minutes before the call begins and ask for the ION conference call. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until March 4, 2011. To access the replay, dial 303-590-3030 and use pass code 4406364#.

     Investors, analysts and the general public will also have the opportunity to listen to the conference call live over the Internet by visiting www.iongeo.com. Also, an archive of the webcast will be available shortly after the call on the Company’s website.

     ION Geophysical Corporation is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION’s offerings allow E&P operators to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and enable seismic contractors to acquire

geophysical data more efficiently. Additional information about ION is available at www.iongeo.com.

CONTACTS:
R. Brian Hanson
Chief Financial Officer
+1.281.879.3672

Jack Lascar
DRG&L
+1.713.529.6600

Tables to follow

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2010				2009				2010				2009
Product revenues		$	51,228			$	74,887			$	165,202			$	237,664
Service revenues			107,395				46,377				279,120				182,117
Total net revenues			158,623				121,264				444,322				419,781
Cost of products			26,237				57,916				94,658				165,923
Cost of services			66,029				29,511				183,931				121,720
Gross profit			66,357				33,837				165,733				132,138
Operating expenses:
Research, development and engineering			5,479				10,938				25,227				44,855
Marketing and sales			9,082				8,738				30,405				34,945
General and administrative			17,325				18,731				57,254				72,510
Impairment of intangible assets			—				—				—				38,044
Total operating expenses			31,886				38,407				112,886				190,354
Income (loss) from operations			34,471				(4,570	)			52,847				(58,216	)
Interest expense, net			(1,893	)			(14,739	)			(30,770	)			(33,950	)
Loss on disposition of land division			—				—				(38,115	)			—
Fair value adjustment of warrant			—				(29,401	)			12,788				(29,401	)
Equity in losses of INOVA Geophysical			(15,541	)			—				(23,724	)			—
Gain on legal settlement			24,500				—				24,500				—
Impairment of cost method investments			(7,650	)			(4,454	)			(7,650	)			(4,454	)
Other income (expense)			1,039				711				228				(4,023	)
Income (loss) before income taxes			34,926				(52,453	)			(9,896	)			(130,044	)
Income tax expense (benefit)			14,542				(1,643	)			26,942				(19,985	)
Net income (loss)			20,384				(50,810	)			(36,838	)			(110,059	)
Preferred stock dividends			338				875				1,936				3,500
Net income (loss) applicable to common shares		$	20,046			$	(51,685	)		$	(38,774	)		$	(113,559	)
Net income (loss) per share:
Basic		$	0.13			$	(0.44	)		$	(0.27	)		$	(1.03	)
Diluted		$	0.13			$	(0.44	)		$	(0.27	)		$	(1.03	)
Weighted average number of common shares outstanding:
Basic			152,572				118,526				144,278				110,516
Diluted			159,698				118,526				144,278				110,516

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

		December 31,
		2010				2009
ASSETS
Current assets:
Cash and cash equivalents		$	84,419			$	16,217
Accounts receivable, net			77,576				111,046
Unbilled receivables			70,590				21,655
Current portion notes receivable			—				13,367
Inventories, net			66,882				202,601
Deferred income tax asset			—				6,001
Prepaid expenses and other current assets			13,165				24,614
Total current assets			312,632				395,501
Deferred income tax asset			8,998				26,422
Property, plant and equipment, net			20,145				78,555
Multi-client data library, net			112,620				130,705
Investment in INOVA Geophysical			95,173				—
Goodwill			51,333				52,052
Intangible assets, net			20,317				61,766
Other assets			3,224				3,185
Total assets		$	624,442			$	748,186
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable and current maturities of long-term debt		$	6,073			$	271,132
Accounts payable			30,940				40,189
Accrued expenses			54,799				65,893
Accrued multi-client data library royalties			18,667				18,714
Fair value of warrant			—				44,789
Deferred revenue and other current liabilities			22,887				13,802
Total current liabilities			133,366				454,519
Long-term debt, net of current maturities			102,587				6,249
Non-current deferred income tax liability			688				1,262
Other long-term liabilities			7,354				3,688
Total liabilities			243,995				465,718
Stockholders’ equity:
Cumulative convertible preferred stock			27,000				68,786
Common stock			1,529				1,187
Additional paid-in capital			822,399				666,928
Accumulated deficit			(448,386	)			(411,548	)
Accumulated other comprehensive loss			(15,530	)			(36,320	)
Treasury stock			(6,565	)			(6,565	)
Total stockholders’ equity			380,447				282,468
Total liabilities and stockholders’ equity		$	624,442			$	748,186

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

		Twelve Months Ended
		December 31,
		2010				2009
Cash flows from operating activities:
Net loss		$	(36,838	)		$	(110,059	)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization (other than multi-client data library)			24,795				47,911
Amortization of multi-client data library			85,940				48,449
Stock-based compensation expense			8,147				12,671
Bad debt expense			1,689				3,528
Amortization of debt discount			8,656				6,732
Write-off of unamortized debt issuance costs			10,121				—
Fair value adjustment of warrant			(12,788	)			29,401
Loss on disposition of land division			38,115				—
Equity in losses of INOVA Geophysical			23,724				—
Impairment of cost method investments			7,650				4,454
Deferred income taxes			22,207				(38,150	)
Impairment of intangible assets			—				38,044
Change in operating assets and liabilities:
Accounts and notes receivable			7,826				41,936
Unbilled receivables			(48,935	)			14,817
Inventories			(16,138	)			18,582
Accounts payable, accrued expenses and accrued royalties			9,550				(72,140	)
Deferred revenue			7,281				(4,188	)
Other assets and liabilities			(7,634	)			9,998
Net cash provided by operating activities			133,368				51,986
Cash flows from investing activities:
Purchase of property, plant and equipment			(7,372	)			(2,966	)
Investment in multi-client data library			(64,426	)			(89,635	)
Proceeds from disposition of land division, net of fees paid			99,790				—
Other investing activities			(500	)			963
Net cash provided by (used in) investing activities			27,492				(91,638	)
Cash flows from financing activities:
Borrowings under revolving line of credit			104,000				77,000
Repayments under revolving line of credit			(193,429	)			(25,000	)
Net proceeds from issuance of debt			105,695				19,218
Net proceeds from issuance of common stock			38,039				38,220
Payments on notes payable and long-term debt			(145,558	)			(81,517	)
Costs associated with debt amendments			—				(4,630	)
Payment of preferred dividends			(1,936	)			(3,500	)
Other financing activities			459				(62	)
Net cash (used in) provided by financing activities			(92,730	)			19,729
Effect of change in foreign currency exchange rates on cash and cash equivalents			72				968
Net increase (decrease) in cash and cash equivalents			68,202				(18,955	)
Cash and cash equivalents at beginning of period			16,217				35,172
Cash and cash equivalents at end of period		$	84,419			$	16,217

ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES
SUMMARY OF SEGMENT INFORMATION
(In thousands)
(Unaudited)

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2010				2009				2010				2009
Net revenues:
Systems:
Towed Streamer		$	33,471			$	22,889			$	83,567			$	83,398
Ocean Bottom			55				3,789				1,876				4,948
Other			9,062				6,857				28,783				39,943
Total		$	42,588			$	33,535			$	114,226			$	128,289
Software:
Software Systems		$	8,641			$	9,433			$	34,465			$	31,601
Services			757				219				2,166				2,132
Total		$	9,398			$	9,652			$	36,631			$	33,733
Solutions:
Data Processing		$	28,336			$	24,167			$	107,997			$	82,330
New Venture			18,979				10,758				81,293				71,135
Data Library			59,322				11,233				87,664				26,520
Total		$	106,637			$	46,158			$	276,954			$	179,985
Legacy Land Systems (INOVA)		$	—			$	31,919			$	16,511			$	77,774
Total		$	158,623			$	121,264			$	444,322			$	419,781
Gross profit:
Systems		$	19,416			$	12,861			$	48,557			$	52,934
Software			6,102				5,965				24,356				21,998
Solutions			40,839				16,792				93,804				59,844
Legacy Land Systems (INOVA)			—				(1,781	)			(984	)			(2,638	)
Total		$	66,357			$	33,837			$	165,733			$	132,138
Gross margin:
Systems			46	%			38	%			43	%			41	%
Software			65	%			62	%			66	%			65	%
Solutions			38	%			36	%			34	%			33	%
Legacy Land Systems (INOVA)			—	%			(6	%)			(6	%)			(3	%)
Total			42	%			28	%			37	%			31	%
Income (loss) from operations:
Systems		$	13,916			$	8,562			$	27,749			$	31,209
Software			5,423				5,445				21,936				19,970
Solutions			29,963				8,617				60,632				27,746
Legacy Land Systems (INOVA)			—				(12,204	)			(9,623	)			(40,881	)
Corporate and other			(14,831	)			(14,990	)			(47,847	)			(58,216	)
Impairment of intangible assets			—				—				—				(38,044	)
Total		$	34,471			$	(4,570	)		$	52,847			$	(58,216	)

Reconciliation of Adjusted EBITDA to Net Income (Loss)
(Non-GAAP Measure)
(In thousands)
(Unaudited)

     Adjusted EBITDA is a Non-GAAP measurement that is presented as an additional indicator of operating performance and is not a substitute for net income (loss) or net income (loss) per share calculated under generally accepted accounting principles (GAAP). We believe that Adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing business operations, including our ability to service our debt. The calculation of Adjusted EBITDA shown below is based upon amounts derived from the Company’s financial statements prepared in conformity with GAAP.

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2010				2009				2010				2009
Net income (loss)		$	20,384			$	(50,810	)		$	(36,838	)		$	(110,059	)
Interest expense, net			1,893				14,739				30,770				33,950
Income tax expense (benefit)			14,542				(1,643	)			26,942				(19,985	)
Depreciation and amortization expense			35,938				25,236				110,735				96,360
Gain on legal settlement			(24,500	)			—				(24,500	)			—
Impairment of cost method investments			7,650				4,454				7,650				4,454
Loss on disposition of land division			—				—				38,115				—
Fair value adjustment of warrant			—				29,401				(12,788	)			29,401
Impairment of intangible assets			—				—				—				38,044
Adjusted EBITDA		$	55,907			$	21,377			$	140,086			$	72,165

Reconciliation of Income (Loss) from Operations Excluding the
Legacy Land Systems (INOVA) Segment
(Non-GAAP Measure)
(In thousands)
(Unaudited)

     The financial results are reported in accordance with GAAP. However, management believes that certain non-GAAP performance measures may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. One such non-GAAP financial measure is our income (loss) from operations excluding our Legacy Land Systems (INOVA) segment. This segment was contributed to our joint venture (INOVA Geophysical) on March 25, 2010. Therefore, beginning on March 26, 2010, this contributed business is no longer consolidated into our results of operations. This adjusted income amount is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for income (loss) from operations or other income data prepared in accordance with GAAP. See the table below for supplemental financial data and the corresponding reconciliation to GAAP financials for the twelve months ended December 31, 2010 and for the three and twelve months ended December 31, 2009:

		Twelve Months Ended December 31, 2010
						Excluding
		As				Legacy Land				As
		Reported				Systems				Adjusted
Net revenues		$	444,322			$	(16,511	)		$	427,811
Cost of sales			278,589				(17,495	)			261,094
Gross profit			165,733				984				166,717
Operating expenses:
Research, development and engineering			25,227				(4,181	)			21,046
Marketing and sales			30,405				(1,559	)			28,846
General and administrative			57,254				(2,899	)			54,355
Total operating expenses			112,886				(8,639	)			104,247
Income from operations		$	52,847			$	9,623			$	62,470

		Twelve Months Ended December 31, 2009
						Excluding
		As				Legacy Land				As
		Reported				Systems				Adjusted
Net revenues		$	419,781			$	(77,774	)		$	342,007
Cost of sales			287,643				(80,412	)			207,231
Gross profit			132,138				2,638				134,776
Operating expenses:
Research, development and engineering			44,855				(21,359	)			23,496
Marketing and sales			34,945				(5,582	)			29,363
General and administrative			72,510				(11,302	)			61,208
Impairment of intangible assets			38,044				(38,044	)			—
Total operating expenses			190,354				(76,287	)			114,067
Income (loss) from operations		$	(58,216	)		$	78,925			$	20,709

		Three Months Ended December 31, 2009
						Excluding
		As				Legacy Land				As
		Reported				Systems				Adjusted
Net revenues		$	121,264			$	(31,919	)		$	89,345
Cost of sales			87,427				(33,700	)			53,727
Gross profit			33,837				1,781				35,618
Operating expense:
Research, development and engineering			10,938				(5,411	)			5,527
Marketing and sales			8,738				(1,281	)			7,457
General and administrative			18,731				(3,731	)			15,000
Total operating expenses			38,407				(10,423	)			27,984
Income (loss) from operations		$	(4,570	)		$	12,204			$	7,634

Reconciliation of Special Items to Diluted Earnings per Share
(Non-GAAP Measure)
(In thousands, except per share data)
(Unaudited)

     The financial results are reported in accordance with GAAP. However, management believes that certain non-GAAP performance measures may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. One such non-GAAP financial measure is income (loss) from operations or net income (loss) excluding certain charges or amounts. This adjusted income amount is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for income (loss) from operations, net income (loss) or other income data prepared in accordance with GAAP. See the table below for supplemental financial data and the corresponding reconciliation to GAAP financials for the three and twelve months ended December 31, 2010 and 2009:

		Three Months Ended December 31, 2010
						Gain on
		As				Legal				Investment				As
		Reported				Settlement 2				Charges 3				Adjusted
Net revenues		$	158,623			$	—			$	—			$	158,623
Cost of sales			92,266				—				—				92,266
Gross profit			66,357				—				—				66,357
Operating expenses			31,886				—				—				31,886
Loss from operations			34,471				—				—				34,471
Interest expense, net			(1,893	)			—				—				(1,893	)
Equity in losses of INOVA Geophysical			(15,541	)			—				9,475				(6,066	)
Gain on legal settlement			24,500				(24,500	)			—				—
Impairment of cost method investment			(7,650	)			—				7,650				—
Other income			1,039				—				—				1,039
Income tax (benefit) expense			14,542				(8,575	)			—				5,967
Net income (loss)			20,384				(15,925	)			17,125				21,584
Preferred stock dividends			338				—				—				338
Net loss applicable to common shares		$	20,046			$	(15,925	)		$	17,125			$	21,246
Net income per share:
Basic		$	0.13											$	0.14
Diluted		$	0.13											$	0.14
Weighted average number of common shares outstanding:
Basic			152,572												152,572
Diluted			159,698												159,698

		Twelve Months Ended December 31, 2010
										Refinancing				Gain on
		As				Loss on				and Warrant				Legal				Investment				As
		Reported				Disposition				Charges 1				Settlement 2				Charges 3				Adjusted
Net revenues		$	444,322			$	—			$	—			$	—			$	—			$	444,322
Cost of sales			278,589				—				—				—				—				278,589
Gross profit			165,733				—				—				—				—				165,733
Operating expenses			112,886				—				—				—				—				112,886
Income from operations			52,847				—				—				—				—				52,847
Interest expense, net			(30,770	)			—				18,777				—				—				(11,993	)
Loss on disposition of land division			(38,115	)			38,115				—				—				—				—
Fair value adjustment of warrant			12,788				—				(12,788	)			—				—				—
Equity in losses of INOVA Geophysical			(23,724	)			—				—				—				9,475				(14,249	)
Gain on legal settlement			24,500				—				—				(24,500	)			—				—
Impairment of cost method investment			(7,650	)			—				—				—				7,650				—
Other income			228				—				—				—				—				228
Income tax expense (benefit)			26,942				(19,841	)			3,542				(8,575	)			—				2,068
Net income (loss)			(36,838	)			57,956				2,447				(15,925	)			17,125				24,765
Preferred stock dividends			1,936				—				—				—				—				1,936
Net income (loss) applicable to common shares		$	(38,774	)		$	57,956			$	2,447			$	(15,925	)		$	17,125			$	22,829
Net income per share:
Basic		$	(0.27	)																		$	0.16
Diluted		$	(0.27	)																		$	0.16
Weighted average number of common shares outstanding:
Basic			144,278																				144,278
Diluted			144,278																				144,934

		Three Months Ended December 31, 2009
										Adjustments
		As				Impairment				of the				As
		Reported				Charges				the Warrant				Adjusted
Net revenues		$	121,264			$	—			$	—			$	121,264
Cost of sales			87,427				—				—				87,427
Gross profit			33,837				—				—				33,837
Operating expenses			38,407				—				—				38,407
Loss from operations			(4,570	)			—				—				(4,570	)
Interest expense, net			(14,739	)			—				6,732				(8,007	)
Fair value adjustment of warrant			(29,401	)			—				29,401				—
Impairment of cost method investment			(4,454	)			4,454				—				—
Other income			711				—				—				711
Income tax (benefit) expense			(1,643	)			1,559				—				(84	)
Net income (loss)			(50,810	)			2,895				36,133				(11,782	)
Preferred stock dividends			875				—				—				875
Net loss applicable to common shares		$	(51,685	)		$	2,895			$	36,133			$	(12,657	)
Basic and diluted earnings per share		$	(0.44	)										$	(0.11	)
Weighted average number of basic and
diluted common shares outstanding			118,256												118,526

		Twelve Months Ended December 31, 2009
														Out-of-Period
														Stock-Based
		As				Impairment					Restructuring				Compensation				Adjustments of				As
		Reported				Charges				Charges				Expense				the Warrant				Adjusted
Net revenues		$	419,781			$	—			$	—			$	—			$	—			$	419,781
Cost of sales			287,643				—				(996	)			—				—				286,647
Gross profit			132,138				—				996				—				—				133,134
Operating expenses			190,354				(38,044	)			(2,079	)			(3,267	)			—				146,964
Loss from operations			(58,216	)			38,044				3,075				3,267				—				(13,830	)
Interest expense, net			(33,950	)			—				—				—				6,732				(27,218	)
Other expense			(37,878	)			4,454				—				—				29,401				(4,023	)
Income tax (benefit) expense			(19,985	)			12,592				1,076				1,143				—				(5,174	)
Net loss			(110,059	)			29,906				1,999				2,124				36,133				(39,897	)
Preferred stock dividends			3,500				—				—				—				—				3,500
Net loss applicable to common shares		$	(113,559	)		$	29,906			$	1,999			$	2,124			$	36,133			$	(43,397	)
Basic and diluted earnings per share		$	(1.03	)																		$	(0.39	)
Weighted average number of basic and diluted common shares outstanding			110,516																				110,516

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