Geospace Technologies Corporation (NASDAQ: GEOS) today announced net income of $22.0 million, or $1.70 per diluted share, on revenues of $77.8 million for its fiscal quarter ended December 31, 2012. This compares with a net income of $8.7 million, or $0.68 per diluted share, on revenues of $43.3 million for the comparable quarter last year.
“We are very pleased with the company’s performance in the first quarter whereby we reported all-time record revenues and net income. Revenues increased 80% over last year’s first quarter and net income grew 153%. Wireless product sales led the way with revenues of $46.9 million, driven by the sale of 47,000 channels of our GSX system. As expected, revenues from our reservoir products increased significantly to $11.2 million primarily driven by the recognition of $8.7 million of revenues from the Statoil order. Quarterly revenues from our traditional seismic products were level with last year, and our non-seismic products declined slightly,” said Gary D. Owens, Geospace Technologies’ Chairman, President and CEO.
“The number of our wireless channels in the market place continues to increase at a strong pace. As previously announced, we sold a 24,000-channel GSX system to TGC Industries and a 12,000-channel GSX system to Dawson Geophysical, both existing wireless customers operating in North America. In addition, we sold a 10,000-channel GSX system to SAExploration, a new international customer offering seismic services in both North and South America. Since its introduction back in 2008 and through December 31, 2012, we have sold 205,000 wireless channels and at December 31, 2012 we had 65,000 wireless channels in our worldwide rental fleet. Since the end of the first quarter, we have received and delivered a smaller GSX system to a new customer operating in Mexico, and we have received an order from a Russian customer for another small GSX system. While these systems are small, these transactions are important to our goal of gaining more international exposure with the GSX wireless system during fiscal year 2013.”