The company reported revenues of $47.4 million for the first quarter of 2008, a 31% increase, compared to revenues of $17.29 million for the same period of 2007.
Cash resales for the quarter were $19.8 million, compared to $21.7 million for the first quarter of 2007. The lower cash resales reflected a $4 million reduction in revenue from production bonuses; in the first quarter of 2007 one of its customers bought back Seitel’s production sharing rights on several wells.
The company narrowed its operating losses to $8.4 million in the first quarter of 2008, as compared to $23.3 million in 2007. Net interest expense was $9.9 million for the first quarter, compared to $11.5 million for the same quarter of 2007, and to $9.8 million for the fourth quarter of 2007.
