“Interest remains high for our new OBX subsea nodal system. Similar to the GSX’s land seismic wireless applications, the OBX is our wireless system for marine environments. We have recently received two small OBX orders from Russian customers, one for a purchase and the other for a short-term rental. Another small OBX system is expected to be rented to a customer operating in West Africa. We expect to ship each of these OBX systems in the second quarter of fiscal year 2013.”“As mentioned in our last earnings report, the permanent seabed seismic reservoir monitoring system ordered by Shell Brasil Petróleo Ltda is expected to be shipped in our second quarter of fiscal year 2013. Revenue from this contract is now expected to be approximately $17.7 million; however, the incremental increase from the previously reported value of $14.9 million is predominantly composed of incremental costs which will be passed-through to Shell with little or no mark-up. During the quarter, we recognized $8.7 million of revenue from the $160 million Statoil order utilizing the percentage of completion method of revenue recognition. At this time, we reiterate our previous estimate that approximately 45%, 40% and 15% of the Statoil order’s revenues and costs will be recognized in fiscal years 2013, 2014 and 2015, respectively.”
Geospace Technologies Reports Fiscal Year 2013 First Quarter Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.