ION Reports Improved Third Quarter EPS of $.08

ION Geophysical Corporation IO today reported third quarter 2010 revenues of $121.6 million, resulting in net income of $11.9 million, or $0.08 per diluted share. In the third quarter of 2009, ION's net loss was ($6.8) million, or ($0.06) per share, on revenues of $102.4 million. After excluding the special charges incurred in the first quarter of 2010 associated with the formation of the land joint venture with BGP and the refinancing of its debt, ION reported a positive net income for the nine months ended September 30, 2010 of $1.4 million, or $0.01 per diluted share.