----

 

 

**SECURITIESAND EXCHANGE COMMISSIONWashington, DC 20549**

----

**FORM 10-Q**

****

| [ X ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)  OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30,  2004

 

  OR

   
[    ]

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

 

Commission File Number 0-14488

 
 

 
 **SEITEL, INC.** 
 (Exact name of registrant as specified in  charter) 
 
 

 
 
 

 
 
Delaware

76-0025431 

 
(State or other jurisdiction of

(IRS Employer

 
incorporation or organization)

Identification Number) 

 
 
 
 
 
10811 S. Westview Circle

77043 

 
Houston, Texas

(Zip Code) 

 
(Address of principal executive offices)

 
 
 
 
 
 
 
Registrant's telephone number, including area  code:

(713) 881-8900 

Indicate by check mark whetherthe registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (orfor such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.

 

Yes

[ X ]

No

[   ]

 

Indicate by check markwhether the registrant is an accelerated filer (as defined in Rule 12b-2 of theExchange Act).

 

Yes

[   ]

No

[ X ]

Indicate by check mark whether the registrant has filed all documents andreports required to be filed by Section 12, 13 or 15(d) of the SecuritiesExchange Act of 1934 subsequent to the distribution of securities under a planconfirmed by a court.

 

Yes

[ X ]

No

[   ]

As of November 18, 2004, there were 150,414,143 shares of the Company's commonstock, par value $.01 per share outstanding.

 
**INDEX**  
**Page**
PART I.

FINANCIAL  INFORMATION
    
Item 1.

Financial Statements  

3
   
Condensed Consolidated Balance  Sheets as of

September  30, 2004 (Unaudited) and December 31, 2003

3
   
Condensed      Consolidated  Statements of Loss (Unaudited)

for the  Three Months Ended September 30, 2004 and 2003

4
   
Condensed      Consolidated  Statements of Loss (Unaudited)

for the  Nine Months Ended September 30, 2004 and 2003

5
   
Condensed      Consolidated  Statements of Comprehensive Loss (Unaudited) 

for the  Three and Nine Months Ended September 30, 2004 and 2003

6
   
Condensed      Consolidated  Statements of Stockholders' Equity

for the  year ended December 31, 2003 and for the 

Nine Months  Ended September 30, 2004 (Unaudited)

7
   
Condensed      Consolidated Statements  of Cash Flows (Unaudited)

for the  Nine Months Ended September 30, 2004 and 2003

8
   
Notes to Condensed Consolidated Interim  Financial Statements

10
    
Item 2.

Management's  Discussion and Analysis of

Financial  Condition and Results of Operations

23
    
Item 3.

Quantitative  and Qualitative

Disclosures  About Market Risk

34
    
Item 4.

Controls and Procedures      

34
   
PART II.

OTHER INFORMATION  

35
   
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)     
September 30,

December 31,

2004

2003

ASSETS

Cash and equivalents

$

17,924

$

44,362

Restricted cash

161

202

Receivables

Trade, net

37,256

37,461

Notes and other, net

11,709

12,047

Net seismic data library

165,393
247,541

Net other property and  equipment

12,095

15,431

Oil and gas operations held for sale

230

1,552

Investment in marketable securities

23

99

Prepaid expenses, deferred charges and other assets

14,269

8,394

         
TOTAL ASSETS

$

259,060

$

367,089

        
LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities not subject to compromise:

Accounts payable and accrued liabilities

$

22,939

$

17,414

Income taxes payable

134

-

Oil and gas operations held for sale

15

17

Senior Notes

188,618

-

Term loans

424

5,417

Obligations under capital leases

5,570

6,571

Deferred income taxes

798

1,953

Deferred revenue

51,780

58,876

Liabilities subject to compromise

-

273,119

TOTAL LIABILITIES

270,278

363,367

        
CONTINGENCIES AND COMMITMENTS

        
STOCKHOLDERS' EQUITY

Preferred stock, par value $.01 per share; authorized

5,000,000 shares; none issued

-

-

Common stock, par value $.01 per share; authorized

400,000,000 and 50,000,000 shares at September 30,

2004 and December 31, 2003, respectively; issued and

outstanding 150,414,143 at September 30, 2004 and      

1,504

258

25,811,601 at December 31, 2003

Additional paid-in capital

233,991

166,630

Retained deficit

(248,735

)

(159,731

)

Treasury stock 435,918 shares at cost at

December 31, 2003

-

(5,373

)

Deferred compensation - restricted stock

(45

)

-

Notes receivable from officers and employees

(30

)

(124

)

Accumulated other comprehensive income      

2,097
2,062

TOTAL STOCKHOLDERS' EQUITY      (DEFICIT)

(11,218
)
3,722

        
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

259,060

$

367,089
The accompanying notes are an integral part of these condensed consolidated financial statements.IndexSEITEL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)(In thousands, except per share amounts) 
Three Months Ended September 30,

2004

2003
                                        
REVENUE

$

27,404

$

39,199
        
EXPENSES:

Depreciation and  amortization

90,771

23,399

Cost of sales

52

180

Selling, general and  administrative expenses

7,073

7,023

Impairment of seismic data library

-

13,354

97,896
43,956
        
LOSS FROM OPERATIONS

(70,492

)

(4,757

)
        
Interest expense, net

(8,147

)

(5,016

)

Foreign currency  exchange gains

1,761

329

Reorganization items

(6,383

)

(1,675

)
        
Loss from continuing  operations before income taxes

(83,261

)

(11,119

)
        
Benefit for income  taxes

(2,583

)

(192

)
        
Loss from continuing  operations

(80,678

)

(10,927

)
        
Income from  discontinued operations 

89

19
        
NET LOSS

$

(80,589

)

$

(10,908

)
                                        
Basic and diluted loss  per share:

Loss from continuing  operations

$

(.76

)

$

(.43

)

Income from  discontinued operations

-

-

Net loss

$

(.76

)

$

(.43

)
        
Weighted average number  of common and common

equivalent shares -  basic and diluted

106,289

25,376
  The accompanying notes are an integral part of these condensed consolidated financial statements.IndexSEITEL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)(In thousands, except per share amounts)               
Nine Months Ended September 30,       
2004

2003
                                                 
REVENUE

$

103,764

$

101,296
       
EXPENSES:

Depreciation and  amortization

139,193

61,506

Cost of sales

261

510

Selling, general and  administrative expenses

23,287

24,571

Impairment of seismic  data library

-

13,354

162,741
99,941
       
INCOME (LOSS) FROM  OPERATIONS

(58,977

)

1,355
       
Interest expense, net

(18,415

)

(15,072

)

Foreign currency  exchange gains

953

3,358

Gain on extinguishment  of liabilities

-

681

Reorganization items

(12,415

)

(1,675

)
       
Loss from continuing  operations before income taxes 

(88,854

)

(11,353

)

Provision (benefit) for  income taxes

(2,272

)

621
       
Loss from continuing  operations 

(86,582

)

(11,974

)
       
Income (loss) from discontinued operations

133

(179

)
       
NET LOSS

$

(86,449

)

$

(12,153

)
       
Basic and diluted loss  per share:

Loss from continuing  operations

$

(1.65

)

$

(.47

)

Income (loss) from  discontinued operations

-
(.01

)

Net loss

$

(1.65

)

$

(.48

)
       
Weighted average number  of common and

common equivalent  shares - basic and diluted

52,544

25,376
 The accompanying notes are an integral part of these condensed consolidated financial statements.Index
SEITEL, INC. ANDSUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVELOSS (Unaudited)(In thousands)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2004

2003

2004

2003
             
Net loss

$

(80,589

)

$

(10,908

)

$

(86,449

)

$

(12,153

)
             
Unrealized gains  (losses) on securities held as 

available for sale

6

7

(73

)

5
             
Foreign currency  translation adjustments

882

(280

)
108
 

2,437
             
Comprehensive loss

$

(79,701

)

$

(11,181

)

$

(86,414

)

$

(9,711

)

 

 

 

 

The accompanying notes are an integral part ofthese condensed consolidated financial statements.
Index 
SEITEL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Inthousands, except share amounts) 

 

Accum-

ulated

Deferred

Notes

Other

Compen-

Receivable

Compre-

Additional

sation --

from

hensive

Common Stock

Paid-In

Retained

Treasury Stock

Restricted

Officers &

Income

Shares

Amount

Capital

Deficit

Shares

Amount

Stock

Employees

(Loss)

Balance, December 31, 2002

25,811,601

$

258

$

166,630

$

(121,793

)

(435,918

)

$

(5,373

)

$

-

$

(1,178

)

$

(1,508

)

   Payments received on notes    

      receivable from  officers

      and employees

-

-

-

-

-

-

-

1,054

-

   Net loss

-

-

-

(37,938

)

-

-

-

-

-

   Foreign currency translation

      adjustments

-

-

-

-

-

-

-

-

3,499

   Unrealized gain on 

      marketable  securities 

-

-

-

-

-

-

-

-

71

Balance, December 31, 2003

25,811,601

258

166,630

(159,731

)

(435,918

)

(5,373

)

-

(124

)

2,062

   Proceeds from issuance of

      common stock, net  of

      expenses

125,000,000

1,250

53,639

-

-

-

-

-

-

   Issuance of restricted stock

38,460

-

47

-

-

-

(47

)

-

-

   Issuance of common 

      stock warrant

-

-

16,489

-

-

-

-

-

-

   Amortization of deferred

      compensation cost

-

-

-

-

-

-

2

-

-

   Retirement of treasury shares

(435,918

)

(4

)

(2,814

)

(2,555

)

435,918

5,373

-

-

-

   Payments received on notes    

      receivable from  officers

      and employees

-

-

-

-

-

-

-

94

-

   Net loss

-

-

-

(86,449

)

-

-

-

-

-

   Foreign currency translation

      adjustments

-

-

-

-

-

-

-

-

108

 

   Unrealized loss on 

      marketable  securities 

-

-

-

-

-

-

-

-

(73

)

Balance September 30, 2004

      (unaudited)

150,414,143

$

1,504

$

233,991

$

(248,735

)

-

$

-

$

(45

)

$

(30

)

$

2,097
 
  The accompanying notes are an integral part of these condensed consolidated financial statements.
IndexSEITEL, INC. ANDSUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(In thousands)

 
 
Nine Months Ended September 30,
  2004  2003 
Cash flows from  operating activities:

Reconciliation of net  loss to net cash provided by operating activities

of continuing  operations:

Net loss

$

(86,449

)

$

(12,153

)

Loss (income) from      discontinued operations, net of tax

(133

)

179

Depreciation and  amortization

139,193
61,506

Impairment of seismic  data library

-

13,354

Deferred income tax  provision (benefit)

(1,193

)

3,199

Amortization of  deferred financing costs

1,657

212

Amortization of debt  discount

105

-

Amortization of  deferred compensation

2

-

Allowance for  collection of trade receivables

75

275

Non-cash sales

(14,751

)

(13,073

)

Gain on extinguishment  of liabilities

-

(681

)

Gain on sale of property  and equipment

-

12

Decrease in receivables

304

14,826

Decrease in other  assets

171

354

Decrease in deferred  revenue

(1,318

)

(5,137

)

Decrease in accounts  payable and other liabilities 

(15,969

)

(1,075

)

Net cash provided by  operating activities of continuing operations

21,694

61,798
       
Cash flows from  investing activities:

Cash invested in  seismic data 

(38,836

)

(33,281

)

Cash paid to acquire  property and equipment

(889

)

(737

)

Cash received from  disposal of property and equipment

-

15

Decrease in restricted  cash

41

4,119

Net cash used in  investing activities of continuing operations

(39,684

)

(29,884

)
       
Cash flows from  financing activities:

Proceeds from senior  note offering, net

182,858

-

Principal payments on  old senior notes

(255,000

)

-

Principal payments on  term loans

(5,439

)

(2,906

)

Principal payments on  capital lease obligations

(1,061

)

(1,978

)

Proceeds from issuance  of common stock

75,000

-

Costs of debt and  equity transactions

(5,463

)

(431

)

Buyout of financial  guaranty

-

(325

)

Loans to employees 

-

(161

)

Payments on notes  receivable from officers and employees

215

1,015

Net cash used in  financing activities of continuing operations

(8,890

)

(4,786

)
       
Effect of exchange rate  changes 

(856

)

(3,032

)

Net cash provided by  discontinued operations

1,298

126

Net increase (decrease)  in cash and equivalents

(26,438

)

24,222
       
Cash and cash  equivalents at beginning of period

44,362

21,517

Cash and cash  equivalents at end of period

$

17,924

$

45,739
    The accompanying notes are an integral part of these condensed consolidated financial statements.IndexSEITEL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - continued(in thousands) 
* *

Nine Months Ended September 30,

2004

2003

Supplemental disclosure of cash flow information:

Cash paid during period for:

Interest    

$

25,135

$

9,561

Income taxes

$

166

$

1,129

Supplemental schedule of non-cash investing and financing activities:

Additions to seismic data library

$

8,917

$

10,293

Additions to marketable securities

$

-

$

60

Note payable to former executive

$

-

$

469
  The accompanying notes are an integral part of these condensed consolidated financial statements.Index**SEITEL, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited)September 30, 2004** **NOTE A-BASIS OF PRESENTATION**
 

The accompanyingunaudited financial statements of Seitel, Inc. and its subsidiaries (the"Company") have been prepared in accordance with generally acceptedaccounting 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 accruals)considered necessary for a fair presentation have been included.  Certainreclassifications have been made to the amounts in the prior year's financial statementsto conform to the current year's presentation.  Operating results for the nine monthsended September 30, 2004 are not necessarily indicative of the results that maybe expected for the year ending December 31, 2004.  These unaudited financialstatements should be read in conjunction with the financial statements andnotes thereto for the year ended December 31, 2003 contained in the Company'sAnnual Report filed on Form 10-K with the Securities and Exchange Commission.

The Company's financial statements have been prepared on a basis thatassumes the Company will continue as a going concern, which contemplates therealization of assets and the liquidation of liabilities in the normal courseof business.  On July 21, 2003, the Company filed a voluntary petition underChapter 11 of the United States Bankruptcy Code.  On March 18, 2004, thebankruptcy court confirmed the Company's Plan of Reorganization and on July 2,2004, it became effective.  With the settlement of all allowed pre-petitionclaims on August 13, 2004, the Company has effectively completed all actionsrequired by the Plan of Reorganization. (See "Note B - Bankruptcy Proceedingsand Plan of Reorganization".)

**Contractual Obligations:**  As ofSeptember 30, 2004, the Company had outstandingdebt and lease obligations, with aggregate contractual cash obligations,including principal and interest,summarized as follows (in thousands):

 

Payments due by period

2005-

2008-

2010 and

Contractual cash obligations

Total

2004

2007

2009

thereafter

                                                                                
Debt obligations (1)(2)

$

353,257

$

19

$

69,138

$

45,499

$

238,601

Capital lease obligations (2)

8,686

564

3,441

587

4,094

Operating lease obligations  

4,342

234

2,174

1,007

927

Total contractual cash obligations

$

366,285

$

817

$

74,753

$

47,093

$

243,622

               
(1)

Debt obligations include the face amount of the    new senior notes totaling $193 million.

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

 

**Gain on Extinguishment of Liabilities:**  In 2003, the Company negotiated settlement of certain liabilities forless than the amount recorded in the financial statements.  The resulting gainof $681,000 has been reflected as a gain on extinguishment of liabilities inthe accompanying condensed consolidated statements of loss for the nine months endedSeptember 30, 2003.

** **

**NOTE B-BANKRUPTCY PROCEEDINGSAND PLAN OF REORGANIZATION**

****On July 21, 2003, (the "Petition Date"), Seitel, Inc., andits wholly owned U.S. subsidiaries filed voluntary petitions for relief underChapter 11 of the United States Bankruptcy Code (the "BankruptcyCode") in the United States Bankruptcy Court for the District of Delaware(the "Bankruptcy Court") (Chapter 11 Case No. 03-12227 (PJW)). Seitel, Inc. and its 30 U.S. subsidiaries that filed petitions are collectivelyreferred to herein as the "Debtors" and the Chapter 11 Cases of theseentities are collectively referred to herein as the "Cases."  Byorder of the Bankruptcy Court dated July 25, 2003, the Cases were jointlyadministered.  From the Petition Date until the effective date of its plan ofreorganization, the Debtors operated their business and managed theirproperties as "debtors-in-possession" pursuant to Sections 1107(a)and 1108 of the Bankruptcy Code.  No trustee was appointed in the Cases. 

 

Index

None of the Company's direct or indirect subsidiaries or affiliatesincorporated in Canada or other non-U.S. jurisdictions filed Chapter 11.  Suchnon-filing, non-U.S. based subsidiaries and affiliates are called"non-Debtors".   

 

On January 17, 2004, the Debtorsfiled with the Bankruptcy Court the third amended joint plan of reorganization(the "Plan"), which subsequently was amended on February 6, 2004. ThePlan was supported by the Official Committee of Equity Holders of Seitel, Inc.(the "Official Equity Committee"), as well as Berkshire Hathaway,Inc. and Ranch Capital L.L.C., holders of $255 million aggregate principalamount of the Company's old senior unsecured notes, and was accepted by theholders of more than 99.6% of the shares of the Company's common stock who votedon the Plan.  On March 18, 2004, the Bankruptcy Court confirmed the Plan and onJuly 2, 2004, the Plan became effective.

In accordance with the Plan:
-  All of the Company's outstanding allowed pre-petition  claims have been fully paid, in cash, together with post-petition interest,  except with respect to any disputed claims and any claims that were reinstated  under the Plan.
-  On July 2, 2004, all 25,375,683 outstanding shares of the  Company's common stock were cancelled and converted into:
-  25,375,683 shares of reorganized common stock,  representing all of the outstanding shares of reorganized common stock on the  effective date of the Plan, and

-  warrants to purchase an aggregate of 125,000,000 shares of  reorganized common stock ("Stockholder Warrants") at an exercise  price of $.60 per share exercisable through August 2, 2004.

-  To the extent the Stockholder Warrants were not exercised in full prior to August 2, 2004, Mellon HBV Alternative Strategies LLC ("Mellon HBV") agreed (for itself and on behalf of certain of its affiliated funds and managed accounts, collectively the "Standby Purchasers") to purchase, at $.60 per share, after the Stockholder Warrants expired on August 2, 2004 but in no event later than August 12, 2004 (the "Guaranty Performance Date"), all shares of reorganized common stock not purchased upon the exercise of the Stockholder Warrants.   -  As compensation for Mellon HBV's obligation  to act as Standby Purchasers, the Company issued to them on August 12, 2004  warrants to purchase 15,037,568 shares of the Company's reorganized common  stock (the "Standby Purchaser Warrants"). The Standby Purchaser  Warrants are exercisable until August 12, 2011 at an initial exercise price  of $.72 per share, subject to adjustment upon the occurrence of certain  events.

On August 2, 2004, the expirationdate of the warrants, 24,183,206 Stockholder Warrants were exercised and theCompany issued 119,126,154 shares of common stock for $0.60 per share or$71,475,693 in the aggregate.  On August 12, 2004, Mellon HBV purchased fromthe Company, at $0.60 per share, 5,873,846 shares of common stock not purchasedas a result of the exercise of Stockholder Warrants, for an aggregate of$3,524,307.  In total, the Company received $75 million of gross proceedsthrough the exercise of Stockholder Warrants and the sale of standby purchaseshares to Mellon HBV.

 

On July 2, 2004, the Companycompleted the private placement of $193 million face value 11.75% new seniornotes due 2011 for proceeds of $188.5 million which were placed in escrowpending the completion of the issuance of common stock pursuant to the Plan,among other things.  On August 12, 2004, the proceeds from the debt offering,net of underwriters' fees, of $182.9 million were released from escrow to theCompany.

 

The Company utilized the netproceeds from the exercise of Stockholder Warrants and the sale of shares toMellon HBV, the net proceeds from the sale of the new senior notes along withavailable cash to pay, in full, allowed pre-petition claims together withpost-petition interest totaling approximately $291.0 million.  The payment ofallowed pre-petition claims was completed on August 13, 2004.

 
Index Liabilities subject to compromise at December 31, 2003 consisted of the following items (in thousands): 

December 31,

2003

Accounts payable

$

734

Accrued interest

12,323

Other accrued liabilities

4,616

Debt

255,446

Total

$

273,119

**Reorganization Items.** Reorganization items under the Cases are expense or income items that are incurred or realized by the Debtors because they are in reorganization. These items include, but are not limited to, professional fees and similar types of expenses incurred directly related to the Cases, loss accruals or gains or losses resulting from activities of the reorganization process, and interest earned on cash accumulated by the Debtors because they are not paying their pre-petition liabilities. For the three and nine months ended September 30, 2004 and 2003, reorganization items were as follows (in thousands): 

Three Months

Nine Months

Ended

Ended

September 30,

September 30,

2004

2003

2004

2003

Professional fees

$

3,918

$

1,594

$

9,227

$

1,594

Interest Income

(21

)

(12

)

(98

)

(12

)

Accelerated amortization of deferred debt issue costs

-

-

1,007

-

Reduction of pre-petition liabilities

(2

)

-

(517

)

-

Other

2,488

93

2,796

93

Total

$

6,383

$

1,675

$

12,415

$

1,675

 

**NOTE C-REVENUE RECOGNITION**

***Revenue from Data Acquisition***

The Company generates revenue when it creates a new seismic survey that isinitially licensed by one or more of its customers to use the resulting data.  Theinitial licenses usually provide the customer with a limited exclusivityperiod, which will normally last for six months after final delivery of theprocessed data.  The payments for the initial exclusive licenses are sometimesreferred to as underwriting or prefunding.  Customers make periodic paymentsthroughout the creation period, which generally correspond to costs incurredand work performed.  These payments are non-refundable.

 

Revenue from the creation of newseismic data is recognized throughout the creation process using theproportional performance method based upon costs incurred and work performed todate as a percentage of total estimated costs and work required.  Managementbelieves that this method is the most reliable and representative measure ofprogress for its data creation projects.  The duration of most data creationprojects is generally less than one year.  Under these contracts, the Companycreates new seismic data designed in conjunction with its customers andspecifically suited to the geology of the area using the most appropriate technologyavailable. 

 

Index

The Company outsources thesubstantial majority of the work required to complete data acquisition projectsto third party contractors.  The Company's payments to these third partycontractors comprise the substantial majority of the total estimated costs ofthe project and are paid throughout the creation period.  A typical survey includes specific activitiesrequired to complete the survey; each activity has value to the customers. Typical activities, that often occur concurrently, include: 

 

permitting for land access,  mineral rights, and regulatory approval,

surveying,

drilling for the placement of  energy sources,

recording the data in the  field, and

processing the data.

 
The customers paying for the initialexclusive licenses receive legally enforceable rights to any resulting productof each activity.  The customers also receive access to and use of the newlyacquired, processed data.  
 
The customers' access to and useof the results of the work performed and of the newly acquired, processed datais governed by a license agreement, which is a separate agreement from theacquisition contract. The Company's acquisition contracts require the customereither to have a license agreement in place or to execute one at the time theacquisition contract is signed. The Company maintains sole ownership of thenewly acquired data, which is added to its library, and is free to license thedata to other customers when the original customers' exclusivity period ends. 
***Revenue from Non-Exclusive Data Licenses***
******The Company recognizes a substantial portion of its revenue from datalicenses sold after any exclusive license period.  These are sometimes referredto as resale licensing, post acquisition license sales or shelf sales.
 
These sales fall under thefollowing four basic 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 lengths of the selection  periods under the library card contracts is limited in time.

     

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 sign a  license agreement governing the use of data;

the specific payment terms,  ranging from 30 days to 18 months, and that such payments are non-cancelable  and non-refundable;

the actual 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 the following criteria are met:

     

the Company has an arrangement  with the client that is validated by a signed contract;

the sales price is fixed and  determinable;

collection is reasonably  assured;

the customer has selected the  specific data or the contract has expired without full selection; and

the license term has begun.

     

Index
Copies of the data are available to the customer immediatelyupon request.
 
For licenses that have beeninvoiced but have not met the aforementioned criteria, the revenue is deferredalong with the related direct costs (primarily sales commissions).  Thisnormally occurs under the library card license contracts, review and possessionlicense contracts or review only license contracts because the data selectionmay occur over time.  Additionally, if the contract allows licensing of datathat is not currently available or enhancements, modifications or additions tothe data are required per the contract, revenue is deferred until such timethat the data is available for licensing.
***Revenue from Non-Monetary Exchanges***
** **
In certain cases, the Companywill take ownership of a customer's seismic data in exchange for anon-exclusive license to selected data from the Company's library.  Occasionally,in connection with specific data acquisition contracts, the Company receivesboth cash and ownership of seismic data from the customer as consideration forthe underwriting of new data acquisition.  These exchanges are referred to asnon-monetary exchanges.  A non-monetary exchange always complies with thefollowing criteria:
 

the data license delivered is  always distinct from the data received;

the customer forfeits ownership  of its data; and

the Company retains ownership  in its data.

 
This exchange is not a "likekind" exchange because the Company receives ownership of distinct seismic datato be added to its library, and this data may be relicensed by the Company on acontinuing basis, in exchange for a data license. Once data selection orcreation is completed, the exchange represents the culmination of the earningsprocess with the customer and is not merely an exchange between two seismiccompanies.
 
In non-monetary exchangetransactions, the Company records a data library asset for the seismic data receivedat the time the contract is entered into and recognizes revenue on thetransaction in equal value in accordance with its policy on revenue from datalicenses, that is, when the data is selected by the customer, or revenue fromdata acquisition, as applicable.  The data license to the customer is in theform of one of the four basic forms of contracts discussed above.  Thesetransactions are valued at the fair value of the data received or delivered,whichever is more readily determinable.
 

Fair value of the data exchanged is determined using a  multi-step process as follows.

     

First, 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 for licenses in the United States and for the prior twelve months for  licenses in Canada are evaluated. In evaluating the range of cash  transactions, the Company does not consider transactions that are  disproportionately high or low.

     

Second, the Company considers  the value of the data 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 as well as the cost that would be required  to create the data.  In the United States, the Company applies a limitation  on the value it assigns per square mile on the data exchanged. In Canada, in the event of a difference greater than 2% between the value of the license granted  and the value of the data received, the Company assigns the lower value to  the exchange.  

     

Third, the Company obtains  concurrence from an independent third party on the portfolio of all  non-monetary exchanges 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.

     

Index
Due to the Company's revenuerecognition policies, revenue recognized on non-monetary exchange transactions maynot occur at the same time the seismic data acquired is recorded as an asset. The activity related to non-monetary exchanges was as follows (in thousands):
 

Three Months Ended

Nine Months Ended

September 30,

September 30,

2004

2003

2004

2003

                                                                                           
Seismic data library additions

$

687

$

3,261

$

8,836

$

9,218

                                                                                           
Revenue recognized  based on

selections of data

3,784

3,341

12,800

11,938

                                                                                           
Revenue recognized  related to

acquisition contracts

32

-

1,870

-

 

***Revenue from Seitel Solutions, Ltd.and Seitel Solutions Canada Ltd.***

Revenue from Seitel Solutions, Ltd. and Seitel Solutions Canada Ltd.,wholly-owned subsidiaries of the Company, (collectively, "Solutions")is recognized as the services for reproduction and delivery of seismic data areprovided to customers.

**NOTE D-SEISMIC DATA LIBRARY**

****The Company's seismic data library consists of seismic surveys thatare offered for license to customers on a non-exclusive basis. Costs associatedwith creating, acquiring or purchasing the seismic data library are capitalizedand amortized principally on the income forecast method subject to astraight-line amortization period of four years, applied on a quarterly basisat the individual survey level.

 

*Costs of Seismic Data 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.

 

Forinternally 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 $446,000 and $472,000 for the threemonths ended September 30, 2004 and 2003, respectively, and $1,319,000 and $1,492,000for the nine months ended September 30, 2004 and 2003, respectively. 

*Data Library Amortization*

The Company amortizes its seismic data library using the greater of theamortization that would result from the application of the income forecastmethod (subject to a minimum amortization rate of 70%) or a straight-line basisover the useful life of the data.  Effective July 1, 2004, the estimated usefullife of the Company's seismic data was changed to four years (see *"Revisionof Useful Life"* below).  For existing surveys less than four yearsin age at July 1, 2004, the revision in useful life will be recognizedprospectively over the remaining useful life of each seismic survey.  With respect to each survey in the datalibrary, the useful life policy is applied from the time such survey isavailable for licensing to customers on a non-exclusive basis, since some datain the library may not be licensed until an exclusivity period (usually six months)has lapsed.
Index
The Company applies the incomeforecast method by forecasting the ultimate revenue expected to be derived froma particular data library component over the estimated useful life of eachsurvey comprising part of such component.  This forecast is made by the Companyannually and reviewed quarterly.  If, during any such review, the Companydetermines that the ultimate revenue for a library component is expected to besignificantly different than the original estimate of total revenue for suchlibrary component, the Company revises the amortization rate attributable tofuture revenue from each survey in such component.  Effective July 1, 2004, thelowest amortization rate the Company applies using the income forecast methodis 70%.  In addition, in connection with the forecast reviews and updates, theCompany evaluates the recoverability of its seismic data library, and ifrequired under Statement of Financial Accounting Standards ("SFAS")No. 144, "Accounting for the Impairment and Disposal of Long-LivedAssets," records an impairment charge with respect to such data.  Seediscussion on *"Seismic Data Library Impairment"* below.

The actual rate of amortization depends on the specific seismic surveyslicensed and selected by the Company's customers during the year.  Theamortization rates vary by component and, effective October 1, 2004, range froma low of 70% to a high of 89% with a weighted average rate of 71% based on thenet book value of each component compared with the net book value of the entireseismic data library as of September 30, 2004.

The greater of the income forecast or straight-line amortization policy isapplied quarterly on a cumulative basis at the individual survey level. Underthis policy, the Company first records amortization using the income forecastmethod.  The cumulative amortization recorded for each survey is then comparedwith the cumulative straight-line amortization. If the cumulative straight-lineamortization is higher for any specific survey, additional amortization expenseis recorded, resulting in accumulated amortization being equal to thecumulative straight-line amortization for such survey.  (See *"Revisionof Useful Life"* below.)  This requirement isapplied regardless of future-year revenue estimates for the library componentof which the survey is a part and does not consider the existence of deferredrevenue with respect to the library component or to any survey.  

 

*Revision of Useful Life*

**The Company reevaluated itsestimate of the useful life of its seismic data library and, effective July 1,2004, revised the estimated useful life of its seismic data library tofour years from five years for offshore data and from seven years for onshoredata.  In making this decision, the Company considered a number of factors,including, among others, the useful lives used by others in the industry,additional amortization charges recorded, previous impairment charges recordedand seismic industry conditions.  

 

Since certain surveyswithin the seismic data library were older than the revised estimate of usefullife, the Company recorded additional amortization expense of $59.1 million onJuly 1, 2004, the date the revision became effective.  For existing surveysless than four years in age at July 1, 2004, the revision in useful life will berecognized prospectively over the remaining useful life of each seismic survey. The effect from thischange on reported results was a reduction in income after taxes of $66.7 millionfor both the three and nine months ended September 30, 2004, or $.63 and $1.27,respectively, per share.

*Seismic Data Library Impairment*

******The Company evaluates its seismic data library by grouping individualsurveys into components based on its operations and geological and geographicaltrends, resulting in the following data library groupings for purposes ofevaluating impairments:  (I) Gulf of Mexico offshore comprising the followingcomponents:  (a) multi-component data, (b) value-added products, (c) oceanbottom cable data, (d) shelf data, and (e) deep water data; (II)  North Americaonshore comprising 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.

 
Index
As events or conditions require,the Company evaluates the recoverability of its seismic data library inaccordance with SFAS No. 144.  The Company evaluates its seismic data libraryfor impairment whenever events or changes in circumstances indicate that thecarrying amounts may not be recoverable.  The Company considers the level ofsales performance compared to projected sales by component, as well as industryconditions, among others, to be key factors in determining when its seismicdata should be evaluated for impairment.  In evaluating sales performance ofeach component, the Company generally considers three consecutive quarters ofactual performance below forecasted sales, among other things, to be anindicator of potential impairment.

****In accordance with SFAS No. 144, the impairment evaluation is based firston a comparison of the undiscounted future cash flows over each component'sremaining estimated useful life with the carrying value of each librarycomponent.  If the undiscounted cash flows are equal to or greater than thecarrying value of such component, no impairment is recorded.  If undiscountedcash flows are less than the carrying value of any component, the forecast offuture cash flows related to such component is discounted to fair value andcompared with such component's carrying amount. The difference between thelibrary component's carrying amount and the discounted future value of theexpected revenue stream is recorded as an impairment charge.

For purposes of evaluating potential impairment charges, 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 baseand expected changes in technology. The cash flow estimates exclude expectedfuture revenues attributable to non-monetary exchanges and future data creationprojects.

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 record furtherimpairment losses relative to its seismic data library, which could be materialto any particular reporting period.

 

Duringthe three months ended September 30, 2003, the Company recorded a $13.4 millionimpairment charge with respect to certain of its seismic data librarycomponents.  Based on industry conditions and the recent level of cash salesfor certain of its library components, the Company revised its estimate offuture cash flows for those components.  As a result, the Company determinedthat the revised estimate of future cash flows would not be sufficient torecover the carrying value of such certain components, and accordingly,recorded an impairment based on the fair value of such library components bydiscounting their estimated future cash flows.  

**NOTE E-DISCONTINUED OPERATIONS**

****In June 2002, the Company's Board of Directors unanimously adopted aplan to dispose of the Company's oil and gas operations by sale. Accordingly,the Company's condensed consolidated financial statements report the oil and gasoperations as discontinued operations.  In 2002, the Company sold substantiallyall of its oil and gas assets.  In January 2004, the Company sold a portion ofits remaining oil and gas assets for approximately $1.3 million.  The Companycontinues to market its remaining oil and gas assets for sale.

Revenue from the discontinued operations was $54,000 and $65,000 for the threemonths ended September 30, 2004 and 2003, respectively, and $164,000 and $255,000for the nine months ended September 30, 2004 and 2003, respectively.  Pre-taxincome (loss) from the discontinued operations was $89,000 and $19,000 for thethree months ended September 30, 2004 and 2003, respectively, and $133,000 and$(179,000) for the nine months ended September 30, 2004 and 2003, respectively.

The Company uses the full-cost method of accounting for its oil and gasoperations.
 IndexNOTE F-DEBT
The following is a summary of the Company's debt (inthousands):

 

September 30,

December 31,

2004

2003

                                                 

11.75% Senior  Notes

$

188,618

$

-

Revolving  Credit Facility

-

-

Subsidiary  revolving line of credit

-

-

Note payable to former executive

424

446

Old  Senior Notes

-

255,000

Debtor-in-Possession  Loan Facility

-

-

Term loan

-

5,417

$

189,042

$

260,863

**11.75% Senior Notes:**  On July 2, 2004, the Company completed aprivate placement of Senior Unsecured Notes ("Senior Notes") in the aggregateprincipal amount of $193.0 million.  The Senior Notes were offered at adiscount of 2.325% from their principal amount at maturity resulting in cashproceeds, before offering expenses, of approximately $188.5 million received bythe Company on August 12, 2004, following release of the funds from escrow. Interest on the Senior Notes is payable semi-annually on January 15 and July 15at the annual rate of 11.75%.  The Senior Notes mature on July 15, 2011.  TheSenior Notes are unsecured and are guaranteed by the Company's U.S. subsidiaries on a senior basis.  The Senior Notes contain restrictive covenants thatlimit the Company's ability to, among other things, incur additionalindebtedness and make capital expenditures in excess of specified amounts.

 

**Revolving Credit Facility:** On April 16, 2004, the Company entered into a revolving credit facility withWells Fargo Foothill, Inc., as lender, to which a revolving loan commitment of$30 million, subject to borrowing base limitations, was made available on July2, 2004.  Interest is payable at an applicable margin above either LIBOR or theprime rate.  Borrowings under the revolving credit facility are 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 revolving creditfacility contains covenants requiring the Company to achieve and maintaincertain financial results, and restricts, among other things, the amount ofcapital expenditures, the ability to incur additional indebtedness and theability to grant additional liens.  The revolving credit facility requires thepayment of an unused line fee of .375% per annum payable in arrears.

 

**Subsidiary Revolving****Lineof Credit:**  The Company's wholly owned subsidiary, Olympic Seismic Ltd.("Olympic"), has a revolving credit facility, which allows it toborrow up to $5 million (Canadian) subject to an availability formula by way ofprime-based loans, bankers' acceptances or letters of credit. The rateapplicable to borrowings is the bank's prime rate plus 0.35% per annum and thebankers' acceptances is 1.50% per annum.  Letter of credit fees are based onscheduled rates in effect at the time of issuance. The facility is secured bythe assets of Olympic, SEIC Trust Administration Ltd. (as sole trustee of, andfor and on behalf of, SEIC Business Trust) and SEIC Holdings, Ltd., but is notguaranteed by Seitel, Inc. or any of its other U.S. subsidiaries.  However, allintercompany debt owing by Olympic, SEIC Trust Administration Ltd., SEIC BusinessTrust or SEIC Holdings, Ltd. to Seitel, SEIC Partners' Limited Partnership orto any Seitel U.S. subsidiary (approximately $66,604,000 (Canadian) atSeptember 30, 2004) has been subordinated to the repayment of the revolvingcredit facility.  Available borrowings under the facility are equivalent to amaximum of $5 million (Canadian), subject to a requirement that such borrowingsmay not exceed 75% of good accounts receivable (as defined in the agreement) ofSEIC Trust Administration, less prior-ranking claims, if any, relating toinventory or accounts. The facility is subject to repayment upon demand and isavailable from time to time at the bank's sole discretion.

 

**Note Payable to FormerExecutive:**  In connection with the settlement of certain litigation, theCompany entered into a note payable to a former executive consisting ofpayments of $6,417 per month for 36 months commencing June 2003, and paymentsof $6,000 per month for 84 months commencing June 2006.  The note isnon-interest bearing.  The note is guaranteed by Olympic.  
Index
**Other:**  The BankruptcyCourt approved a $20 million debtor-in-possession loan and security agreementwith Wells Fargo Foothill, Inc., as lender, to support the Debtor's operationsduring the course of the bankruptcy.  This agreement terminated on June 30,2004.  Under the terms of the Plan, on July 2, 2004, the Company's term loantotaling $5.4 million was paid in full, along with accrued interest, and onAugust 12, 2004 the old senior notes totaling $255.0 million were paid in full,along with accrued interest.

 

**NOTE G-COMMON STOCK**

 

In accordance with the Plan, onJuly 2, 2004, the Company amended its certificate of incorporation to allow forthe issuance of up to 400 million shares of common stock, $0.01 par value, and alloutstanding options to purchase shares of the Company's common stock werecancelled.

 

On July 21, 2004, 38,460 sharesof restricted stock were issued to new directors joining the Board.  Suchrestricted stock vests on the earlier of July 21, 2007, or the death,disability or termination of the director upon a change-of-control.

 

In August 2004, the Companyissued 125 million shares of common stock through the exercise of StockholderWarrants and the sale of standby purchase shares to Mellon HBV, for total grossproceeds of $75 million.  The costs related to the issuance of common stocktotaled $20.1 million, of which $3.6 million was paid in cash and $16.5 millionrepresented the value of warrants issued to Mellon HBV discussed below.  Suchcosts have been reflected as a reduction in the proceeds received from issuanceof common stock in the accompanying Statement of Stockholders' Equity.  Forfurther discussion, see Note B.

 

Additionally, on August 12, 2004,the Company issued to Mellon HBV warrants to purchase 15,037,568 shares of theCompany's common stock at an exercise price of $.72 per share, exercisableuntil August 12, 2011, as compensation for Mellon HBV's obligation to act asStandby Purchasers.  The fair value of these warrants on the date of issuance was$16.5 million and, as discussed above, has been reflected as a cost of theissuance of common stock in the accompanying Statement of Stockholders' Equity.

 

On August 12, 2004, the Companyretired its remaining 435,918 shares of treasury stock.

**NOTE H-EARNINGS PER SHARE**

In accordance with SFAS No. 128, "Earnings per Share," basic earningsper share is computed based on the weighted average shares of common stockoutstanding during the periods.  Diluted earnings per share is computed basedon the weighted average shares of common stock plus the assumed issuance ofcommon stock for all potentially dilutive securities.  For the three and nine monthsended September 30, 2004 and 2003, the Company did not have any potentiallydilutive securities.  A weighted average number of options and warrants topurchase 1,482,000, 4,201,000, 2,574,000 and 4,980,000 shares of common stockwere outstanding during the third quarter of 2004 and 2003 and the nine monthsended September 30, 2004 and 2003, respectively, but were not included in thecomputation of diluted per share income because they were antidilutive.

 
Index
The Company accounts for employee stock-based compensation using the intrinsicvalue method prescribed by Accounting Principles Board ("APB")Opinion No. 25, "Accounting for Stock Issued to Employees."  APBOpinion No. 25 generally does not require compensation costs to be recorded onoptions which have exercise prices at least equal to the market price of thestock on the date of grant. Accordingly, no compensation cost has beenrecognized for the Company's stock-based awards. Had compensationcost for the Company's stock-based compensation awards been determined based onthe fair value at the grant dates for such awards consistent with the optionalaccounting method prescribed by SFAS No. 123, "Accounting for Stock-BasedCompensation" and expensed pro-rata over the vesting period of the awards,the Company's net loss and loss per share would have been reduced to the proforma amounts indicated below (in thousands, except per share data):

 

Three Months Ended
 

Nine Months Ended
 

September 30, 
 

September 30, 
 

2004
 

2003
 

2004
 

2003
 
Net loss:

As reported

$

(80,589

)

$

(10,908

)

$

(86,449

)

$

(12,153

)

Less:

Total stock-based employee expense

determined under SFAS No. 123, net  of tax

(41

)

(225

)

(1,062

)

(2,588

)

Pro forma

$

(80,630

)

$

(11,133

)

$

(87,511

)

$

(14,741

)

Basic and diluted loss per share:

As reported

$

(.76

)

$

(.43

)

$

(1.65

)

$

(.48

)

Pro forma

$

(.76

)

$

(.44

)

$

(1.67

)

$

(.58

)

 

The effect of the Standby Purchaser Warrants issuedto Mellon HBV is not considered in the above pro forma amounts as such amountwas recorded as a cost of the issuance of common stock and can only be settledin the Company's stock.

 

Under the Plan, all options outstanding as of July 2,2004, were cancelled in their entirety.

 

**NOTE I-STATEMENT OFCASH FLOW INFORMATION**

 

The Company had restricted cash at September 30, 2004 and December 31, 2003 of $161,000 and $202,000, respectively.

During the nine monthsended September 30, 2004 and 2003, the Company had non-cash additions to itsseismic data library comprised of the following (inthousands):  

 

* *

Nine Months Ended September 30,

2004

2003

                                   
Non-monetary exchanges

$

8,836

$

9,218

Offset of certain data creation costs against amounts due from the

customer for data license fees and certain data creation costs  that

were paid to the Company's vendors from an    escrow account

maintained jointly by the  Company and its customer

81

1,075

Total non-cash additions

$

8,917

$

10,293

 

Duringthe nine months ended September 30, 2003, the Company received marketablesecurities valued at $60,000 in exchange for a license to certain seismicdata.  
 
Non-cashsales consisted of the following for the nine months ended September 30, 2004and 2003 (in thousands):

 

* *

Nine Months Ended September 30,

2004

2003

                                   
Acquisition revenue on  underwriting from non-monetary

exchange contracts

$

1,870

$

-

Licensing revenue from  selections on non-monetary exchange contracts

12,800

11,938

Offset of certain data creation  costs against amounts due from the

customer for data license fees  and certain data creation costs that

were paid to the Company's  vendors from an escrow account

maintained jointly by the  Company and its customer

81

1,075

Marketable securities received  in exchange for license to certain

seismic data

-

60

Total non-cash revenue

$

14,751

$

13,073

 

Operating cash flows resulting from reorganizationitems for the nine months ended September 30, 2004 and 2003 included the following (in thousands):

 

Nine Months

Ended September 30,

2004

2003

                                                        
Interest  received on cash accumulated

because  of the Chapter 11 proceeding

$

(98

)

$

(12

)

Professional  and other fees paid for services 

rendered  in connection with the Chapter 11 proceeding

14,176

1,521

$

14,078

$

1,509

**NOTE J-COMMITMENTS ANDCONTINGENCIES**

****In October 2001, the Company guaranteed an institutional loantotaling $600,000 to its former chief operating officer and general counsel,who later was named chief executive officer and who resigned in November 2002.Under the terms of his separation agreement, a portion of the amountoutstanding was paid and the former employee is required to make annualinstallments of $60,000 with a maturity date of November 13, 2006.  As ofNovember 18, 2004, the outstanding principal balance on this note is $133,373. The loan is presently current and not in default.

***Litigation***

******See "NoteB - Bankruptcy Proceedings and Plan of Reorganization" for a detaileddiscussion of the Company's Chapter 11 reorganization and the Plan.

****On February 3,2003, the former holders of the Company's old senior unsecured notesaccelerated the old senior unsecured notes and made demand upon the Company andcertain of its former and current officers and directors for money damages exceeding$20 million arising from certain alleged negligent actions and/ormisrepresentations of those officers and directors. Under the Plan, all of theforegoing claims were released and discharged upon payoff of the old seniorunsecured notes.

The Company and certain of its former and current officers and directors werenamed as defendants in eleven lawsuits brought as class actions allegingviolations of the federal securities laws, all of which were consolidated by anOrder entered August 7, 2002, under Cause No. 02-1566, styled *In re Seitel,Inc. Securities Litigation*, in the United States District Court for theSouthern District of Texas.  The Court appointed a lead plaintiff and leadcounsel for plaintiffs, who subsequently filed a consolidated amendedcomplaint, which added the Company's previous auditors, Ernst & Young LLP,as a defendant.  The consolidated amended complaint alleged that during aproposed class period of May 5, 2000 through April 1, 2002, the defendantsviolated sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 byoverstating revenues in violation of generally accepted accounting principles. The plaintiffs sought an unspecified amount of actual and exemplary damages,costs of court, pre- and post-judgment interest and attorneys' and experts'fees.  The class representatives and the Debtors have entered into a memorandumof understanding, which contemplates allowance of a "class claim" toassert the rights of the class in theChapter 11 Cases and an ultimate settlement for cash to be funded out of theDebtors' cash and directors' and officers' insurance policies.  The memorandumof understanding was approved upon notice and a hearing by order of theBankruptcy Court dated December 10, 2003.  The Company funded its portion ofthe settlement amount ($980,000) to an escrow account in 2003.  The parties arein the process of finalizing their form of settlement agreement, and then mustobtain the Bankruptcy Court's and District Court's approval of the same.

 

 
Index
The Company was named as a nominal defendant in seven stockholder derivativeactions filed in various courts: *Almekinder v. Frame, Valice, Pearlman,Craig, Lerner, Stieglitz, Zeidman, Hoffman, and Seitel, Inc.*, No.H-02-2960, In the United States District Court for the Southern District ofTexas; *Basser v. Frame, Valice, Kendrick, Pearlman, Fiur, Zeidman,Stieglitz, Craig, Lerner, and Seitel, Inc.*, No. H-02-1874, In the UnitedStates District Court for the Southern District of Texas; *Berger v. Frame,Pearlman, Valice, Craig, Stieglitz, Lerner, Zeidman, Fiur, and Seitel, Inc.*,No. 19534-NC, In the Court of Chancery, State of Delaware, Castle County; *ChemicalValley & North Central West Virginia Carpenters Pension Plan v. Frame,Valice, Hoffman, Pearlman, Craig, Lerner, Stieglitz, Zeidman, Fiur, and Seitel,Inc.*, No. 02-CV-3343, In the United States District Court for the SouthernDistrict of Texas; *Couture v. Frame, Valice, Craig, Lerner, Stieglitz,Zeidman, Hoffman, and Seitel, Inc.*, No. 20002-37065, In the 80th JudicialDistrict Court, Harris County, Texas; *Talley v. Frame, Valice, Pearlman,Craig, Lerner, Stieglitz, Zeidman, Hoffman, and Seitel, Inc.*, In the 151stJudicial District Court, Harris County, Texas; and *Zambie v. Frame,Pearlman, Valice, Craig, Zeidman, Lerner, Stieglitz, Fiur, Ernst & YoungLLP, and Seitel, Inc.,* In the 333rd Judicial District Court, Harris County,Texas.  The plaintiffs generally alleged that the defendants breached andconspired to breach fiduciary duties to the Company's shareholders by failingto maintain adequate accounting controls and by using improper accounting andauditing practices and procedures. Certain of the plaintiffs also assertedcauses of action for mismanagement, waste of corporate assets and unjustenrichment.  The plaintiffs sought judgments for unspecified amounts ofcompensatory damages, including return of salaries and other payments to thedefendants, exemplary damages, attorneys' fees, experts' fees and costs.  InOctober 2003, a settlement of all issues in each derivative suit was reachedamong the parties and a stipulation and motion to approve the terms of suchsettlement was filed with the Bankruptcy Court.  The settlement stipulationprovided for payment of $600,000 and resolution of all claims against all Companyparties to the litigation.  The settlement stipulation was approved by theBankruptcy Court upon notice and a hearing by order dated November 17, 2003. Pursuant to the settlement, (i) all of the derivative claims have beendismissed, (ii) the Debtors will continue certain, and from time to timeimplement new, corporate governance policies and procedures, and (iii) theplaintiffs recovered certain costs incurred in prosecuting the derivative claims. The $600,000 cost recovery was paid solely by the Debtors' insurance carrier.

On July 18, 2002, the Company's former chief executive officer sued the Companyin the 113th Judicial District Court of Harris County, No. 2002-35891. Mr.Frame alleged a breach of his employment contract and defamation. He also soughta declaratory judgment that certain funds he received from the Company wereproper and do not have to be repaid.  Mr. Frame filed claims totaling $20.2million in the Company's Chapter 11 Cases, which have been disallowed by orderof the Bankruptcy Court.  The Company intends to file a motion to dismiss Mr.Frame's complaint in the District Court.  The Company filed a counter suit torecover approximately $4,200,000 in corporate funds that the Company believesMr. Frame inappropriately caused the Company to pay him or for his benefit plusover $800,000 due on two notes that were accelerated pursuant to theirrespective terms. In addition, the Company also holds a judgment against Mr.Frame in the amount of at least $590,000 relating to a loan made to Mr. Frameby Bank One N.A. ("Bank One") and guaranteed by the Company, which itintends to enforce. The Company intends to subpoena Mr. Frame fora deposition to determine the nature and extent of his assets forpurposes of debt collection.  

The Company was a party to a suit for geophysical trespass entitled*JoyResources, Inc. v. Seitel Data, Ltd.*, Cause No. 01-02-00828-CV, in the 1st Court of Appeals, Houston, Texas.  The plaintiff was appealing a final judgment by thetrial court holding that the plaintiff was not entitled to recover aninjunction or to recover damages against the Company.  The parties reached asettlement in the matter and the settlement stipulation was approved by theBankruptcy Court.  On July 15, 2004, the appellate court granted a motion todismiss the appeal.  The settlement amount of $73,000 was paid on August 13,2004.

 

 
Index
The Company and its subsidiary, Seitel Data, Ltd., are parties to a classaction lawsuit for geophysical trespass entitled *Juan O. Villarreal v. GrantGeophysical, Inc.*, et al., Cause No. DC-00-214, in the 229th District Court of Starr County, Texas that was initiated on April 1, 2002. The plaintiffshave sued a number of defendants, including Seitel and Seitel Data, Ltd. Theplaintiffs allege that certain defendants conducted unauthorized 3-D seismic exploration of the mineralinterests by obtaining seismic data on adjoining property, and sold theinformation obtained to other defendants. The plaintiffs sought an unspecifiedamount of damages. All defendants obtained summary judgments dismissing theplaintiffs' claims, and the plaintiffs appealed to the San Antonio Court ofAppeals under Cause No. 04-02-00674-CV.  During the pendency of the Company'sbankruptcy proceedings, the San Antonio Court of Appeals affirmed the trialcourt's decision as to the Company's co-defendants and stayed the appeal as tothe Company.  The Texas Supreme Court denied plaintiffs Petition forCertiorari, refusing to hear the matter.  The San Antonio Court of Appeals willnot reinstate plaintiffs' appeal as to the Company's summary judgment againstplaintiffs until the plaintiffs obtain a certified order lifting the bankruptcystay.  The plaintiff filed an unliquidated claim (amount unspecified) in theChapter 11 Cases.  The Company objected to this claim which remains pending.

 

The Company sued its formerin-house counsel and law firm in *Seitel, Inc. v. Cynthia Moulton andFranklin Cardwell & Jones, P.C.*, Cause No. 2003-09151 in the 127th Judicial District Court of Harris County, Texas. The suit alleges negligence, breach offiduciary duty and breach of contract surrounding the settlement of a personallawsuit against the former chief executive officer and other aspects ofrepresentation. The Company seeks recovery for fees paid and related expenses.Initial pleadings were filed on February 21, 2003.

On March 27, 2003, the Company was served with a complaint filed by the GeneralElectric Credit Corporation of Tennessee ("GE") in the District CourtNo. 333rd of Harris County, Texas, styled *General Electric CreditCorporation of Tennessee, v. N360X, LLC and Seitel*. The complaint allegedthat the Company defaulted on an agreement for the lease of a jet aircraft. GEaccelerated the obligation, took possession of the aircraft and demandedpayment of its claim.  On August 12, 2004, the reduced claim of $2.055 million,plus interest, was fully paid in cash in accordance with the Plan.  GE'sclaims, as presented in its complaint in the Harris County Court, were non-suitedby order dated June 10, 2004.

 

The Company was sued by a former employee, Mark Stover, in Harris CountyDistrict Court, 269th Judicial District, Cause No. 2002-52120 onOctober 8, 2002. Mr. Stover alleged breach of his employment contract andwrongful termination. The Company answered and generally denied the complainton November 8, 2002. The matter was automatically stayed upon the Chapter 11filing. On October 9, 2003, Mr. Stover filed a proof of claim in the bankruptcycourt in the amount of $374,500.  The Company filed an objection to the claim,which has been settled by order of the Bankruptcy Court and the settlementamount of $190,000 has been fully paid.  By order dated August 31, 2004, theDistrict Court dismissed the case.  

In addition to the lawsuits described above, the Company is involved from timeto time in ordinary, routine claims and lawsuits incidental to its business. Inthe opinion of management, uninsured losses, if any, resulting from theultimate resolutions of these matters should not be material to the Company'sfinancial position or results of operation.

It is not possible to predict or determine the outcomes of the legal actionsbrought against it or by it, or to provide an estimate of all additionallosses, if any, that may arise. At September 30, 2004, the Company did not haveany amounts accrued related to the claims set forth above, as all amounts havebeen paid or the Company believes it is not probable that any amounts will bepaid relative to the litigation and claims set forth above.  However, if one ormore of the parties were to prevail against the Company in one or more of thecases described above that have not been settled, the amounts of any judgmentsagainst the Company or settlements that the Company may enter into, could bematerial to the Company's financial statements for any particular reportingperiod.

 

**NOTE K-RECENT ACCOUNTING PRONOUNCEMENTS**

 

In January 2003, the FinancialAccounting Standards Board ("FASB") released its Interpretation No.46, (Revised December 2003) "Consolidation of Variable Interest Entities,an Interpretation of Accounting Research Bulletin No. 51" ("FIN46").  FIN 46 requires a company to consolidate a variable interest entity("VIE") if the company has a variable interest (or combination ofvariable interests) that will absorb a majority of the entity's expected lossesif they occur, receive a majority of the entity's expected residual returns ifthey occur, or both.  These provisions apply immediately to variable interestsin VIEs created after January 31, 2003, and to variable interests in specialpurpose entities for periods ending after December 15, 2003.  The provisionsapply for all other types of variable interests in VIEs for periods endingafter March 15, 2004.  The Company does not and is not expected to own anyinterest in a VIE or special purpose entity; therefore, the adoption of FIN 46did not haveany effect on its financial position or results of operations.

 
Index
In December 2002, the FASB issuedSFAS No. 148,"Accounting for Stock-Based Compensation - Transition andDisclosure - an amendment of FASB Statement No. 123."  This statementprovides alternative methods of transition for a voluntary change to the fairvalue based method of accounting for stock-based employee compensation, alongwith the requirement of disclosure in both annual and interim financialstatements about the method used and effect on reported results (see Note H). Subsequently, in March 2004, the FASB issued a proposed SFAS, "Share-BasedPayment, an amendment of SFAS Nos. 123 and 95."  The proposed standardwould require share-based payments to employees, including stock options, to beexpensed.  The final ruling is expected to be issued by June 2005.  The Companycontinues to monitor the developments in this area as details of theimplementation of the final ruling emerge.
 Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS
 

**CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKINGINFORMATION**

****This Quarterly Report on Form 10-Q contains forward-looking statements. Statements contained in this report about the Company's future outlook,prospects and plans, including those that express belief, expectation,estimates or intentions, as well as those that are not statements of historicalfact, are forward looking. Terminology such as "may","will", "should", "could", "might","although there can be no assurance", "expect","plan", "anticipate", "believe","estimate", "predict", "potential", or"continue", the negative of such terms or other comparable andanalogous or synonymous terminology are intended to identify forward-lookingstatements.  Forward-looking statements represent our reasonable present beliefand are based on our expectations and assumptions with respect to futureevents. While we believe our expectations and assumptions are reasonable, theyinvolve risks and uncertainties beyond our control that could cause the actualresults or outcome to differ materially from the expected results or outcome.Such factors include, without limitation:  our ability to comply with the termsof our final judgment of permanent injunction by the SEC, the impact on ourresults of operations of the significant amount of debt service and interestexpense we have, compliance with our debt covenants and the impact on ouroperations, our ability to obtain and maintain normal terms with our vendorsand service providers, our ability to maintain contracts that are critical toour operations, our ability to attract and retain key employees, anysignificant change in the oil and gas industry or the economy generally,changes in the exploration budgets of our seismic data and related servicescustomers, actual customer demand for our seismic data and related services,the timing and extent of changes in commodity prices for natural gas, crude oiland condensate and natural gas liquids and conditions in the capital marketsand equity markets during the periods covered by the forward-lookingstatements, and our ability to obtain alternate debt or equity financing onsatisfactory terms if internally generated funds are insufficient to fund ourcapital needs.  The foregoing and other risk factors are identified in ourAnnual Report on Form 10-K filed with the Securities and Exchange Commissionfor the year ended December 31, 2003.  The forward-looking statements containedin this report speak only as of the date hereof, and Seitel disclaims any dutyto update these statements.

Except as required bythe federal and state securities laws, we undertake no obligation to publiclyupdate or revise any forward-looking statements, whether as a result of newinformation, future events or any other reason.  All subsequent forward-lookingstatements attributable to the Company or any person acting on its behalf areexpressly qualified in their entirety by the cautionary statements contained orreferred to in our annual report filed on Form 10-K and in our future periodicreports filed with the SEC. In light of these risks, uncertainties andassumptions, the forward-looking events discussed in this quarterly report maynot occur.

**OVERVIEW**

**General**

We have ownership in an extensive library of onshore and offshore seismic datathat we offer for license to oil and gas companies. We believe that our libraryof onshore seismic data is one of the largest available for licensing in the United States and Canada. We also have ownership in a library of offshore data covering parts of theU.S. Gulf of Mexico shelf and certain deep water areas in the western andcentral U.S. Gulf of Mexico. We generate revenue primarily by licensing datafrom our data library and from new data acquisition substantially underwrittenor paid for by clients. Our primary areas of focus are onshore U.S. and Canada and, to a lesser extent, offshore U.S. Gulf of Mexico.
Index
Oil and gas companies considerseismic data an essential tool for finding hydrocarbons. Oil and gas companiesuse seismic data in oil and gas exploration and development efforts to increasethe probability of drilling success. By utilizing seismic data, oil and gascompanies can significantly increase drilling success rates and reduce theoccurrence of dry holes. Further, seismic data analysis can increase recoveriesof reserves from existing, mature oil fields by optimizing the drillinglocation of development wells and by revealing additional, or"step-out," locations that would not otherwise be apparent. Byparticipating in pre-funded, nonexclusive surveys or purchasing licenses toexisting data, oil and gas companies can obtain access to expensive surveysthat they may not otherwise be able to afford.

 

The North American markets we servecontinue to experience major changes.  The major international oil companiesare increasing their focus on exploration opportunities outside the U.S., with independent oil and gas companies responsible for the majority of current U.S. drilling activity.  Production decline rates are accelerating worldwide and are themost pronounced in mature fields of North America.  Commodity prices for oiland natural gas are at high levels and the demand for natural gas in the U.S. could exceed supply during the next two to three years unless new production is brought on linein the U.S. and Canada.  Liquid natural gas imports, while growing, cannot makeup the forecasted shortfall in the supply of natural gas in the U.S. in the near term.

 

We believe that we will be ableto continue the improvement of our return on investment over the next yearprovided the overall demand for seismic data improves with the strongercommodity prices. We expect the demand for new seismic data is strengthening asour clients are seeking our services to create data in the U.S. and in Canada. The level of pre-funding for new data created with our clients has been strongthroughout the current year.  Although resale license activity was lower in thethird quarter of 2004 as compared to recent quarters, webelieve this sales level is abnormal and due in part to the current focus onexploitation of proven reserves and also the inherently unpredictable nature ofthe resale business.  Licensing data "off the shelf" does not requirethe longer planning and lead times like new data creation and thus is morelikely to fluctuate quarter to quarter.

 

We filed bankruptcy in mid-2003and our Plan of Reorganization became effective on July 2, 2004.  Our clientshave continued to engage our services and license our data throughout ourbankruptcy period. We have both grown the library and continued to license ourdata at steady levels during the last two years. 

 

Over the past two years, we haveeliminated non-core business activities, improved our capital discipline andreduced operating costs.  We believe our operating cost structure is alignedwith our current level of business.  Costs and expenses associated with our restructuringefforts and bankruptcy were significant.  Since emerging from bankruptcy, suchfees and expenses have been substantially reduced.  The principal amount of ourindebtedness has been reduced; however, our annual interest expense will behigher on the debt we now have.

 

**PrincipalFactors Affecting Our Business**

Our business is dependent upon a variety of factors, many of which are beyondour control. The following are those that we consider to be principal factors affecting our business.

***Demand for Seismic Data***. Demand for our products and services iscyclical due to the nature of the energy industry.  In particular, demand forour seismic data services depends upon exploration, production, development andfield management spending by oil and gas companies. Capital expenditures by oiland gas companies depend upon several factors, including actual and forecastedpetroleum commodity prices and the companies' own short term and strategicplans.  These capital expenditures may also be affected by worldwide economicconditions. Demand for our seismic data is more likely to be influenced bynatural gas prices rather than crude oil prices due to the geographic locationof our seismic data.  The recent level of extremely high commodity prices hasresulted in many oil and gas companies focusing their efforts on developmentdrilling to produce existing reserves rather than expending time and capital onexploration.  We do not believe this situation represents a long-term trendgiven pent up demand for new prospects.

***Availability ofCapital for our Customers.***  Many of our customers consist of independent oil and gascompanies and private prospect-generating companies that rely primarily onprivate equity capital to fund their exploration, production, development andfield management activities. Significant changes in the private equity marketand the availability of private equity capital could have a material impact onthe ability of such companies to obtain funding necessary to purchase ourseismic data.
Index
***Merger and Acquisition Activity*.**  In recent years, there has been an increase in thelevel of merger and acquisition activity within our client base. This activitycould have a negative impact on seismic companies that operate in markets witha limited number of participating clients. However, we believe that, over time,this activity could have a positive impact on our business, as it couldgenerate re-licensing fees, result in increased vitality in the trading ofmineral interests and result in the creation of new independent customersthrough the rationalization of staff within those companies affected by thisactivity.

***Natural Gas Reserve Replacement*.**  Oil and gas reserves arecurrently being depleted at a rate estimated by industry analysts at 5% to 10%per year for the major oil and gas operators. As a result, there is anincreasing need in the oil and gas industry to replace such reserves. The needfor oil and gas companies to replace depleted reserves is expected to increasethe demand for our seismic data.

***Government Regulation.***  Our operations are subject to a varietyof federal, provincial, state, foreign and local laws and regulations,including environmental laws. We invest financial and managerial resources tocomply with these laws and related permit requirements. Existing laws orregulations and the adoption of new laws or regulations limiting or increasingexploration or production activities by oil and gas companies may have amaterial effect on our business operations.

**Key Performance Measures Considered By Management**

Management considers a variety of performance measures in evaluating ourfinancial condition and operating performance at various times and from time totime. Certain of these performance measures are non-GAAP financial measures.Generally, a non-GAAP financial measure is a numerical measure of a company'sperformance, financial position, or cash flows that either excludes or includesamounts that are not normally excluded or included in the most directlycomparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. These non-GAAP measuresare not in accordance with, nor are they a substitute for, GAAP measures.Management uses the non-GAAP measures presented to evaluate and manage ouroperations. These non-GAAP measures are intended to supplement our presentationof our financial results that are prepared in accordance with GAAP.

The following are the key performance measures considered by management.

 

***Cash Resales*.**  Cash resales result from invoicing customers forpurchases of licenses to data from our library. We expect cash resales togenerally 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 a reconciliation ofthis non-GAAP financial measure to the most directly comparable GAAP financialmeasure, total revenue (in thousands):

 

Three  Months Ended

Nine  Months Ended

September  30,

September  30,

2004

2003

2004

2003

                                                                                           
Cash resales

$

14,946

$

19,246

$

52,271

$

57,560

Other revenue components:

Acquisition revenue

5,216

7,747

31,065

24,428

Non-monetary exchanges

1,532

3,261

10,470

9,218

Deferral of revenue

(7,648

)

(9,805

)

(31,639

)

(35,685

)

Selections of data

12,211

17,403

37,990

42,433

Solutions and other

1,147

1,347

3,607

3,342

Total revenue, as reported

$

27,404

$

39,199

$

103,764

$

101,296

 ******Index******
***Cash Operating Income.***  We define cash operating income ascash revenue (derived primarily from seismic data acquisitions, cash licensingresales and Solutions) less cost of sales and selling, general and administrativeexpenses. We believe that this measure is helpful in determining the level ofcash flow we have available for debt service, funding of capital expendituresand payment of taxes.  The following is a reconciliation of this non-GAAPfinancial measure to the most directly comparable GAAP financial measure,operating income (loss) (in thousands):

 

Three  Months Ended

Nine  Months Ended

September  30,

September  30,

2004

2003

2004 |
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