This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Geospace Technologies Reports Fiscal Year 2013 First Quarter Results

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.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs