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Geospace Technologies Reports Fiscal Year 2013 Results

Stocks in this article: GEOS

“Revenues from our traditional seismic exploration products for fiscal year 2013 declined 26% in fiscal year 2013. This softness was primarily due to a slowdown of seismic activities in North America. The decline in demand primarily impacted our geophone and connector products, and we also experienced a small decline in sales of our marine products. Competitive pressures, production capacity limits and the industry’s transition to wireless data acquisition systems are expected to challenge our future efforts to market and sell certain of our traditional products. Fiscal year 2013 revenues of our non-seismic products were down 5% primarily due to the struggles in the European economy.”

“During fiscal year 2013, we launched an ambitious campaign to expand our local and worldwide presence. In Northwest Houston, due to manufacturing constraints, we purchased a 30,000 square foot facility to expand our manufacturing and testing operations, and we have leased two additional facilities to add capacity. We also purchased 17.3 acres of land on two properties adjacent to our Pinemont facility whereby we plan to construct a 350,000 square foot facility to expand our manufacturing and engineering operations. We are currently in the early phases of planning this new facility and we expect construction activities to begin in mid-fiscal year 2014. In addition, we purchased a 19,000 square foot facility in Bogotá, Colombia and opened that office for business in the second fiscal quarter.”

“Fiscal year 2014 is off to a strong start. Since September 30, 2013, we announced orders totaling $47.5 million for our GSX wireless recording systems. We expect to deliver these orders in the first quarter of fiscal year 2014. We received a $5.2 million order from Makamin Petroleum Services Company for a permanent land data acquisition system, the first of its kind for our company. This order is expected to be delivered in the second quarter of fiscal year 2014. We also received a $29.4 million order from Seafloor Geophysical Solutions for our OBX deep water nodal system which is also expected to be delivered in the second quarter of fiscal year 2014.”

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