ION outlines $18 million cost reduction plan to mitigate adverse macroeconomic forces while maintaining business continuity
Ion Geophysical Corporation (IO)
Last ion geophysical corporation earnings: 2/5 04:53 pm
Check Earnings Report
US:NYSE Investor Relations:
investorrelations.i-o.com
Company Research
Source: PR Newswire
HOUSTON, April 2, 2020 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced enhanced measures to mitigate the impact of COVID-19 and oil price volatility while maintaining business continuity. The Company plans to scale down costs by $18 million during the remaining nine months of 2020 to preserve cash and manage liquidity, building on the $20 million permanent cuts taken in January of this year. ION's asset light strategy avoids significant fixed costs and provides flexibility to easily scale the business to meet demand.ION's priority remains the health and wellbeing of all our employees and the communities in which we operate and, earlier this week, we described the steps we had taken to rapidly shift 95% of our workforce to remote working and enhance protocols in accordance with CDC recommendations for the remaining 5% of exempted essential employees onsite. We have now also assessed the related impact of E&P budget reductions to our business and, while the dur
Show less
Read more
Impact Snapshot
Event Time:
IO
Last Price
Price Change
Price Change%
Volume Shares
Max Up
Max Down
%
Volume Ratio
Performance Comparison
Updated
|
Event Day
Stock performance from the time of news release until the following 4pm ET market close
|
Last price at news event
|
Since Event
Multi-day stock performance from the time of the news release
|
|---|---|---|
|
EVENT DAY
Stock performance from the time of news release until the following 4pm ET market close
|
LAST
PRICE AT NEWS EVENT |
SINCE EVENT
Multi-day stock performance from the time of the news release
|
| Last Price | ||
| VWAP | ||
|
High:
|
Max Up |
High:
|
|
Low:
|
Max Down |
Low:
|
|
%
|
Post news range |
%
|
|
|
Price change |
|
|
|
Price Change Percentage |
|
|
|
S&P 500 (SPX) |
|
|
%
|
Volume ratio |
%
|
| Volume | ||
| Ticks | ||
|
|
Avg transaction size |
|
Don't Miss Out On The Next BIG Stock Move
Event day
Event Day Chart will not be displayed beyond 90-day period of the event
Performance since event
Time And Velocity Analysis
Be the first to know
Opt in for alerts from News Quantifed
Sign Up Today
Opt-in for
IO alerts
Learn More With NQ
Reading the Impact Report
Help Me Understand This Data
Help Me Understand This Data
How NQ Works
What is news-based trading?
And why is it so successful?
And why is it so successful?
Movers & Shakers
The biggest gainers and losers and WHY it moved
IO alerts
High impacting Ion Geophysical Corporation news events
Weekly update
A roundup of the hottest topics