Geospace Technologies Corp (GEOS) News & EventsGEOSGeospace Technologies Corp

Geospace Technologies Q1 Revenue $25.6M

Reports Q1 revenue $25.6M vs. $37.2M last year. Richard Kelley, President and CEO of Geospace Technologies said, "The past year was not without its challenges many of which are reflected in our first quarter performance. We continue to operate in an environment shaped by economic uncertainty, inflation, tariffs and supply chain challenges. With that said, we remain focused on what we can control: serving our customers, running the business well, and making smart, long-term decisions. Overall, I am encouraged by how our organization performed in this difficult operating environment. We continue to invest in our future, advance our strategic initiatives, and leverage innovative technology to further diversify the business. These efforts position us well to drive sustainable growth and long-term value for our shareholders."

Geospace announces Q4 earnings per share of 71 cents, compared to a loss of $1.00 in the previous year.

Reports Q4 revenue $30.7M vs. $35.4M last year. Richard Kelley, CEO, said, "The mixed fiscal year performance across the market segments continues to reinforce our vision of diversification and innovation for the company. Our Smart Water segment delivered another strong year, exceeding expectations with double digit revenue growth for the fourth sequential fiscal year. The Hydroconn(R) connector line continued to gain market share and drove significant revenue gains compared to last year. We are also seeing increased market acceptance of the Aquana products both domestically and in the Caribbean markets. We anticipate continued market demand for both the Hydroconn and Aquana solutions. For international markets, we will build upon the municipal water management model in the U.S. and address challenges of water scarcity, environmental changes and natural disaster mitigation. Continued market uncertainty and volatility in oil prices resulted in lower revenue from Energy Solutions. We experienced another year of reduced offshore exploration, increased competition and consolidation. These factors have led to decreased utilization of our ocean-bottom node rental fleet that has negatively impacted segment revenue. Despite lower revenue, we achieved strategic wins in the segment. As previously announced, we were awarded a major Permanent Reservoir Monitoring (PRM) contract with Petrobras as well as released and completed a major sale of our ultra lightweight land node, Pioneer(TM) to several customers, including Dawson Geophysical, a long-time valued partner. We have a strong backlog going into the next fiscal year and while there are encouraging signs, the short-term exploration market remains uncertain due to continued pressure from low oil prices. However, long-term demand forecasts should drive more favorable market conditions in future periods. Our Intelligent Industrial segment continues to provide steady, predictable revenue from our industrial sensors and contract manufacturing solutions. As previously announced, to increase revenue from this segment, we acquired Geovox Security, Inc., the exclusive licensee of a human heartbeat detection algorithm developed by Oak Ridge National Lab. The Heartbeat Detector(R) complements our border and perimeter security solutions. It further serves to advance our strategy toward adding more solutions with annual recurring revenue. We also restructured our Exile product portfolio to increase revenues and improve margins. Both Heartbeat Detector and Exile have seen increased interest in their respective markets. While Energy Solutions continues to play a key role in our overall strategy, we will continue to drive growth and profitability through diversification. We see incredible opportunities in our Smart Water and Intelligent Industrial segments to leverage our technology and manufacturing capabilities."