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Geospace Technologies Reports Fiscal Year 2013 Results

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.”

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