 HOUSTON, April 05, 2021 GLOBE NEWSWIRE -- ION Geophysical Corporation NYSE: IO the Company or ION today announced that the Company expects to report first quarter 2021 revenues of approximately 14 million. The Companys cash balance at March 31, 2021 is expected to be approximately 34 million, including net revolver borrowings of 21 million. Total liquidity, consisting of cash on hand and remaining available borrowing base capacity under the revolving credit facility, is expected to be approximately 39 million at quarter end. Despite continued near-term market challenges, backlog increased for the third consecutive quarter to approximately 21 million, primarily due to the Companys strategic entry into the 3D new acquisition multi-client market. ION expects to recognize the majority of this backlog during the second and third quarters as its Mid North Sea High program progresses this summer. 