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Geospace Technologies Reports Fiscal Year 2013 First Quarter Results

Stocks in this article: GEOS

“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.”

“Our current level of business activity has resulted in the need for new employees. We added 31 new employees in our Houston operations in the first quarter ended December 31, 2012 – a 4% increase – and our total employee count for our Houston operations now stands at 844 and our worldwide employee count stands at 1,216, slightly less than our all-time high.”

“During the quarter, we completed the purchase of two new buildings. One of these buildings is a 19,000 square foot warehouse in Bogotá, Colombia which will house our South American sales, equipment rental and product support operations for our wireless and other seismic products. The second building is a 30,000 square foot facility located near our Pinemont facility in northwest Houston. The initial purpose of this facility is to provide the space necessary to store and test the permanent seabed data acquisition systems for both Shell and Statoil. We are pursuing additional space to expand other areas of our operations, including our engineering and manufacturing areas.”

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