“Our new product development initiatives continue. During fiscal year 2012, our new subsea nodal OBX system was used under a rental contract for the first time with excellent results. Subsequent to fiscal year 2012, two additional OBX systems were rented to customers operating in the offshore waters of Peru and in the North Sea. At the annual SEG meeting in Las Vegas back in November, we announced a new version of our land wireless system called the GCX. The GCX system can be used in any land environment, and it has special applications in high theft areas and provides our smallest footprint for environmentally sensitive areas. The GCX nodal system works seamlessly with our existing land and marine wireless data acquisition systems. The GCX system will be available in both single and three channel versions. The first GCX systems will be ready for sale during the second fiscal quarter of fiscal year 2013.”

“We are preparing for additional growth in our worldwide business operations. During the fourth quarter of fiscal year 2012, we added 119 new fulltime positions at our Houston facility to staff up for the increase in business activities mentioned above. Over the course of fiscal year 2012, we added 209 fulltime employees at our Houston facility. Subsequent to the end of fiscal year 2012, we purchased a 30,000 square foot facility in northwest Houston near our existing Pinemont facility and immediately put it to use. In addition, we just completed the purchase of a 19,000 square foot facility in Bogotá, Colombia to house the operations of our new branch office named Geospace Technologies, Sucursal Sudamericana LLC. The new Colombian branch office will be a center to sell, rent and provide various repair and infield services for our South American based customers. We expect to initiate operations at the new Colombian branch office during the second quarter of fiscal year 2013.”

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