----

**UNITED STATESSECURITIES AND EXCHANGE COMMISSION  Washington, 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 March 31, 2006

 

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 Drive

77043

Houston, Texas   

(Zip Code)

(Address of  principal executive offices)

 
	 

 

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

[X]

No

[  ]

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

 

Large accelerated filer

[  ]

Accelerated filer

[X]

Non-accelerated filer

[  ]

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

 

Yes

[  ]

No

[X]

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

[X]

No

[  ]

Asof April 28, 2006, there were 155,161,731 shares of the Company's common stock,par value $.01 per share outstanding.
****
 

 

**INDEX**

Page

PART I.

FINANCIAL INFORMATION
            
Item 1. 

Financial Statements
         
Condensed Consolidated Balance Sheets as of

March 31, 2006 (Unaudited) and December 31, 2005

3
         
Condensed  Consolidated Statements of Operations (Unaudited) for the

Three Months Ended March 31, 2006 and 2005	

4
         
Condensed Consolidated Statements of Comprehensive Income (Loss)  (Unaudited) for 

the Three Months Ended March 31, 2006 and 2005	

5
         
Condensed Consolidated Statements of Stockholders' Equity

for the Three Months Ended  March 31, 2006 (Unaudited)

6
         
Condensed Consolidated Statements of Cash Flows (Unaudited)

for the Three Months Ended  March 31, 2006 and 2005

7
         
Notes  to Condensed Consolidated Interim Financial Statements

8
            
Item  2.

Management's Discussion and Analysis of

Financial Condition and  Results of Operations

25
            
Item  3.

Quantitative and Qualitative Disclosures

about Market Risk

33
            
Item  4.

Controls and Procedures

34
         
PART II.

OTHER INFORMATION

34
         
Signatures

36
**(INDEX)**
**PART I - FINANCIAL INFORMATION**

Item 1.  FINANCIALSTATEMENTS

SEITEL, INC.AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS

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

 

(Unaudited)

March 31,

December 31,

2006

2005

ASSETS

     Cash and cash equivalents

$

80,576

$

78,097

     Restricted cash

101

85

     Receivables

         Trade, net of  allowance for doubtful accounts of

            $1,060 and $900,  respectively

36,425

27,385

         Notes and other, net of allowance for doubtful  accounts

            of $275 and $275, respectively

1,134

509

     Net seismic data library,  net of accumulated amortization

         of $899,330 and  $879,365, respectively

107,176

111,946

     Net property and equipment, net of  accumulated depreciation

         and amortization of $26,922 and $27,552,  respectively

8,953

9,456

     Oil and gas operations  held for sale

219

194

     Investment in marketable  securities

82

54

     Prepaid expenses,  deferred charges and other 

13,537

13,071

     Deferred income taxes

5,347

5,874

     TOTAL ASSETS

$

253,550

$

246,671

     

LIABILITIES AND STOCKHOLDERS'  EQUITY

     LIABILITIES

         Accounts payable and  accrued liabilities

$

24,364

$

25,666

         Income taxes payable

-

276

         Oil and gas  operations held for sale

24

40

         Debt

            Senior Notes

185,395

185,272

            Notes payable

368

378

         Obligations under  capital leases

2,938

2,950

         Deferred revenue

44,385

43,250

     TOTAL LIABILITIES

257,474
257,832
    		

COMMITMENTS AND CONTINGENCIES		

    		

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  shares; issued and outstanding 154,860,525 shares

            at March 31, 2006  and 153,604,345 shares at December 31, 2005

1,549

1,536

         Additional paid-in  capital

238,744

241,289

         Retained deficit

(249,488

)

(256,227

)

         Deferred compensation  - restricted stock

-

(2,944

)

         Notes receivable from  officers and employees for stock purchases 

-

(1

)

         Accumulated other  comprehensive income

5,271

5,186

     TOTAL STOCKHOLDERS' DEFICIT

(3,924

)

(11,161
)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

253,550

$

246,671

The accompanying notes are an integral part of these condensed consolidatedfinancial statements.

 
**(INDEX)**
SEITEL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OFOPERATIONS (Unaudited)*(In thousands, except per share amounts)*

Three Months  Ended March 31, 

2006

2005

                        
REVENUE

$

44,698

$

47,306

                        
EXPENSES:

       Depreciation and amortization

23,778

33,257

       Gain on sale of seismic data

(257

)

-

       Cost of sales

108

39

       Selling, general and administrative	

9,030

8,020

32,659

41,316

                        
INCOME FROM OPERATIONS

12,039

5,990

                        
Interest expense, net

(4,908

)

(5,950

)

Foreign currency exchange losses

(161

)

(192

)

                        
Income (loss) from continuing operations before income  taxes

6,970

(152

)

Provision for income taxes

184

11

Income (loss) from continuing operations	

6,786

(163

)

Income from discontinued operations

13

17
                        
NET INCOME (LOSS)

$

6,799

$

(146

)

                        
Income  (loss) per share:

       Basic:

              Income  (loss) from continuing operations

$

.05

$

-

              Income  from discontinued operations

-

-

              Net  income (loss)

$

.05

$

-

       Diluted:

              Income  (loss) from continuing operations

$

.04

$

-

              Income  from discontinued operations

-

-

              Net  income (loss)

$

.04

$

-

                        
Weighted average number of common and

       common equivalent shares:

              Basic

150,722

151,851

              Diluted

164,344

151,851

 

Theaccompanying notes are an integral part of these condensed consolidatedfinancial statements.

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

Three Months  Ended

March 31,

2006

2005

Net income (loss)

 

$

6,799

$

(146

)

Unrealized gains on securities held as available for  sale

 

34

9

Foreign currency translation  adjustments

	 

51

(10

)

Comprehensive income (loss)

$

6,884

$

(147

)

The accompanying notes are an integral part of these condensed consolidatedfinancial statements.

 
**(INDEX)**
SEITEL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATEDSTATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)

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

Accum-

ulated

Deferred

Notes

Other

Compen-

Receivable

Compre-

Additional

Retained

sation - 

from

hensive

Common Stock

Paid-In

Earnings 

Restricted

Officers &

Income

Shares

Amount

Capital

(Deficit)

Stock

Employees

(Loss)
                                                                  
Balance, December 31, 2005

153,604,345

$

1,536

$

241,289

$

(256,227

	)

$

(2,944

	)

$

(1

	)

$

5,186

 Reclass of deferred compensation  - restricted

      stock upon adoption of SFAS  No. 123(R)

-

-

(2,944

)

-

2,944

-

-

 Issuance of restricted stock

1,319,256

13

(13

)

-

-

-

-

 Issuance of common stock to employees

53,927

1

34

-

-

-

-

 Cancellation of restricted stock

(17,202

)

-

(16

)

-

-

-

-

 Amortization of stock-based compensation  costs

-

-

401

-

-

-

-

 Accrual for restricted stock  issuance

      for performance equity awards

-

-

184

-

-

-

-

 Retirement of stock to satisfy  employee

      tax withholding

(99,801

)

(1

)

(191

)

(60

)

-

-

-

 Payments received on notes receivable

      from officers and employees

-

-

-

-

-

1

-

 Net income

-

-

-

6,799

-

-

-

 Foreign currency translation adjustments

-

-

-

-

-

-

51

 Unrealized gain on marketable securities  

-

-

-

-

-

-

34

Balance March 31, 2006 

154,860,525

$

1,549

$

238,744

$

(249,488

)

$

-

$

-

$

5,271

** **

Theaccompanying notes are an integral part of these condensed consolidatedfinancial statements.

 

 

**(INDEX)**

 

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

*(In  thousands)*

 

	 

Three Months  Ended March 31,

 
2006

2005

 
Cash flows from operating  activities:

 
Reconciliation of net income  (loss) to net cash provided by operating 

 
       activities of  continuing operations:

 
       Net income (loss)

$

6,799

$

(146

)

 
       Income from  discontinued operations, net of tax

(13

)

(17

)

 
       Depreciation and  amortization

23,778

33,257

 
       Deferred income tax  provision (benefit)

527

(90

)

 
       Amortization of  deferred financing costs

296

324

 
       Amortization of debt  discount

123

111

 
       Amortization of stock-based  compensation

401

142

 
       Allowance for  collection of trade receivables

160

-

 
       Non-cash compensation  expense

203

205

 
       Non-cash expense  related to stock options

-

7

 
       Non-cash sales

(3,908

)

(5,144

)

 
       Gain on sale of  property and equipment

(4

)

-

 
       Gain on sale of seismic  data

      

(257

)

-

 
       Decrease (increase) in  receivables

(9,639

)

7,134

 
       Decrease (increase) in  other assets

(171

)

647

 
       Increase (decrease) in  deferred revenue

2,951

(3,962

)

 
       Increase (decrease) in  accounts payable and other liabilities

(7,233

)

(7,672

)

 
              Net cash  provided by operating activities of continuing operations

14,013

24,796

 
 
Cash flows from investing  activities:

 
       Cash invested in  seismic data 

(11,092

)

(24,218

)

 
       Cash paid to acquire  property and equipment

(255

)

(221

)

 
       Cash from disposal of  property and equipment

3

-

 
       Increase in restricted  cash

(16

)

(1

)

 
              Net cash used in  investing activities of continuing operations

(11,360

)

(24,440

)

 
 
Cash flows from financing  activities:

 
       Principal payments on  notes payable

(10

)

(129

)

 
       Principal payments on  capital lease obligations

(9

)

(424

)

 
       Borrowings on line of  credit

25

-

 
       Payments on line of  credit

(25

)

-

 
       Costs of debt and  equity transactions

-

(181

)

 
       Purchase of common  stock subsequently retired

(252

)

-

 
       Payments on notes  receivable from officers and employees

7

12

 
              Net cash used in  financing activities of continuing operations

(264

)

(722

)

 
 
Effect of exchange rate  changes 

118

103

 
Net cash provided by  discontinued operations (revised):

 
       Cash provided by  operating activities

15

106

 
       Cash used in investing  activities

(43

)

-

 
Net increase (decrease) in  cash and equivalents

2,479

(157

)

 
Cash and cash equivalents at  beginning of period

78,097

43,285

 
Cash and cash equivalents at  end of period

$

80,576

$

43,128

 
 
Supplemental disclosure of  cash flow information:

 
       Cash paid during the  period for:

 
              Interest

$

11,178

$

12,313

 
              Income taxes

$

278

$

21

 
Supplemental schedule of  non-cash investing activities:

 
       Additions to seismic  data library

$

2,059

$

992

The accompanying notes are an integral part of these condensed consolidatedfinancial statements.
****
 
**(INDEX)**
 

**SEITEL, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATEDINTERIM FINANCIAL STATEMENTS (Unaudited)March 31, 2006NOTE A-BASIS OF PRESENTATION**

The accompanying unaudited financial statements of Seitel, Inc. and itssubsidiaries (the "Company") have been prepared in accordance withgenerally accepted accounting principles for interim financial information andwith the instructions of Regulation S-X.  Accordingly, they do not include allof the information and notes required by accounting principles generallyaccepted in the United States for complete financial statements.  In theopinion of management, all adjustments (consisting of normal recurringaccruals) considered necessary for a fair presentation have been included.  Inpreparing the Company's financial statements, a number of estimates andassumptions are made by management that affect the accounting for andrecognition of assets, liabilities, revenues and expenses.  The Company hasseparately disclosed the operating and investing portion of the cash flowsattributable to its discontinued operations, which in 2005 were reported on acombined basis as a single amount.  The condensed consolidated balance sheet ofthe Company as of December 31, 2005, has been derived from the audited balancesheet of the Company as of that date.  Operating results for the three monthsended March 31, 2006 are not necessarily indicative of the results that may be expectedfor the year ending December 31, 2006.  These unaudited financial statementsshould be read in conjunction with the financial statements and notes theretofor the year ended December 31, 2005 contained in the Company's Annual Reportfiled on Form 10-K with the Securities and Exchange Commission("SEC").

**ContractualObligations:**    As of March 31,2006, the Company had approximately $324.1 million of outstanding debt andlease obligations, with aggregate contractual cash obligations summarized as follows(in thousands):

Payments due by period

Remainder of

2012 and

Contractual  cash obligations

Total

2006

2007-2009

2010-2011

thereafter

Debt  obligations (1)(2)

$

311,658

$

11,159

$

66,838

$

233,559

$

102

Capital  lease obligations (2)

5,593

216

943

636

3,798

Operating  lease obligations

6,832

824

3,187

1,987

834

Total  contractual cash obligations

$

324,083

$

12,199

$

70,968

$

236,182

$

4,734

 

(1)   Debtobligations include the face amount of the 11.75% senior notes totaling $189million.

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

 

**NOTE B-REVENUERECOGNITION**
*Revenue from Data Acquisition*
 

The Company generates revenue when it creates a newseismic survey that is initially licensed by one or more of its customers touse the resulting data.  The initial licenses usually provide the customer witha limited exclusivity period, which will normally last for six months afterfinal delivery of the processed data.  The payments for the initial exclusivelicenses are sometimes referred to as underwriting or prefunding.  Customersmake periodic payments throughout the creation period, which generallycorrespond to costs incurred and work performed.  These payments arenon-refundable.

Revenue from the creation of new seismic data isrecognized throughout the creation process using the proportional performancemethod based upon costs incurred and work performed to date as a percentage oftotal estimated costs and work required.  Management believes that this methodis the most reliable and representative measure of progress for its datacreation projects.  The duration of most data creation projects is generallyless than one year.  Under these contracts, the Company creates new seismicdata designed in conjunction with its customers and specifically suited to thegeology of the area using the most appropriate technology available. 

 
**(INDEX)**
The Company outsources the substantial majority of thework required to complete data acquisition projects to third party contractors. The Company's payments to these third party contractors comprise thesubstantialmajority of the total estimated costs of the project and are paid throughoutthe creation period.  A typical survey includes specific activities required tocomplete the survey; each activity has value to the customers.  Typicalactivities, that often occur concurrently, include: -         permittingfor land access, mineral rights, and regulatory approval,
-         surveying, 
-         drillingfor the placement of energy sources,
-         recordingthe data in the field, and
-         processingthe data.

The customers paying for the initial exclusive licensesreceive legally enforceable rights to any resulting product of each activity. The customers also receive access to and use of the newly acquired, processeddata.  

 

The customers' access to and use of the results of thework performed and of the newly acquired, processed data is governed by alicense agreement, which is a separate agreement from the acquisition contract.The Company's acquisition contracts require the customer either to have alicense agreement in place or to execute one at the time the acquisitioncontract is signed. The Company maintains sole ownership of the newly acquireddata, which is added to its library, and is free to license the data to othercustomers when the original customers' exclusivity period ends.  

 
*Revenue from Non-Exclusive Data Licenses*
* *

The Company recognizesa substantial portion of its revenue from data licenses sold after anyexclusive license period.  These are sometimes referred to as resale licensingrevenue, post acquisition license sales or shelf sales.

 

These sales fall under the following four basic forms ofnon-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.-  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.
TheCompany's non-exclusive license contracts specify the following:
-  that allcustomers must sign a license agreement governing the use of data; 
-  the specificpayment terms, generally ranging from 30 days to 18 months, and that suchpayments are non-cancelable and non-refundable;
-  the actual datathat 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.      

Revenuefrom the non-exclusive licensing of seismic data is recognized when thefollowing criteria are met:
-  the Company hasan arrangement with the customer that is validated by a signed contract; 
-  the sales priceis fixed and determinable;
-  collection isreasonably assured;
-  the customer hasselected the specific data or the contract has expired without full selection;and
-  the license termhas begun.

 
**(INDEX)**
Copies of the data are available to the customerimmediately upon request.

For licenses that have been invoiced but have not met theaforementioned criteria, the revenue is deferred along with the related directcosts (primarily sales commissions).  This normally occurs under the librarycard license contracts, review and possession license contracts or review onlylicense contracts because the data selection may occur over time. Additionally, if the contract allows licensing of data that is not currentlyavailable or enhancements, modifications or additions to the data are requiredper the contract, revenue is deferred until such time that the data isavailable for licensing.
*Revenue from Non-Monetary Exchanges*
In certain cases, the Company will take ownership of acustomer's seismic data or revenue interest (collectively referred to as"data") in exchange for a non-exclusive license to selected seismic datafrom the Company's library.  Occasionally, in connection with specific dataacquisition contracts, the Company receives both cash and ownership of seismicdata from the customer as consideration for the underwriting of new dataacquisition.  These exchanges are referred to as non-monetary exchanges.  Anon-monetary exchange always complies with the following criteria:
-  thedata license delivered is always distinct from the data received; 
-  thecustomer forfeits ownership of its data; and
-  theCompany retains ownership in its data.

In non-monetary exchange transactions, the Company recordsa data library asset for the seismic data received at the time the contract isentered into and recognizes revenue on the transaction in equal value inaccordance with its policy on revenue from data licenses, that is, when thedata is selected by the customer, or revenue from data acquisition, as applicable. The data license to the customer is in the form of one of the four basic formsof contracts discussed above.  These transactions are valued at the fair valueof 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 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.  -  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 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 revenue recognition policies, revenuerecognized on non-monetary exchange transactions may not occur at the same timethe seismic data acquired is recorded as an asset.  The activity related tonon-monetary exchanges was as follows (in thousands):

Three Months

Ended March  31,

2006

2005

Seismic data library additions

$

2,059

$

992

Revenue recognized based on

    selections of data

2,073

4,757

Revenue recognized related to

    acquisition contracts

1,835

387

* **Revenue from Seitel Solutions*
 

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

**NOTE C-SEISMIC DATA LIBRARY**

** **

The Company's seismic datalibrary consists of seismic surveys that are offered for license to customerson a non-exclusive basis. Costs associated with creating, acquiring orpurchasing the seismic data library are capitalized and amortized principallyon the income forecast method subject to a straight-line amortization period offour years, applied on a quarterly basis at 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 B 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 $432,000 and $414,000 for the threemonths ended March 31, 2006 and 2005, 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 or a straight-line basis over theuseful life of the data.  With respect to each survey in the data library, theuseful life policy is applied from the time such survey is available forlicensing to customers on a non-exclusive basis, since some data in the librarymay not be licensed until an exclusivity period (usually six months) haslapsed.

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, and if required under Statement of Financial Accounting Standards("SFAS") No. 144, "Accounting for the Impairment and Disposal ofLong-Lived Assets," records an impairment charge with respect to suchdata.  See discussion on *"Seismic Data Library Impairment"*below.

 

**(INDEX)**

 

The actual rate of amortization depends on the specific seismic surveyslicensed and selected by the Company's customers during the period.  As ofApril 1, 2006, the amortization rate utilized under the income forecast methodfor all components is 70%.  Additionally, certain seismic surveys have beenfully amortized; consequently, no amortization expense is required on revenuerecorded for these seismic surveys.

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.  This requirement isapplied regardless of future-year revenue estimates for the library component ofwhich the survey is a part and does not consider the existence of deferredrevenue with respect to the library component or to any survey.  

 

*Seismic Data Library Impairment*

******The Companyevaluates its seismic data library by grouping individual surveys into componentsbased on its operations and geological and geographical trends, resulting inthe following data library segments for purposes of evaluating impairments: (I) Gulf of Mexico offshore comprised of the following components:  (a)multi-component data, (b) ocean bottom cable data, (c) shelf data, (d) deepwater data, and (e) value-added products; (II)  North America onshore comprisedof the following components: (a) Texas Gulf Coast, (b) northern, eastern andwestern Texas, (c) southern Louisiana/Mississippi, (d) northern Louisiana, (e)Rocky Mountains, (f) North Dakota, (g) other United States, (h) Canada and (i)value-added products, and (III) international data outside North America.  TheCompany believes that these library components constitute the lowest levels ofindependently identifiable cash flows.

 

As events or conditions require, the Company evaluates therecoverability of its seismic data library in accordance with SFAS No. 144. The Company evaluates its seismic data library for impairment whenever eventsor changes in circumstances indicate that the carrying amounts may not berecoverable.  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 should beevaluated for impairment.  In evaluating sales performance of each component,the Company generally considers three consecutive quarters of actualperformance below forecasted sales, among other things, to be an indicator ofpotential 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 baseand 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 record furtherimpairment losses relative to its seismic data library, which could be materialto any particular reporting period.

 

The Company did not have any impairment charges during the three monthsended March 31, 2006 or 2005.

 

**(INDEX)**
 NOTE D-DEBT
The following is a summary of the Company's debt (in thousands):

 

March 31,

December 31,

2006

2005

11.75% Senior Notes

$

189,000

$

189,000

Revolving Credit Facility

-

-

Subsidiary revolving line of  credit

-

-

Note payable to former executive

368

378

189,368

189,378

Less:  Debt discount

(3,605

)

(3,728

)

$

185,763

$

185,650

 

**11.75%Senior Unsecured Notes:**  On July 2, 2004, the Company issued, in a private placement, $193.0million aggregate principal amount, of 11.75% Senior Unsecured Notes("Senior Notes").  The Senior Notes were offered at a discount of2.325% from their principal amount  and mature July 15, 2011.  As of March 31,2006, $189 million aggregate principal amount is outstanding.  Interest on theSenior Notes is payable semi-annually in arrears on January 15 and July 15 ofeach year.  The Senior Notes are unsecured and are guaranteed by substantiallyall of the Company's U.S. subsidiaries on a senior basis.  The Senior Notescontain restrictive covenants that limit the Company's ability to, among otherthings, incur additional indebtedness, make capital expenditures in excess ofspecified amounts, pay dividends and complete mergers, acquisition and sales ofassets.  As required by their terms, the Senior Notes were exchanged for seniornotes of like amounts and terms in a publicly registered exchange offer inFebruary 2005.

 

From time to time on or before July 15, 2007, theCompany may redeem up to 35% of the aggregate principal amount of the SeniorNotes with the net proceeds of equity offerings at a redemption price equal to111.75% of the principal amount, plus accrued and unpaid interest.  Subject tocertain conditions, if at the end of each fiscal year the Company has excesscash flow (as defined in the indenture) in excess of $5.0 million, the Company isrequired to use 50% of the excess cash flow to fund an offer to repurchase theSenior Notes on a pro rata basis at 100% of its principal amount, plus accruedand unpaid interest.  If the Company has less than $5.0 million in excess cashflow at the end of any fiscal year, such excess cash flow will be carriedforward to succeeding years, and such repurchase offer is required to be madein the first year in which the cumulative excess cash flow for all years inwhich there has not been an offer is at least $5.0 million.  Such repurchaseoffer is required only if there is no event of default under the Company's revolvingcredit facilities prior to and after giving effect to the repurchase payment.  Becauseof excess cash flow generated for the year ended December 31, 2005, in thefirst quarter of 2006, the Company made a repurchase offer for principal of upto $8.5 million to the holders of its Senior Notes.  No Senior Notes weretendered in the 2005 excess cash flow offer.  In connection with the 2004excess cash flow offer, $4 million of Senior Notes were paid down.  Upon achange of control (as defined in the indenture), each holder of the SeniorNotes will have the right to require the Company to offer to purchase all ofsuch holder's notes at a price equal to 101% of the principal amount, plusaccrued and unpaid interest.

 

**Revolving Credit Facility:**  On April 16, 2004, theCompany entered into a revolving credit facility with Wells Fargo Foothill,Inc., as lender, to which a revolving loan commitment of $30 million, subjectto borrowing base limitations, was made available on July 2, 2004.  Interest ispayable at an applicable margin above either LIBOR or the prime rate. Borrowings under the revolving credit facility are secured by a first priority,perfected security interest in and lien on substantially all of the Company's U.S. assets and a pledge of all of the issued and outstanding capital stock of the Company's U.S. subsidiaries.  The facility expires on July 2, 2007.  The revolving credit facilitycontains covenants requiring the Company to achieve and maintain certainfinancial results, and restricts, among other things, the amount of capitalexpenditures, the ability to incur additional indebtedness and the ability togrant additional liens.  The revolving credit facility requires the payment ofan unused line fee of .375% per annum payable in arrears.

 

**Subsidiary Revolving****Line of Credit:**  TheCompany's wholly owned subsidiary, Olympic Seismic Ltd. ("Olympic"),has a revolving credit facility, which allows it to borrow up to $5 million(Canadian) subject to an availability formula by way of prime-based loans,bankers' acceptances or letters of credit. The rate applicable to borrowings isthe bank's prime rate plus 0.35% per annum and the bankers' acceptances is 1.50%per annum.  Letter of credit fees are based on scheduled rates in effect at thetime of issuance. The facility is secured by the assets of Olympic, SEIC TrustAdministration Ltd. (as sole trustee of, and for and on behalf of, SEICBusiness Trust) and SEIC Holdings, Ltd., but is not guaranteed by Seitel, Inc.or any of its other U.S. subsidiaries.  However, all intercompany debt owing byOlympic, SEIC Trust Administration Ltd., SEIC Business Trust or SEIC Holdings,Ltd. to Seitel, SEIC Partners' Limited Partnership or to any Seitel U.S.subsidiary (approximately $37.1 million (Canadian) at March 31, 2006) has beensubordinated to the repayment of the revolving credit facility.  Availableborrowings under the facility are equivalent to a maximum of $5 million(Canadian), subject to a requirement that such borrowings may not exceed 75% ofgood accounts receivable (as defined in the agreement) of SEIC TrustAdministration, less prior-ranking claims, if any, relating to inventory oraccounts. The facility is subject to repayment upon demand and is availablefrom time to time at the bank's sole discretion.

 

 

**(INDEX)**

****

**Note Payable to Former Executive:**  In connectionwith the settlement of certain litigation, the Company entered into a notepayable to a former executive consisting of payments of $6,417 per month for 36months commencing June 2003, and payments of $6,000 per month for 84 monthscommencing June 2006.  The note is non-interest bearing.  The note isguaranteed by Olympic.  

 

**NOTE E-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.  The computations for basic anddiluted net income (loss) per share consist of the following (in thousands,except per share amounts):

 

Three Months Ended 

March 31,

2006

2005

                        
Income (loss) from  continuing operations

$

6,786

$

(163

)

Income from discontinued  operations

13

17

Net income (loss)

$

6,799

$

(146

)

                        
Basic weighted average shares

150,722

151,851

Effect of dilutive securities: (1)

              Options and warrants

11,054

-

              Employee restricted  stock awards

2,568

-

Diluted weighted average shares

164,344

151,851

                        
Income (loss) per share:

Basic:

              Income (loss) from  continuing operations 

$

.05

$

-

              Income from  discontinued operations

-

-

              Net income (loss)

$

.05

$

-

Diluted:

              Income (loss) from  continuing operations 

$

.04

$

-

              Income from  discontinued operations

-

-

              Net income (loss)

$

.04

$

-

 
(1)         A weighted averagequarter-to-date number of options and warrants to purchase 6,310,000 shares ofcommon stock were outstanding during the three months ended March 31, 2005, butwere not included in the computation of diluted per share net income becausethey were anti-dilutive. 

 

**NOTE F-STOCK-BASED COMPENSATION**

 

On July 2, 2004, the Company's board of directors adoptedthe Seitel, Inc. 2004 Stock Option Plan (the "Stock Option Plan") andon December 15, 2004, the Company's stockholders approved and adopted it. Underthe Stock Option Plan, 7,500,000 shares of our common stock were initiallyreserved and available for stock-based awards, including options, restrictedstock or other stock-based awards.  The exercise price, term and otherconditions applicable to each award granted under the Stock Option Plan aregenerally determined by the Compensation Committee at the time of grant and mayvary with each award granted. As of March 31, 2006, no options have beengranted under the Stock Option Plan.  Any options that may be issued under theStock Option Plan shall be issued at or above the market price of the Company'scommon stock as of the date of issuance, have a term of no more than ten yearsand vest under varying schedules in accordance with the terms of the respectiveoption agreements.  

 

 

**(INDEX)**

****

On July 2, 2004, the Company granted its chairman of theboard ten-year non-statutory options to purchase 100,000 shares of its commonstock at an exercise price of $1.30, the market price of the common stock onsuch date.  Such options became exercisable on July 2, 2005.  Such options werenot granted under the Company's Stock Option Plan.  These options were subjectto variable plan accounting.

 

Prior to January 1,2006, as permitted under SFAS No. 123, "Accounting for Stock-BasedCompensation," the Company accounted for its stock option plans followingthe recognition and measurement principles of Accounting Principles Board (APB)Opinion No. 25, "Accounting for Stock Issued to Employees," andrelated interpretations.  Accordingly, no stock-based compensation wasreflected in net income (loss) on stock options granted with an exercise priceat least equal to the market price of the stock on the date of grant. 

 

In December 2004, theFinancial Accounting Standards Board (FASB) issued SFAS No. 123(R),"Share-Based Payment."  This Statement revised SFAS No. 123 byeliminating the option to account for employee stock options under APB No. 25and requires companies to recognize the cost of employee services received inexchange for awards of equity instruments based on the grant-date fair value ofthose awards (the "fair-value-based" method). 

 

Effective January 1, 2006, theCompany adopted the fair value recognition provisions of SFAS No. 123(R) usingthe modified prospective application method. The adoption of SFAS No. 123(R) increasedthe Company's net income for the three months ended March 31, 2006 by $703,000or less than $.01 per basic and diluted share.

 

Compensationexpense related to the amortization of restricted stock awards was recognizedprior to the implementation of SFAS No. 123(R).  Upon implementation of SFAS 123(R), the Company modified the amortization period whichit recognizes compensation expense for its restricted stock issuances relatedto key executive awards and performance equity awards.  Prior to January 1,2006, the Company recognized compensation expense for these restricted stockissuances over the service period.  Beginning in 2006, the Company nowrecognizes compensation expense for these restricted stock issuances beginningwith the service inception date through the end of the vesting period resultingin a longer amortization period (less expense recognition) in the first threemonths of 2006 than in the prior year. 

 

Total stockbased compensation expense totaled $0.6 million and $0.4 million during thethree months ended March 31, 2006 and 2005, respectively.  

 

Under the modified prospectiveapplication method, results for prior periods have not been restated to reflectthe effects of implementing SFAS No. 123(R).  The following pro-forma information,as required by SFAS No. 148, "Accounting for Stock-BasedCompensation-Transition and Disclosure, an amendment of FASB Statement No.123," is presented for comparative purposesand illustrates the effect on net loss and net loss per common share for theperiod presented as if the Company had applied the fair value recognitionprovisions of SFAS No. 123 to stock-based employee compensation prior toJanuary 1, 2006 (in thousands, except per share data):

 

Three Months  Ended 

March 31,  2005

Net  loss:

              As  reported

$

(146

)

              Less:     Total  stock-based employee expense

                            determined  under SFAS No. 123, net of tax

-

              Pro  forma

$

(146

)

Basic  and diluted loss per share:

              As  reported

$

-

              Pro  forma

$

-

 
 

**(INDEX)**

****

The following summarizes stock option activity during thethree months ended March 31, 2006 (shares in thousands):

 

Weighted

Weighted

Average

Aggregate

Average

Remaining

Intrinsic

Exercise

Contractual

Value

Options

Price

Life in Years

(000's)

Outstanding at beginning of year

100

$1.30

       Granted

-

-

       Exercised

-

-

       Cancelled

-

-

Outstanding at March 31, 2006

100

$1.30

8.25

$190

Options exercisable at March 31,  2006

100

$1.30

8.25

$190

Options vested or expected to vest  at

       March 31, 2006

100

$1.30

8.25

$190

 

The Company grantsshares of its common stock to its employees and directors that are subject torestrictions on transfer and risk of forfeiture until fulfillment of applicableservice conditions and, in certain cases, holding periods ("RestrictedStock"). In fiscal 2005, the Company recorded the grant date fair value ofunvested shares of Restricted Stock as unearned stock-based compensation("Deferred Compensation"). In accordance with SFAS No. 123(R), onJanuary 1, 2006, the Company reclassified the balance of Deferred Compensationagainst additional paid-in capital. 

 

Thefollowing table summarizes the activity of non-vested Restricted Stock duringthe three months ended March 31, 2006 (shares in thousands):

 

Weighted

Average Grant

Date Fair

Shares

Value

Non-vested  at beginning of year

2,965

$1.36 

Granted

1,319

$2.50 

Vested

(259

)

$1.39 

Forfeited

(17

)

$1.86 

Non-vested  at March 31, 2006

4,008

$1.73

 

The fairvalue of non-vested shares is determined based on the closing stock price onthe grant date.  As of March 31, 2006, there was $3.0 million of totalunrecognized compensation cost related to non-vested restricted stock-basedcompensation expected to be recognized over a weighted average period of 2.4 years.

 

During thethree months ended March 31, 2006, 53,927 shares of common stock were awardedto employees at an average fair value of $2.45.

 

**NOTE G-STATEMENT OF CASH FLOWINFORMATION**The Companyhad restricted cash at March 31, 2006 and December 31, 2005 of $101,000 and $85,000,respectively, related to collateral on a seismic operations bond.

 

**(INDEX)**

****

During the threemonths ended March 31, 2006 and 2005, the Company had non-cash additions to itsseismic data library comprised of the following (inthousands):  

 

* *

Three Months  Ended March 31,

2006

2005

Non-monetary exchanges related to resale licensing  revenue

$

2,037

$

605

Non-monetary exchanges from underwriting of new data  acquisition

209

387

Less:  Non-monetary exchanges for data in progress

(187

)

-

Total non-cash additions to seismic data library

$

2,059

$

992

 

Non-cash sales consisted of the following for the three months ended March31, 2006 and 2005 (in thousands):

 

* *

Three Months  Ended March 31,

2006

2005

Acquisition  revenue on underwriting from non-monetary

exchange  contracts

$

1,835

$

387

Licensing  revenue from selections on non-monetary exchange contracts

2,073

4,757

Total non-cash  revenue

$

3,908

$

5,144

 

**NOTEH-COMMITMENTS AND CONTINGENCIES**
 *Litigation*
 

OnJuly 18, 2002, Paul Frame, the Company's former chief executive officer, suedthe Company 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 hereceived from the Company were proper and do not have to be repaid.  Mr. Framefiled claims totaling $20.2 million in the Company's chapter 11 cases, whichhave been disallowed by order of the Bankruptcy Court.  On April 1, 2005, the Company filed a motion for summary judgment seeking dismissal of Mr. Frame'scomplaint in the District Court.  In late April 2005, Mr. Frame filed a motion forleave to file an amended complaint in the District Court.  Hearing dates havenot 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.  The Company has requested and isinvestigating information with respect to Mr. Frame and the nature and extentof his assets for purposes of analyzing whether to continue pursuit of thecivil litigation described above and potential debt collection.  The partiesfiled a joint motion to abate the above proceedings.  The case continues toremain in abatement.

 

TheCompany and its subsidiary, Seitel Data, Ltd., were parties to a class actionlawsuit 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 plaintiffs sued a number of defendants, including the Company and Seitel Data, Ltd. Theplaintiffs alleged that certain defendants conducted unauthorized 3-D seismicexploration of the mineral interests by obtaining seismic data on adjoiningproperty, and sold the information obtained to other defendants. The plaintiffssought an unspecified amount of damages. All defendants obtained summaryjudgments dismissing the plaintiffs' claims, and the plaintiffs appealed to theSan Antonio Court of Appeals under Cause No. 04-02-00674-CV. During thependency of the Company's bankruptcy proceedings, the San Antonio Court ofAppeals affirmed the trial court's decision as to the Company's co-defendantsand stayed the appeal as to the Company. The Texas Supreme Court deniedplaintiffs Petition for Certiorari, refusing to hear the matter.  The plaintiffsfiled an unliquidated claim (amount unspecified) in the chapter 11 cases. TheCompany objected to this claim, which was withdrawn by order of the BankruptcyCourt dated June 29, 2005.  This June 2005 order includes the plaintiffs'agreement to dismiss their appeal.  The parties' joint motion for dismissalwith the San Antonio Court of Appeals is pending.

 

 

**(INDEX)**

****

OnFebruary 21, 2003, the Company sued its former in-house counsel and law firm in*Seitel, Inc. v. Cynthia Moulton and Franklin Cardwell & Jones, P.C.,*Cause No. 2003-09151 in the 127th Judicial District Court of Harris  County, Texas. The suit alleges negligence, breach of fiduciary duty, breachof contract and fraud in relation to the Company's engagement of the law firmFranklin Cardwell & Jones to manage its legal matters and surrounding thesettlement of a personal lawsuit against the former chief executive officer andother aspects of representation. The Company is seeking recovery for fees paidof approximately $750,000, disgorgement of attorneys' fees, and relatedexpenses.  The parties' attempt at mediation was not successful.  Discovery isunderway and the trial has been reset to June 19, 2006.  The defendants havejoined Paul Frame and Kevin Fiur, both of whom were the Company's former chiefexecutive officers, in the action. 

 

Inaddition to the lawsuits described above, the Company is involved from time totime 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. 

 

Itis 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 March 31, 2006, the Company did not have anyamounts accrued related to the claims set forth above, as the Company believesit is not probable that any amounts will be paid relative to such litigationand claims.  However, if one or more of the parties were to prevail against theCompany in one or more of the cases described above that have not been settled,the amounts of any judgments against the Company or settlements that theCompany may enter into, could be material to the Company's financial statementsfor any particular reporting period.

 
**NOTE I-SUPPLEMENTAL GUARANTORS CONSOLIDATING CONDENSED FINANCIALINFORMATION**
 

On July 2, 2004, Seitel, Inc. (the "Parent")completed a private placement of 11.75% Senior Unsecured Notes in the aggregateprincipal amount of $193 million, of which $189 million was outstanding atMarch 31, 2006. Seitel, Inc.'s payment obligations under the Senior Notes arejointly and severally guaranteed by certain of its 100% owned U.S. subsidiaries ("Guarantor Subsidiaries"). All subsidiaries of Seitel, Inc. that do notguaranty the Senior Notes are referred to as Non-Guarantor Subsidiaries. 

 

The consolidating condensed financial statements arepresented below and should be read in connection with the Condensed ConsolidatedFinancial Statements of the Company. Separate financial statements of theGuarantors are not presented because (i) the Guarantors are wholly-owned andhave fully and unconditionally guaranteed the Senior Notes on a joint andseveral basis, and (ii) the Company's management has determined such separatefinancial statements are not material to investors. 

 

The following consolidating condensed financial informationpresents: the consolidating condensed balance sheets as of March 31, 2006 and December31, 2005, and the consolidating condensed statements of operations andstatements of cash flows for the quarters ended March 31, 2006 and 2005 of (a)the Parent; (b) the Guarantor Subsidiaries; (c) the Non-Guarantor Subsidiaries;(d) elimination entries; and (e) the Parent, the Guarantor Subsidiaries and theNon-Guarantor Subsidiaries on a consolidated basis. 

 

Investments in subsidiaries are accounted for on the equitymethod. The principal elimination entries eliminate investments insubsidiaries, intercompany balances, intercompany transactions and intercompanysales. 

 

 

**(INDEX)**

****

**CONSOLIDATING CONDENSED BALANCESHEET**

**As of March 31, 2006**

(In thousands)

** **
   
** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **
      
** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**
      
**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
         
ASSETS
      
    Cash and cash equivalents
$
-

$

75,554

$

5,022

$

-

$

80,576
   
    Restricted cash
   
-

101

-

-

101
   
    Receivables
      
      Trade, net
   
-

23,417

13,008

-

36,425
   
      Notes and other, net
   
59

401

674

-

1,134
   
    Intercompany receivables (payables)
   
262,342

(262,043

)

(31

)

(268

)

-
   
    Investment in subsidiaries
   
(84,598

)

251,022

41,909

(208,333

)

-
   
    Net seismic data library
   
-

65,235

45,972

(4,031

)

107,176
   
    Net property and equipment
   
-

4,592

4,361

-

8,953
   
    Oil and gas operations held for sale
   
-

219

-

219
   
    Investment in marketable securities
   
-

-

82

-

82
   
    Prepaid expenses, deferred charges
      
      and other	
   
5,496

7,199

842

-

13,537
   
    Deferred income taxes
   
-

-

5,347

-

5,347
         
    TOTAL ASSETS

$
183,299

$

165,697

$

117,186

$

(212,632

)

$

253,550
         
LIABILITIES AND STOCKHOLDERS'
      
    EQUITY
      
    LIABILITIES
      
       Accounts payable and accrued liabilities

$
6,741

$

9,667

$

7,956

$

-

$

24,364
   
       Oil and gas operations held for sale
   
-

24

-

-

24
   
       Senior Notes
   
185,395

-

-

-

185,395
   
       Notes payable
   
368

-

-

-

368
   
       Obligations under capital leases
   
-

-

2,938

-

2,938
   
       Deferred revenue
   
-

32,123

12,262

-

44,385
   
    TOTAL LIABILITIES
   
192,504

41,814

23,156

-

257,474
         
STOCKHOLDERS' EQUITY
      
       Common stock
   
1,549

-

-

-

1,549
   
       Additional paid-in capital
   
238,744

-

-

-

238,744
   
       Parent investment
   
-

209,770

22,186

(231,956

)

-
   
       Retained earnings (deficit)
   
(249,488

)

(85,878

)

66,563

19,315

(249,488
   
       Accumulated other comprehensive
      
          income (loss)
   
(10

)

(9

)

5,281

9

5,271
   
    TOTAL STOCKHOLDERS'
      
      EQUITY (DEFICIT)
   
(9,205

)

123,883

94,030

(212,632

)

(3,924
         
TOTAL LIABILITIES AND
      
    STOCKHOLDERS' EQUITY	
$
183,299

$

165,697

$

117,186

$

(212,632

)

$

253,550
   
 

**(INDEX)**

**CONSOLIDATING CONDENSED STATEMENT OFOPERATIONS**

**For the Quarter Ended March 31, 2006**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **
   
**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
                                                   
REVENUE

$

-

$

31,297

$

14,209

$

(808

)

$

44,698
                                                
EXPENSES:

    Depreciation and amortization

-

14,090

9,864

(176

)

23,778

    Gain on sale of seismic data

-

(2,403

)

-

2,146

(257

)

    Cost of sales

-

104

4

-

108

    Selling, general and administrative	

572

5,695

3,571

(808

)

9,030

572

17,486

13,439

1,162

32,659
                                                
INCOME (LOSS) FROM OPERATIONS

(572

)

13,811

770

(1,970

)

12,039
                                                
Interest expense, net

(429

)

(4,139

)

(340

)

-

(4,908

)

Foreign currency exchange gains (losses)

-

53

(214

)

-

(161

)
                                                
Income (loss) from continuing operations	

    before income taxes and equity in	

    income of subsidiaries	

(1,001

)

9,725

216

(1,970

)

6,970

Provision for income taxes

-

34

150

-

184

Equity in income of subsidiaries

7,800

65

-

(7,865

)

-
                                                
Income from continuing operations	

6,799

9,756

66

(9,835

)

6,786
                                                
Income from discontinued operations

-

13

-

-

13
                                                
NET INCOME 

$

6,799

$

9,769

$

66

$

(9,835

)

$

6,799

 

**(INDEX)**

**CONSOLIDATING CONDENSED STATEMENT OFCASH FLOWS**

**For the Quarter Ended March 31, 2006**

(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 of

                       continuing  operations

$

(11,630

)

$

19,733

$

5,910

$

-

$

14,013
                                                
Cash  flows from investing activities:

        Cash invested in seismic  data

-

(7,453

)

(5,785

)

2,146

(11,092

)

        Cash paid to acquire  property

              and equipment

-

(136

)

(119

)

-

(255

)

        Cash from sale of seismic  data

-

2,146

-

(2,146

)

-

        Cash from disposal of  property

              and equipment

-

3

-

-

3

        Increase in restricted  cash

-

(16

)

-

-

(16

)

              Net cash used in  investing activities 

             	of continuing  operations

-

(5,456

)

(5,904

)

-

(11,360

)
                                                
Cash  flows from financing activities:

        Principal payments on notes  payable

(10

)

-

-

-

(10

)

        Principal payments on  capital

              lease obligations

-

-

(9

)

-

(9

)

        Borrowings on line of credit

-

-

25

-

25

        Payments on line of credit

-

-

(25

)

-

(25

)

        Purchase of common stock

              subsequently retired

(252

)

-

-

-

(252

)

        Payments on notes  receivable from 

              officers, employees  and director

-

7

-

-

7

        Intercompany transfers

11,892

(10,132

)

(1,760

)

-

-

              Net cash provided by  (used in) 

                       financing  activities of

                       continuing  operations

11,630

(10,125

)

(1,769

)

-

(264

)
                                                
Effect of exchange rate changes

-

-

118

-

118

    Cash flows from discontinued operations:

        Cash provided by operating  activities

-

15

-

-

15

        Cash used in investing  activities

-

(43

)

-

-

(43

)

Net increase (decrease) in cash

        and cash equivalents

-

4,124

(1,645

)

-

2,479

Cash and cash equivalents at

        beginning of period

-

71,430

6,667

-

78,097

Cash and cash equivalents at end  of period

$

-

$

75,554

$

5,022

$

-

$

80,576

 

**(INDEX)**

**CONSOLIDATING CONDENSED BALANCESHEET**

**As of December 31, 2005**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **

** **

**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**

** **
                                                
ASSETS

    Cash and cash equivalents

$

-

$

71,430

$

6,667

$

-

$

78,097

    Restricted cash

-

85

-

-

85

    Receivables

      Trade, net

-

17,150

10,235

-

27,385

      Notes and other, net

59

40

410

-

509

    Intercompany receivables (payables)

268,213

(269,191

)

978

-

-

    Investment in subsidiaries

(92,421

)

251,704

41,454

(200,737

)

-

    Net seismic data library

-

69,056

44,950

(2,060

)

111,946

    Net property and equipment

-

4,825

4,631

-

9,456

    Oil and gas operations held for sale

-

194

-

-

194

    Investment in marketable securities

-

-

54

-

54

    Prepaid expenses, deferred charges

      and other	

5,794

6,559

718

-

13,071

    Deferred income taxes

-

-

5,874

-

5,874
                                                
    TOTAL ASSETS

$

181,645

$

151,852

$

115,971

$

(202,797

)

$

246,671
                                                
LIABILITIES AND STOCKHOLDERS'

    EQUITY

    LIABILITIES

       Accounts payable and accrued liabilities

$

12,350

$

8,947

$

4,369

$

-

$

25,666

       Income taxes payable

-

-

276

-

276

       Oil and gas operations held for sale

-

40

-

-

40

       Senior Notes

185,272

-

-

-

185,272

       Notes payable

378

-

-

-

378

       Obligations under capital leases

-

-

2,950

-

2,950

       Deferred revenue

-

28,752

14,498

-

43,250

    TOTAL LIABILITIES

198,000

37,739

22,093

-

257,832
                                                
STOCKHOLDERS' EQUITY

       Common stock

1,536

-

-

-

1,536

       Additional paid-in capital

241,289

-

-

-

241,289

       Parent investment

-

209,770

22,186

(231,956

)

-

       Retained earnings (deficit)

(256,227

)

(95,647

)

66,497

29,150

(256,227

)

       Deferred compensation - restricted stock	

(2,944

)

-

-

-

(2,944

)

       Notes receivable from officers

         and employees

-

(1

)

-

-

(1

)

       Accumulated other comprehensive

         income (loss)

(9

)

(9

)

5,195

9

5,186

    TOTAL STOCKHOLDERS' EQUITY

       (DEFICIT)

(16,355

)

114,113

93,878

(202,797

)

(11,161

)
                                                
TOTAL LIABILITIES AND 

    STOCKHOLDERS' EQUITY	

$

181,645

$

151,852

$

115,971

$

(202,797

)

$

246,671

 

**(INDEX)**

**CONSOLIDATING CONDENSED STATEMENT OFOPERATIONS**

**For the Quarter Ended March 31, 2005**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **
   
**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
                                                   
REVENUE

$

-

$

27,387

$

21,604

$

(1,685

)

$

47,306
                                                
EXPENSES:

    Depreciation and amortization

-

19,446

13,952

(141

)

33,257

    Cost of sales

-

32

7

-

39

    Selling, general and administrative	

514

4,928

4,263

(1,685

)

8,020

514

24,406

18,222

(1,826

)

41,316
                                                
INCOME (LOSS) FROM OPERATIONS

(514

)

2,981

3,382

141

5,990
                                                
Interest expense, net

(448

)

(4,858

)

(644

)

-

(5,950

)

Foreign currency exchange gains (losses)

-

5

(197

)

-

(192

)
                                                
Income (loss) from continuing operations	

    before income taxes and equity in	

    income of subsidiaries	

(962

)

(1,872

)

2,541

141

(152

)

Provision for income taxes

-

5

6

-

11

Equity in income of subsidiaries

816

2,541

-

(3,357

)

-
                                                
Income (loss) from continuing operations	

(146

)

664

2,535

(3,216

)

(163

)
                                                
Income from discontinued operations

-

17

-

-

17
                                                
NET INCOME (LOSS)

$

(146

)

$

681

$

2,535

$

(3,216

)

$

(146

)

 

**(INDEX)**

**CONSOLIDATING CONDENSED STATEMENT OFCASH FLOWS**

**For the Quarter Ended March 31, 2005**

(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 of

                            continuing  operations

$

(12,754

)

$

23,636

$

13,914

$

-

$

24,796
                                                
Cash  flows from investing activities:

        Cash invested in seismic  data

-

(11,047

)

(13,171

)

-

(24,218

)

        Cash paid to acquire  property

              and equipment

-

(160

)

(61

)

-

(221

)

        Increase in restricted  cash

-

(1

)

-

-

(1

)

              Net cash used in  investing activities 

             	of continuing  operations

-

(11,208

)

(13,232

)

-

(24,440

)
                                                
Cash  flows from financing activities:

        Principal payments on notes  payable

(9

)

(120

)

-

-

(129

)

        Principal payments on  capital

              lease obligations

(417

)

-

(7

)

-

(424

)

        Costs of debt and equity  transactions

(181

)

-

-

-

(181

)

        Payments on notes  receivable from 

              officers, employees  and director

-

12

-

-

12

        Intercompany transfers

13,361

(13,361

)

-

-

-

              Net cash provided by  (used in) 

                            financing  activities of

                            continuing  operations

12,754

(13,469

)

(7

)

-

(722

)
                                                
Effect of exchange rate changes

-

-

103

-

103

Cash flows  from discontinued

        operations (revised):

              Cash provided by  operating activities

-

106

-

-

106

Net increase (decrease) in cash

        and cash equivalents

-

(935

)

778

-

(157

)

Cash and cash equivalents

        at beginning of period

-

30,745

12,540

-

43,285

Cash and cash equivalents at end  of period

$

-

$

29,810

$

13,318

$

-

$

43,128

 
**(INDEX)**
**NOTE J-RECENTACCOUNTING PRONOUNCEMENTS**

InDecember 2004, the FASB issued SFAS No. 123(R), "Share-BasedPayment," which supersedes SFAS No. 148 - "Accounting for Stock-BasedCompensation - Transition and Disclosure - an amendment of FASB Statement No.123."  SFAS No. 123(R) establishes standards for transactions in which anentity exchanges its equity instruments for goods or services.  This standardrequires a public entity to measure the cost of employee services received inexchange for an award of equity instruments based on the grant-date fair valueof the award.  This eliminates the exception to account for such awards usingthe intrinsic method previously allowable under APB Opinion No. 25.  The Companyadopted SFAS No. 123(R) effective January 1, 2006.  Adoption of this standard increasedthe Company's net income by $703,000 for the three months ended March 31, 2006.

In December2004, the FASB issued SFAS No. 153, "Exchanges of Nonmonetary Assets - anamendment of APB Opinion No. 29".  This statement addresses the measurement ofexchanges of nonmonetary assets.  It eliminates the exception from fair valuemeasurement for nonmonetary exchanges of similar productive assets in paragraph21(b) of APB Opinion No. 29, "Accounting for Nonmonetary Transactions,"and replaces it with an exception for exchanges that do not have commercialsubstance.  This statement specifies that a nonmonetary exchange has commercialsubstance if the future cash flows of the entity are expected to changesignificantly as a result of the exchange.  The Company adopted SFAS No. 153 effectiveJanuary 1, 2006.  Adoption of this standard did not have any financial impacton the Company.

In June2005, the FASB issued SFAS No. 154, "Accounting Changes and ErrorCorrections, a replacement of APB Opinion No. 20, Accounting Changes, andStatement No. 3, Reporting Accounting Changes in Interim FinancialStatements." SFAS No. 154 changes the requirements for the accounting forand reporting of a change in accounting principle. Previously, most voluntarychanges in accounting principles required recognition via a cumulative effectadjustment within net income of the period of the change. SFAS No. 154 requiresretrospective application to prior periods' financial statements, unless it isimpracticable to determine either the period-specific effects or the cumulativeeffect of the change. Other than the adoption of SFAS No. 123(R), the Companydid not have any accounting changes or error corrections; therefore, theadoption of SFAS No. 154 on January 1, 2006 did not have any affect on theCompany's financial position, results of operations or cash flows.

 
Item 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS
**CAUTIONARYSTATEMENTS CONCERNING FORWARD-LOOKING INFORMATION**

****This Quarterly Report on Form 10-Q contains forward-looking statements.  Statementscontained in this report about Seitel, Inc.'s future outlook, prospects,strategies and plans, and about industry conditions, demand for seismicservices and the future economic life of our seismic data are forward-looking. All statements that express belief, expectation, estimates or intentions, aswell as those that are not statements of historical fact, are forward looking.The words "proposed," "anticipates," "anticipated,""will," "would," "should," "estimates"and similar expressions are intended to identify forward-looking statements. Forward-looking statements represent our reasonable present belief and arebased on our current 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 outcomereflected in our forward-looking statements.  In light of these risks,uncertainties and assumptions, the forward-looking events discussed in this quarterlyreport may not occur.  Such risks and uncertainties include, without limitation,our ability to comply with the terms of our final judgment of permanentinjunction by the SEC, the impact on our results of operations of oursignificant amount of debt service and interest expense, our ability to obtainand maintain normal terms with our vendors and service providers, our abilityto maintain contracts that are critical to our operations, changes in the oiland gas industry or the economy generally, changes in the exploration budgetsof our customers, actual customer demand for our seismic data and relatedservices, the timing and extent of changes in commodity prices for natural gas,crude oil and condensate and natural gas liquids and conditions in the capitalmarkets and equity markets during the periods covered by the forward-lookingstatements.  The foregoing and other risk factors are identified in our AnnualReport on Form 10-K filed with the Securities and Exchange Commission for theyear ended December 31, 2005.  

 

 

**(INDEX)**

****

The forward-lookingstatements contained in this report speak only as of the date hereof.  Weundertake no obligation to publicly update or revise any forward-lookingstatements, whether as a result of new information, future events or any otherreason.  All forward-looking statements attributable to Seitel, Inc. or anyperson acting on its behalf are expressly qualified in their entirety by thecautionary statements contained or referred to in our annual report filed onForm 10-K and in our future periodic reports filed with the SEC. 

 

**Overview**

** **

**General**

 

Wehave 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, if not the largest, availablefor licensing in the United States and Canada. We also have ownership in alibrary of offshore data covering parts of the U.S. Gulf of Mexico shelf andcertain deep water areas in the western and central U.S. Gulf of Mexico. Wegenerate revenue primarily by licensing data from our data library and from newdata acquisition substantially underwritten or paid for by clients.  Oil andgas companies use seismic data in oil and gas exploration and developmentefforts to increase the probability of drilling success.  By participating inunderwritten, nonexclusive surveys or purchasing licenses to existing data, oiland gas companies can obtain access to surveys at reduced costs as compared toacquiring seismic data on a proprietary basis.

Ourprimary areas of focus are onshore U.S. and Canada and, to a lesser extent,offshore U.S. Gulf of Mexico.  These markets continue to experience majorchanges.  Having spent several years increasing their focus on international explorationopportunities, several major oil companies are becoming more active in the U.S. market than in the past few years.  Independent oil and gas companies continue to be responsiblefor a significant portion of current U.S. drilling activity.  Productiondecline rates are accelerating worldwide and are the most pronounced in maturefields of North America, while commodity prices for oil and natural gas are athigh levels.  We expect the demand for natural gas to continue to increase,which we anticipate will increase exploration activity over the next two tothree years in the U.S. and Canada.

Since 2002, we have focused on our core businessactivities, improved our capital spending discipline and reduced operatingcosts.  We believe our operating cost structure is aligned with our currentlevel of business.  Since emerging from bankruptcy in 2004, the principalamount of our outstanding indebtedness has been reduced to $188.7 million at March31, 2006 and our cash balance has grown to $80.6 million at March 31, 2006. 

Over the last two years, we have achieved an averagereturn on investment in excess of 40% on new data acquired.  We determinereturn on investment by dividing the amount of non-exclusive data licenserevenue earned on data added to our library by the amount of the grossinvestment in the data, net of underwriting.  This percentage is useful becauseit reflects our ability to recover the capital investment on data added to ourlibrary, but should not be considered as an alternative to net income, as anindicator of our operating performance or as a measure of liquidity, includingas an alternative to cash flows from operating activities.  We believe that wewill be able to sustain the improvement of our return on investment over thenext year provided the overall demand for seismic data remains strong with thehigher commodity prices.  Our clients continue to seek our services to createdata in the U.S. and in Canada.  Our current commitment for underwriting on newdata creation projects is $32.7 million, more than double from a year ago.  Licensing data "off the shelf" does notrequire the longer planning and lead times like new data creation and thus ismore likely to fluctuate quarter to quarter.

**Principal Factors Affecting Our Business**

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

***Demand for Seismic Data.***  Demand for ourproducts and services is cyclical due to the nature of the energy 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 to forgo ownership inthe seismic data. Capital expenditures by oil and gas companies depend uponseveral factors, including actual and forecasted petroleum commodity prices,prospect availability and the companies' own short-term and strategic plans.These capital expenditures may also be affected by worldwide economic orindustry-wide conditions. Demand for our seismic data is more likely to beinfluenced by natural gas prices rather than crude oil prices due to thegeographic areas covered by our seismic data. 

 

**(INDEX)**

****

***Availability of Capital for Our Customers.***  Many of our customersconsist of independent oil and gas companies and private prospect-generatingcompanies that rely primarily on private equity capital to fund theirexploration, production, development and field management activities. Significantchanges in the private equity market and the availability of private equitycapital could have a material impact on the ability of such companies to obtainfunding necessary to purchase our seismic data.

***Merger and Acquisition Activity.*** In recent years, therehas been an increase in the level of merger and acquisition activity within ourclient base. This activity could have a negative impact on seismic companiesthat operate in markets with a limited number of participating clients.However, we believe that, over time, this activity could have a positive impacton our business, as it should generate re-licensing fees, result in increasedvitality in the trading of mineral interests and result in the creation of newindependent customers through the rationalization of staff within thosecompanies affected by this activity.

***Natural Gas Reserve Replacement.***  Oil and gas reservesare currently being depleted at a rate estimated by industry analysts of 5% to10% per year for the major oil and gas operators. As a result, we believe thereis an increasing need in the oil and gas industry to replace these reserves,which we anticipate will increase the 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 and health and safety laws. We invest financial andmanagerial resources to comply with these laws and related permit requirements.Modification of existing laws or regulations and the adoption of new laws orregulations limiting or increasing exploration or production activities by oiland gas companies may have a material effect on our business operations.

** Seasonality and Timing Factors**

Our results ofoperations fluctuate from quarter to quarter due to a number of factors. Ourresults are influenced by oil and gas industry capital expenditure budgets andspending patterns. These budgets are not necessarily spent in equal orprogressive increments during the year, with spending patterns affected byindividual oil and gas company requirements as well as industry-wideconditions. In addition, under our revenue recognition policy, revenuerecognition from data licensing contracts is dependent, among other things,upon when the customer selects the data. As a result, our seismic data revenuedoes not necessarily flow evenly or progressively during a year or from year toyear. Although the majority of our data licensing transactions provide for feesto us of under $500,000 per transaction, occasionally a single data licensetransaction from our library, including those resulting from the merger andacquisition of our oil and gas company customers, may be substantially larger.Such large license transactions or an unusually large number of, or reductionin, data selections by customers can materially impact our results during aquarter, creating an impression of a revenue trend that may not be repeated insubsequent periods. In our data creation activities, weather-related or otherevents outside our control may impact or delay surveys during any givenquarter.

**Non-GAAP Key PerformanceMeasures**

** **Management considers a variety ofperformance measures in evaluating and managing our financial condition andoperating performance at various times and from time to time. Certain of theseperformance measures are non-GAAP financial measures. Generally, a non-GAAPfinancial measure is a numerical measure of a company's performance, financialposition or cash flows that either excludes or includes amounts that are notnormally excluded or included in the most directly comparable measurecalculated and presented in accordance with United States generally acceptedaccounting principles, or GAAP. These non-GAAP measures are not in accordancewith, nor are they a substitute for, GAAP measures. These non-GAAP measures areintended to supplement our presentation of our financial results that areprepared in accordance with GAAP.

The following are the key performancemeasures considered by management.

 

**(INDEX)**

****

**Cash Resales**

Cash resales represent new contracts for data licenses from ourlibrary, payable in cash. We expect cash resales to generally follow aconsistent trend over several quarters, while considering our normalseasonality. Volatility in this trend over several consecutive quarters couldindicate changing market conditions.  The following is a reconciliation of thisnon-GAAP financial measure to the most directly comparable GAAP financialmeasure, total revenue (in thousands):

Three Months Ended

March 31,

2006

2005

Cash resales

$

33,626

$

24,212

Other revenue components:

       Acquisition revenue

10,644

12,419

       Non-monetary exchanges

2,037

605

       Revenue deferred

(14,883

)

(12,667

)

       Recognition of revenue  previously deferred

11,004

21,625

       Solutions and other

2,270

1,112

Total revenue, as reported

$

44,698

$

47,306

**Cash Margin**

Cash margin includes cash resales plusall other cash revenues other than from data acquisitions, gain on sale ofseismic data, less cash selling, general and administrative expenses and costof goods sold.  We believe this measure is helpful in determining the level ofcash from operations we have available for debt service and funding of capitalexpenditures (net of the portion funded or underwritten by our customers).  Thefollowing is a quantitative reconciliation of this non-GAAP financial measureto the most directly comparable GAAP financial measure, operating income (inthousands):

Three Months Ended

March 31,

2006

2005

Cash margin	

$

27,619

$

17,619

Add (subtract) other revenue components not	

           included in cash margin:

              Acquisition revenue

10,644

12,419

              Non-monetary exchanges

2,037

605

              Revenue deferred

(14,883

)

(12,667

)

              Recognition of revenue previously deferred

11,004

21,625

Less:

              Depreciation and amortization

(23,778

)

(33,257

)

              Non-cash operating expenses

(604

)

(354

)

Operating income, as reported

$

12,039

$

5,990

 

**Growth of Our Seismic Data Library**

 

We regularly add to our seismic datalibrary through four different methods: (1) recording new data; (2) buyingownership of existing data for cash; (3) obtaining ownership of existing datasets through non-monetary exchanges; and (4) creating new value-added productsfrom existing data within our library.  For the period from January 1, 2006 to April28, 2006, we completed the addition of approximately 730 square miles ofseismic data to our library.  For the year ended December 31, 2005, we completedthe addition of approximately 2,100 square miles of seismic data to ourlibrary.  As of April 28, 2006, we had approximately 700 square miles ofseismic data in progress.

 

**CriticalAccounting Policies**

We operate in one business segment, which is made up of seismic dataacquisition, seismic data licensing, seismic data processing and seismicreproduction services.  

 

As of January 1, 2006, we adopted SFASNo. 123(R), "Share-Based Payment," to account for stock basedemployee compensation.  SFAS 123(R) requires us to record the cost ofstock options and other equity-based compensation in our income statement basedupon the estimated fair value of those awards. Other than the adoption of SFAS No. 123(R), therehave not been any changes in our critical accounting policies since December31, 2005.

 

**(INDEX)**

****

**Results of Operations**

****The following tablesummarizes the components of our revenue for the three months ended March 31, 2006and 2005 (in thousands):

 

Three  months ended

March  31,

2006

2005

Acquisition revenue:

              Cash underwriting

$

8,809

$

12,032

              Underwriting from non-monetary exchanges

1,835

387

              Total acquisition revenue

10,644

12,419

Licensing revenue:

              Cash resales

33,626

24,212

              Non-monetary exchanges

2,037

605

              Revenue deferred

(14,883

)

(12,667

)

              Recognition of revenue previously  deferred

11,004

21,625

              Total resale revenue

31,784

33,775

Solutions and other

2,270

1,112

Total revenue

$

44,698

$

47,306

 

Totalrevenue decreased 5.5% between periods.  Cash resales and non-monetaryexchanges increased 43.7% from the first quarter of 2005 to the first quarterof 2006 reflecting the continued strong demand for our seismic data in allareas.  This increase was offset by a reduction of $12.8 million in the levelof timing of revenue recognition (i.e., revenue deferred and recognition ofrevenue previously deferred).  The first quarter of 2005 included an unusuallyhigh level of revenue recognized from previously deferred contracts, orselections, resulting in a $10.6 million decrease between periods.  Acquisitionrevenue decreased $1.8 million in 2006, or 14.3%, primarily due to loweracquisition revenue in Canada due to a later start on the winter programs thanin 2005.  Solutions and other revenue increased by 104% from the first quarterof 2005 primarily due to an increase in the level of reproduction and deliveryservices provided in the first quarter of 2006.

At March 31, 2006, we had a deferred revenue balance of $44.4 million, comparedto the December 31, 2005 balance of $43.3 million.  The deferred revenue willbe recognized when selection of the data is made by the customer or uponexpiration of the selection period, whichever occurs first.

Seismic data library amortization amounted to $23.1 million in the firstquarter of 2006 compared to $32.2 million in the first quarter of 2005.  Theamount of seismic data library amortization fluctuates based on the level andlocation of specific seismic surveys licensed (including licensing resultingfrom new data acquisition) and selected by our customers during any period aswell as the amount of straight-line amortization required under our accountingpolicy.  

Seismic data amortization as of percentage of seismiclicensing revenue is summarized as follows (in thousands):

Three Months  Ended

Percentage of

Components of  Amortization

March 31,

Revenue

2006

2005

2006

2005

Income  forecast

$

15,900

$

20,794

37.5

%

45.0

%

Straight-line

7,214

11,432

17.0

%

24.8

%

Total

$

23,114

$

32,226

54.5

%

69.8

%

The decreasein the percentage of income forecast amortization to revenue in 2006 isprimarily due to the mix of data being licensed, including the effects of thelevel of revenue recognized on fully amortized data.  In the first quarter of2006, 62% of resale revenue recognized was from data whose costs were fullyamortized as compared to 49% in the first quarter of 2005.  The decrease in theamount of straight-line amortization is principally due to surveys that wereless than four years of age at the time of the revision in useful life becomingfully amortized.

 

**(INDEX)**

****

In thefirst quarter of 2006, we sold certain seismic surveys located in Canada as required by an agreement entered into in 1993.  We recorded a gain of $257,000related to such sale.

Selling,general and administrative ("SG&A") expenses were $9.0 million inthe first quarter of 2006 compared to $8.0 million in the first quarter of 2005.  The increase in SG&A expense is primarily due to (1) an increase incompensation expense resulting from performance based compensation expenseassociated with the Company's incentive compensation plan and merit increasesin base salaries and (2) an increase in professional fees incurred during thefirst quarter of 2006 resulting from the timing of services provided. Partially offsetting these increases was a reduction in commission expense dueto lower revenue recognized in the first quarter of 2006 and a lower effectivecommission rate on selections of data from our library as compared to the prioryear.                                                                           

Interest expense, net, was $4.9 million in the firstquarter of 2006 compared to $6.0 million in the first quarter of 2005.  The decreasedexpense is due to a higher level of interest income resulting from increasedcash balances as well as improved rates of return.

Tax expensewas $184,000 in the first quarter of 2006 compared to $11,000 in the firstquarter of 2005.  The 2006 expense primarily relates to taxes on our Canadianoperations.  The income tax expense recorded on our U.S. operations was offsetby a reduction in our deferred tax asset valuation allowance resulting in notax expense in the U.S. for the 2006 first quarter.  
**Liquidity and Capital Resources**Sources and Uses of Liquidity
As of April 28, 2006, we had approximately $84.2 millionin consolidated cash, cash equivalents and short-term investments.  

***U.S. Credit Facility.***  We havein place a revolving credit facility for up to $30 million, subject toborrowing base limitations.  The borrowing base is determined from time to timebased on the lesser of:
-  $30 million, 
-  0.75 times our U.S. cash operating income(defined as cash revenue, derived primarily from seismic data acquisitionrevenue, cash library licensing revenue and Solutions revenue, less cost ofsales and SG&A, before depreciation and amortization expense for thetrailing 12-month period), or
-  the sum of (1) 85% of eligible U.S. short termaccounts (defined as accounts that are not long term accounts and within 90 daysof invoice date), (2) 50% of eligible U.S. long term accounts (defined asaccounts 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 (3)$20 million.

Interest is payable at an applicable margin above eitherLIBOR or the prime rate.  The facility is secured by a first priority,perfected security interest in substantially all of our U.S. assets and a pledge of all of the issued and outstanding capital stock of our U.S. subsidiaries.  The facility expires on July 2, 2007.  At April 28, 2006, there was nooutstanding balance under the facility and there was $30 million ofavailability.  Covenants in the agreement limit our ability to, among otherthings, incur additional indebtedness, pay dividends, and complete mergers,acquisitions and sales of assets.  In addition, the agreement requires us tomaintain certain financial ratios.  We were in compliance with all suchcovenants and ratios as of March 31, 2006.

***Canadian Credit Facility.*** Our wholly owned subsidiary, Olympic Seismic Ltd. ("Olympic"), has in place a revolving credit facility which allows itto borrow up to $5 million (Canadian), subject to an availability formula, byway of prime-based loans, bankers' acceptances or letters of credit. The rateapplicable to borrowings is the bank's prime rate plus 0.35% per annum and tobankers' 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 us or any of our other U.S. subsidiaries. However, all intercompanydebt owing by Olympic, SEIC Trust Administration Ltd., SEIC Business Trust orSEIC Holdings, Ltd. to us, SEIC Partners Limited Partnership or to any of our U.S. subsidiaries (approximately $37.1 million (Canadian) at March 31, 2006) has beensubordinated to the repayment of the revolving credit facility. Availableborrowings under the facility are equivalent to a maximum of $5 million(Canadian), subject to a requirement that such borrowings may not exceed 75% ofgood accounts receivable (as defined in the agreement) of SEIC TrustAdministration, less prior-ranking claims, if any, relating to inventory oraccounts. The facility is subject to repayment upon demand and is availablefrom time to time at the bank's sole discretion. As of April 28, 2006, no amountswere outstanding on this revolving line of credit and $5 million (Canadian) wasavailable on the line of credit. Olympic is not a party to any of the debtissued by us other than the note payable to a former executive.

 

**(INDEX)**

****

***11.75% Senior Unsecured Notes.***  On July 2,2004, we issued, in a private placement, $193 million aggregate principalamount of 11.75% senior unsecured notes.  These notes were offered at adiscount of 2.325% from their principal amount and mature on July 15, 2011.  Asof April 28, 2006, $189 million aggregate principal amount is outstanding.  Interestis payable in cash, semi-annually in arrears on January 15 and July 15 of eachyear, commencing on January 15, 2005. As required by their terms, our 11.75%senior notes were exchanged for senior notes of like amounts and terms in apublicly registered exchange offer in February 2005. The 11.75% senior notesare unsecured and are guaranteed by substantially all of our domesticsubsidiaries on a senior basis.  The 11.75% senior notes contain restrictivecovenants which limit our and our subsidiaries' ability to, among other things,incur additional indebtedness, make capital expenditures in excess of specifiedamounts, pay dividends and complete mergers, acquisitions and sales of assets.

From time to time on or before July 15, 2007, we mayredeem up to 35% of the aggregate principal amount of our 11.75% senior noteswith the net proceeds of equity offerings at a redemption price equal to111.75% of the principal amount, plus accrued and unpaid interest.  Subject tocertain conditions, if at the end of each fiscal year we have excess cash flow(as defined in the indenture) in excess of $5.0 million, we are required to use50% of the excess cash flow to fund an offer to repurchase our 11.75% seniornotes on a pro rata basis at 100% of its principal amount, plus accrued andunpaid interest.  If we have less than $5.0 million in excess cash flow at theend of any fiscal year, such excess cash flow will be carried forward tosucceeding years, and such repurchase offer will be required to be made in thefirst year in which the cumulative excess cash flow for all years in whichthere has not been an offer is at least $5.0 million.  We are required to makea repurchase offer only if there is no event of default under our revolvingcredit facilities prior to and after giving effect to the repurchase payment.  InMarch 2006, we offered to repurchase up to $8.5 million of the notes under theexcess cash flow requirement.  No notes were tendered in connection with thisoffer.  In connection with the 2004 excess cash flow offer, $4 million of noteswere paid down.  Upon a change of control (as defined in the indenture), eachholder of our 11.75% senior notes will have the right to require us to offer topurchase all of such holder's notes at a price equal to 101% of the principalamount, plus accrued and unpaid interest.

As of March 31, 2006, we had outstanding debt and lease obligations,with aggregate contractual cash obligations summarized as follows (in thousands):

Payments due by period

Remainder of

2012 and

Contractual  cash obligations

Total

2006

2007-2009

2010-2011

thereafter

Debt  obligations (1)(2)

$

311,658

$

11,159

$

66,838

$

233,559

$

102

Capital  lease obligations (2)

5,593

216

943

636

3,798

Operating  lease obligations

6,832

824

3,187

1,987

834

Total  contractual cash obligations

$

324,083

$

12,199

$

70,968

$

236,182

$

4,734

 

(1)         Debtobligations include the face amount of our 11.75% senior notes totaling $189million.

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

 

***OperatingActivities*.**  Cash flows provided by operating activities fromcontinuing operations were $14.0 million and $24.8 million for the three monthsended March 31, 2006 and 2005, respectively.  The decrease from 2005 to 2006 wasprimarily due to a reduction in the amount of cash received from customers.  Inthe first quarter of 2005, collections of receivables were higher than thefirst quarter of 2006 due to the high accounts receivable balance at December31, 2004.  

***Investing Activities***.  Cash flows used by investing activitiesfrom continuing operations were $11.4 million and $24.4 million for the threemonths ended March 31, 2006 and 2005, respectively.  Cash expenditures forseismic data were $11.1 million and $24.2 million for the three months endedMarch 31, 2006 and 2005, respectively.  The decrease in cash invested inseismic data was primarily due to lower cash purchases of data in the 2006first quarter as well as the effect of working capital changes.

 

**(INDEX)**

****

***Financing Activities****.*  Cash flowsused in financing activities were $264,000 and $722,000 for the three monthsended March 31, 2006 and 2005, respectively.  During the three months endedMarch 31, 2006 payments on term loans and capital leases equaled $19,000, ascompared to $553,000 in the 2005 period.  

 

***Anticipated Liquidity.***  Our ability to make requiredpayments of principal and interest on borrowings under our revolving creditfacilities and our 11.75% senior notes, incur additional indebtedness, andcomply with our various debt covenants, will depend primarily on our ability togenerate substantial operating cash flows. Over the next 12 months, we expectto obtain the funds necessary to pay our operating, capital and other expensesand principal and interest on our 11.75% senior notes, borrowings under ourrevolving credit facilities and our other indebtedness, from our operating cashflows, 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, 2006, we had a net deferred tax asset of $5.4million attributable to our Canadian operations, which was partially offset bya valuation allowance of $57,000.  In the U.S., we had a net deferred tax assetof $89.1 million, all of which was fully offset by a valuation allowance.  Therecognition of the U.S. deferred tax asset will not occur until such time thatit is more likely than not that some portion or all of the deferred tax assetwill be realized.  As of March 31, 2006, the recovery of the U.S. deferred tax asset is not assured of realization.

Section 382 of the Internal Revenue Code places a limit oncertain tax attributes which were in existence prior to a greater than 50%change in ownership.  The rules use a rolling three-year period fordetermination of such change.  Currently, we do not anticipate that anyremaining U.S. tax credit carryforwards or certain other of our tax attributesapplicable to periods prior to the effective date of the Plan (collectively,"pre-change losses") will be subject to limitation under Section 382of the Internal Revenue Code as a result of the Plan.  However, we willcontinue to analyze and monitor ownership changes to identify potentiallimitations pursuant to Section 382.  

**Off-Balance Sheet Transactions**

 

Other than operating leases, we donot maintain any off-balance sheet transactions, arrangements, obligations orother relationships with unconsolidated entities or others that are reasonablylikely to have a material current or future effect on our financial condition,changes in financial condition, revenue or expense, results of operations,liquidity, capital expenditures or capital resources.

**Capital Expenditures**

****During the first threemonths of 2006, capital expenditures for seismic data and other property andequipment amounted to $18.6 million.  Our capital expenditures for theremainder of 2006 are presently estimated to be $74.4 million.  The firstquarter 2006 actual and 2006 estimated remaining capital expenditures arecomprised of the following (in thousands):  

 

Actual for

Three Months 

Estimate For

Ended

Remainder of

March 31, 2006

2006

New data acquisition

$

14,842

$

50,458

Cash purchases of seismic data and  other

1,459

5,241

Non-monetary exchanges

2,059

16,641

Other property and equipment

266

2,034

Total capital expenditures

18,626

74,374

Less: Non-monetary exchanges

(2,059

)

(16,641

)

Changes in working capital

(5,220

)

-

Cash investment per statement of  cash flows
$
11,347   $
57,733   
The capital expenditures discussed above are within thecapital expenditure limitations imposed by our 11.75% senior notes and U.S. revolving credit facility.

Capital expenditures funded fromoperating cash flow are as follows (in thousands):

Actual for

Three Months 

Estimate For

Ended

Remainder of

March 31, 2006

2006

Total capital expenditures

$

18,626

$

74,374

Less:

Non-cash additions

(2,059

)

(16,641

)

Cash underwriting

(8,809

)

(31,291

)

Capital expenditures funded from  operating cash flow
$
7,758
   $
26,442
   
 

**(INDEX)**

****

As of April 28, 2006, we had capital expenditurecommitments related to data acquisition projects of approximately $44.6 millionof which we have obtained approximately $30.5 million of cash underwriting and $2.2 million of underwriting for non-monetary exchanges.

**Recent Accounting Pronouncements**

InDecember 2004, the FASB issued SFAS No. 123(R), "Share-BasedPayment," which supersedes SFAS No. 148 - "Accounting for Stock-BasedCompensation - Transition and Disclosure - an amendment of FASB Statement No.123."  SFAS No. 123(R) establishes standards for transactions in which anentity exchanges its equity instruments for goods or services.  This standardrequires a public entity to measure the cost of employee services received inexchange for an award of equity instruments based on the grant-date fair valueof the award.  This eliminates the exception to account for such awards usingthe intrinsic method previously allowable under APB Opinion No. 25.  TheCompany adopted SFAS No. 123(R) effective January 1, 2006.  Adoption of thisstandard increased the Company's net income by $703,000 for the three monthsended March 31, 2006. 

 

In December2004, the FASB issued SFAS No. 153, "Exchanges of Nonmonetary Assets - anamendment of APB Opinion No. 29".  This statement addresses the measurement ofexchanges of nonmonetary assets.  It eliminates the exception from fair valuemeasurement for nonmonetary exchanges of similar productive assets in paragraph21(b) of APB Opinion No. 29, "Accounting for Nonmonetary Transactions",and replaces it with an exception for exchanges that do not have commercialsubstance.  This statement specifies that a nonmonetary exchange has commercialsubstance if the future cash flows of the entity are expected to changesignificantly as a result of the exchange.  The Company adopted SFAS No. 153 effectiveJanuary 1, 2006.  Adoption of this standard did not have any financial impacton the Company.

 

In June2005, the FASB issued SFAS No. 154, "Accounting Changes and ErrorCorrections, a replacement of APB Opinion No. 20, Accounting Changes, andStatement No. 3, Reporting Accounting Changes in Interim FinancialStatements." SFAS No. 154 changes the requirements for the accounting forand reporting of a change in accounting principle. Previously, most voluntarychanges in accounting principles required recognition via a cumulative effectadjustment within net income of the period of the change. SFAS No. 154 requiresretrospective application to prior periods' financial statements, unless it isimpracticable to determine either the period-specific effects or the cumulativeeffect of the change. Other than the adoption of SFAS No. 123(R), the  Companydid not have any accounting changes or error corrections; therefore, theadoption of SFAS No. 154 on January 1, 2006 did not have any affect on theCompany's financial position, results of operations or cash flows.
 Item 3.  QUANTITATIVE AND QUALITATIVEDISCLOSURES ABOUT MARKET RISK
 

We are exposed tomarket risk, including adverse changes in interest rates and foreign currencyexchange rates.  

**Interest Rate Risk**

****We may enter into variousfinancial instruments, such as interest rate swaps, to manage the impact ofchanges in interest rates.  As of March 31, 2006, we did not have any openinterest rate swap or interest rate lock agreements.  Therefore, our exposureto changes in interest rates primarily results from our short-term andlong-term debt with both fixed and floating interest rates.

 

 

**(INDEX)**

****

**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 the market risk exposures sinceDecember 31, 2005.

**Item 4.  CONTROLS AND PROCEDURES**

**(a)**   **Evaluation of Disclosure Controls 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, 2006 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 Control Over Financial Reporting**

       

There have been no changes in our internal controls overfinancial reporting during the quarter ended March 31, 2006 that havematerially affected, or are reasonably likely to materially affect, ourinternal controls over financial reporting.

**PART II - OTHER INFORMATION**

**Item 1.   LEGALPROCEEDINGS**

SeePart I, Item 1, Note H to Consolidated Financial Statements, which isincorporated herein by reference.

**Item 1.A.   RISK FACTORS**

Therehave been no material changes from the risk factors as previously disclosed inour 2005 Form 10-K.
**Item 2.   UNREGISTEREDSALES OF EQUITY SECURITIES AND USE OF PROCEEDS**
Thefollowing table contains information about our purchases of equity securitiesfor the periods indicated:

Period

Total Number of Shares Purchased(1)

Average  Price Paid per Share

Total Number of Shares Purchased  as Part of Publicly Announced Plans or Programs

Maximum Number of Shares that May  Yet Be Purchased Under the Plans or Programs
               
January  1, 2006 - January 31, 2006

15,600

$2.15

-

-

February  1, 2006 - February 28, 2006

70,095

2.47

-

-

March 1,  2006 - March 31, 2006

14,106

3.23

-

-

Total

99,801

$2.53

-

-

(1)         Representsshares that were withheld by or returned to us to satisfy tax withholdingobligations that arose upon the issuance of common stock to employees or thevesting of restricted stock.  Such shares have been retired.

 

**(INDEX)**

****

**Items 3., 4.and 5.**  Not applicable. 

**Item6.   EXHIBITS**

3.1

Amended and Restated  Certificate of Incorporation of the Company (incorporated by reference from  Exhibit 3.1 to Post Effective Amendment No. 1 to the Registration Statement  on Form S-1, No. 333-113446, as filed with the SEC on July 2, 2004).

 

3.2

Certificate of  Amendment to Certificate of Incorporation dated December 15, 2004  (incorporated by reference from Exhibit 3.2 to the Registration Statement on  Form S-4, No. 333-121476, as filed with the SEC on December 21, 2004).

 

3.3

Amended and Restated  Bylaws of Seitel, Inc., adopted October 19, 2005 (incorporated by reference  from Exhibit 3.1 to the quarterly report on Form 10-Q for the quarter ended  September 30, 2005, as filed with the SEC on November 9, 2005).

 

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