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Geospace Technologies Reports Fiscal Year 2013 Third Quarter Results

Geospace Technologies Corporation (NASDAQ: GEOS) today announced net income of $17.0 million, or $1.31 per diluted share, on revenues of $78.1 million for its fiscal quarter ended June 30, 2013. This compares with a net income of $10.7 million, or $0.83 per diluted share, on revenues of $55.2 million for the comparable quarter last year.

For the nine months ended June 30, 2013, the company recorded revenues of $232.3 million and net income of $55.9 million, or $4.32 per diluted share. For the comparable period last year, the company recorded revenues of $154.7 million and net income of $30.9 million, or $2.40 per diluted share.

“Net income for the third quarter ended June 30, 2013 was the second highest in our company’s history, with revenues and net income up 42% and 58%, respectively, from last year’s third quarter. When compared to the fiscal year 2013 second quarter’s results, the third quarter’s consolidated revenues and net income were only marginally improved. The third quarter’s results reflected a substantially larger revenue contribution from the Statoil permanent reservoir monitoring system than originally anticipated. The larger revenue contribution resulted from our ability to increase production output on the Statoil project, which was partially due to our completion of the Shell permanent reservoir monitoring system in the second quarter. When compared to the second quarter, the larger Statoil revenue contribution was partially offset by a decrease in demand for our traditional products due to slower worldwide seismic activity,” said Gary D. Owens, Geospace’s Chairman, President and CEO.

“For the third quarter, we reported revenues of $16.0 million from our wireless products representing an increase of 2% sequentially compared to the second quarter, and a decrease of 45% compared to last year’s third quarter. As of June 30, 2013, we have sold approximately 230,000 land wireless channels and we had 71,000 land wireless channels in our worldwide rental fleet. We are pleased to announce that, subsequent to the end of the third quarter, we delivered a 1,200-station OBX marine nodal system to a customer under a rental agreement. While quoting activity is high for both our land and marine wireless products, many of these quotes are requesting delivery dates stretching into the first half of fiscal year 2014.”

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