Geospace Technologies Corp

NASDAQ:GEOSUnited States

May 9, 2024

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• -- Earnings Flash (GEOS) GEOSPACE TECHNOLOGIES CORPORATION Reports Q2 Revenue $24.3M, from 4:47PM ET on Thursday May 09, 2024 by MT Newswires

  4:47PM ET on Thursday May 09, 2024 by MT Newswires
  Companies Mentioned: GEOS
  04:47 PM EDT, 05/09/2024 (MT Newswires) -- ...

• Geospace Technologies Corporation Reports Second Quarter and Six-Month 2024 Earnings, from 4:47PM ET on Thursday May 09, 2024 by Business Wire

  4:47PM ET on Thursday May 09, 2024 by Business Wire
  Companies Mentioned: GEOS

  --Company Announces Stock Repurchase Program

  Geospace Technologies Corporation (NASDAQ: GEOS) (the "Company") today announced results for its second quarter ended March 31, 2024. For the three-months ended March 31, 2024, Geospace reported revenue of $24.3 million, compared to revenue of $31.4 million for the comparable year-ago quarter. Net loss for the three-months ended March 31, 2024 was $4.3 million, or ($0.32) per diluted share, compared to net income of $4.6 million, or $0.35 per diluted share, for the quarter ended March 31, 2023.

• *DJ Geospace Technologies 2Q Loss/Shr 32c >GEOS, from 4:47PM ET on Thursday May 09, 2024 by Dow Jones

  4:47PM ET on Thursday May 09, 2024 by Dow Jones
  Companies Mentioned: GEOS
  ============ === =============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable trade $ 4,955 $ 6,659 Operating lease liabilities 257 257 Other current liabilities 9,863 12,882 ------------ --- --------------- Total current liabilities 15,075 19,798 Non-current operating lease liabilities 397 512 Deferred tax liabilities, net 32 16 ------------ --- --------------- Total liabilities 15,504 20,326 ------------ --- --------------- 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; 14,204,082 and 14,030,481 shares issued, respectively; and 13,362,090 and 13,188,489 shares outstanding, respectively 142 140 Additional paid-in capital 96,800 96,040 Retained earnings 70,212 61,860 Accumulated other comprehensive loss (17,460) (17,824) Treasury stock, at cost, 841,992 shares (7,500) (7,500) ------------ --- --------------- Total stockholders' equity 142,194 132,716 ------------ --- --------------- Total liabilities and stockholders' equity $ 157,698 $ 153,042 ============ === =============== GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Six Months Ended ----------------------------------- March 31, 2024 March 31, 2023 ---------------- ---------------- Cash flows from operating activities: Net income $ 8,352 $ 4,540 Adjustments to reconcile net income to net cash used in operating activities: Deferred income tax expense 15 -- Rental equipment depreciation 6,026 6,442 Property, plant and equipment depreciation 1,682 1,896 Amortization of intangible assets 204 430 Amortization of premiums (accretion of discounts) on short-term investments (234) 1 Stock-based compensation expense 762 676 Provision for (recovery of) credit losses (51) 137 Inventory obsolescence expense 110 1,836 Gross profit from sale of rental equipment (20,553) (3,925) Gain on disposal of property -- (1,315) Loss (gain) on disposal of equipment 10 (464) Effects of changes in operating assets and liabilities: Trade accounts and note receivable 5,963 (8,352) Inventories (5,566) (7,882) Other assets 873 1,702 Accounts payable trade (684) (574) Other liabilities (3,180) (226) ------------ ------------ Net cash used in operating activities (6,271) (5,078) ------------ ------------ Cash flows from investing activities: Purchase of property, plant and equipment (3,166) (1,126) Proceeds from the sale of property, plant and equipment 2 4,221 Investment in rental equipment (3,949) (635) Proceeds from the sale of rental equipment 30,502 8,794 Purchases of short-term investments (19,293) -- Proceeds from the sale of short-term investments 4,000 900 ------------ ------------ Net cash provided by investing activities 8,096 12,154 ------------ ------------ Cash flows from financing activities: Payments on contingent consideration -- (175) ------------ ------------ Effect of exchange rate changes on cash 134 (205) ------------ ------------ Increase in cash and cash equivalents 1,959 6,696 Cash and cash equivalents, beginning of period 18,803 16,109 ------------ ------------ Cash and cash equivalents, end of period $ 20,762 $ 22,805 ============ ============ SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for income taxes $ -- $ 26 Inventory transferred to rental equipment 5,352 82 GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES SUMMARY OF SEGMENT REVENUE AND OPERATING INCOME (LOSS) (in thousands) (unaudited) Three Months Ended Six Months Ended ----------------- ---------------------- March March March 31, 31, 31, March 31, 2024 2023 2024 2023 -------- ------- ------- ------------- Oil and Gas Markets segment revenue: Traditional seismic exploration product revenue $ 3,548 $ 3,391 $ 5,311 $ 6,146 Wireless seismic exploration product revenue 7,240 14,896 45,313 32,134 Reservoir product revenue 59 132 132 287 ------ ------ ------ ------------ 10,847 18,419 50,756 38,567 Adjacent Markets segment revenue: Industrial product revenue 9,024 9,642 15,467 17,572 Imaging product revenue 3,211 3,066 6,583 5,958 ------ ------ ------ ------------ 12,235 12,708 22,050 23,530 Emerging Markets segment revenue: Border and perimeter security product revenue 1,113 191 1,347 284 ------ ------ ------ ------------ Corporate 75 52 149 98 ------ ------ ------ ------------ Total revenue $24,270 $31,370 $74,302 $ 62,479 ====== ====== ====== ============ Three Months Ended Six Months Ended ------------------- -------------------- March March March 31, 31, 31, March 31, 2024 2023 2024 2023 --------- -------- -------- ---------- Operating income (loss): Oil and Gas Markets segment $(3,135) $ 4,176 $11,428 $ 6,582 Adjacent Markets segment 2,796 3,055 4,830 4,802 Emerging Markets segment (651) (1,007) (1,276) (2,220) Corporate (3,516) (1,847) (6,651) (5,066) ------ ------ ------ ------ Total operating income (loss) $(4,506) $ 4,377 $ 8,331 $ 4,098 ====== ====== ====== ======
  

• Geospace Technologies Corporation Reports Second Quarter and Six-Month 2024 Earnings, from 4:47PM ET on Thursday May 09, 2024 by Dow Jones

  4:47PM ET on Thursday May 09, 2024 by Dow Jones
  Companies Mentioned: GEOS
  liabilities 15,075 19,798 Non-current operating lease liabilities 397 512 Deferred tax liabilities, net 32 16 ------------ --- --------------- Total liabilities 15,504 20,326 ------------ --- --------------- 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; 14,204,082 and 14,030,481 shares issued, respectively; and 13,362,090 and 13,188,489 shares outstanding, respectively 142 140 Additional paid-in capital 96,800 96,040 Retained earnings 70,212 61,860 Accumulated other comprehensive loss (17,460) (17,824) Treasury stock, at cost, 841,992 shares (7,500) (7,500) ------------ --- --------------- Total stockholders' equity 142,194 132,716 ------------ --- --------------- Total liabilities and stockholders' equity $ 157,698 $ 153,042 ============ === =============== GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Six Months Ended ----------------------------------- March 31, 2024 March 31, 2023 ---------------- ---------------- Cash flows from operating activities: Net income $ 8,352 $ 4,540 Adjustments to reconcile net income to net cash used in operating activities: Deferred income tax expense 15 -- Rental equipment depreciation 6,026 6,442 Property, plant and equipment depreciation 1,682 1,896 Amortization of intangible assets 204 430 Amortization of premiums (accretion of discounts) on short-term investments (234) 1 Stock-based compensation expense 762 676 Provision for (recovery of) credit losses (51) 137 Inventory obsolescence expense 110 1,836 Gross profit from sale of rental equipment (20,553) (3,925) Gain on disposal of property -- (1,315) Loss (gain) on disposal of equipment 10 (464) Effects of changes in operating assets and liabilities: Trade accounts and note receivable 5,963 (8,352) Inventories (5,566) (7,882) Other assets 873 1,702 Accounts payable trade (684) (574) Other liabilities (3,180) (226) ------------ ------------ Net cash used in operating activities (6,271) (5,078) ------------ ------------ Cash flows from investing activities: Purchase of property, plant and equipment (3,166) (1,126) Proceeds from the sale of property, plant and equipment 2 4,221 Investment in rental equipment (3,949) (635) Proceeds from the sale of rental equipment 30,502 8,794 Purchases of short-term investments (19,293) -- Proceeds from the sale of short-term investments 4,000 900 ------------ ------------ Net cash provided by investing activities 8,096 12,154 ------------ ------------ Cash flows from financing activities: Payments on contingent consideration -- (175) ------------ ------------ Effect of exchange rate changes on cash 134 (205) ------------ ------------ Increase in cash and cash equivalents 1,959 6,696 Cash and cash equivalents, beginning of period 18,803 16,109 ------------ ------------ Cash and cash equivalents, end of period $ 20,762 $ 22,805 ============ ============ SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for income taxes $ -- $ 26 Inventory transferred to rental equipment 5,352 82 GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES SUMMARY OF SEGMENT REVENUE AND OPERATING INCOME (LOSS) (in thousands) (unaudited) Three Months Ended Six Months Ended ----------------- ---------------------- March March March 31, 31, 31, March 31, 2024 2023 2024 2023 -------- ------- ------- ------------- Oil and Gas Markets segment revenue: Traditional seismic exploration product revenue $ 3,548 $ 3,391 $ 5,311 $ 6,146 Wireless seismic exploration product revenue 7,240 14,896 45,313 32,134 Reservoir product revenue 59 132 132 287 ------ ------ ------ ------------ 10,847 18,419 50,756 38,567 Adjacent Markets segment revenue: Industrial product revenue 9,024 9,642 15,467 17,572 Imaging product revenue 3,211 3,066 6,583 5,958 ------ ------ ------ ------------ 12,235 12,708 22,050 23,530 Emerging Markets segment revenue: Border and perimeter security product revenue 1,113 191 1,347 284 ------ ------ ------ ------------ Corporate 75 52 149 98 ------ ------ ------ ------------ Total revenue $24,270 $31,370 $74,302 $ 62,479 ====== ====== ====== ============ Three Months Ended Six Months Ended ------------------- -------------------- March March March 31, 31, 31, March 31, 2024 2023 2024 2023 --------- -------- -------- ---------- Operating income (loss): Oil and Gas Markets segment $(3,135) $ 4,176 $11,428 $ 6,582 Adjacent Markets segment 2,796 3,055 4,830 4,802 Emerging Markets segment (651) (1,007) (1,276) (2,220) Corporate (3,516) (1,847) (6,651) (5,066) ------ ------ ------ ------ Total operating income (loss) $(4,506) $ 4,377 $ 8,331 $ 4,098 ====== ====== ====== ======