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Geospace Technologies Reports Fiscal Year 2013 Third Quarter Results

Stocks in this article: GEOS

“Sales of our traditional seismic exploration products in the third quarter were $10.8 million, down 22% sequentially from the second quarter, and down 37% from last year’s third quarter, reflecting slowing seismic activity worldwide.”

“The Statoil order was increased from $160.0 million to $164.3 million during the third quarter with most of the increase representing pass-through costs with low margins. During the third quarter we recognized revenue of $41.7 million from the Statoil order using the percentage of completion method of accounting, bringing total Statoil order revenue recognition for the nine months ended June 30, 2013 to $71.5 million. The significant increase in revenue recognition for the Statoil order is the result of additional capacity created by the shipment of the Shell system in the second quarter, combined with expanded manufacturing capabilities. For the fourth quarter of fiscal year 2013, we expect to recognize approximately $25 - $30 million of additional revenue from the Statoil order with all remaining revenue falling into fiscal year 2014.”

“During the third quarter, we completed the acquisition of a 9.6 acre tract of land adjacent to our Pinemont property in Houston, Texas. We have already expanded our parking facilities onto this property to accommodate the growth in employee count. In addition, we expect to close the purchase of another 7.7 acre adjacent tract of property which, when combined with the 9.6 acre tract, will expand our Pinemont property to almost 37 acres. These new properties will give the company additional flexibility for designing and building a major expansion to our manufacturing facilities and research center.”

“The Statoil contract has, as expected, resulted in the deployment of approximately $30 million of the company’s cash into receivables and inventories making borrowings under the company’s credit facility unnecessary to finance the contract. Approximately $50 million has been invested in other inventory build-ups in anticipation of future business. The Company continues to maintain a strong liquidity position even with these cash usages.”

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