** **

----

** UNITED STATESSECURITIES AND EXCHANGE COMMISSION  Washington, DC 20549**

----

**FORM 10-Q**

| **T** | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2008

 

OR

 

o

TRANSITION REPORT PURSUANT TO SECTION  13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number: 333-144844

 

**SEITEL, INC.**

(Exact name of registrant as specified in its charter)
   
Delaware

76-0025431

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)
      
10811 S. Westview Circle Drive
   
Building C, Suite 100

Houston, Texas

77043

(Address of principal executive offices)

(Zip Code)
      
Registrant's telephone  number, including area code:

(713) 881-8900

 

Indicate by check markwhether the registrant (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for thepast 90 days.

Yes

**T**

No

o

 

Indicate by check markwhether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, or a smaller reporting company. See definition of "acceleratedfiler," "large accelerated filer" and "smaller reportingcompany" in Rule 12b-2 of the Exchange Act. (Check one): 

 

Large accelerated filer

o

Accelerated filer

o

Non-accelerated filer

**T**

Smaller reporting company

o

 

Indicate by check mark whether the registrant is a shell company (asdefined in Rule 12b-2 of the Exchange Act).

 

Yes

o

No

**T**

Indicate by check mark whether theregistrant has filed all documents and reports required to be filed by Section12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to thedistribution of securities under a plan confirmed by a court.

 

Yes

**T**

No

o

Asof May 12, 2008, there were 100 shares of the Company's common stock, par value$.001 per share outstanding.

 

 

**INDEX**

****

Page
PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements.................................................................................	

3

 

Condensed Consolidated Balance Sheets  (Unaudited).................................. 

3

 

Condensed  Consolidated Statements of Operations (Unaudited)....................	

4

 

Condensed Consolidated  Statements of Comprehensive Loss (Unaudited)...... 

5

 

Condensed  Consolidated Statement of Stockholder's Equity (Unaudited)...... 

6

 

Condensed Consolidated Statements of Cash Flows  (Unaudited)................... 

7

 

Notes  to Condensed Consolidated Interim Financial Statements (Unaudited)..	

9

 

Item 2.

Management's Discussion and Analysis of Financial Condition 

and Results of Operations...........................................................................	

 

27

 

Item 3.

Quantitative and Qualitative Disclosures about  Market Risk........................... 

36

 

Item 4T.

Controls and Procedures............................................................................	

36

 

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings..................................................................................... 	

37

 

Item 6.

Exhibits.................................................................................................... 	

37

 

Signatures ................................................................................................................

        	

38

 

*(Index)*
 **PART I - FINANCIAL INFORMATION****Item 1.     FINANCIAL STATEMENTS**
******SEITEL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS**

*(In thousands,except share and per share amounts)*

 

* *

(Unaudited)

March 31,

December 31,

2008

2007

                     
ASSETS

     Cash and cash equivalents

$

37,149

$

43,333

     Restricted cash

111

110

     Receivables

        Trade, net of  allowance for doubtful accounts of

           $685 and $688,  respectively

35,517

51,915

        Notes and other, net of allowance for doubtful  accounts

           of $225 and $238, respectively

196

2,190

     Net seismic data library,  net of accumulated amortization

        of $181,869 and $140,742,  respectively

339,044

349,039

     Net property and equipment, net of  accumulated depreciation

        and amortization of $2,959 and $2,335,  respectively

10,120

10,996

     Investment in marketable  securities

4,920

4,224

     Prepaid expenses,  deferred charges and other 

20,931

22,263

     Intangible assets, net of  accumulated amortization of

        $6,949 and $5,515,  respectively

49,430

51,785

     Goodwill

203,366

207,246
                     
     TOTAL ASSETS

$

700,784

$

743,101

     

LIABILITIES AND STOCKHOLDER'S  EQUITY

     LIABILITIES

        Accounts payable and  accrued liabilities

$

40,430

$

49,325

        Income taxes payable

2,393

948

        Debt

           Senior Notes

402,312

402,333

           Notes payable

290

300

        Obligations under  capital leases

3,668

3,848

        Deferred revenue

40,623

48,151

        Deferred income taxes

13,503

17,238

     TOTAL LIABILITIES

503,219

522,143

     

COMMITMENTS AND CONTINGENCIES	

     

STOCKHOLDER'S EQUITY

        Common stock, par  value $.001 per share; 100 shares authorized,

           issued and  outstanding at March 31, 2008 and 

           December 31, 2007

-

-

        Additional paid-in  capital

266,591

264,805

        Retained deficit

(95,539

)

(77,113

)

        Accumulated other  comprehensive income

26,513

33,266

     TOTAL STOCKHOLDER'S EQUITY

197,565

220,958
                     
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY

$

700,784

$

743,101

 

The accompanying notes are an integral part ofthese condensed consolidated financial statements.

 

 

*(Index)*

 

 

**SEITEL, INC.AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OFOPERATIONS**(Unaudited)*(In thousands)*

SUCCESSOR

PREDECESSOR

PERIOD

PERIOD

Three Months  Ended

February 14,  2007 - 

January 1,  2007 - 

March 31, 2008

March 31, 2007

February 13,  2007
                              
REVENUE

$

47,382

$

17,298

$

19,010
                              
EXPENSES:

      Depreciation and amortization

44,855

22,233

11,485

      Cost of sales

114

9

8

      Selling, general and administrative	

10,435

4,434

3,577

      Merger

357

445

17,457

55,761

27,121

32,527
                              
LOSS FROM OPERATIONS

(8,379

)

(9,823

)

(13,517

)
                              
Interest expense, net

(9,895

)

(9,185

)

(2,284

)

Foreign currency exchange gains (losses)

(846

)

179

(102

)

Other income

-

-

12
                              
Loss before income taxes

(19,120

)

(18,829

)

(15,891

)

Provision (benefit) for income taxes

(694

)

(3,997

)

452
                              
NET LOSS

$

(18,426

)

$

(14,832

)

$

(16,343

)

 

The accompanying notes are an integral part ofthese condensed consolidated financial statements.

 

 

*(Index)*

 

**SEITEL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**(Unaudited)*(In thousands)*

SUCCESSOR

PREDECESSOR 

PERIOD

PERIOD

Three Months  Ended

February 14,  2007 -

January 1,  2007 -

March 31, 2008

March 31, 2007

February 13,  2007
                              
Net loss

$

(18,426

)

$

(14,832

)

$

(16,343

)
                              
Unrealized gains on securities held as

   available for sale, net of tax

696

-

-
                              
Foreign currency translation  adjustments

(7,449

)

1,863

7
                              
Comprehensive loss

$

(25,179

)

$

(12,969

)

$

(16,336

)

The accompanying notes are an integral part ofthese condensed consolidated financial statements.

 

 

*(Index)*

 

 
 
**SEITEL, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATEDSTATEMENT OF STOCKHOLDER'S EQUITY**(Unaudited)

(In thousands,except share amounts)****

Accumulated 

Additional

Retained

Other 

Common Stock

Paid-In

Earnings

Comprehensive 

Shares

Amount

Capital

(Deficit)

Income 
                                          
Balance, December  31,2007

100

$

-

$

264,805

$

(77,113

)

$

33,266

   Amortization of  stock-based 

      compensation  costs

-

-

1,786

-

-

   Net loss

-

-

-

(18,426

)

-

   Foreign currency  translation

      adjustments

-

-

-

-

(7,449

)

   Unrealized gain on marketable

      securities, net  of tax

-

-

-

-

696

Balance, March 31,  2008

100

$

-

$

266,591

$

(95,539

)

$

26,513

 

 

The accompanying notes are an integral part ofthese condensed consolidated financial statements.

 

 

*(Index)*

 

 

**SEITEL, INC.AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**(Unaudited)

*(In thousands)*

 

 

SUCCESSOR

PREDECESSOR

PERIOD

PERIOD

Three Months  Ended

February 14,  2007 -

January 1,  2007 -

March 31, 2008

March 31, 2007

February 13,  2007
                              
Cash flows from operating  activities:

Reconciliation of net loss to  net cash provided 

     by operating activities:

     Net loss

$

(18,426

)

$

(14,832

)

$

(16,343

)

     Depreciation and  amortization

44,855

22,233

11,485

     Deferred income tax  provision (benefit)

(2,299

)

(6,151

)

302

     Amortization of deferred  financing costs

393

4,126

148

     Amortization of debt discount  (premium)

(21

)

(10

)

70

     Amortization of  stock-based compensation

1,786

1,178

6,673

     Amortization of favorable  facility lease

71

31

-

     Allowance for collection  of trade receivables

23

6

-

     Reversal of allowance for  notes receivables

-

-

(274

)

     Non-cash compensation  expense

-

-

32

     Non-cash revenue

(5,411

)

(636

)

(88

)

     Decrease (increase) in  receivables

15,800

(8,491

)

9,074

     Decrease (increase) in  other assets

40

775

(521

)

     Increase (decrease) in  deferred revenue

(10,201

)

6,619

(7,767

)

     Increase (decrease) in  accounts payable

        and other liabilities

(9,105

)

(9,393

)

2,819

        Net cash provided by (used  in) operating 

         activities of  continuing operations

17,505

(4,545

)

5,610
                              
Cash flows from investing  activities:

     Cash invested in seismic  data 

(24,201

)

(7,722

)

(8,369

)

     Cash paid to acquire  property and equipment

(49

)

(26

)

(60

)

     Increase in restricted  cash

(1

)

(1

)

-

        Net cash used in  investing activities 

(24,251

)

(7,749

)

(8,429

)
                              
Cash flows from financing  activities:

     Issuance of 9.75% Senior  Notes

-

400,000

-

     Repayment of 11.75%  Senior Notes

-

(233,352

)

-

     Contributed capital

-

153,473

-

     Purchase of Seitel stock

-

(386,556

)

-

     Principal payments on  notes payable

(10

)

(4

)

(3

)

     Principal payments on  capital lease obligations

(33

)

(6

)

(6

)

     Borrowings on line of  credit

261

53

119

     Payments on line of  credit

(261

)

(53

)

(119

)

     Cost of debt and equity  transactions

-

(16,272

)

-

     Purchase of common stock  subsequently retired

-

-

(400

)

     Payments on notes  receivable from officers

        and employees

-

274

-

        Net cash used in  financing activities

$

(43

)

$

(82,443

)

$

(409

)
****
The accompanying notes are an integral part ofthese condensed consolidated financial statements.

 

 

*(Index)*

 

 

**SEITEL, INC.AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**(Unaudited)**-continued**

*(In thousands)*

**

SUCCESSOR

PREDECESSOR

PERIOD

PERIOD

Three Months  Ended

February 14,  2007 -

January 1,  2007 -

March 31, 2008

March 31, 2007

February 13,  2007
                              
Effect of exchange rate  changes 

$

605

$

736

$

46

Net decrease in cash and  equivalents

(6,184

)

(94,001

)

(3,182

)

Cash and cash equivalents at  beginning of period

43,333

104,208

107,390

Cash and cash equivalents at  end of period

$

37,149

$

10,207

$

104,208
                              
Supplemental disclosure of  cash flow information:

     Cash paid during the  period for:

        Interest

$

19,689

$

1,848

$

11,207

        Income taxes

$

44

$

544

$

1

Supplemental schedule of  non-cash

     investing activities:

     Additions to seismic data  library

$

9,769

$

1,562

$

(7

)
****
The accompanying notes are an integral part ofthese condensed consolidated financial statements.

 

 

*(Index)*

**SEITEL, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATEDINTERIM FINANCIAL STATEMENTS (Unaudited)March 31, 2008**

**NOTE A-ORGANIZATION**

****OnFebruary 14, 2007, Seitel Acquisition Corp. ("Acquisition Corp.") wasmerged with and into Seitel, Inc. (the "Company"), pursuant to a mergeragreement between the Company, Acquisition Corp. and Seitel Holdings, Inc. ("Holdings")dated October 31, 2006 (the "Merger").  Pursuant to the mergeragreement, the Company continued as the surviving corporation and became aprivately owned corporation and wholly-owned subsidiary of Holdings.  Holdingsis an investment entity controlled by ValueAct Capital Master Fund, L.P. ("ValueActCapital").

In connection with the Merger, Acquisition Corp. conducted a cash tender offerand consent solicitation for all of the $189.0 million aggregate principalamount of the Company's 11.75% senior notes due 2011 (the "11.75% SeniorNotes").  On February 14, 2007, the Company paid $187.0 million aggregateprincipal amount for all of the notes tendered.  Inconnection with the tender offer and consent solicitation, the Company enteredinto a supplemental indenture for the 11.75%Senior Notes. The supplemental indenture effected certain amendments to theoriginal indenture, primarily to eliminatesubstantially all of the restrictive covenants and certain events of defaulttriggered or implicated by the Merger.  $2.0 million aggregate principal amountof the 11.75% Senior Notes remain outstanding.

Inaddition, on February 14, 2007, the Company issued $400.0 million aggregateprincipal amount of 9.75% senior notes due 2014 (the "9.75% Senior Notes")pursuant to anindenture by and among the Company, certain subsidiary guarantors and LaSalleBank National Association, as trustee.  

The Company also entered into an Amended and Restated Loan and Security Agreement withWells Fargo Foothill, Inc. with a maximum credit amount of $25.0 million,subject to certain borrowing base limitations. All obligations areunconditionally guaranteed by the Company's domestic subsidiaries that are notborrowers under the new facility, subject to customary exceptions, exclusions and release mechanisms. The new facilityis secured by a lien on substantially all of the Company's domesticassets, including equity interests in the company's U.S. subsidiaries.

Pursuant to the Merger, all of the Company's outstanding common stock (otherthan shares owned by ValueAct Capital and certain shares owned by management investors, which were contributed for ownership in Holdings) was exchanged for $3.70 per share. 

**NOTE B-BASIS OF PRESENTATION**

****

The accompanying condensed consolidated financial statements of Seitel,Inc. and its subsidiaries have been prepared in accordance with generallyaccepted accounting principles for interim financial information and with theinstructions of Regulation S-X.  Accordingly, they do not include all of theinformation and notes required by accounting principles generally accepted inthe United States for complete financial statements.  In the opinion ofmanagement, all adjustments (consisting of normal recurring adjustments)considered necessary for a fair presentation have been included.  In preparingthe Company's financial statements, a number of estimates and assumptions aremade by management that affect the accounting for and recognition of assets,liabilities, revenues and expenses.  The condensed consolidated balance sheetof the Company as of December 31, 2007, has been derived from the auditedbalance sheet of the Company as of that date.  These financial statements shouldbe read in conjunction with the financial statements and notes thereto for theyear ended December 31, 2007 contained in the Company's Annual Report on Form10-K.

Althoughthe Company continues as the same legal entity after the Merger, the consolidatedfinancial statements for 2007 are presented for two periods:  January 1, 2007through February 13, 2007 (the "Predecessor Period" or "Predecessor,"as context requires) and February 14, 2007 through March 31, 2007 (the "SuccessorPeriod" or "Successor," as context requires), which relate tothe period preceding the Merger and the period succeeding the Merger,respectively.  The consolidated financial statements for the Successor Periodreflect the acquisition of the Company under the purchase method of accountingin accordance with Statement of Financial Accounting Standards ("SFAS")No. 141, "Business Combinations."  The results between these periodsare not comparable to the Predecessor due to the difference in the basis ofpresentation of purchase accounting as compared to historical cost.  
NOTE C-REVENUE RECOGNITION*Revenue from DataAcquisition*
**The Company generates revenue when itcreates a new seismic survey that is initially licensed by one or more of itscustomers to use the resulting data.  The initial licenses usually provide thecustomer with a limited exclusivity period, which will normally last for sixmonths after final delivery of the processed data.  The payments for theinitial exclusive licenses are sometimes referred to as underwriting orprefunding.  Customers make periodic payments throughout the creation period,which generally correspond to costs incurred and work performed.  Thesepayments are non-refundable.

Revenue from the creation of new seismic data is recognized throughout thecreation period using the proportional performance method based upon costsincurred and work performed to date as a percentage of total estimated costsand work required.  Management believes that this method is the most reliableand representative measure of progress for its data creation projects.  Theduration of most data creation projects is generally less than one year.  Underthese contracts, the Company creates new seismic data designed in conjunctionwith its customers and specifically suited to the geology of the area using themost appropriate technology available. 

The Company outsources the substantial majority of the work required tocomplete data acquisition projects to third party contractors.  The Company'spayments to these third party contractors comprise the substantial majority ofthe total estimated costs of the project and are paid throughout the creationperiod.  A typical survey includes specific activities required to complete thesurvey, each of which has value to the customers.  Typical activities, thatoften occur concurrently, include: 
-  permitting for landaccess, mineral rights, and regulatory approval;
-  surveying;
-  drilling for theplacement of energy sources;
-  recording the datain the field; and
-  processing the data.

The customers paying for the initial exclusivelicenses receive legally enforceable rights to any resulting product of eachactivity described above.  The customers also receive access to and use of thenewly acquired, processed data.  

The customers' access to and use of the results of the work performed and ofthe newly acquired, processed data is governed by a license agreement, which isa separate agreement from the acquisition contract. The Company's acquisitioncontracts require the customer either to have a license agreement in place orto execute one at the time the acquisition contract is signed. The Companymaintains sole ownership of the newly acquired data, which is added to itslibrary, and is free to license the data to other customers when the originalcustomers' exclusivity period ends.  
*Revenue fromNon-Exclusive Data Licenses*
**TheCompany recognizes a substantial portion of its revenue from data licenses soldafter any exclusive license period.  These are sometimes referred to as resalelicensing revenue, post acquisition license sales or shelf sales.

****These sales fall under the following fourbasic forms of non-exclusive license contracts.

 
-  Specific license contract     - The customer licenses and selects data from the data library at the time     the contract is entered into and holds this license for a long-term     period.-  Library card license contract - The customer initially receives only     access to data. The customer may then select specific data, from the     collection of data to which it has access, to hold long-term under its     license agreement. The length of the selection periods under the library     card contracts is limited in time and varies from customer to customer.-  Review and possession license contract - The customer obtains the right to     review a certain quantity of data for a limited period of time. During the     review period, the customer may select specific data from that available     for review to hold long-term under its license agreement. Any data not     selected for long-term licensing must be returned to the Company at the     end of the review period.-  Review only license contract - The customer obtains rights to review a     certain quantity of data for a limited period of time, but does not obtain     the right to select specific data to hold long-term.
The Company's non-exclusive license contracts specify the following:
-  that all customers must also execute a master license agreement that governsthe use of all data received under our non-exclusive license contracts; 
-  thespecific payment terms, generally ranging from 30 days to 12 months, and thatsuch payments are non-cancelable and non-refundable;
-  theactual data that is accessible to the customer; and
-  that the data is licensed in its present form, where is     and as is and the Company is under no obligation to make any enhancements,     modifications or additions to the data unless specific terms to the     contrary are included.  
Revenue from the non-exclusive licensing of seismic data is recognized when thefollowing criteria are met:
-  the Company has an arrangement with the customer that is validated by a signedcontract;
-  thesales price is fixed and determinable;
-  collectionis reasonably assured;
-  thecustomer has selected the specific data or the contract has expired withoutfull selection; and
-  thelicense term has begun.

Copies of the data are available to thecustomer immediately upon request.

For licenses that have been invoiced but have not met the aforementionedcriteria, the revenue is deferred along with the related direct costs (primarilysales commissions).  This normally occurs under the library card, review andpossession or review only license contracts because the data selection mayoccur over time.  Additionally, if the contract allows licensing of data thatis not currently available or enhancements, modifications or additions to thedata are required per the contract, revenue is deferred until such time thatthe data is available.
*Revenue fromNon-Monetary Exchanges*
**In certain cases, the Company will takeownership of a customer's seismic data or revenue interest (collectivelyreferred to as "data") in exchange for a non-exclusive license toselected seismic data from the Company's library.  In connection with specificdata acquisition contracts, the Company may choose to receive both cash andownership of seismic data from the customer as consideration for theunderwriting of new data acquisition.  In addition, the Company may receiveadvanced data processing services on selected existing data in exchange for anon-exclusive license to selected data from the Company's library.  Theseexchanges are referred to as non-monetary exchanges.  A non-monetary exchange fordata always complies with the following criteria:
-  the data licensedelivered is always distinct from the data received;
-  the customerforfeits ownership of its data; and
-  the Company retainsownership in its data.

In non-monetary exchange transactions, theCompany records a data library asset for the seismic data received or processedat the time the contract is entered into or the data is completed, asapplicable, and recognizes revenue on the transaction in equal value inaccordance with its policy on revenue from data licenses, which is, when thedata is selected by the customer, or revenue from data acquisition, asapplicable.  The data license to the customer is in the form of one of the fourbasic forms of non-exclusive license contracts discussed above.  Thesetransactions are valued at the fair value of the data received or delivered,whichever is more readily determinable.

Fair valueof the data exchanged is determined using a multi-step process as follows.
-  First, the Company considers the value of the data or services received     from the customer. In determining the value of the data received, the     Company considers the age, quality, current demand and future     marketability of the data and, in the case of 3D seismic data, the cost     that would be required to create the data.  In addition, the Company     applies a limitation on the value it assigns per square mile on the data     received.  In determining the value of the services received, the     Company considers the cost of such similar services that it could obtain     from a third party provider.-  Second, the Company determines the value of the license granted to the customer.      The range of cash transactions by the Company for licenses of similar data     during the prior six months are evaluated. In evaluating the range of cash     transactions, the Company does not consider transactions that are     disproportionately high or low.-  Third, the Company obtains concurrence from an independent third party on     the portfolio of all non-monetary exchanges for data of $500,000 or more     in order to support the Company's valuation of the data received.  The     Company obtains this concurrence on an annual basis, usually in connection     with the preparation of its annual financial statements.
Due to the Company's revenue recognition policies, revenue recognized onnon-monetary exchange transactions may not occur at the same time the seismicdata acquired is recorded as an asset.  The activity related to non-monetaryexchanges was as follows (in thousands):

 

SUCCESSOR

PREDECESSOR

PERIOD

PERIOD

Three Months  Ended

February 14,  2007 -

January 1,  2007 -

March 31, 2008

March 31, 2007

February 13,  2007
                              
Seismic data library additions

$

9,769

$

1,562

$

(7

)
                              
Revenue recognized on specific data	

   licenses and selections of data

1,689

621

71
                              
Revenue recognized related to

   acquisition contracts

3,722

15

11
                              
Revenue recognized related to data

   management services

-

-

6
 *Revenue from Seitel Solutions*
**Revenuefrom Seitel Solutions ("Solutions") is recognized as the services forreproduction and delivery of seismic data are provided to customers.

**NOTED-SEISMIC DATA LIBRARY**

****The Company's seismic data libraryconsists of seismic surveys that are offered for license to customers on anon-exclusive basis. Costs associated with creating, acquiring or purchasingthe seismic data library are capitalized and amortized principally on theincome forecast method subject to a straight-line amortization period of fouryears, applied on a quarterly basis at the individual survey level.  

***Costs of SeismicData Library* **

For purchased seismic data, the Company capitalizes the purchase price of theacquired data.  

For data received through a non-monetary exchange, the Company capitalizes anamount equal to the fair value of the data received by the Company or the fairvalue of the license granted to the customer, whichever is more readilydeterminable.  See Note C for discussion of the process used to determine fairvalue.

For internally created data, the capitalized costs include costs paid to thirdparties for the acquisition of data and related permitting, surveying and otheractivities associated with the data creation activity.  In addition, theCompany capitalizes certain internal costs related to processing the createddata.  Such costs include salaries and benefits of the Company's processingpersonnel and certain other costs incurred for the benefit of the processingactivity.  The Company believes that the internal processing costs capitalizedare not greater than, and generally are less than, those that would be incurredand capitalized if such activity were performed by a third party.  Capitalizedcosts for internal data processing were $581,000, $237,000 and $265,000 for thethree months ended March 31, 2008 (Successor Period), for the period February 14,2007 to March 31, 2007 (Successor Period), and for the period January 1, 2007to February 13, 2007 (Predecessor Period), respectively.  

***Data LibraryAmortization***

The Company amortizes its seismic data library investment using the greater ofthe amortization that would result from the application of the income forecastmethod subject to a minimum amortization rate or a straight-line basis over theuseful life of the data.  With respect to each survey in the data library, the straight-linepolicy is applied from the time such survey is available for licensing tocustomers on a non-exclusive basis, since some data in the library may not belicensed until an exclusivity period (usually six months) has lapsed.

The Company applies the income forecast method by forecasting the ultimaterevenue expected to be derived from a particular data library component overthe estimated useful life of each survey comprising part of such component. This forecast is made by the Company annually and reviewed quarterly.  If,during any such review, the Company determines that the ultimate revenue for alibrary component is expected to be significantly different than the originalestimate of total revenue for such library component, the Company revises theamortization rate attributable to future revenue from each survey in suchcomponent.  The lowest amortization rate the Company applies using the incomeforecast method is 70%.  In addition, in connection with the forecast reviewsand updates, the Company evaluates the recoverability of its seismic datalibrary investment, and if required under SFAS No. 144, "Accounting forthe Impairment and Disposal of Long-Lived Assets," records an impairmentcharge with respect to such investment.  See discussion on *"SeismicData Library Impairment"* below.

The actual aggregate rate of amortization depends on the specific seismicsurveys licensed and selected by the Company's customers during the period andthe amount of straight-line amortization recorded.  Theincome forecast amortization rates can vary by component and, as of April 1,2008, range from 70% to 73% with a weighted average of 70.0%.  For thoseseismic surveys which have been fully amortized, no amortization expense isrequired on revenue recorded.

The greater of the income forecast or straight-line amortization policy isapplied quarterly on a cumulative basis at the individual survey level. Inconnection with the Merger, this policy was also applied at February 13, 2007(for the Predecessor Period).  Under this policy, the Company first recordsamortization using the income forecast method.  The cumulative amortizationrecorded for each survey is then compared with the cumulative straight-lineamortization. If the cumulative straight-line amortization is higher for any specificsurvey, additional amortization expense is recorded, resulting in accumulatedamortization being equal to the cumulative straight-line amortization for suchsurvey.  This requirement is applied regardless of future-year revenueestimates for the library component of which the survey is a part and does notconsider the existence of deferred revenue with respect to the librarycomponent or to any survey.  

***Seismic Data Library Impairment***

******TheCompany evaluates its seismic data library investment by grouping individualsurveys into components based on its operations and geological and geographicaltrends, resulting in the following data library segments for purposes ofevaluating impairments:  (I) Gulf of Mexico offshore comprised of the followingcomponents:  (a) multi-component data, (b) ocean bottom cable data, (c) shelfdata, (d) deep water data, and (e) value-added products; (II) North Americaonshore comprised of the following components: (a) Texas Gulf Coast, (b)Northern, Eastern and Western Texas, (c) Southern Louisiana/Mississippi, (d)Northern Louisiana, (e) Rocky Mountains, (f) North Dakota, (g) other UnitedStates, (h) Canada and (i) value-added products, and (III) international dataoutside North America.  The Company believes that these library componentsconstitute the lowest levels of independently identifiable cash flows.

As events or conditions require, the Company evaluates the recoverability ofits seismic data library investment in accordance with SFAS No. 144.  TheCompany evaluates its seismic data library investment for impairment wheneverevents or changes in circumstances indicate that the carrying amounts may notbe recoverable.  The Company considers the level of sales performance in eachcomponent compared to projected sales, as well as industry conditions, amongothers, to be key factors in determining when its seismic data investmentshould be evaluated for impairment.  In evaluating sales performance of eachcomponent, the Companygenerally considers five consecutive quarters of actual performance belowforecasted sales to be an indicator of potential impairment.

****In accordance withSFAS No. 144, the impairment evaluation is based first on a comparison of theundiscounted future cash flows over each component's remaining estimated usefullife with the carrying value of each library component.  If the undiscountedcash flows are equal to or greater than the carrying value of such component,no impairment is recorded.  If undiscounted cash flows are less than thecarrying value of any component, the forecast of future cash flows related tosuch component is discounted to fair value and compared with such component'scarrying amount. The difference between the library component's carrying amountand the discounted future value of the expected revenue stream is recorded asan impairment charge.

For purposes of evaluating potential impairment losses, the Company estimatesthe future cash flows attributable to a library component by evaluating, amongother factors, historical and recent revenue trends, oil and gas prospectivityin particular regions, general economic conditions affecting its customer base,expected changes in technology and other factors that the Company deemsrelevant. The cash flow estimates exclude expected future revenues attributableto non-monetary data exchanges and future data creation projects.

The estimation of future cash flows and fair value is highly subjective andinherently imprecise.  Estimates can change materially from period to periodbased on many factors, including those described in the preceding paragraph.Accordingly, if conditions change in the future, the Company may recordimpairment losses relative to its seismic data library investment, which couldbe material to any particular reporting period.

 

The Company did not haveany impairment charges during the threemonths ended March 31, 2008 (Successor Period), for the period February 14, 2007 to March 31, 2007 (Successor Period)or for the period January 1, 2007 to February 13, 2007 (Predecessor Period).
**NOTE E-DEBT**

The following is a summary of the Company's debt (in thousands):

 

March 31,

December 31,

2008

2007

                     
9.75% Senior Notes

$

400,000

$

400,000

11.75% Senior Notes

2,000

2,000

Revolving Credit Facility

-

-

Subsidiary revolving line of  credit

-

-

Note payable to former executive

290

300

402,290

402,300

Plus:  Premium on debt

312

333

$

402,602

$

402,633

**9.75% Senior Unsecured Notes: **On February 14, 2007, the Company issued in a privateplacement $400.0 million aggregate principal amount of 9.75% Senior Notes.  Theproceeds from the 9.75% Senior Notes were used to partially fund thetransactions in connection with the Merger.  As required by their terms, the9.75% Senior Notes were exchanged for senior notes of like amounts and terms ina publicly registered exchange offer in August 2007.  These notes mature onFebruary 15, 2014.  Interest is payable in cash, semi-annually in arrearson February 15 and August 15 of each year.  The 9.75% Senior Notes areunsecured and are guaranteed by substantially all of the Company's domesticsubsidiaries on a senior basis. The 9.75% Senior Notes contain restrictivecovenants which limit the Company's ability to, among other things, incuradditional indebtedness, pay dividends and complete mergers, acquisitions andsales of assets. 

Fromtime to time on or before February 15, 2010, the Company may redeem up to 35%of the aggregate principal amount of the 9.75% Senior Notes with the netproceeds of equity offerings at a redemption price equal to 109.75% of theprincipal amount, plus accrued and unpaid interest.  Upon a change of control(as defined in the indenture), each holder of the 9.75% Senior Notes will havethe right to require the Company to offer to purchase all of such holder'snotes at a price equal to 101% of the principal amount, plus accrued and unpaidinterest.

**11.75% Senior Unsecured Notes: **OnJuly 2, 2004, the Company issued in a private placement $193.0 millionaggregate principal amount of 11.75% Senior Notes.  As required by their terms,the 11.75% Senior Notes were exchanged for senior notes of like amounts andterms in a publicly registered exchange offer in February 2005.  In connectionwith the 2004 excess cash flow offer in March 2005, $4.0 million aggregateprincipal amount of these notes was tendered and accepted.  In connection withthe Merger and related transactions, $187.0 million aggregate principal amountof these notes was tendered and accepted on February 14, 2007.  The fair value of these notes was higher than the facevalue on the date of the Merger; consequently, a premium has been reflected inthe Successor financial statements related to these notes.  Interest onthe remaining notes is payable semi-annually in arrears on January 15 and July15 of each year.  The remaining $2.0 million of notes mature on July 15, 2011. The 11.75% Senior Notes are unsecured and are guaranteed by substantially allof the Company's U.S. subsidiaries on a senior basis.

As a result of the tender and consent offer,effective February 14, 2007, the 11.75% Senior Notes no longer contain anyrestrictive covenants, other than the requirement to make excess cash flowoffers.  Subject to certain conditions, if at the end of each fiscal year theCompany has excess cash flow (as defined in the indenture) in excess of $5.0million, the Company is required to use 50% of the excess cash flow to fund anoffer to repurchase the 11.75% Senior Notes on a pro rata basis at 100% of itsprincipal amount, plus accrued and unpaid interest.  If the Company has lessthan $5.0 million in excess cash flow at the end of any fiscal year, suchexcess cash flow will be carried forward to succeeding years, and suchrepurchase offer is required to be made in the first year in which thecumulative excess cash flow for all years in which there has not been an offeris at least $5.0 million.  Such repurchase offer is required only if there isno event of default under the Company's revolving credit facilities prior to andafter giving effect to the repurchase payment.  The Company did not make anexcess cash flow offer for the year ended December 31, 2007.  Upon a change ofcontrol (as defined in the indenture), each holder of the 11.75% Senior Noteswill have the right to require the Company to offer to purchase all of suchholder's notes at a price equal to 101% of the principal amount, plus accruedand unpaid interest.

**Revolving Credit Facility: **On February 14, 2007, the Companyentered into an amended and restated U.S. revolving credit facility with WellsFargo Foothill, Inc., as lender, which provides for up to $25.0 million,subject to borrowing base limitations.  Interest is payable at an applicablemargin above either LIBOR or the prime rate.  The facility is secured by afirst priority, perfected security interest in and lien on substantially all ofthe Company's U.S. assets and a pledge of all of the issued and outstandingcapital stock of the Company's U.S. subsidiaries.  The facility expires onFebruary 14, 2010.  The revolving credit facility contains covenants requiringthe Company to achieve and maintain certain financial results and restricts,among other things, the amount of capital expenditures, the ability to incuradditional indebtedness, pay dividends, and complete mergers, acquisitions andsales of assets.  The revolving credit facility requires the payment of anunused line fee of .25% per annum payable in arrears.

**Subsidiary Revolving****Line of Credit: **Olympic has a revolving creditfacility, which allows it to borrow up to $5.0 million (Canadian) subject to anavailability formula by way of prime-based loans or letters of credit. Theinterest rate applicable to borrowings is the bank's prime rate plus 0.35% perannum.  Letter of credit fees are based on scheduled rates in effect at thetime of issuance. The facility is secured by the assets of Olympic, but is notguaranteed by the Company or any of its other U.S. subsidiaries.  Availableborrowings under the facility are equivalent to a maximum of $5.0 million(Canadian), subject to a requirement that such borrowings may not exceed 75% ofgood accounts receivable (as defined in the agreement) of Olympic, lessprior-ranking claims, if any, relating to inventory or accounts. The facilityis subject to repayment upon demand and is available from time to time at thebank's sole discretion.

**Note Payable to Former Executive: **In connection with the settlement ofcertain litigation, the Company entered into a note payable to a formerexecutive with remaining payments of $6,000 per month until May 2013.  The noteis non-interest bearing.  The note is guaranteed by Olympic.  

**NOTE F-FAIR VALUE MEASUREMENTS**

****Effective January1, 2008, the Company adopted SFAS No. 157, "Fair Value Measurements"for recurring financial assets and liabilities carried at fair value.  Theadoption of SFAS No. 157 had no impact on the Company's consolidated results ofoperations, cash flows or financial position.

SFAS No. 157 provides a framework for measuring fair value and establishes afair value hierarchy that prioritizes the inputs used to measure fair value,giving the highest priority to unadjusted quoted prices in active markets foridentical assets or liabilities (Level 1 inputs) and the lowest priority tounobservable inputs (Level 3 inputs).  

The Company uses valuation techniques that maximize the use of observableinputs and minimize the use of unobservable inputs. In measuring the fair valueof the Company's assets and liabilities, market data or assumptions are usedthat the Company believes market participants would use in pricing an asset orliability, including assumptions about risk when appropriate. The Company's investmentin marketable securities is the only balance that is measured at fair value ona recurring basis.  As of March 31, 2008, the fair value was $4.9 million,which was determined using significant other observable inputs (Level 2 inputs). 

**NOTE G-STATEMENT OF CASH FLOW INFORMATION**The Companyhad restricted cash at March 31, 2008 and December 31, 2007 of $111,000 and $110,000,respectively, related to collateral on a seismic operations bond.

The Company had non-cash additions to its seismic data library comprised of the following for the periods indicated (inthousands):  

 

SUCCESSOR

PREDECESSOR 

PERIOD

PERIOD

Three Months  Ended

February 14,  2007- 

January 1,  2007-

March 31, 2008

March 31, 2007

February 13,  2007
                              
Non-monetary exchanges related to resale

      licensing revenue

$

5,471

$

1,562

$

(7

)

Non-monetary exchanges from underwriting

      of new data acquisition

6,531

-

-

Completion of data in progress from prior

      non-monetary exchanges

367

-

-

Less:  Non-monetary exchanges

      for data in progress

(2,600

)

-

-

Total non-cash additions to seismic data library

$

9,769

$

1,562

$

(7

)
 
 

Non-cash revenue consisted of the following for the periods indicated(in thousands):

 

SUCCESSOR

PREDECESSOR 

PERIOD

PERIOD

Three Months  Ended

February 14,  2007- 

January 1,  2007-

March 31, 2008

March 31, 2007

February 13,  2007
                              
Acquisition  revenue on underwriting from 

      non-monetary  exchange contracts

$

3,722

$

15

$

11

Licensing  revenue from specific data licenses 

      and  selections on non-monetary

      exchange  contracts

1,689

621

71

Data  management revenue

-

-

6

Total  non-cash revenue

$

5,411

$

636

$

88

 

**NOTEH-COMMITMENTS AND CONTINGENCIES**
*Litigation*
**On July 18,2002, Paul Frame, the Company's former chief executive officer, sued theCompany in the 113th Judicial District Court of Harris County, No. 2002-35891. Mr. Frame alleged a breach of his employment contract anddefamation. He also sought a declaratory judgment that certain funds he receivedfrom the Company were proper and do not have to be repaid.  Mr. Frame filedclaims totaling $20.2 million in the Company's Chapter 11 Cases, which havebeen disallowed by order of the Bankruptcy Court.  On April 1, 2005, theCompany filed a motion for summary judgment seeking dismissal of Mr. Frame'scomplaint in the District Court.  In late April 2005, Mr. Frame filed a motionfor leave to file an amended complaint in the District Court.  Hearing dateshave not been set for these April 2005 motions.  In 2002, the Company filed acounter suit to recover approximately $4.2 million in corporate funds that theCompany believes Mr. Frame inappropriately caused the Company to pay him or forhis benefit plus over $800,000 due on two notes that were accelerated pursuantto their respective terms. The Company also holds a judgment against Mr. Framein the amount of at least $590,000 relating to a loan made to Mr. Frame by BankOne N.A. and guaranteed by the Company.  Effective March 27, 2008, the Companyand Frame entered into a settlement and release agreement providing for amutual release of all claims and causes of action.  As a part of thissettlement and release agreement, the parties agreed to dismiss this lawsuit. Such motion to dismiss is pending with the court, and the Company awaits entryof the dismissal order.

In addition to the lawsuit described above, the Company is involved from timeto time in ordinary, routine claims and lawsuits incidental to its business. Inthe opinion of management, losses, if any, resulting from theultimate resolutions of these matters should not be material to the Company'sfinancial position or results of operation.  However, it is not possible topredict or determine the outcomes of the legal actions brought against it or byit, or to provide an estimate of all additional losses, if any, that may arise.At March 31, 2008, the Company did not haveany amounts accrued related to litigation and claims, as the Company believesit is not probable that any amounts will be paid relative to such litigationand claims.  

**NOTE I-RECENTACCOUNTING PRONOUNCEMENTS**

****In February 2008,the Financial Accounting Standards Board ("FASB") issued StaffPosition ("FSP") FAS 157-2, "Effective Date of FASB StatementNo. 157," which delayed the effective date of SFAS No. 157 for allnon-financial assets and non-financial liabilities, except those that aremeasured at fair value on a recurring basis. FSP FAS 157-2 establishes January1, 2009 as the effective date of SFAS No. 157 with respect to these fair valuemeasurements for the Company. The Company does not currently expect theapplication of the fair value framework established by SFAS No. 157 tonon-financial assets and liabilities measured on a non-recurring basis to havea material impact on our consolidated financial statements. However, we willcontinue to assess the potential effects of SFAS No. 157 as additional guidancebecomes available.

InDecember 2007, the FASB issued SFAS No. 141(R), "BusinessCombinations," which replaces SFAS No. 141*.*SFASNo. 141(R) establishes principles and requirements for how the acquirer ina business combination recognizes and measures in its financial statements theidentifiable assets acquired, the liabilities assumed, and any noncontrolling interestin the acquiree. In addition, SFAS No. 141(R) recognizes and measures thegoodwill acquired in the business combination or a gain from a bargainpurchase. SFAS No. 141(R) also establishes disclosure requirements toenable users to evaluate the nature and financial effects of the businesscombination. SFAS No. 141(R) is effective as of the beginning of anentity's fiscal year that begins after December 15, 2008, with earlyadoption prohibited. The Company will apply the standard prospectively to futurebusiness combinations with an acquisition date on or after January 1, 2009.
**NOTE J-SUPPLEMENTAL GUARANTORS CONSOLIDATING CONDENSED FINANCIAL INFORMATION**
****On February 14, 2007, the Company completed a private placement of9.75% Senior Notes in the aggregate principal amount of $400.0 million. TheCompany's payment obligations under the 9.75% Senior Notes are jointly andseverally guaranteed by certain of its 100% owned U.S. subsidiaries ("GuarantorSubsidiaries"). All subsidiaries of the Company that do not guaranty the9.75% Senior Notes are referred to as Non-Guarantor Subsidiaries. 

The consolidating condensed financial statements arepresented below and should be read in connection with the ConsolidatedFinancial Statements of the Company. Separate financial statements of theGuarantor Subsidiaries are not presented because (i) the Guarantor Subsidiariesare wholly-owned and have fully and unconditionally guaranteed the 9.75% SeniorNotes on a joint and several basis, and (ii) the Company's management hasdetermined such separate financial statements are not material to investors.

The following consolidating condensed financial information presents: theconsolidating condensed balance sheets as of March 31, 2008 (Successor Period)and December 31, 2007 (Successor Period), and the consolidating condensedstatements of operations and statements of cash flows for the three monthsended March 31, 2008 (Successor Period), the period February 14, 2007 to March31, 2007 (Successor Period) and the period January 1, 2007 to February 13, 2007(Predecessor Period) of (a) the Company; (b) the Guarantor Subsidiaries; (c)the Non-Guarantor Subsidiaries; (d) elimination entries; and (e) the Company,the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidatedbasis. 

Investments in subsidiaries are accounted for on the equity method. Theprincipal elimination entries eliminate investments in subsidiaries,intercompany balances, intercompany transactions and intercompany sales. 

 

 

*(Index)*

 

 

** **

**CONSOLIDATING CONDENSED BALANCESHEET**

**SUCCESSOR PERIOD**

**As of March 31, 2008**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **

   
**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
            
ASSETS
   
   Cash and cash equivalents

$

-

$

27,536

$

9,613

$

-

$

37,149

   Restricted cash

-

111

-

-

111

   Receivables

      Trade, net

-

20,620

14,897

-

35,517

      Notes and other, net

-

14

182

-

196

   Intercompany receivables (payables)

163,553

(147,615

)

(15,938

)

-

-

   Investment in subsidiaries

402,922

459,148

890

(862,960

)

-

   Net seismic data library

-

236,847

102,197

-

339,044

   Net property and equipment

-

3,931

6,189

-

10,120

   Investment in marketable securities

-

4,920

-

-

4,920

   Prepaid expenses, deferred charges

      and other	

12,671

7,647

613

-

20,931

   Intangible assets, net	

900

28,507

20,023

-

49,430

   Goodwill

-

107,108

96,258

-

203,366
                                                
   TOTAL ASSETS

$

580,046

$

748,774

$

234,924

$

(862,960

)

$

700,784
                                                
LIABILITIES AND STOCKHOLDER'S

   EQUITY

   Accounts payable and accrued liabilities

$

5,524

$

11,488

$

23,418

$

-

$

40,430

   Income taxes payable

864

212

1,317

-

2,393

   Senior Notes

402,312

-

- 

-

402,312

   Notes payable

290

-

-

-

290

   Obligations under capital leases

-

-

3,668

-

3,668

   Deferred revenue

-

31,261

9,362

-

40,623

   Deferred income taxes

4

-

13,499

-

13,503

TOTAL LIABILITIES

408,994

42,961

51,264

-

503,219
                                                
STOCKHOLDER'S EQUITY

   Common stock

-

-

-

-

-

   Additional paid-in capital

266,591

-

-

-

266,591

   Parent investment

-

764,753

172,172

(936,925
)
-

   Retained deficit

(95,539

)

(63,860
)
(10,105
)
73,965

(95,539
)
   Accumulated other comprehensive income

-

4,920

21,593

-

26,513

TOTAL STOCKHOLDER'S EQUITY

171,052

705,813

183,660

(862,960
)
197,565
                                                
TOTAL LIABILITIES AND

   STOCKHOLDER'S EQUITY	

$

580,046

$

748,774

$

234,924

$

(862,960
)
$

700,784

 

 

 

*(Index)*

 

 

**CONSOLIDATING CONDENSEDBALANCE SHEET**

**SUCCESSOR PERIOD**

**As of December 31, 2007**

(In thousands)

 

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **

** **

**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**

** **
                                                                                                
ASSETS

   Cash and equivalents

$

-

$

36,847

$

6,486

$

-

$

43,333

   Restricted cash

-

110

-

-

110

   Receivables

      Trade, net

-

36,183

15,732

-

51,915

      Notes and other, net

-

1,335

855

-

2,190

   Intercompany receivables (payables)

174,299

(159,894

)

(14,405

)

-

-

   Investment in subsidiaries

418,152

457,966

775

(876,893

)

-

   Net seismic data library

-

243,957

105,082

-

349,039

   Net property and equipment

-

4,291

6,705

-

10,996

   Investment in marketable securities

-

4,224

-

-

4,224

   Prepaid expenses, deferred charges

      and other	

13,050

8,645

568

-

22,263

   Intangible assets, net

923

29,310

21,552

-

51,785

   Goodwill

-

107,108

100,138

-

207,246
                                                
   TOTAL ASSETS

$

606,424

$

770,082

$

243,488

$

(876,893

)

$

743,101
                                                
LIABILITIES AND STOCKHOLDER'S

   EQUITY

      Accounts payable and accrued  liabilities

$

15,374

$

18,792

$

15,159

$

-

$

49,325

      Income taxes payable

721

209

18

-

948

      Senior Notes

402,333

-

-

-

402,333

      Notes payable

300

-

-

-

300

      Obligations under capital leases

-

-

3,848

-

3,848

      Deferred revenue

-

34,823

13,328

-

48,151

      Deferred income taxes

4

-

17,234

-

17,238

TOTAL LIABILITIES

418,732

53,824

49,587

-

522,143
                                                
STOCKHOLDER'S EQUITY

   Common stock

-

-

-

-

-

   Additional paid-in capital

264,805

-

-

-

264,805

   Parent investment

-

764,762

172,172

(936,934

)

-

   Retained deficit

(77,113

)

(52,728

)

(7,313

)

60,041

(77,113

)

   Accumulated other comprehensive

      income	

-

4,224

29,042

-

33,266

TOTAL STOCKHOLDER'S EQUITY

187,692

716,258

193,901

(876,893

)

220,958
                                                
TOTAL LIABILITIES AND 

   STOCKHOLDER'S EQUITY	

$

606,424

$

770,082

$

243,488

$

(876,893

)

$

743,101

 

*(Index)*

 

 

**CONSOLIDATING CONDENSED STATEMENT OFOPERATIONS**

**SUCCESSOR PERIOD**

**For the Three Months Ended March 31,2008**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **
   
**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
                                                         
REVENUE

$

-

$

29,440

$

19,347

$

(1,405

)

$

47,382
                                                
EXPENSES:

   Depreciation and amortization

22

27,627

17,206

-

44,855

   Cost of sales

-

98

16

-

114

   Selling, general and administrative

1,858

5,293

4,689

(1,405

)

10,435

   Merger

-

357

-

-

357

1,880

33,375

21,911

(1,405

)

55,761
                                                
LOSS FROM OPERATIONS

(1,880

)

(3,935

)

(2,564

)

-

(8,379

)
                                                
Interest expense, net

(5,414

)

(4,185

)

(296

)

-

(9,895

)

Foreign currency exchange losses

-

 (2

)

(844

)

-

(846

)
                                                
Loss before income taxes and	

   equity in loss of subsidiaries	

(7,294

)

(8,122

)

(3,704

)

-

(19,120

)

Provision (benefit) for income taxes

-

218

(912

)

-

(694

)

Equity in loss of subsidiaries

(11,132

)

(2,792

)

-

13,924

-
                                                
NET LOSS

$

(18,426

)

$

(11,132

)

$

(2,792

)

$

13,924

$

(18,426

)

 

*(Index)*

 

**CONSOLIDATING CONDENSED STATEMENT OFOPERATIONS**

**SUCCESSOR PERIOD**

**February 14, 2007 - March 31, 2007**

 (In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **
   
**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
                                                         
REVENUE

$

-

$

12,228

$

5,524

$

(454

)

$

17,298
                                                
EXPENSES:

   Depreciation and amortization

22

16,072

6,139

-

22,233

   Cost of sales

-

9

-

-

9

   Selling, general and administrative

1,101

1,980

1,807

(454

)

4,434

   Merger

-

445

-

-

445

1,123

18,506

7,946

(454

)

27,121
                                                
LOSS FROM OPERATIONS

(1,123

)

(6,278

)

(2,422

)

-

(9,823

)
                                                
Interest expense, net

(5,472

)

(3,563

)

(150

)

-

(9,185

)

Foreign currency exchange gains	

-

-

179

-

179
                                                
Loss before income taxes and	

   equity in income (loss) of subsidiaries	

(6,595

)

(9,841

)

(2,393

)

-

(18,829

)

Benefit for income taxes

-

(3,571

)

(426

)

-

(3,997

)

Equity in income (loss) of subsidiaries

(8,237

)

460

-

7,777

-
                                                
NET LOSS

$

(14,832

)

$

(5,810

)

$

(1,967

)

$

7,777

$

(14,832

)

 

*(Index)*

 

**CONSOLIDATING CONDENSED STATEMENT OFOPERATIONS**

**PREDECESSOR PERIOD**

**January 1, 2007 - February 13, 2007**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **
   
**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
                                                                                          
REVENUE

$

-

$

13,346

$

6,055

$

(391

)

$

19,010
                                                
EXPENSES:

   Depreciation and amortization

-

6,989

4,669

(173

)

11,485

   Cost of sales

-

7

1

-

8

   Selling, general and administrative	

240

1,871

1,857

(391

)

3,577

   Merger

1,054

15,823

580

-

17,457

1,294

24,690

7,107

(564

)

32,527
                                                
LOSS FROM OPERATIONS

(1,294

)

(11,344

)

(1,052

)

173

(13,517

)
                                                
Interest expense, net

(236

)

(1,878

)

(170

)

-

(2,284

)

Foreign currency exchange losses

-

-

(102

)

-

(102

)

Other income

12

-

-

-

12
                                                
Loss before income taxes and equity
                                          
   in loss of subsidiaries	

(1,518

)

(13,222

)

(1,324

)

173

(15,891

)

Provision for income taxes

-

99

353

-

452

Equity in loss of subsidiaries

(14,825

)

(1,677

)

-

16,502

-
                                                
NET LOSS

$

(16,343

)

$

(14,998

)

$

(1,677

)

$

16,675

$

(16,343

)

 

*(Index)*

 

**CONSOLIDATING CONDENSED STATEMENT OFCASH FLOWS**

**SUCCESSOR PERIOD**

**For the Three Months Ended March 31,2008**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **
   
**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
               
Cash flows from operating  activities:
      
            Net cash provided by  (used in) 

                        operating  activities 

$

(19,757

)

$

27,119

$

10,143

$

-

$

17,505
                                                
Cash  flows from investing activities:

       Cash invested in seismic  data

-

(16,641

)

(7,560

)

-

(24,201

)

       Cash paid to acquire property

            and equipment

-

(21

)

(28

)

-

(49

)

       Increase in restricted cash

-

(1

)

-

-

(1

)

       Net  cash used in investing activities

-

(16,663

)

(7,588

)

-

(24,251

)
                                                
Cash  flows from financing activities:

       Principal payments on notes  payable

(10

)

-

-

-

(10

)

       Principal payments on  capital

            lease obligations

-

-

(33

)

-

(33

)

       Borrowings on line of  credit

-

-

261

-

261

       Payments on line of credit

-

-

(261

)

-

(261

)

       Intercompany transfers

19,767

(19,767

)

-

-

-

            Net cash provided by  (used in) 

                 financing  activities

19,757

(19,767

)

(33

)

-

(43

)
                                                
Effect of exchange rate changes

-

-

605

-

605

Net increase (decrease) in cash  and

       cash equivalents

-

(9,311

)

3,127

-

(6,184

)

Cash and cash equivalents at

       beginning of period

-

36,847

6,486

-

43,333

Cash and cash equivalents at end  of period

$

-

$

27,536

$

9,613

$

-

$

37,149

 

*(Index)*

 

**CONSOLIDATING CONDENSED STATEMENT OFCASH FLOWS**

**SUCCESSOR PERIOD**

**February 14, 2007 - March 31, 2007**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **
   
**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
               
Cash flows from operating  activities:
   
            Net cash provided by  (used in) 

                  operating  activities 

$

(1,247

)

$

(7,075

)

$

3,777

$

-

$

(4,545

)
                                                
Cash  flows from investing activities:

       Cash invested in seismic  data

-

(3,131

)

(4,591

)

-

(7,722

)

       Cash paid to acquire  property

            and equipment

-

(25

)

(1

)

-

(26

)

       Increase in restricted cash

-

(1

)

-

-

(1

)

       Net  cash used in investing activities

-

(3,157

)

(4,592

)

-

(7,749

)
                                                
Cash  flows from financing activities:

       Issuance of 9.75% Senior  Notes

400,000

-

-

-

400,000

       Repayment of 11.75% Senior  Notes

(233,352

)

-

-

-

(233,352

)

       Contributed Capital

153,473

-

-

-

153,473

       Purchase of Seitel stock

(386,556

)

-

-

-

(386,556

)

       Principal payments on notes  payable

(4

)

-

-

-

(4

)

       Principal payments on  capital

            lease obligations

-

-

(6

)

-

(6

)

       Borrowings on line of  credit

-

-

53

-

53

       Payments on line of credit

-

-

(53

)

-

(53

)

        Cost of debt and equity  transactions

(16,272

)

-

-

-

(16,272

)

       Payments on notes  receivable from 

            officers and employees  

-

274

-

-

274

       Intercompany transfers

83,958

(83,958

)

-

-

-

            Net cash provided by  (used in) 

                  financing  activities 

1,247

(83,684

)

(6

)

-

(82,443

)
                                                
Effect of exchange rate changes

-

-

736

-

736

Net decrease in cash and

       cash equivalents

-

(93,916

)

(85

)

-

(94,001

)

Cash and cash equivalents at

       beginning of period

-

102,788

1,420

-

104,208

Cash and cash equivalents at end  of period

$

-

$

8,872

$

1,335

$

-

$

10,207

 

 

 

*(Index)*

 

**CONSOLIDATING CONDENSED STATEMENT OFCASH FLOWS**

**PREDECESSOR PERIOD**

**January 1, 2007 - February 13, 2007**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **
   
**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
               
Cash flows from operating  activities:
   
            Net cash provided by  (used in) 

                  operating  activities 

$

(11,821

)

$

19,894

$

(2,463

)

$

-

$

5,610
                                                
Cash  flows from investing activities:

       Cash invested in seismic  data

-

(7,500

)

(869

)

-

(8,369

)

       Cash paid to acquire  property

            and equipment

-

(27

)

(33

)

-

(60

)

       Net  cash used in investing activities

-

(7,527

)

(902

)

-

(8,429

)
                                                
Cash  flows from financing activities:

       Principal payments on notes  payable

(3

)

-

-

-

(3

)

       Principal payments on  capital

            lease obligations

-

-

(6

)

-

(6

)

       Borrowings on line of  credit

-

-

119

-

119

       Payments on line of credit

-

-

(119

)

-

(119

)

       Purchase of common stock

            subsequently retired

(400

)

-

-

-

(400

)

       Intercompany transfers

12,224

(10,622

)

(1,602

)

-

-

            Net cash provided by  (used in) 

                  financing  activities 

11,821

(10,622

)

(1,608

)

-

(409

)
                                                
Effect of exchange rate changes

-

-

46

-

46

Net increase (decrease) in cash

       and cash equivalents

-

1,745

(4,927

)

-

(3,182

)

Cash and cash equivalents at

       beginning of period

-

101,043

6,347

-

107,390

Cash and cash equivalents at end  of period

$

-

$

102,788

$

1,420

$

-

$

104,208

 

 

 

*(Index)*

 
 Item 2.   MANAGEMENT'S DISCUSSION ANDANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
*The followingdiscussion should be read in conjunction with our consolidated financialstatements and the related notes to the financial statements included elsewherein this document.*

****Overview**

***General***

******Ourproducts and services are used by oil and gas companies to assist in theexploration for, and development and management of, oil and gas reserves. We haveownership in an extensive library of onshore and offshore seismic data that weoffer for license to oil and gas companies. Oil and gas companies use seismicdata in oil and gas exploration and development efforts to increase theprobability of drilling success. We believe that our library of onshore seismicdata is one of the largest libraries available for licensing in the United States and Canada. We primarily generate revenue by licensing data from our data library andfrom new data creation products, which are substantially underwritten or paidfor by clients.  By participating in underwritten, nonexclusive surveys orpurchasing licenses to existing data, oil and gas companies can obtain accessto surveys at reduced costs as compared to acquiring seismic data on aproprietary basis.

Our primary areas of focus are onshore United States and Canada and, to a lesser extent, offshore U.S. Gulf of Mexico.  These markets continue to experiencemajor changes.  Having spent several years increasing their focus oninternational exploration opportunities, several major oil companies havebecome more active in the U.S. market than in the past few years.  Independentoil and gas companies continue to be responsible for a significant portion ofcurrent U.S. drilling activity.  Production decline rates are acceleratingworldwide and are pronounced in mature fields of North America, while commodityprices for oil and natural gas remain a positive driver.  We expect demand fornatural gas to continue to increase exploration activity over the next two tothree years in the United States and Canada.

Our clients continue to seek our services tocreate data in the United States and Canada.  Our clients' commitment forunderwriting on new data creation projects was $18.7 million as of March 31,2008.  Licensing data "off the shelf" does not require the longerplanning and lead times like new data creation and thus is more likely tofluctuate quarter to quarter.

***The Merger***

******OnFebruary 14, 2007, Seitel Acquisition Corp. ("Acquisition Corp.") was mergedwith and into Seitel, Inc. ("Seitel"), pursuant to a merger agreementbetween Seitel, Acquisition Corp. and Seitel Holdings, Inc. ("Holdings") datedOctober 31, 2006 (the "Merger").  Pursuant to the merger agreement, Seitelcontinued as the surviving corporation and became a privately owned corporationand wholly-owned subsidiary of Holdings.  

Although Seitel continues as the same legal entity after the Merger, theconsolidated financial statements for 2007 are presented for two periods: January 1, 2007 through February 13, 2007 (the "Predecessor Period" or"Predecessor," as context requires) and February 14, 2007 through March 31,2007 (the "Successor Period" or "Successor," as context requires), which relateto the period preceding the Merger and the period succeeding the Merger,respectively.  The combined results for the three months ended March 31, 2007represented the addition of Predecessor and Successor Periods("Combined").  This combination does not comply with U.S. GAAP orwith the rules for pro forma presentation but is presented because we believeit provides a meaningful comparison of our results.  The consolidated financialstatements for the Successor Period reflect the acquisition of Seitel under thepurchase method of accounting in accordance with Statement of FinancialAccounting Standards ("SFAS") No. 141, "BusinessCombinations."  The results between these periods are not comparable tothe Predecessor due to the difference in the basis of presentation of purchaseaccounting as compared to historical cost.  

***PrincipalFactors Affecting Our Business***

******Our business is dependent upon a variety of factors, many ofwhich are beyond our control. The following are those that we consider to beprincipal factors affecting our business.

**Demand for Seismic Data:**  Demand for our productsand services is cyclical due to the nature of the oil and gas industry.  Inparticular, demand for our seismic data services depends upon exploration,production, development and field management spending by oil and gas companiesand, in the case of new data creation, their willingness of those companies toforgo ownership in the seismic data. Capital expenditures by oil and gascompanies depend upon several factors, including actual and forecasted oil andnatural gas commodity prices, prospect availability and the companies' ownshort-term and strategic plans. These capital expenditures may also be affectedby worldwide economic or industry-wide conditions. Demand for our seismic datais more likely to be influenced by natural gas prices rather than crude oilprices due to the geographic location of our seismic data. 

**Availability of Capital for Our Customers:**  Manyof our customers consist of independent oil and gas companies and privateprospect-generating companies that rely primarily on private capital markets tofund their exploration, production, development and field managementactivities. Significant changes in the private capital market and theavailability of capital could have a material impact on the ability of suchcompanies to obtain funding necessary to purchase our seismic data.

**Merger and Acquisition Activity:** In recentyears, there has been an increase in the level of merger and acquisitionactivity within our client base. This activity could have a negative impact onseismic companies that operate in markets with a limited number ofparticipating clients. However, we believe that, over time, this activity couldhave a positive impact on our business, as it should generate re-licensingfees, result in increased vitality in the trading of mineral interests andresult in the creation of new independent customers through the rationalizationof staff within those companies affected by this activity.

***Natural Gas Reserve Replacement:***  Gasreserve replacement in the United States and Canada has lagged.  As a result,we believe there is an increasing need in the oil and gas industry to replacethese reserves, which we anticipate will increase the demand for our seismicdata.

**Government Regulation:**  Our operations aresubject to a variety of federal, provincial, state, foreign and local laws andregulations, including environmental and health and safety laws. We investfinancial and managerial resources to comply with these laws and related permitrequirements. Modification of existing laws or regulations and the adoption ofnew laws or regulations limiting or increasing exploration or productionactivities by oil and gas companies may have a material effect on our businessoperations.

**Non-GAAP Key Performance Measures**

****Management considers certain performance measures inevaluating and managing our financial condition and operating performance atvarious times and from time to time. Some of these performance measures arenon-GAAP financial measures. Generally, a non-GAAP financial measure is anumerical measure of a company's performance, financial position or cash flowsthat either excludes or includes amounts that are not normally excluded orincluded in the most directly comparable measure calculated and presented inaccordance with United States generally accepted accounting principles, orGAAP. These non-GAAP measures are not in accordance with, nor are they asubstitute for, GAAP measures. These non-GAAP measures are intended tosupplement our presentation of our financial results that are prepared inaccordance with GAAP.

The following are the key performance measuresconsidered by management.

**Cash Resales: **Cash resales represent newcontracts for data licenses from our library, payable in cash.  We believe thismeasure is important in gauging new business activity.  We expect cash resalesto generally follow a consistent trend over several quarters, while consideringour normal seasonality. Volatility in this trend over several consecutivequarters could indicate changing market conditions.  The following is areconciliation of this non-GAAP financial measure to the most directly comparable GAAPfinancial measure, total revenue (in thousands):

 

SUCCESSOR

SUCCESSOR

PREDECESSOR

PERIOD

COMBINED (1)

PERIOD

PERIOD

Three Months  Ended

Three Months Ended

February 14,  2007 -

January 1,  2007 -

March 31, 2008

March 31, 2007

March 31, 2007

February 13,  2007
                                       
Cash resales

$

19,835

$

21,712

$

15,727

$

5,985

Other revenue components:

   Acquisition revenue

18,403

12,385

6,287

6,098

   Non-monetary exchanges

3,659

1,555

1,562

(7

)

   Revenue deferred

(11,141

)

(10,377

)

(7,741

)

(2,636

)

   Recognition of revenue

      previously deferred

14,958

9,861

915

8,946

   Solutions and other

1,668

1,172

548

624

Total revenue, as reported

$

47,382

$

36,308

$

7,298

$

19,010

 

(1)   Our combinedresults for the three months ended March 31, 2007 represent the addition of thePredecessor Period from January 1, 2007 to February 13, 2007 and the SuccessorPeriod from February 14, 2007 to March 31, 2007.  This combination does notcomply with U.S. GAAP or with the rules for pro forma presentation, but ispresented because we believe it provides a meaningful comparison of our results.

**Cash Margin: **Cash margin includes cash resales plus all other cash revenuesother than from data acquisitions, less cash selling, general andadministrative expenses (excluding Merger expenses and merger and acquisitiontransaction costs) and cost of goods sold.  We believe this measure is helpfulin determining the level of cash from operations we have available for debtservice and funding of capital expenditures (net of the portion funded orunderwritten by our customers).  The following is a quantitative reconciliationof this non-GAAP financial measure to the most directly comparable GAAPfinancial measure, operating loss (in thousands):

 

SUCCESSOR

SUCCESSOR

PREDECESSOR

PERIOD

COMBINED (1)

PERIOD

PERIOD

Three Months  Ended

Three Months Ended

February 14,  2007 -

January 1,  2007 -

March 31, 2008

March 31, 2007

March 31, 2007

February 13,  2007
                                       
Cash margin	

$

12,768

$

16,471

$

13,041

$

3,430

Add (subtract) other revenue

      components not included

      in cash margin:

         Acquisition revenue

18,403

12,385

6,287

6,098

         Non-monetary exchanges

3,659

1,555

1,562

(7

)

         Revenue deferred

(11,141

)

(10,377

)

(7,741

)

(2,636

)

         Recognition of revenue

            previously deferred

14,958

9,861

915

8,946

         Recognition of Solutions	

            revenue previously

            deferred

44

6

-

6
                                       
Less:

      Depreciation  and

         amortization

(44,855

)

(33,718

)

(22,233

)

(11,485

)

      Merger  expenses

(357

)

(17,902

)

(445

)

(17,457

)

      Merger  and acquisition

         transaction  costs

(1

)

-

-

-

      Non-cash  operating

         expenses

(1,857

)

(1,621

)

(1,209

)

(412

)

   Operating  loss, as reported

$

(8,379

)

$

(23,340

)

$

(9,823

)

$

(13,517

)

 

(1)   Our combinedresults for the three months ended March 31, 2007 represent the addition of thePredecessor Period from January 1, 2007 to February 13, 2007 and the SuccessorPeriod from February 14, 2007 to March 31, 2007.  This combination does notcomply with U.S. GAAP or with the rules for pro forma presentation, but ispresented because we believe it provides a meaningful comparison of ourresults.

**Growth of Our SeismicData Library:**  We regularly add to our seismic data library throughfour different methods: (1) recording new data; (2) buying ownership of existingdata for cash; (3) obtaining ownership of existing data sets throughnon-monetary exchanges; and (4) creating new value-added products from existingdata within our library.  For the period from January 1, 2008 to March 31, 2008,we completed the addition of approximately 800 square miles of seismic data toour library.  As of March 31, 2008, we had approximately 700 square milesof seismic data in progress. 

**Critical Accounting Policies**

We operate in one business segment, which is made up of seismic dataacquisition, seismic data licensing, seismic data processing and seismicreproduction services.  There have not been any changes inour critical accounting policies since December 31, 2007.

**Results of Operations**

***Revenue***

****The following tablesummarizes the components of our revenue for the periods indicated (inthousands):

 

SUCCESSOR

SUCCESSOR

PREDECESSOR

PERIOD

COMBINED (1)

PERIOD

PERIOD

Three Months  Ended

Three Months Ended

February 14,  2007 -

January 1,  2007 -

March 31, 2008

March 31, 2007

March 31, 2007

February 13,  2007
                                       
Acquisition revenue:

       Cash underwriting

$

14,681

$

12,359

$

6,272

$

6,087

      Underwriting from

          non-monetary exchanges

3,722

26

15

11

      Total acquisition revenue

18,403

12,385

6,287

6,098

Licensing revenue:

       Cash resales

19,835

21,712

15,727

5,985

       Non-monetary exchanges

3,659

1,555

1,562

(7

)

      Revenue deferred

(11,141

)

(10,377

)

(7,741

)

(2,636

)

      Recognition of revenue

         previously deferred

14,958

9,861

915

8,946

      Total resale revenue

27,311

22,751

10,463

12,288

Total seismic revenue

45,714

35,136

16,750

18,386

Solutions and other

1,668

1,172

548

624

Total revenue

$

47,382

$

36,308

$

17,298

$

19,010

 

(1)   Our combinedresults for the three months ended March 31, 2007 represent the addition of thePredecessor Period from January 1, 2007 to February 13, 2007 and the SuccessorPeriod from February 14, 2007 to March 31, 2007.  This combination does notcomply with U.S. GAAP or with the rules for pro forma presentation, but ispresented because we believe it provides a meaningful comparison of ourresults.

Total revenue increased $11.1 million, or 30.5%, to $47.4 million in thefirst quarter of 2008 from $36.3 million in the first quarter of 2007. Acquisition revenue increased 48.6% to $18.4 million in the 2008 first quarterprimarily from strong data creation activity in Canada.  Total resale revenueincreased 20% from $22.8 million in the first quarter of 2007 to $27.3 millionin the first quarter of 2008 and was the result of various changes in thecomponents of resale revenue.  Cash resales for the 2008 first quarter were$19.8 million compared to $21.7 million in the 2007 first quarter.  The lowercash resales reflected a $4.0 million reduction in revenue from productionbonuses; in the first quarter of 2007, one of our customers bought back ourproduction sharing rights on several wells.  The lower bonuses were offset byimproved 3D licensing revenue in both the U.S. and Canada.  Non-monetaryexchanges increased from $1.6 million in the 2007 period to $3.7 million in thefirst quarter of 2008; these transactions fluctuate quarter to quarterdepending upon the data available for trade.  Recognition of previouslydeferred revenue, or selections, increased $5.1 million, or 51.7%, betweenquarters due to several large selections on outstanding library cards. Solutions and other revenue increased 42.3% between quarters primarily due tothe increase in total seismic revenue.

******

***Depreciation andAmortization***

Depreciation and amortization was comprised of the following (in thousands):

 

SUCCESSOR

SUCCESSOR

PREDECESSOR

PERIOD

COMBINED(1)

PERIOD

PERIOD

Three Months Ended

Three Months  Ended

February 14,  2007 -

January 1,  2007 -

March 31, 2008

March 31, 2007

March 31, 2007

February 13,  2007
                                       
Amortization  of seismic data:

       Income  forecast

$

28,773

$

18,733

$

11,822

$

6,911

       Straight-line

14,011

13,677

9,381

4,296

       Total amortization of

            seismic data

42,784

32,410

21,203

11,207

Depreciation  of property

       and  equipment

591

602

324

278

Amortization  of acquired

       intangibles

1,480

706

706

-

Total

$

44,855

$

33,718

$

22,233

$

11,485

 

(1)   Our combinedresults for the three months ended March 31, 2007 represent the addition of thePredecessor Period from January 1, 2007 to February 13, 2007 and the SuccessorPeriod from February 14, 2007 to March 31, 2007.  This combination does not complywith U.S. GAAP or with the rules for pro forma presentation, but is presentedbecause we believe it provides a meaningful comparison of our results.

Total seismic data library amortization amounted to $42.8 million in thefirst quarter of 2008 compared to $32.4 million in the first quarter of 2007. The amount of seismic data library amortization fluctuates based on the leveland location of specific seismic surveys licensed (including licensingresulting from new data acquisition) and selected by our customers during anyperiod as well as the amount of straight-line amortization required under ouraccounting policy.  The Successor Period reflects the higher level ofamortization as a result of the step-up to fair value of our seismic datalibrary in connection with the Merger.

Seismic data amortization as of percentage of total seismic revenue issummarized as follows:

 

SUCCESSOR

SUCCESSOR

PREDECESSOR

PERIOD

COMBINED(1)

PERIOD

PERIOD

Three Months Ended

Three Months  Ended

February 14,  2007 -

January 1,  2007 -

Components of Amortization

March 31, 2008

March 31, 2007

March 31, 2007

February 13,  2007
                                       
Income  forecast

62.9

%

53.3

%

70.6

%

37.6

%

Straight-line

30.7

%

38.9

%

56.0

%

23.4

%

Total

93.6

%

92.2

%

126.6

%

61.0

%

 

(1)   Our combinedresults for the three months ended March 31, 2007 represent the addition of thePredecessor Period from January 1, 2007 to February 13, 2007 and the SuccessorPeriod from February 14, 2007 to March 31, 2007.  This combination does notcomply with U.S. GAAP or with the rules for pro forma presentation, but ispresented because we believe it provides a meaningful comparison of ourresults.

The increase in the percentage of income forecast amortization to totalseismic revenue in 2008 was due to an increase in income forecast amortizationrecorded in the Successor Period.  As a result of the Merger, our data whosecosts had been previously fully amortized was stepped up to fair valueresulting in a new book value for all data.  Consequently, the majority of resalerevenue in the first quarter of 2008 and in the period from February 14, 2007to March 31, 2007 (Successor Period) attracted income forecast amortization.  Inthe period from January 1, 2007 to February 13, 2007 (Predecessor Period) approximately69% of our resale revenue was attributable to data whose costs had been fullyamortized.  

In connection with the Merger, we recordedacquired intangible assets of $53.4 million, of which $52.5 million are amortizableover their useful lives ranging from 1 to 10 years.  The increase inamortization of acquired intangibles between quarters was due to the 2008quarter including a full quarter of amortization whereas the 2007 quarter onlyincluded amortization from the Merger date (February 14, 2007).

***Selling, General and Administrative Expenses***

******Selling,general and administrative ("SG&A") expenses were $10.4 millionin the first quarter of 2008 compared to $8.0 million in the first quarter of 2007. SG&A expense is made up of the following cash and non-cash expenses (inthousands):

 

SUCCESSOR

SUCCESSOR

PREDECESSOR

PERIOD

COMBINED(1)

PERIOD

PERIOD

Three Months Ended

Three Months Ended

February 14,  2007-

January 1,  2007 -

March 31, 2008

March 31, 2007

March 31, 2007

February 13,  2007
                                       
Cash SG&A expenses

$

8,578

$

6,390

$

3,225

$

3,165

Non-cash compensation

   expense

1,786

1,590

1,178

412

Non-cash rent expense

71

31

31

-

Total

$

10,435

$

8,011

$

4,434

$

3,577

 

(1)   Our combinedresults for the three months ended March 31, 2007 represent the addition of thePredecessor Period from January 1, 2007 to February 13, 2007 and the SuccessorPeriod from February 14, 2007 to March 31, 2007.  This combination does notcomply with U.S. GAAP or with the rules for pro forma presentation, but ispresented because we believe it provides a meaningful comparison of ourresults.

The increase in cash SG&Aexpenses of $2.2 million from the first quarter of 2007 to the first quarter of2008 was primarily due to (1) the 2007 quarter including a $0.9 millionreduction in SG&A resulting from a cash settlement of litigation andcollection of a previously reserved receivable; (2) an increase of $0.4 millionin performance based compensation expense associated with our incentivecompensation plan; and (3) an increase of $0.3 million in commission expensedue to the higher level of revenue recognized in the 2008 period.

The increase in non-cash compensation expense between quarters was primarilydue to the expense related to stock options granted to certain employees andnon-employee directors in the Successor Period. 

The non-cash rent expense in the Successor Periods related to amortization of afavorable facility lease that was recorded as an intangible asset in connectionwith the Merger and will be amortized over the remaining lease term of 6.25 years.

***Merger Expenses***

******Merger expensesincluded the following fees and expenses incurred in connection with the mergertransaction for the periods indicated (in thousands):

 

SUCCESSOR

SUCCESSOR

PREDECESSOR

PERIOD

COMBINED (1)

PERIOD

PERIOD

Three Months  Ended

Three Months Ended

February 14,  2007 -

January 1,  2007 -

March 31, 2008

March 31, 2007

March 31, 2007

February 13,  2007
                                       
Investment  banking fees

$

-

$

7,789

$

-

$

7,789

Legal and  advisory fees

-

766

137

629

Change in  control payments

357

3,053

308

2,745

Early vesting  of restricted

   stock  (non-cash)

-

6,294

-

6,294

$

357

$

17,902

$

445

$

17,457

 

(1)   Our combinedresults for the three months ended March 31, 2007 represent the addition of thePredecessor Period from January 1, 2007 to February 13, 2007 and the SuccessorPeriod from February 14, 2007 to March 31, 2007.  This combination does notcomply with U.S. GAAP or with the rules for pro forma presentation, but ispresented because we believe it provides a meaningful comparison of ourresults.

***Other Income (Expense)***

******Interest expense, net, was $9.9 million in the first quarter of 2008 comparedto $11.5 million in the first quarter of 2007.   The first quarter of 2007 included$4.0 million related to fees from the non-utilized acquisition financing bridgefacility and lower interest expense resulting from the smaller debt during thePredecessor Period.

***Income Taxes***

Tax expense (benefit)was $(0.7) million in the first quarter of 2008, $(4.0) million for the periodfrom February 14, 2007 to March 31, 2007 (Successor Period) and $0.5 million inthe period from January 1, 2007 to February 13, 2007 (Predecessor Period).  Thebenefit in the first quarter of 2008 resulted from a $0.9 million benefitrelated to our Canadian operations partially offset by a $0.2 million expenseprimarily related to state tax expenses in the U.S.  The Federal tax benefit inthe first quarter of 2008 resulting from our U.S. operations was offset by avaluation allowance because it was more likely than not that the deferred taxasset would not be realized.  The benefit in the period from February 14, 2007to March 31, 2007 (Successor Period) related to both our U.S. and Canadian operations.  In the U.S., a deferred tax liability of $3.7 million was recorded onthe Merger date due to the step-up in asset value related to the Merger.  Inthe period from February 14, 2007 to March 31, 2007 (Successor Period), a U.S.Federal tax benefit was recorded equivalent to the amount of deferred taxliability with the remainder of the benefit from the U.S. book loss beingoffset by a valuation allowance because it was more likely than not that thedeferred tax asset would not be realized.  In Canada, a tax benefit of $0.5million was recognized in the period from February 14, 2007 to March 31, 2007 (SuccessorPeriod).  Additionally, we recorded tax expense related to state income tax andFIN 48 totaling approximately $0.2 million in the period from February 14, 2007to March 31, 2007 (Successor Period).  The expense in the period from January1, 2007 to February 13, 2007 (Predecessor Period) primarily related to taxes onour Canadian operations and FIN 48.  The Federal income tax expense recorded onour U.S. operations was offset by a reduction in our deferred tax assetvaluation allowance resulting in no Federal tax expense in the U.S. for the period from January 1, 2007 to February 13, 2007 (Predecessor Period). 
**Liquidity andCapital Resources**
****As of March 31, 2008, we had $37.1 million inconsolidated cash, cash equivalents and short-term investments.  Other sources of liquidity include our credit facilitiesdescribed below.

**U.S. Credit Facility:**  On February 14, 2007, we enteredinto an amended and restated U.S. revolving credit facility which provides for up to $25.0 million, subject to borrowing baselimitations.  The borrowing base is determined from time to time based on thelesser of:
-  $25.0 million,-  75% of our trailing twelve months' U.S. cash margin (defined as cash     resales and Solutions revenue, plus gain on sale of seismic data, less cash     cost of sales and cash SG&A expenses, before depreciation and     amortization expense), or-  the sum of (1) 85% of eligible U.S. short term accounts (defined as     accounts that are not long term accounts and within 90 days of invoice     date), plus (2) the lesser of (a) 50% of eligible U.S. long term accounts     (defined as accounts with contracts for periods of performance from one     month to 18 months, where the account debtor makes payments over the term     of the contract) and (b) $7.5 million, plus (3) $15.0 million.
At March 31, 2008, there was no outstanding balance under the facilityand there was $25.0 million of availability.  

 

**Canadian Credit Facility:**  Our wholly ownedsubsidiary, Olympic Seismic Ltd. ("Olympic"), has a revolving credit facility which allows it toborrow up to $5.0 million (Canadian), subject to an availability formula, byway of prime-based loans or letters of credit.  Available borrowings under thefacility are equivalent to a maximum of $5.0 million (Canadian), subject to arequirement that such borrowings may not exceed 75% of good accounts receivable(as defined in the agreement) of Olympic, less prior-ranking claims, if any,relating to inventory or accounts.  As of March 31, 2008, no amounts wereoutstanding on this revolving line of credit and $5.0 million (Canadian) wasavailable on the line of credit. 

**9.75% Senior UnsecuredNotes:**  On February 14, 2007, we issued in a private placement$400.0 million aggregate principal amount of our 9.75% Senior Notes.  Theproceeds from the notes were used to partially fund the transactions inconnection with the Merger.  Interest on these senior notes is payable in cash,semi-annually in arrears on February 15 and August 15.

**11.75% SeniorUnsecured Notes:** On July 2, 2004, we issued in a private placement $193.0 million aggregateprincipal amount of our 11.75% Senior Notes.  As of March 31, 2008, $2.0million of the 11.75% Senior Notes remain outstanding.  Interest on thesesenior notes is payable in cash, semi-annually in arrears on January 15 andJuly 15.

**ContractualObligations:**  As ofMarch 31, 2008, we had outstanding debt and lease obligations, with aggregatecontractual cash obligations summarized as follows (in thousands):

 

Payments due by period

Remainder

of

2014 and

Contractual cash obligations

Total

2008

2009-2011

2012-2013

thereafter
                                 
Debt obligations (1)(2)

$

637,195

$

19,672

$

119,921

$

78,102

$

419,500

Capital lease obligations (2)

5,665

271

1,082

784

3,528

Operating lease obligations

5,515

925

3,574

1,016

-

Total contractual cash obligations

$

648,375

$

20,868

$

124,577

$

79,902

$

423,028

 

(1)           Debt obligationsinclude the face amount of our 9.75% Senior Notes totaling $400.0 million andthe 11.75% Senior Notes totaling $2.0 million.

(2)           Amounts includeinterest related to debt and capital lease obligations.

**CashFlows from Operating Activities:** Cash flows provided by (used in) operatingactivities were $17.5 million,$(4.5) million and $5.6 million for the three months ended March 31, 2008(Successor Period), for the period from February 14, 2007 to March 31, 2007(Successor Period), and for the period from January 1, 2007 to February 13,2007 (Predecessor Period), respectively.  Operating cash flows for the 2008first quarter increased from the 2007 first quarter primarily due to increasedcollections form our cash license resales in the 2008 period and the 2007period including the payment of fees and expenses totaling approximately $8.5 millionrelated to the Merger.  These increases were partially offset by an increase ininterest expense paid in the first quarter of 2008.

**Cash Flows from Investing Activities:**  Cash flows used in investing activities were $24.3million, $7.7 million and $8.4 million for the three months ended March 31,2008 (Successor Period), for the period from February 14, 2007 to March 31,2007 (Successor Period), and for the period from January 1, 2007 to February13, 2007 (Predecessor Period), respectively.  Cash expenditures for seismicdata were $24.2 million, $7.7 million and $8.4 million for the three monthsended March 31, 2008 (Successor Period), for the period from February 14, 2007to March 31, 2007 (Successor Period), and for the period from January 1, 2007to February 13, 2007 (Predecessor Period), respectively.  The increase in cashinvested in seismic data for the 2008 first quarter compared to the firstquarter of 2007 was primarily due to an increase in cash paid for new dataacquisition projects. 

****CashFlows from Financing Activities:**  Cash flows used in financing activities were $43,000, $82.4 millionand $0.4 million for the three months ended March 31, 2008 (Successor Period),for the period from February 14, 2007 to March 31, 2007 (Successor Period), andfor the period from January 1, 2007 to February 13, 2007 (Predecessor Period),respectively.  The period from February 14, 2007 to March 31, 2007 included (i)the issuance of $400.0 million of our 9.75% Senior Notes, (ii) a cash capitalcontribution of $153.5 million by ValueAct Capital in connection with theMerger, (iii) acquisition of all of our outstanding common stock (other thanshares owned by ValueAct Capital and management investors) in connection withthe Merger for a total of $386.6 million, (iv) payment of $233.4 million ofprincipal and tender and consent fee on our 11.75% Senior Notes and (v) paymentof $16.3 million of financing fees in connection with the Merger.

**Anticipated Liquidity:**  Our ability to make required payments of principal andinterest on our 9.75% and 11.75% Senior Notes and on borrowings under ourrevolving credit facilities, incur additional indebtedness, and comply with ourvarious debt covenants, will depend primarily on our ability to generatesubstantial operating cash flows. Over the next 12 months, we expect to obtainthe funds necessary to pay our operating, capital and other expenses andprincipal and interest on our senior notes, borrowings under our revolvingcredit facilities and our other indebtedness, from our operating cash flows,cash and cash equivalents on hand and, if required, from additional borrowings(to the extent available under our revolving credit facilities and otherwisesubject to the borrowing base). Our ability to satisfy our payment obligationsdepends substantially on our future operating and financial performance, whichnecessarily will be affected by, and subject to, industry, market, economic andother factors. We will not be able to predict or control many of these factors,such as economic conditions in the markets where we operate and competitivepressures. 
*Deferred Taxes*
**As of March 31, 2008, we had a net deferred tax liability of $13.5 millionattributable to our Canadian operations and $4,000 attributable to U.S. state deferred taxes.  In the U.S., we had a deferred tax asset of $36.9 million, allof which was fully offset by a valuation allowance.  The recognition of theU.S. deferred tax asset will not occur until such time that it is more likelythan not that some portion or all of the deferred tax asset will be realized. As of March 31, 2008, it was more likely than not that all of the U.S. deferred tax asset will not be realized.

Section 382 of the Internal Revenue Code places alimit on certain tax attributes which were in existence prior to a greater than50% change in ownership.  The rules use a rolling three-year period fordetermination of such change.  AtFebruary 14, 2007, we had a greater than 50% change in ownership.  However, anylimitations resulting from the application of the Section 382 rules are notexpected to have a significant effect on us.

***Off-Balance SheetTransactions*****

**Other thanoperating leases, we do not maintain any off-balance sheet transactions,arrangements, obligations or other relationships with unconsolidated entitiesor others that are reasonably likely to have a material current or futureeffect on our financial condition, changes in financial condition, revenue orexpense, results of operations, liquidity, capital expenditures or capitalresources.

***Capital Expenditures***

****During the three monthsended March 31, 2008, capitalexpenditures for seismic data and other property and equipment amounted to $36.9million.  Our capital expenditures for the remainder of 2008 arepresently estimated to be $115.1 million.  The first quarter 2008 actual and 2008estimated remaining capital expenditures are comprised of the following (inthousands):  

 

Estimate for
Three Months 
Remainder

Total

Ended

of

Estimate 

March 31, 2008

2008

for 2008
                              
New data  acquisition

$

26,531

$

83,469

$

110,000

Cash  purchases of seismic data and other

539

9,461

10,000

Non-monetary  exchanges

9,769

21,231

31,000

Other  property and equipment

49

951

1,000

Total capital  expenditures

36,888

115,112

152,000

Less:  Non-monetary exchanges

(9,769

)

(21,231

)

(31,000

)

Changes  in working capital

(2,869

)

-

(2,869

)

Cash  investment per

   statement of cash flows

$

24,250

$

93,881

$

118,131

 

The capital expenditures discussed above are within the capitalexpenditure limitations imposed by our U.S. revolving credit facility.

Capital expenditures funded from operating cash flow are as follows (inthousands):

 

Estimate for

Three Months 
Remainder

Total

Ended

of

Estimate 

March 31, 2008

2008

for 2008
                              
Total  capital expenditures

$

36,888

$

115,112

$

152,000

Less:  Non-cash additions

(9,769

)

(21,231

)

(31,000

)

Cash  underwriting

(14,681

)

(52,319

)

(67,000

)

Capital  expenditures funded from 

      operating  cash flow

$

12,438

$

41,562

$

54,000

 

As of March 31, 2008, we had capital expenditurecommitments related to data acquisition projects of approximately $25.8 million,of which we have obtained approximately $12.8 million of cash underwriting and $5.9million of underwriting for non-monetary exchanges.

**Item 3.  QUANTITATIVEAND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

****We are exposed to marketrisk, including adverse changes in interest rates and foreign currency exchangerates.  

**Interest Rate Risk**

****We may enter into variousfinancial instruments, such as interest rate swaps or interest rate lockagreements, to manage the impact of changes in interest rates.  As of March 31,2008, we did not have any open interest rate swap or interest rate lockagreements.  Therefore, our exposure to changes in interest rates primarilyresults from our short-term and long-term debt with both fixed and floatinginterest rates.

**Foreign Currency Exchange Rate Risk**

****Our Canadian subsidiaries conduct business in the Canadian dollarand are therefore subject to foreign currency exchange rate risk on cash flowsrelated to sales, expenses, financing and investing transactions in currenciesother than the U.S. dollar. Currently, we do not have any open forward exchangecontracts.

We have not had any significant changes in our market risk exposures during thequarter ended March 31, 2008.

**Item 4T.    CONTROLS AND PROCEDURES**

**(a)**  **Evaluation of DisclosureControls and Procedures**

      

As of the end of the period covered by this report, ourmanagement carried out an evaluation, under the supervision and with theparticipation of our President and Chief Executive Officer and our ChiefFinancial Officer, of the effectiveness of the design and operation of theCompany's disclosure controls and procedures (as such term is defined in Rules13a-15(e) and 15d-15(e) under the Exchange Act), pursuant to Exchange Act Rule13a-15. Based upon that evaluation, our President and Chief Executive Officeralong with our Chief Financial Officer concluded that the Company's disclosurecontrols and procedures as of March 31, 2008 are effective in ensuring thatinformation required to be disclosed in the reports we file or submit under theExchange Act is recorded, processed, summarized, and reported within the timeperiods specified in the rules and forms of the SEC, and that such informationis accumulated and communicated to our management, including our President andChief Executive Officer and our Chief Financial Officer, as appropriate, toallow timely decisions regarding required disclosures.

**(b)**  **Changes in Internal ControlOver Financial Reporting**

      

There have been no changes in our internal controls overfinancial reporting during the quarter ended March 31, 2008 that havematerially affected, or are reasonably likely to materially affect, ourinternal controls over financial reporting.
****
**PART II -OTHER INFORMATION**

**Item 1.    LEGALPROCEEDINGS**

****See Part I,Item 1, Note H to Consolidated Financial Statements, which is incorporatedherein by reference.

**Item 1.A., 2., 3., 4. and 5.    **Notapplicable. 

**Item 6.    EXHIBITS**

 

3.1

Certificate of  Incorporation of the Company (incorporated by reference from Exhibit 3.1 to  the Registration Statement on Form S-4, No. 333-144844, as filed with the SEC  on July 25, 2007).

 

3.2

Bylaws of Seitel, Inc.  (incorporated by reference from Exhibit 3.2 to the Registration Statement on  Form S-4, No. 333-144844, as filed with the SEC on July 25, 2007).

 

31.1

*

Certification of  Robert D. Monson pursuant to Rule 13a-14(a)/15d-14(a).

 

31.2

*

Certification of  William J. Restrepo pursuant to Rule 13a-14(a)/15d-14(a).

 

32.1

**

Certification of  Robert D. Monson pursuant to Section 18 U.S.C. Section 1350, as adopted  pursuant to Section 906 of the Sarbanes−Oxley Act of 2002.

 

32.2

**

Certification of  William J. Restrepo pursuant to Section 18 U.S.C. Section 1350, as adopted  pursuant to Section 906 of the Sarbanes−Oxley Act of 2002.

_______________

*            Filed herewith.

**          Furnished, not filed, pursuant to 601(b)(32) ofRegulation S-K.

 

*(Index)*

 

 

 
****
**SIGNATURES**

Pursuant to the requirements of the Securities and  Exchange Act of 1934, the registrant has duly caused this report

to be signed on its behalf by the undersigned thereunto  duly authorized.

**SEITEL, INC.**

Dated:  May

13,

 2008

/s/

Robert D. Monson

Robert D. Monson

Chief Executive Officer and President

Dated:  May 

13,

 2008

/s/

William J. Restrepo

William J. Restrepo

Chief Financial Officer

 

*(Index)*

 

 
 
EXHIBIT

INDEX

 

Exhibit

 

Title

 
         
3.1

Certificate  of Incorporation of the Company (incorporated by reference from Exhibit 3.1  to the Registration Statement on Form S-4, No. 333-144844, as filed with the  SEC on July 25, 2007).

 

3.2

Bylaws of  Seitel, Inc. (incorporated by reference from Exhibit 3.2 to the Registration  Statement on Form S-4, No. 333-144844, as filed with the SEC on July 25,  2007).

 

31.1

*

Certification  of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted  Pursuant to Section 302 Of The Sarbanes-Oxley Act of 2002

 

31.2

*

Certification  of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted  Pursuant to Section 302 Of The Sarbanes-Oxley Act of 2002

 

32.1

**

Certification  of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted  Pursuant to Section 906 Of The Sarbanes-Oxley Act of 2002

 

32.2

**

Certification  of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted  Pursuant to Section 906 Of The Sarbanes-Oxley Act of 2002

_______________

*     Filed herewith.

**    Furnished, notfiled, pursuant to Item 601(b)(32) of Regulation S-K. |
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