This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Geospace Technologies Reports Fiscal Year 2013 Results

Stocks in this article: GEOS

Geospace Technologies (NASDAQ: GEOS) today announced net income of $69.6 million, or $5.38 per diluted share, on revenues of $300.6 million for its fiscal year ended September 30, 2013. This compares with a net income of $35.1 million, or $2.74 per diluted share, on revenues of $191.7 million for the prior fiscal year.

For the fourth quarter ended September 30, 2013, the company recorded revenues of $68.3 million and net income of $13.7 million, or $1.05 per diluted share. For the comparable period last year, the company recorded revenues of $36.9 million and a net income of $4.3 million, or $0.33 per diluted share.

“We are very pleased with our fourth quarter and full year financial results for fiscal year 2013 as we post our third consecutive year of record revenues and net income. Fiscal year 2013 revenues grew by 57% from last year and our net income increased by 98%. Our fiscal year 2013 revenues and profits were bolstered by the delivery of the $18.0 million Shell permanent reservoir monitoring system for Brazilian waters, and we recognized $109.6 million of revenues from production of the Statoil permanent reservoir monitoring systems for two offshore fields in Norway. During the fourth quarter of fiscal year 2013, we recognized $38.1 million of revenues from the Statoil contract. We expect to recognize the remaining $57.3 million of Statoil contract revenues in fiscal year 2014 with an estimated $30.0 million to be recognized in the first quarter ending December 31, 2013,” said Gary D. Owens, Geospace Technologies’ Chairman, President and CEO.

“Despite some softness in our traditional seismic business, fiscal year 2013 revenues from our wireless products were $87.3 million, an increase of 6% from last year. During the fiscal year, we added several new international wireless customers and we will continue to focus sales and marketing efforts in these important international markets. We sold 81,000 channels of our wireless land products during fiscal year 2013 resulting in cumulative sales of 239,000 wireless land-channels since the product’s introduction back in 2008. At September 30, 2013, our rental fleet contained 77,000 wireless land-channels.”

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs