Geospace Technologies Reports Fiscal Year 2018 Third Quarter and Nine Month Results HOUSTON
Geospace Technologies (NASDAQ: GEOS) today announced that it narrowed
its net loss to $4.8 million, or $0.36 per diluted share, on revenue of
$21.3 million for its third quarter ended June 30, 2018 compared to a
net loss of $14.4 million, or $1.09 per diluted share, on revenue of
$14.2 million for the third quarter of the prior year.
For the nine months ended June 30, 2018, the company recorded revenue of
$55.2 million compared to revenue of $50.0 million during the prior year
period. The company reported a net loss of $19.0 million, or $1.43 per
diluted share compared to a net loss of $37.6 million, or $2.86 per
diluted share for the year ago period.
Walter R. ("Rick") Wheeler, President and CEO of Geospace Technologies
said, “We are very pleased to see another sequential increase in our
quarterly revenue, with our third quarter revenue setting the high-mark
so far for fiscal year 2018. For the quarter ended June 30, 2018 we
generated a 50% increase in revenue from last year’s third quarter. For
the nine-month period ended June 30, 2018, our revenue increased 10%
over last year’s comparable period. The consecutive revenue growth has
also resulted in our second consecutive quarter of generating a positive
gross profit. This brings our year-to-date gross profit for the nine
months ended June 30, 2018 to $5.7 million. In conjunction with our
overall cost reduction efforts, lower inventory obsolescence charges
helped to drive our positive improvements in gross profits.”
Wheeler continued, “Unfortunately, a significant portion of our third
quarter and year-to-date financial results were negatively impacted by a
$2.7 million bad debt charge reported in the third quarter. Virtually
all of this charge is in association with the recently filed bankruptcy
of one of our customers. Excluding the impact of bad debt charges, our
operating expenses in the third quarter and nine months of this fiscal
year declined by 18% and 12%, respectively.”
Traditional Seismic Products
The company’s traditional seismic products generated revenue of $2.6
million in the third quarter, and for the nine months ended June 30,
2018 generated revenue of $9.6 million. For the quarter, this represents
a reduction of 28% from last year, and a much narrower decline of less
than 3% for this year’s nine month period when compared to last year.
The decline in both periods can be largely attributed to lower demand
for the company’s specialty sensor products as well as traditional
products used in the marine seismic industry.
Wireless Seismic Products
Revenue from wireless seismic products totaled $7.9 million in the third
quarter, almost tripling the amount reported last year. This revenue
increase was almost entirely driven by an increase in OBX rentals.
Despite this quarterly increase, wireless product revenue for the first
nine months of the current fiscal year declined by almost 6% when
compared with last year’s equivalent nine-month period. In examining the
comparison to the prior year periods, these varied current year results
reflect increasing rental income from OBX rental contracts, but are
offset somewhat by lower wireless product sales. The OBX nodal marine
system continues to gain expanded use in the ocean bottom seismic
market, and based on existing rental contracts and quoting activity, the
company expects this to continue.
Reservoir Seismic Products
For the quarter ended June 30, 2018, revenue from the company’s
reservoir seismic products increased 83% in comparison to last year’s
third quarter. For the nine month period, reservoir product revenue more
than doubled compared to last year. In both periods, higher service
revenues along with stronger sales of borehole systems, including
downhole tools from the company’s rental fleet, contributed to the
increases. The company’s customers use these products to perform ‘frac
monitoring’ and borehole reservoir characterization services for oil and
gas companies. While an increase in these activities has driven higher
borehole product sales in recent periods, the company does not expect
revenue contributions to reach the levels seen in years past unless the
company receives a contract to manufacture and deliver a permanent
reservoir monitoring (PRM) system. Based on management’s ongoing
industry discussions, an opportunity to be awarded such a contract is
unlikely to occur in the next six months to a year.
Non-Seismic Products
The company’s non-seismic products generated revenue totaling $8.8
million in the third quarter. This is the highest level of revenue from
this segment in the company’s history, and represents an increase of
over 30% compared to last year’s third quarter. For the first nine
months of the fiscal year, revenue from these products increased by
almost 22% compared to the same period a year ago, reaching $23.1
million. Increasing demand for the company’s water meter products was
particularly strong during the three and nine-month periods with modest
revenue gains also coming from the company’s imaging products.
Wheeler continued, “We are encouraged by the consecutive quarterly
growth in our revenues. These recent contributions have resulted from
increased commerce in both our seismic and non-seismic business
segments. Despite these recent quarterly improvements, the modest
year-to-date revenue decline we realized in our traditional and wireless
seismic product lines is an indicator that there is still a lot of
ground yet to be gained in the oil and gas seismic industry recovery.
Revenue from these two product lines in particular is expected to remain
low until depletion of existing reserves prompts additional focus on
seismic exploration activities. Despite this concern, we continue to be
encouraged by our overall seismic revenue growth that such an industry
recovery is underway.”
“As we very recently announced, our acquisition of Quantum Technology
Sciences represents a strategic effort to further expand Geospace’s core
seismic engineering and manufacturing competencies into the border,
critical infrastructure and perimeter security markets. We believe
Quantum’s highly unique seismic analytic software technology and
existing products are rapidly gaining recognition in these important
industries. In future course, our planned efforts include the blending
of our technologies to incorporate Quantum’s innovative analytic
solutions with our ruggedized large channel count PRM data acquisition
system designs. In this accomplishment, we expect to provide new
products of incomparable functionality for markets focused on homeland
security and the protection of borders and critical infrastructure.”
Wheeler concluded, “Our balance sheet as of June 30, 2018 remained debt
free and included $39.6 million in cash and short-term securities as
well as $21.9 million of borrowings available under our credit facility.
After the $4.4 million cash down payment related to the acquisition of
Quantum, we believe our remaining liquidity and debt free status
continue to reflect an extremely strong financial position. We also
believe that this financial strength in conjunction with a calculated
exploitation of broader markets for our seismic technologies provides
significant opportunities for the company’s growth and diversification
in the coming years.”
Conference Call Information
Geospace Technologies will host a conference call to review its fiscal
year 2018 third quarter and nine month financial results on August 3,
2018, at 10:00 a.m. Eastern Time (9 a.m. Central). Participants can
access the call at (866) 831-8713 (US) or (203) 518-9713
(International). Please reference the conference ID: GEOSQ318 prior to
the start of the conference call. A replay will be available for
approximately 60 days and may be accessed through the Investor tab of
our website at www.geospace.com.
About Geospace Technologies
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. Through its acquisition of Quantum Technology Sciences, the
company designs and manufactures instruments, equipment and analytical
software used in the border and perimeter security industry for the
protection of borders and critical infrastructure. The company also
designs and manufactures non-seismic products, including industrial
products, offshore cables and imaging equipment.
Forward Looking Statements
This press release contains “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. These
forward-looking statements can be identified by terminology such as
“may”, “will”, “should”, “intend”, “expect”, “plan”, “budget”,
“forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”,
“continue”, “evaluating” or similar words. Statements that contain these
words should be read carefully because they discuss our future
expectations, contain projections of our future results of operations or
of our financial position or state other forward-looking information.
Examples of forward-looking statements include, among others, statements
that we make regarding our expected operating results, the results and
success of our transactions with Quantum, the adoption and sale of our
products in various geographic regions, anticipated levels of capital
expenditures and the sources of funding therefore, and our strategy for
growth, product development, market position, financial results and the
provision of accounting reserves. These forward-looking statements
reflect our current judgment about future events and trends based on the
information currently available to us. However, there will likely be
events in the future that we are not able to predict or control. The
factors listed under the caption “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,
provide examples of risks, uncertainties and events that may cause our
actual results to differ materially from the expectations we describe in
our forward-looking statements. Such examples include, but are not
limited to, the failure of the Quantum transaction to yield positive
operating results, decreases in commodity price levels, which could
reduce demand for our products, the failure of our products to achieve
market acceptance, despite substantial investment by us, our sensitivity
to short term backlog, delayed or cancelled customer orders, product
obsolescence resulting from poor industry conditions or new
technologies, bad debt write-offs associated with customer accounts,
lack of further orders for our OBX systems, failure of our non-seismic
products to be adopted by the border and security perimeter market,
infringement or failure to protect intellectual property, and any
negative impact from our restatement of our financial statements
regarding current assets. The occurrence of the events described in
these risk factors and elsewhere in our most recent Annual Report on
Form 10-K and Quarterly Report on Form 10-Q could have a material
adverse effect on our business, results of operations and financial
position, and actual events and results of operations may vary
materially from our current expectations. 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.
|
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands, except share and per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
June 30, 2018
|
|
|
|
June 30, 2017
|
|
|
|
June 30, 2018
|
|
|
|
June 30, 2017
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
|
|
$
|
13,417
|
|
|
|
$
|
12,888
|
|
|
|
$
|
40,886
|
|
|
|
$
|
37,960
|
|
Rental equipment
|
|
|
|
|
|
7,853
|
|
|
|
|
1,307
|
|
|
|
|
14,275
|
|
|
|
|
12,078
|
|
Total revenue
|
|
|
|
|
|
21,270
|
|
|
|
|
14,195
|
|
|
|
|
55,161
|
|
|
|
|
50,038
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
|
|
|
13,011
|
|
|
|
|
15,489
|
|
|
|
|
40,459
|
|
|
|
|
49,124
|
|
Rental equipment
|
|
|
|
|
|
3,582
|
|
|
|
|
3,818
|
|
|
|
|
8,994
|
|
|
|
|
11,911
|
|
Total cost of revenue
|
|
|
|
|
|
16,593
|
|
|
|
|
19,307
|
|
|
|
|
49,453
|
|
|
|
|
61,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (loss)
|
|
|
|
|
|
4,677
|
|
|
|
|
(5,112
|
)
|
|
|
|
5,708
|
|
|
|
|
(10,997
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
|
|
4,551
|
|
|
|
|
4,972
|
|
|
|
|
14,465
|
|
|
|
|
15,092
|
|
Research and development
|
|
|
|
|
|
2,537
|
|
|
|
|
3,674
|
|
|
|
|
8,125
|
|
|
|
|
10,458
|
|
Bad debt expense (recovery)
|
|
|
|
|
|
2,725
|
|
|
|
|
16
|
|
|
|
|
3,081
|
|
|
|
|
(402
|
)
|
Total operating expenses
|
|
|
|
|
|
9,813
|
|
|
|
|
8,662
|
|
|
|
|
25,671
|
|
|
|
|
25,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
|
|
|
(5,136
|
)
|
|
|
|
(13,774
|
)
|
|
|
|
(19,963
|
)
|
|
|
|
(36,145
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
(94
|
)
|
|
|
|
(8
|
)
|
|
|
|
(285
|
)
|
|
|
|
(24
|
)
|
Interest income
|
|
|
|
|
|
257
|
|
|
|
|
185
|
|
|
|
|
799
|
|
|
|
|
453
|
|
Foreign exchange gains (losses), net
|
|
|
|
|
|
264
|
|
|
|
|
(120
|
)
|
|
|
|
(85
|
)
|
|
|
|
(401
|
)
|
Other, net
|
|
|
|
|
|
(34
|
)
|
|
|
|
(11
|
)
|
|
|
|
(88
|
)
|
|
|
|
(44
|
)
|
Total other expense, net
|
|
|
|
|
|
393
|
|
|
|
|
46
|
|
|
|
|
341
|
|
|
|
|
(16
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes
|
|
|
|
|
|
(4,743
|
)
|
|
|
|
(13,728
|
)
|
|
|
|
(19,622
|
)
|
|
|
|
(36,161
|
)
|
Income tax expense (benefit)
|
|
|
|
|
|
53
|
|
|
|
|
648
|
|
|
|
|
(617
|
)
|
|
|
|
1,423
|
|
Net loss
|
|
|
|
|
$
|
(4,796
|
)
|
|
|
$
|
(14,376
|
)
|
|
|
$
|
(19,005
|
)
|
|
|
$
|
(37,584
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
$
|
(0.36
|
)
|
|
|
$
|
(1.09
|
)
|
|
|
$
|
(1.43
|
)
|
|
|
$
|
(2.86
|
)
|
Diluted
|
|
|
|
|
$
|
(0.36
|
)
|
|
|
$
|
(1.09
|
)
|
|
|
$
|
(1.43
|
)
|
|
|
$
|
(2.86
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
13,266,316
|
|
|
|
|
13,147,016
|
|
|
|
|
13,244,242
|
|
|
|
|
13,129,196
|
|
Diluted
|
|
|
|
|
|
13,266,316
|
|
|
|
|
13,147,016
|
|
|
|
|
13,244,242
|
|
|
|
|
13,129,196
|
|
|
|
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
|
|
CONSOLIDATED BALANCE SHEETS
|
(in thousands except share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
June 30, 2018
|
|
|
|
September 30,
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
$
|
12,550
|
|
|
|
$
|
15,092
|
|
Short-term investments
|
|
|
|
|
|
|
27,014
|
|
|
|
|
36,137
|
|
Trade accounts receivable, net
|
|
|
|
|
|
|
11,150
|
|
|
|
|
9,435
|
|
Financing receivables
|
|
|
|
|
|
|
5,031
|
|
|
|
|
3,055
|
|
Income tax receivable
|
|
|
|
|
|
|
9
|
|
|
|
|
273
|
|
Inventories
|
|
|
|
|
|
|
18,959
|
|
|
|
|
20,752
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
3,014
|
|
|
|
|
1,623
|
|
Total current assets
|
|
|
|
|
|
|
77,727
|
|
|
|
|
86,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental equipment, net
|
|
|
|
|
|
|
34,345
|
|
|
|
|
16,462
|
|
Property, plant and equipment, net
|
|
|
|
|
|
|
34,173
|
|
|
|
|
37,399
|
|
Non-current inventories
|
|
|
|
|
|
|
35,355
|
|
|
|
|
55,935
|
|
Deferred income tax assets, net
|
|
|
|
|
|
|
287
|
|
|
|
|
259
|
|
Non-current financing receivables, net
|
|
|
|
|
|
|
5,513
|
|
|
|
|
8,195
|
|
Prepaid income taxes
|
|
|
|
|
|
|
57
|
|
|
|
|
450
|
|
Other assets
|
|
|
|
|
|
|
213
|
|
|
|
|
629
|
|
Total assets
|
|
|
|
|
|
$
|
187,670
|
|
|
|
$
|
205,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable trade
|
|
|
|
|
|
$
|
4,033
|
|
|
|
$
|
2,599
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
|
|
5,359
|
|
|
|
|
6,338
|
|
Deferred revenue
|
|
|
|
|
|
|
982
|
|
|
|
|
1,568
|
|
Income tax payable
|
|
|
|
|
|
|
8
|
|
|
|
|
—
|
|
Total current liabilities
|
|
|
|
|
|
|
10,382
|
|
|
|
|
10,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax liabilities
|
|
|
|
|
|
|
45
|
|
|
|
|
37
|
|
Total liabilities
|
|
|
|
|
|
|
10,427
|
|
|
|
|
10,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, 1,000,000 shares authorized, no shares issued and
outstanding
|
|
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Common stock, $.01 par value, 20,000,000 shares authorized,
13,576,041
and 13,438,316 shares issued and outstanding
|
|
|
|
|
|
|
136
|
|
|
|
|
134
|
|
Additional paid-in capital
|
|
|
|
|
|
|
85,593
|
|
|
|
|
83,733
|
|
Retained earnings
|
|
|
|
|
|
|
106,161
|
|
|
|
|
125,517
|
|
Accumulated other comprehensive loss
|
|
|
|
|
|
|
(14,647
|
)
|
|
|
|
(14,230
|
)
|
Total stockholders’ equity
|
|
|
|
|
|
|
177,243
|
|
|
|
|
195,154
|
|
Total liabilities and stockholders’ equity
|
|
|
|
|
|
$
|
187,670
|
|
|
|
$
|
205,696
|
|
|
|
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
|
June 30, 2018
|
|
|
|
June 30, 2017
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
|
$
|
(19,005
|
)
|
|
|
$
|
(37,584
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax benefit
|
|
|
|
|
|
|
(37
|
)
|
|
|
|
(25
|
)
|
Rental equipment depreciation
|
|
|
|
|
|
|
7,475
|
|
|
|
|
9,858
|
|
Property, plant and equipment depreciation
|
|
|
|
|
|
|
3,105
|
|
|
|
|
3,930
|
|
Impairment of long-lived assets
|
|
|
|
|
|
|
488
|
|
|
|
|
—
|
|
Accretion of discounts on short-term investments
|
|
|
|
|
|
|
31
|
|
|
|
|
45
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
1,833
|
|
|
|
|
4,289
|
|
Bad debt expense (recovery)
|
|
|
|
|
|
|
3,081
|
|
|
|
|
(402
|
)
|
Inventory obsolescence expense
|
|
|
|
|
|
|
4,001
|
|
|
|
|
12,111
|
|
Gross profit from sale of used rental equipment
|
|
|
|
|
|
|
(4,966
|
)
|
|
|
|
(2,650
|
)
|
Gain on disposal of property, plant and equipment
|
|
|
|
|
|
|
(25
|
)
|
|
|
|
—
|
|
Realized loss on short-term investments
|
|
|
|
|
|
|
1
|
|
|
|
|
2
|
|
Effects of changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts receivable
|
|
|
|
|
|
|
(3,932
|
)
|
|
|
|
8,871
|
|
Income tax receivable
|
|
|
|
|
|
|
262
|
|
|
|
|
12,847
|
|
Inventories
|
|
|
|
|
|
|
(5,702
|
)
|
|
|
|
1,208
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
(1,186
|
)
|
|
|
|
459
|
|
Prepaid income taxes
|
|
|
|
|
|
|
41
|
|
|
|
|
1,156
|
|
Accounts payable trade
|
|
|
|
|
|
|
1,437
|
|
|
|
|
(77
|
)
|
Accrued expenses and other
|
|
|
|
|
|
|
505
|
|
|
|
|
(2,033
|
)
|
Deferred revenue
|
|
|
|
|
|
|
512
|
|
|
|
|
119
|
|
Income tax payable
|
|
|
|
|
|
|
8
|
|
|
|
|
(117
|
)
|
Net cash provided by (used in) operating activities
|
|
|
|
|
|
|
(12,073
|
)
|
|
|
|
12,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
|
|
|
|
(1,005
|
)
|
|
|
|
(588
|
)
|
Proceeds from sale of property and equipment
|
|
|
|
|
|
|
200
|
|
|
|
|
—
|
|
Investment in rental equipment
|
|
|
|
|
|
|
(2,511
|
)
|
|
|
|
(299
|
)
|
Proceeds from the sale of used rental equipment
|
|
|
|
|
|
|
4,333
|
|
|
|
|
4,424
|
|
Purchases of short-term investments
|
|
|
|
|
|
|
(11,162
|
)
|
|
|
|
(16,042
|
)
|
Proceeds from the sale of short-term investments
|
|
|
|
|
|
|
20,163
|
|
|
|
|
6,991
|
|
Payments for damages related to insurance claim
|
|
|
|
|
|
|
(1,970
|
)
|
|
|
|
—
|
|
Proceeds from insurance claim
|
|
|
|
|
|
|
900
|
|
|
|
|
—
|
|
Increase in insurance claim receivable
|
|
|
|
|
|
|
849
|
|
|
|
|
—
|
|
Net cash provided by (used in) investing activities
|
|
|
|
|
|
|
9,797
|
|
|
|
|
(5,514
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from the exercise of stock options
|
|
|
|
|
|
|
19
|
|
|
|
|
50
|
|
Net cash provided by financing activities
|
|
|
|
|
|
|
19
|
|
|
|
|
50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
|
|
|
(285
|
)
|
|
|
|
272
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
|
|
|
|
(2,542
|
)
|
|
|
|
6,815
|
|
Cash and cash equivalents, beginning of fiscal year
|
|
|
|
|
|
|
15,092
|
|
|
|
|
10,262
|
|
Cash and cash equivalents, end of fiscal period
|
|
|
|
|
|
$
|
12,550
|
|
|
|
$
|
17,077
|
|
|
|
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
|
|
SUMMARY OF SEGMENT REVENUE AND OPERATING LOSS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
|
June 30, 2018
|
|
|
June 30, 2017
|
|
|
June 30, 2018
|
|
|
June 30, 2017
|
Seismic segment revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional exploration products
|
|
|
|
|
$
|
2,582
|
|
|
$
|
3,604
|
|
|
$
|
9,559
|
|
|
$
|
9,811
|
Wireless exploration products
|
|
|
|
|
|
7,890
|
|
|
|
2,681
|
|
|
|
17,560
|
|
|
|
18,605
|
Reservoir products
|
|
|
|
|
|
1,873
|
|
|
|
1,023
|
|
|
|
4,552
|
|
|
|
2,242
|
|
|
|
|
|
|
12,345
|
|
|
|
7,308
|
|
|
|
31,671
|
|
|
|
30,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Seismic segment revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial product revenue
|
|
|
|
|
|
5,674
|
|
|
|
3,873
|
|
|
|
14,061
|
|
|
|
10,253
|
Imaging product revenue
|
|
|
|
|
|
3,104
|
|
|
|
2,868
|
|
|
|
8,997
|
|
|
|
8,692
|
|
|
|
|
|
|
8,778
|
|
|
|
6,741
|
|
|
|
23,058
|
|
|
|
18,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
|
|
|
|
|
|
147
|
|
|
|
146
|
|
|
|
432
|
|
|
|
435
|
Total revenue
|
|
|
|
|
$
|
21,270
|
|
|
$
|
14,195
|
|
|
$
|
55,161
|
|
|
$
|
50,038
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
|
|
|
June 30, 2018
|
|
|
|
June 30, 2017
|
|
|
|
June 30, 2018
|
|
|
|
June 30, 2017
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seismic segment
|
|
|
|
|
|
|
|
|
$
|
(4,122
|
)
|
|
|
|
$
|
(11,972
|
)
|
|
|
|
$
|
(15,552
|
)
|
|
|
|
$
|
(30,581
|
)
|
Non-seismic segment
|
|
|
|
|
|
|
|
|
|
1,428
|
|
|
|
|
|
1,004
|
|
|
|
|
|
3,841
|
|
|
|
|
|
3,108
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
(2,442
|
)
|
|
|
|
|
(2,806
|
)
|
|
|
|
|
(8,252
|
)
|
|
|
|
|
(8,672
|
)
|
Total operating loss
|
|
|
|
|
|
|
|
|
$
|
(5,136
|
)
|
|
|
|
$
|
(13,774
|
)
|
|
|
|
$
|
(19,963
|
)
|
|
|
|
$
|
(36,145
|
)
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180802006005/en/ Copyright Business Wire 2018
Source: Business Wire
(August 2, 2018 - 5:19 PM EDT)
News by QuoteMedia
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