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Geospace Technologies Reports Fiscal Year 2013 Third Quarter Results


The company also announced that its Chairman, President and Chief Executive Officer, Mr. Gary D. Owens, will retire from his positions as President and Chief Executive Officer effective December 31, 2013. Mr. Walter R. (Rick) Wheeler, the company’s current Executive Vice President and Chief Operating Officer will assume the role of President and CEO effective January 1, 2014. Mr. Owens will remain on the company’s board of directors and will continue to serve his current role as its Chairman. Mr. Wheeler has 16 years of experience with the company and has served in senior engineering and executive management roles. Mr. Wheeler brings 29 years of industry and company experience with him.

Dr. Thomas L. Davis, a long-time board member and spokesman for the board said, “Gary Owens’ contributions to the company for the last 16 years as its CEO were a key factor in the company’s success. Gary’s expertise and experience as non-executive Chairman of the Board will be very valuable to the company going forward as Rick Wheeler takes over the CEO role.”

Geospace Technologies Corporation designs and manufactures instruments and equipment used by the oil and gas industry to acquire seismic data in order to locate, characterize and monitor hydrocarbon producing reservoirs. The company also designs and manufactures non-seismic products, including industrial products, offshore cables, thermal printing equipment and film.

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included herein including statements regarding potential future products and markets, our potential future revenues, future financial position, business strategy, future expectations and estimates and other plans and objectives for future operations, are forward-looking statements. We believe our forward-looking statements are reasonable. However, they are based on certain assumptions about our industry and our business that may in the future prove to be inaccurate. Important factors that could cause actual results to differ materially from our expectations include the level of seismic exploration worldwide, which is influenced primarily by prevailing prices for oil and gas, the extent to which our new products are accepted in the market, the availability of competitive products that may be more technologically advanced or otherwise preferable to our products, tensions in the Middle East and other factors disclosed under the heading “Risk Factors” and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission. Further, all written and verbal forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors. We assume no obligation to revise or update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise.
(in thousands, except share and per share amounts)
          Three Months Ended         Nine Months Ended
June 30, 2013         June 30, 2012 June 30, 2013         June 30, 2012
Sales $ 78,148 $ 55,201 $ 232,319 $ 154,715
Cost of sales   44,273     32,241     122,338     86,037  
Gross profit 33,875 22,960 109,981 68,678
Operating expenses:
Selling, general and administrative 5,610 4,838 16,872 14,484
Research and development 3,327 2,800 10,460 9,198
Bad debt expense (recovery)   (53 )   (279 )   554     325  
Total operating expenses   8,884     7,359     27,886     24,007  
Income from operations   24,991     15,601     82,095     44,671  
Other income (expense):
Interest expense (62 ) (76 ) (192 ) (119 )
Interest income 236 118 695 561
Foreign exchange gains (losses) (235 ) (9 ) (903 ) 284
Other, net   11     (47 )   (8 )   (55 )
Total other income (expense), net   (50 )   (14 )   (408 )   671  
Income before income taxes 24,941 15,587 81,687 45,342
Income tax expense   7,950     4,851     25,814     14,491  
Net income $ 16,991   $ 10,736   $ 55,873   $ 30,851  
Basic earnings per share $ 1.32   $ 0.84   $ 4.34   $ 2.42  
Diluted earnings per share $ 1.31   $ 0.83   $ 4.32   $ 2.40  
Weighted average shares
outstanding - Basic   12,911,316     12,748,166     12,873,677     12,726,252  
Weighted average shares
outstanding - Diluted   12,982,322     12,882,448     12,943,105     12,852,370  

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