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Geospace Technologies Reports Fiscal Year 2013 Results

“Our balance sheet remains strong. Despite a significant use of cash during fiscal year 2013 to build-up our inventories, expand our rental fleet and acquire real estate for plant expansion, we ended the year with only $0.9 million of long-term debt. Prior to the end of fiscal year 2013, we increased the borrowing capacity under our credit facility with Frost Bank to $50 million, giving us significant financial flexibility, if needed, for facility expansion and working capital needs.”

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         Year Ended
September 30,         September 30, September 30,         September 30,
2013 2012 2013 2012
(unaudited) (unaudited) (unaudited)
Sales $ 68,288 $ 36,949 $ 300,607 $ 191,664
Cost of sales   38,508     23,563     160,846     109,600  
Gross profit 29,780 13,386 139,761 82,064
Operating expenses:
Selling, general and administrative 6,511 4,430 23,383 18,914
Research and development 4,234 2,969 14,694 12,167
Bad debt expense (recovery)   (97 )   (207 )   457     118  
Total operating expenses   10,648     7,192     38,534     31,199  
Income from operations   19,132     6,194     101,227     50,865  
Other income (expense):
Interest expense (68 ) (80 ) (260 ) (199 )
Interest income 185 182 880 743
Foreign exchange gains (losses) 195 173 (708 ) 457
Other, net   (38 )   51     (46 )   (4 )
Total other income (expense), net   274     326     (134 )   997  
Income before income taxes 19,406 6,520 101,093 51,862
Income tax expense   5,722     2,254     31,536     16,744  
Net income $ 13,684   $ 4,266   $ 69,557   $ 35,118  
Basic earnings per share $ 1.06   $ 0.33   $ 5.40   $ 2.76  
Diluted earnings per share $ 1.05   $ 0.33   $ 5.38   $ 2.74  
Weighted average shares outstanding - Basic   12,924,043     12,763,122     12,886,372     12,735,520  
Weighted average shares outstanding - Diluted   12,977,436     12,875,350     12,938,661     12,836,239  

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