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 Second Quarter Results

Geospace Technologies (NASDAQ: GEOS) today announced net income of $10.8 million, or $0.82 per diluted share, on revenues of $68.6 million for its fiscal quarter ended March 31, 2014. This compares with a net income of $16.9 million, or $1.30 per diluted share, on revenues of $76.4 million for the comparable quarter last year.

For the six months ended March 31, 2014, the company recorded revenues of $169.9 million and net income of $35.0 million, or $2.66 per diluted share. For the comparable period last year, the company recorded revenues of $154.2 million and a net income of $38.9 million, or $3.01 per diluted share.

Walter R. Wheeler, Geospace Technologies’ President and CEO said, “Revenues and net income for the second quarter of our fiscal year saw respective reductions of 10% and 36% compared to the second quarter of last year. The lower quarterly revenues reflect reduced demand and deliveries for each of our product segments during the quarter. Lower product demand in our traditional and wireless product segments can be largely attributed to continued softness in the land seismic market, particularly in North America.”

“Sales of our traditional products declined sequentially from the first quarter and from last year due to a reduction in geophone sales, which often accompany large orders for our wireless data acquisition systems. Partially offsetting this decrease in sales was an increase in demand for our marine products. We expect demand for our other traditional products to remain soft for the remainder of the fiscal year.”

“GSX product sales were significantly lower than expected and were mostly comprised of low margin replacement parts and battery upgrades, with relatively few new channels sold during the quarter. Offsetting this low sales activity was a record quarter from our GSX rental operations. We are pleased to report that approximately 100,000 GSX channels were rented at March 31, 2014, helping us generate record rental revenues for the second quarter. The rental revenue contribution and channel utilization would have been better had our customers not experienced startup delays in both the Canadian and South American markets. We are pleased with the expanding utilization of our GSX products in North and South America and in Eastern Europe, and we look forward to increased opportunities developing new customer relationships in these and other regions. Since its inception and through March 31, 2014, we have sold 316,000 GSX channels and we had 133,000 GSX channels in our worldwide rental fleet.”

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!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

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