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 2014 First Quarter Results

Geospace Technologies Corporation (NASDAQ: GEOS) announced today net income of $24.2 million, or $1.85 per diluted share, on revenues of $101.3 million for its fiscal quarter ended December 31, 2013. This compares with a net income of $22.0 million, or $1.70 per diluted share, on revenues of $77.8 million for the comparable quarter last year.

Walter R. Wheeler, Geospace Technologies’ President and CEO said, “Our revenues and net income for the first quarter are both new records for our company. Revenues increased by 30% and net income improved by 10% over last year’s first quarter. As a result, the quarterly earnings per share exceeded the highest ever seen in our company’s history by 9%. Similar to last year, demand for our GSX wireless systems in the first quarter was strong resulting in the sale of 77,000 channels and generating product sale and rental revenues of $45.5 million. Revenues from our reservoir products were $29.3 million including $28.0 million of revenue recognition from production of the Statoil permanent reservoir monitoring systems, slightly less than our $30 million estimate. Our traditional product sales increased to $20.5 million primarily due to the increase in the sale of geophone sensors associated with the sale of wireless channels. Sales of our non-seismic products also increased during the first quarter.”

“Our GSX presence continues to grow in the marketplace. As previously announced, during the first quarter we delivered two large orders of GSX wireless channels, consisting primarily of three-channel stations that allow our customers to obtain enhanced seismic data for their clients. At December 31, 2013, the number of GSX land wireless channels sold into the marketplace since its introduction in 2008 stood at 315,000 channels and we had 89,000 channels in our worldwide rental fleet.”

“We previously announced a $29.4 million order from Seafloor Geophysical Solutions (“SGS”) for over 2,300 stations of our deep water OBX seafloor node. SGS has recently requested that we deliver this order after March 31, 2014, which will shift the revenue recognition and net income associated with this order into our third fiscal quarter ending June 30, 2014. Inquiries for both our shallow-water and deep-water versions of the OBX marine wireless system continue, and we continue to be encouraged about the amount of interest in this new product. The $5.2 million order from Makamin Petroleum Services Company for a permanent land data acquisition system is also scheduled to ship in the second quarter. Revenue recognition for the Statoil order is expected to be approximately $25 million in the second quarter.”

1 of 3

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!
DOW 16,678.13 -202.23 -1.20%
S&P 500 1,938.71 -31.36 -1.59%
NASDAQ 4,382.49 -80.4120 -1.80%

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