“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.”
Geospace Technologies Reports Fiscal Year 2013 Third Quarter Results
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