Ion Geophysical Corp (IO) 2008年年度报告「NYSE」.pdf

1、 LETTER TO THE SHAREHOLDERS Robert P.PeeblerChief Executive Officeror ION,2008 was a year of tremendous contrasts.Buoyed by record high oil prices and marked by significant exploration and development activity,the first three quarters of the year were highly encouraging.All key indicators suggested

2、that we were on our way to meeting or even exceeding our annual objectives.Revenues were up both in the third quarter(by 26%year-on-year)and year-to-date for the first three quarters(by 7%).Gross margins had improved.Operating expenses were flat.Our effective tax rate had fallen.And then,unfortunate

3、ly,we began to feel the effects of the global economic meltdown.As weakness began to reverberate through all sectors and regions within the global economy,the demand for crude oil,natural gas,and refined products began to fall accordingly.Despite actions by OPEC to cut supply,its members couldn t ke

4、ep pace with the rapid decline in demand.As a result,oil prices dropped precipitously from a July 2008 peak of$147 per barrel to roughly$40 as I write this letter in early March 2009.Given the uncertainty about the health of the global economy and the timing and pace of recovery,our customers began

5、to cut back on their capital budgets,albeit to different extents,as 2008 drew to a close.In North America,many of the E&P companies have slashed 2009 spending by upwards of 30%.They are accustomed to funding their exploration and drilling programs out of free cash flow and,in some cases,by applying

6、significant amounts of leverage.With commodity prices falling and credit drying up,these companies have been forced to rethink their spending patterns.In Russia,we have seen similar effects and responses.Very quickly and in many regions,the cutbacks by the E&P companies began to cascade through the