StockSelector.com
  Research, Select, & Monitor Monday, November 20, 2017 9:50:58 PM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Geospace Technologies Corporation$16.58$.784.94%

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Geospace Technologies Reports Fiscal Year 2017 Second Quarter Results
   Thursday, May 04, 2017 5:01:00 PM ET

Geospace Technologies Corporation (NASDAQ Global: GEOS) today announced a net loss of $11.5 million, or $0.88 per diluted share, on revenue of $20.6 million for its fiscal quarter ended March 31, 2017. This compares with a net loss of $11.0 million, or $0.84 per diluted share, on revenue of $14.9 million for the comparable prior year period.

For the six months ended March 31, 2017, the company recorded revenue of $35.8 million and a net loss of $23.2 million, or $1.77 per diluted share. For the comparable period last year, the company recorded revenue of $28.1 million and a net loss of $22.0 million, or $1.69 per diluted share.

Walter R. ("Rick") Wheeler, President and CEO of Geospace Technologies said, "In the second quarter of fiscal year 2017, our revenue reflected a sequential improvement of 35% over the first quarter. From an expanded perspective, the three-month and six-month periods ended March 31, 2017 observed revenue increases of 38% and 28% respectively when compared to the same periods last year. For both periods, the increase stems primarily from higher demand for our wireless seismic products, in particular reflecting revenue from rental contracts for our OBX marine systems. These improvements are certainly well received, and while they may offer cautious optimism for an improving seismic industry, we do not believe they constitute a pervasive trend. Our seismic revenue has long been known to exhibit volatility in comparisons of one specific period to another, and in our opinion there is significant recovery left to be accomplished before the seismic equipment market returns to stability. Until then, our revenue will continue to fluctuate and our operations and profits will continue to be burdened by unabsorbed factory overhead, rental fleet depreciation, and inventory obsolescence expenses. In our efforts to adapt to these industry conditions, we are pleased to have reduced our operating expenses for the three-month and six-month periods ended March 31, 2017 by almost 10% and 7% respectively compared to last year. These decreased operating expenses for both periods are largely the result of our cost reduction efforts implemented in last year’s second fiscal quarter."

"Our traditional seismic products generated revenue of $3.6 million in the second quarter, which is an increase of $0.4 million, or 13%, over last year’s second quarter. This increase is primarily attributable to the sale of certain specialized sensors that occurred within the period. Such sales demonstrate the lumps that often occur in the demand for some of our products, which are particularly noticeable in depressed market conditions. In contrast to the quarter, our traditional products in the first six months of fiscal year 2017 produced revenue of only $6.2 million, a decrease of $2.0 million, or 24%, from last year’s same period. The reduction over the previous six-month period definitively highlights the overall lower demand these products have experienced in light of curtailed seismic exploration by oil and gas companies."

"For the three-month period ended March 31, 2017, revenue from our wireless seismic products totaled $9.6 million, an increase of almost 104% over the same three-months of 2016. Likewise, revenue from these products over the six-month period ended March 31, 2017 rose to $15.9 million, an increase of 141% over the same period last year. The higher revenue in both periods was predominantly driven by increased rental activity for our OBX marine nodal systems. Both of these periods saw the benefit of a longer-term rental contract utilizing a large number of our shallow water OBX units, as well as several shorter-term contracts for both deep and shallow water stations. Each of these contracts was concluded in our second quarter, and with no similar contracts subsequently scheduled, we expect considerably lower rental revenue from these products going forward."

"Our reservoir seismic products produced total revenue of $0.7 million in the second fiscal quarter, an increase of 21% over last year’s second quarter. However, this segment saw a decline in revenue of nearly 5% for the six-months ended March 31, 2017 as compared to the equivalent six-month period one year ago. Revenue contributions to this segment in the most recent three and six month periods were essentially derived from a combination of sales, rentals, and repairs of our borehole seismic products in conjunction with support services performed for our permanent reservoir monitoring (PRM) system customers. The relatively low level of revenue in this product category is not expected to change any time soon. Only if we were awarded a contract for the manufacture and delivery of a PRM system would we expect to see a substantial increase in revenue for this segment. However, at the present time there are no such awards or commercial tenders pending."

"Revenue generated from our non-seismic products was $6.5 million for the three months ended March 31, 2017, an increase of about 3% or $0.2 million over the same three months last year. The increase was driven by higher sales of our imaging products, although offset by a slight reduction in demand for our industrial products. For the full six-month period ended March 31, 2017, revenue for this segment increased by 4% or $0.5 million over last year, reaching $12.2 million. Sales of both our imaging and industrial products contributed to this increase. We note that sales for any particular portion of this segment can easily vary from one period to another. Based on recent order flow for our industrial products, we expect revenue in this segment to remain flat for the remainder of the year."

"With the first half of fiscal year 2017 at an end, it is evident that market demand for our seismic products still remains at historic lows - a direct consequence of vastly reduced seismic exploration by oil and gas companies. While the price of oil seems stabilized around its trailing six-month average of $50 per barrel, capital allocations have yet to be ear-marked for exploration in any meaningful way. As the International Energy Agency reported last week, global conventional oil discoveries in 2016 amounted to only 2.4 billion barrels, roughly one-fourth of the last fifteen year average. Compounding this, the amount of resources sanctioned for development reached its lowest point in over 70 years, and exploration spending in 2017 is expected to again fall for the third year in a row. We expect these conditions to pose a continued challenge to our future financial performance. Despite these circumstances, seismic imaging is the defining fundamental science necessary to find and optimally exploit oil and gas reserves. To this end, we believe our seismic products represent the most technically advanced and cost effective tools available to the industry for acquiring such images. We are resolved to maintain this advantage and leadership through our ongoing cost management and disciplined engineering. As of March 31, 2017, our balance sheet reflected no debt and $78 million of total liquidity, consisting of cash and cash equivalents of $19 million, short-term investments of $29 million and borrowing availability under our credit agreement of $30 million. This puts us in a good position to benefit from the eventual recovery of the seismic market."

Conference Call Information

Geospace Technologies will host a conference call to review its review its fiscal year 2017 second quarter financial results on May 5, 2017, at 10:00 a.m. Eastern Time (9 a.m. Central). Participants can access the call at (800) 862-9098 (US) or (785) 424-1051 (International). Please reference the conference ID: GEOSQ217 prior to the start of the conference call. A replay will be available for approximately 60 days and may be accessed through the Investor tab of our website at www.geospace.com.

About Geospace Technologies

Geospace Technologies Corporation designs and manufactures instruments and equipment used by the oil and gas industry to acquire seismic data in order to locate, characterize and monitor hydrocarbon producing reservoirs. The company also designs and manufactures non-seismic products, including industrial products, offshore cables, and imaging equipment.

Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included herein including statements regarding potential future products and markets, our potential future revenue, future financial position, business strategy, future expectations and estimates and other plans and objectives for future operations, are forward-looking statements. We believe our forward-looking statements are reasonable. However, they are based on certain assumptions about our industry and our business that may in the future prove to be inaccurate. Important factors that could cause actual results to differ materially from our expectations include the level of seismic exploration worldwide, which is influenced primarily by prevailing prices for oil and gas, the extent to which our new products are accepted in the market, the availability of competitive products that may be more technologically advanced or otherwise preferable to our products, tensions in the Middle East and other factors disclosed under the heading "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q filed after our Annual Report, which are on file with the Securities and Exchange Commission. Further, all written and verbal forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors. We assume no obligation to revise or update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise.

 
                                                                                                                                                                                                  GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
 
                                                                                                                                                                                                         CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                                                                  (in thousands, except share and per share amounts)
                                                                                                                                                                                                                      (unaudited)
 
                                                                                                        Three Months Ended                                                                                                              Six Months Ended
                                                                                                                                                          -------------------------------------------------------------------------------------------------------------                                             ----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                      March 31,                              March 31,                                                                    March 31,                                        March 31,
                                                                                                                                                                        2017                                                                         2016                                                                         2017                                                                                   2016
                                                                                                                                                          ------------------------------                                               ------------------------------                                               ------------------------------                                               --------------------------------------------------
Revenue:
    Products                                                                                                                                                                 $     14,775                                                                 $     10,106                                                                 $     25,072                                                                 $     21,858
    Rental equipment                                                                                                                                             5,783                                                     4,825                                                    10,771                                                     6,210
                                                                                                                                                          -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------
        Total revenue                                                                                                                                           20,558                                                    14,931                                                    35,843                                                    28,068
                                                                                                                                                          -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------
Cost of revenue:
    Products                                                                                                                                                                       18,799                                                                       14,914                                                                       33,635                                                                       30,358
    Rental equipment                                                                                                                                             4,317                                                     4,611                                                     8,093                                                     8,706
                                                                                                                                                          -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------
        Total cost of revenue                                                                                                                                   23,116                                                    19,525                                                    41,728                                                    39,064
                                                                                                                                                          -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------
                                                                                                                                                                                                                                                                                                                                                                                                                                  
Gross profit (loss)                                                                                                                                                                (2,558 )                                                                     (4,594 )                                                                     (5,885 )                                                                    (10,996 )
Operating expenses:
    Selling, general and administrative expenses                                                                                                                                    5,026                                                                        5,617                                                                       10,120                                                                       11,191
    Research and development expenses                                                                                                                                               3,412                                                                        3,510                                                                        6,784                                                                        7,115
    Bad debt expense (recovery)                                                                                                                                     64                                                       266                                                      (418 )                                                    (623 )
                                                                                                                                                          -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------
        Total operating expenses                                                                                                                                 8,502                                                     9,393                                                    16,486                                                    17,683
                                                                                                                                                          -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------
                                                                                                                                                                                                                                                                                                                                                                                                                                  
Loss from operations                                                                                                                                           (11,060 )                                                 (13,987 )                                                 (22,371 )                                                 (28,679 )
                                                                                                                                                          -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------
                                                                                                                                                                                                                                                                                                                                                                                                                                  
Other income (expense):
    Interest expense                                                                                                                                                                   (8 )                                                                         (4 )                                                                        (16 )                                                                        (11 )
    Interest income                                                                                                                                                                   137                                                                           62                                                                          268                                                                          168
    Foreign exchange losses, net                                                                                                                                                     (215 )                                                                        679                                                                         (281 )                                                                        669
    Other, net                                                                                                                                                     (16 )                                                     (18 )                                                     (33 )                                                     (34 )
                                                                                                                                                          -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------
        Total other income (expense), net                                                                                                                         (102 )                                                     719                                                       (62 )                                                     792
                                                                                                                                                          -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------
                                                                                                                                                                                                                                                                                                                                                                                                                                  
Loss before income taxes                                                                                                                                                          (11,162 )                                                                    (13,268 )                                                                    (22,433 )                                                                    (27,887 )
Income tax expense (benefit)                                                                                                                                       341                                                    (2,303 )                                                     775                                                    (5,880 )
                                                                                                                                                          -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------                                              -------------------- ----------
Net loss                                                                                                                                                                     $    (11,503 )                                                               $    (10,965 )                                                               $    (23,208 )                                                               $    (22,007 )
                                                                                                                                                          ==================== ==========                                              ==================== ==========                                              ==================== ==========                                              ==================== ==========
                                                                                                                                                                                                                                                                                                                                                                                                                                  
Loss per common share:
    Basic                                                                                                                                                                    $      (0.88 )                                                               $      (0.84 )                                                               $      (1.77 )                                                               $      (1.69 )
                                                                                                                                                          ==================== ==========                                              ==================== ==========                                              ==================== ==========                                              ==================== ==========
    Diluted                                                                                                                                                                  $      (0.88 )                                                               $      (0.84 )                                                               $      (1.77 )                                                               $      (1.69 )
                                                                                                                                                          ==================== ==========                                              ==================== ==========                                              ==================== ==========                                              ==================== ==========
                                                                                                                                                                                                                                                                                                                                                                                                                                  
Weighted average common shares outstanding:
    Basic                                                                                                                                                   13,146,330                                                13,049,696                                                13,120,286                                                13,037,069
                                                                                                                                                          ==================== ==========                                              ==================== ==========                                              ==================== ==========                                              ==================== ==========
    Diluted                                                                                                                                                 13,146,330                                                13,049,696                                                13,120,286                                                13,037,069
                                                                                                                                                          ==================== ==========                                              ==================== ==========                                              ==================== ==========                                              ==================== ==========
 
 
                                                                                                                                                  GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
 
                                                                                                                                                              CONSOLIDATED BALANCE SHEETS
                                                                                                                                                                    (in thousands)
                                                                                                                                                                      (unaudited)
 
                                                                                                   March 31, 2017                                        September 30, 2016
                                                                                                                                                                                       ------------------------------------                                                                   ---------------------------------------------------------
                                    ASSETS
Current assets:
    Cash and cash equivalents                                                                                                                                                                             $         19,307                                                                                       $         10,262
    Short-term investments                                                                                                                                                                                          28,862                                                                                                 27,491
    Trade accounts receivable, net                                                                                                                                                                                  16,709                                                                                                 15,392
    Current portion of notes receivable                                                                                                                                                                              1,890                                                                                                  1,533
    Income tax receivable                                                                                                                                                                                              483                                                                                                 13,290
    Inventories, net                                                                                                                                                                                                92,103                                                                                                104,540
    Prepaid expenses and other current assets                                                                                                                                                     1,827                                                                               1,826
                                                                                                                                                                                       -------------------- --------------                                                                    -------------------- --------------
        Total current assets                                                                                                                                                                                       161,181                                                                                                174,334
                                                                                                                                                                                                                                                                                                                                   
Rental equipment, net                                                                                                                                                                                               24,485                                                                                                 30,973
Property, plant and equipment, net                                                                                                                                                                                  44,484                                                                                                 44,732
Deferred income tax assets, net                                                                                                                                                                                        247                                                                                                    216
Non-current notes receivable, net                                                                                                                                                                                      427                                                                                                  1,817
Prepaid income taxes                                                                                                                                                                                                 1,843                                                                                                  2,620
Other assets                                                                                                                                                                                         80                                                                                  80
                                                                                                                                                                                       -------------------- --------------                                                                    -------------------- --------------
        Total assets                                                                                                                                                                                      $        232,747                                                                                       $        254,772
                                                                                                                                                                                       ==================== ==============                                                                    ==================== ==============
                                                                                                                                                                                                                                                                                                                                   
        LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
    Accounts payable trade                                                                                                                                                                                $          2,109                                                                                       $          2,120
    Accrued expenses and other current liabilities                                                                                                                                                                   5,301                                                                                                  7,849
    Deferred revenue                                                                                                                                                                                                   166                                                                                                    174
    Income tax payable                                                                                                                                                                                9                                                                                 125
                                                                                                                                                                                       -------------------- --------------                                                                    -------------------- --------------
        Total current liabilities                                                                                                                                                                                    7,585                                                                                                 10,268
                                                                                                                                                                                                                                                                                                                                   
Deferred income tax liabilities                                                                                                                                                                      27                                                                                  37
                                                                                                                                                                                       -------------------- --------------                                                                    -------------------- --------------
        Total liabilities                                                                                                                                                                         7,612                                                                              10,305
                                                                                                                                                                                       -------------------- --------------                                                                    -------------------- --------------
                                                                                                                                                                                                                                                                                                                                   
Commitments and contingencies
                                                                                                                                                                                                                                                                                                                                   
Stockholders’ equity:
    Preferred stock                                                                                                                                                                                         --                                                                                         --
    Common stock                                                                                                                                                                                                       134                                                                                                    133
    Additional paid-in capital                                                                                                                                                                                      80,846                                                                                                 77,967
    Retained earnings                                                                                                                                                                                              159,100                                                                                                182,308
    Accumulated other comprehensive loss                                                                                                                                                        (14,945 )                                                                           (15,941 )
                                                                                                                                                                                       -------------------- --------------                                                                    -------------------- --------------
        Total stockholders’ equity                                                                                                                                   225,135                                                                             244,467
                                                                                                                                                                                       -------------------- --------------                                                                    -------------------- --------------
        Total liabilities and stockholders’ equity                                                                                                                             $        232,747                                                                                       $        254,772
                                                                                                                                                                                       ==================== ==============                                                                    ==================== ==============
 
 
                                                                                                                                        GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
 
                                                                                                                                               CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                                                                          (in thousands)
                                                                                                                                                            (unaudited)
 
                                                                                                                                                  Six Months Ended
                                                                                                                                                                                 -------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                              March 31, 2017                                 March 31, 2016
                                                                                                                                                                                 -----------------------------------------                                                               -----------------------------------------
Cash flows from operating activities:
    Net loss                                                                                                                                                                        $        (23,208 )                                                                                      $        (22,007 )
    Adjustments to reconcile net loss to net cash provided by operating
    activities:
        Deferred income tax expense (benefit)                                                                                                                                                    (14 )                                                                                                 2,786
        Rental equipment depreciation                                                                                                                                                          6,905                                                                                                   7,651
        Property, plant and equipment depreciation                                                                                                                                             2,596                                                                                                   2,684
        Accretion of discounts on short-term-investments                                                                                                                                          30                                                                                                      70
        Stock-based compensation expense                                                                                                                                                       2,844                                                                                                   2,660
        Bad debt recovery                                                                                                                                                                       (418 )                                                                                                  (623 )
        Inventory obsolescence expense                                                                                                                                                         8,397                                                                                                   4,818
        Gross (profit) loss from sale of used rental equipment                                                                                                                                (1,531 )                                                                                                    60
        Realized loss on short-term investments                                                                                                                                                    2                                                                                                       3
        Excess tax expense from stock-based compensation                                                                                                                              --                                                                                                  (1,390 )
        Effects of changes in operating assets and liabilities:
            Trade accounts and notes receivable                                                                                                                                                  244                                                                                                   4,599
            Income tax receivable                                                                                                                                                             12,831                                                                                                   9,918
            Inventories                                                                                                                                                                        1,176                                                                                                   2,212
            Prepaid expenses and other current assets                                                                                                                                             39                                                                                                  (2,608 )
            Prepaid income taxes                                                                                                                                                                 778                                                                                                     712
            Accounts payable trade                                                                                                                                                               (12 )                                                                                                (2,567 )
            Accrued expenses and other                                                                                                                                                        (2,251 )                                                                                                (4,534 )
            Deferred revenue                                                                                                                                                                     (11 )                                                                                                  (110 )
            Income tax payable                                                                                                                                                                  (117 )                                                                                                    73  
                                                                                                                                                                                      -------------- --------------------                                                                     -------------- --------------------
                Net cash provided by operating activities                                                                                                                                      8,280                                                                                4,407  
                                                                                                                                                                                      -------------- --------------------                                                                     -------------- --------------------
                                                                                                                                                                                                                                                                                                              
Cash flows from investing activities:
        Purchase of property, plant and equipment                                                                                                                                               (343 )                                                                                                  (822 )
        Investment in rental equipment                                                                                                                                                          (140 )                                                                                                  (468 )
        Proceeds from the sale of used rental equipment                                                                                                                                        2,439                                                                                                     197
        Purchases of short-term investments                                                                                                                                                   (5,251 )                                                                                                (5,602 )
        Proceeds from the sale of short-term investments                                                                                                                                       3,814                                                                                8,753  
                                                                                                                                                                                      -------------- --------------------                                                                     -------------- --------------------
                Net cash provided by investing activities                                                                                                                                        519                                                                                2,058  
                                                                                                                                                                                      -------------- --------------------                                                                     -------------- --------------------
                                                                                                                                                                                                                                                                                                              
Cash flows from financing activities:
        Proceeds from the exercise of stock options                                                                                                                                               50                                                                       --  
                                                                                                                                                                                      -------------- --------------------                                                                     -------------- --------------------
                Net cash provided by financing activities                                                                                                                                         50                                                                       --  
                                                                                                                                                                                      -------------- --------------------                                                                     -------------- --------------------
                                                                                                                                                                                                                                                                                                              
Effect of exchange rate changes on cash                                                                                                                                                          196                                                                                 (341 )
                                                                                                                                                                                      -------------- --------------------                                                                     -------------- --------------------
Increase in cash and cash equivalents                                                                                                                                                          9,045                                                                                                   6,124
Cash and cash equivalents, beginning of fiscal year                                                                                                                                           10,262                                                                               22,314  
                                                                                                                                                                                      -------------- --------------------                                                                     -------------- --------------------
Cash and cash equivalents, end of fiscal period                                                                                                                                     $         19,307                                                                     $         28,438  
                                                                                                                                                                                      ============== ====================                                                                     ============== ====================
 
 
                                                                                                                                                                                                                                     GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
                                                                                                                                                                                                                                     SUMMARY OF SEGMENT REVENUE AND OPERATING LOSS
                                                                                                                                                                                                                                     (in thousands)
                                                                                                                                                                                                                                     (unaudited)
 
                                                                                                                                   Three Months Ended                                                                                                                                                                           Six Months Ended
                                                                                                                                               ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                           March 31, 2017                                                             March 31, 2016                                                                                                   March 31, 2017                                                             March 31, 2016
                                                                                                                                               -----------------------------------------------------------------------                                          -----------------------------------------------------------------------                                          -----------------------------------------------------------------------                                          -----------------------------------------------------------------------
Seismic segment revenue:                                                                                                                                                                                                                                                                                                                                                                                                                  
     Traditional exploration products                                                                                                                                                  $   3,637                                                                                                        $   3,205                                                                                                        $   6,207                                                                                                        $   8,192
     Wireless exploration products                                                                                                                                                         9,601                                                                                                            4,714                                                                                                           15,924                                                                                                            6,604
     Reservoir products                                                                                                                                                   706                                                                        582                                                                      1,219                                                                      1,279  
                                                                                                                                                                    -------------------- ------- --------------------                                                                -------------------- ------- --------------------                                                                -------------------- ------- --------------------                                                                -------------------- ------- --------------------
                                                                                                                                                                                          13,944                                                                                                            8,501                                                                                                           23,350                                                                                                           16,075
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Non-Seismic segment revenue:
     Industrial product revenue                                                                                                                                                            3,301                                                                                                            3,372                                                                                                            6,380                                                                                                            6,096
     Imaging product revenue                                                                                                                                            3,167                                                                      2,915                                                                      5,824                                                                      5,624  
                                                                                                                                                                    -------------------- ------- --------------------                                                                -------------------- ------- --------------------                                                                -------------------- ------- --------------------                                                                -------------------- ------- --------------------
                                                                                                                                                                                           6,468                                                                                                            6,287                                                                                                           12,204                                                                                                           11,720
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Corporate                                                                                                                                                                 146                                                                        143                                                                        289                                                                        273  
                                                                                                                                                                    -------------------- ------- --------------------                                                                -------------------- ------- --------------------                                                                -------------------- ------- --------------------                                                                -------------------- ------- --------------------
Total revenue                                                                                                                                                                          $  20,558                                                                                     $  14,931                                                                                     $  35,843                                                                                     $  28,068  
                                                                                                                                                                    ==================== ======= ====================                                                                ==================== ======= ====================                                                                ==================== ======= ====================                                                                ==================== ======= ====================
 
 
                                                                                                                                                                                                                                  Three Months Ended                                                                                                                                                                                                                 Six Months Ended
                                                                                                                                               ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                           March 31, 2017                                                                                                   March 31, 2016                                                                                                   March 31, 2017                                                                                                   March 31, 2016
                                                                                                                                               -----------------------------------------------------------------------                                          -----------------------------------------------------------------------                                          -----------------------------------------------------------------------                                          -----------------------------------------------------------------------
Operating income (loss):
    Seismic segment                                                                                                                                                                    $  (9,156 )                                                                                                      $ (11,834 )                                                                                                      $ (18,609 )                                                                                                      $ (23,969 )
    Non-seismic segment                                                                                                                                                                    1,052                                                                                                              848                                                                                                            2,104                                                                                                            1,410
    Corporate                                                                                                                                                          (2,956 )                                                                                      (3,001 )                                                                                      (5,866 )                                                                                      (6,120 )
                                                                                                                                                                    -------------------- ------- --------------------                                                                -------------------- ------- --------------------                                                                -------------------- ------- --------------------                                                                -------------------- ------- --------------------
Total operating loss                                                                                                                                                                   $ (11,060 )                                                                                                      $ (13,987 )                                                                                                      $ (22,371 )                                                                                                      $ (28,679 )
                                                                                                                                                                    ==================== ======= ====================                                                                ==================== ======= ====================                                                                ==================== ======= ====================                                                                ==================== ======= ====================
 

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170504006766r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170504006766/en/

SOURCE: Geospace Technologies Corporation

Geospace Technologies Corporation 
Rick Wheeler, 713-986-4444 
President and CEO


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2017 StockSelector.com. All rights reserved.