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Geospace Technologies Reports Fiscal Year 2012 Results

“Our balance sheet remains strong. We ended fiscal year 2012 with $146 million of working capital, $71 million of cash/short-term investments, and no long-term debt on our balance sheet. Our $25 million credit facility remains untouched at this time, resulting in total liquidity of $96 million at the end of fiscal year 2012. We believe the strength of our balance sheet puts us in a good position to meet the challenges ahead.”

Geospace Technologies Corporation designs and manufactures instruments and equipment used by the oil and gas industry in the acquisition and processing of seismic data as well as in reservoir characterization and monitoring activities. The company also designs and manufactures non-seismic products, including industrial products, offshore cables, thermal printing equipment and film.

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 revenues, future financial position, business strategy, future expectations 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 Quarterly Report on Form 10-Q, 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.
(in thousands, except share and per share amounts)

Three Months Ended

Year Ended

September 30,

September 30,

September 30,

September 30,




(unaudited) (unaudited) (unaudited)
Sales $ 36,949 $ 32,805 $ 191,664 $ 172,970
Cost of sales   23,600     20,025     109,634     98,857  
Gross profit 13,349 12,780 82,030 74,113
Operating expenses:
Selling, general and administrative 4,430 4,187 18,914 18,051
Research and development 2,969 2,544 12,167 11,529
Bad debt expense (recovery)   (207 )   (17 )   118     128  
Total operating expenses   7,192     6,714     31,199     29,708  
Gain (loss) on sale of assets   37     (17 )   34     --  
Income from operations   6,194     6,049     50,865     44,405  
Other income (expense):
Interest expense (80 ) -- (199 ) (43 )
Interest income 182 101 743 267
Foreign exchange gains (losses) 173 44 457 80
Other, net   51     (51 )   (4 )   (90 )
Total other income (expense), net   326     94     997     214  
Income before income taxes 6,520 6,143 51,862 44,619
Income tax expense   2,254     2,554     16,744     14,908  
Net income $ 4,266   $ 3,589   $ 35,118   $ 29,711  
Basic earnings per share $ 0.33   $ 0.28   $ 2.76   $ 2.39  
Diluted earnings per share $ 0.33   $ 0.28   $ 2.74   $ 2.36  
Weighted average shares outstanding - Basic   12,763,122     12,679,180     12,735,520     12,441,313  
Weighted average shares outstanding - Diluted   12,875,350     12,810,962     12,836,239     12,572,647  

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