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Geospace Technologies Reports Fiscal Year 2012 Results

Stocks in this article: GEOS

“Similar to fiscal year 2011, our revenues for the fourth quarter of fiscal year 2012 were lower when compared to the previous quarters of the fiscal year. We attribute this sequential decline in revenues to our erratic order flow and the timing of shipments which is dictated by our customers. As we have often said, our business is lumpy as evidenced by our fourth quarter results for both fiscal year 2011 and 2012. However, revenues are expected to rebound in the first quarter of fiscal year 2013. We have already announced two orders totaling 34,000 channels of our wireless system which are expected to be delivered in the first quarter of fiscal year 2013. Both systems are expected to be initially deployed in Canada for use during the winter season. We believe there are several additional opportunities to receive orders for our wireless system before the end of the first quarter of fiscal year 2013. Regarding the $14.9 million seabed seismic reservoir monitoring system ordered by Shell Brasil Petróleo Ltda, we now expect to deliver this system in the second quarter of fiscal year 2013 due to unforeseen delays with certain contract vendors. However, we do plan to begin revenue recognition for the new Statoil contract in the first quarter of fiscal year 2013. Fiscal year 2013 is off to a great start.”

“We are very excited about the signing of the $160 million Statoil contract in November 2012. As we previously stated, we will recognize revenues and profits from this large contract over the next three fiscal years utilizing the percentage of completion method. Currently, we estimate that approximately 45%, 40% and 15% of the Statoil contract’s revenues will be recognized in fiscal years 2013, 2014 and 2015, respectively. Both the Shell and Statoil contracts for permanent subsea systems give us an unusual visibility not often seen in our other product segments.”

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