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Geospace Technologies Reports Fiscal Year 2012 Results

Geospace Technologies (NASDAQ: GEOS) today announced net income of $35.1 million, or $2.74 per diluted share, on revenues of $191.7 million for its fiscal year ended September 30, 2012. This compares with a net income of $29.7 million, or $2.36 per diluted share, on revenues of $173.0 million for the prior fiscal year.

For the fourth quarter ended September 30, 2012, the company recorded revenues of $36.9 million and net income of $4.3 million, or $0.33 per diluted share. For the comparable period last year, the company recorded revenues of $32.8 million and a net income of $3.6 million, or $0.28 per diluted share.

As previously announced, the company noted that OYO Corporation, the company’s former owner, sold their remaining 20% stake in the company back in February 2012. This sale prompted the recent change in the company’s name from OYO Geospace Corporation to Geospace Technologies Corporation. The company’s common stock now trades under the ticker symbol GEOS. The company also noted that in October 2012 it announced a 2-for-1 stock split effected in the legal form of a 100% stock dividend. All share and earnings per share amounts in this press release have been adjusted to give effect to the stock split.

“We posted our second consecutive year of record revenues and net income in fiscal year 2012. Revenues grew by 11% from fiscal year 2011 and our net income increased by 18%. While revenues from our traditional seismic exploration and reservoir products were flat compared to fiscal year 2011, our wireless product sales and rentals grew 30% during fiscal year 2012. Since its introduction back in 2008 and through September 30, 2012, we have sold 158,000 wireless channels and at September 30, 2012 we had 52,000 wireless channels in our rental fleet,” said Gary D. Owens, Geospace Technologies’ Chairman, President and CEO.

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