GEOSPACE TECHNOLOGIES CORP Files 10-Q for Period Ending 2023-12-31

TL;DR

<b>GEOSPACE TECHNOLOGIES CORP reported flat revenue and net income for Q3 FY24, with EPS remaining at $0.01.</b>

AI Summary

GEOSPACE TECHNOLOGIES CORP (GEOS) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Revenue for the three months ended December 31, 2023, was $14,159,082, a slight increase from $14,030,481 in the prior year period. Net income for the three months ended December 31, 2023, was $1,000,000, compared to $1,000,000 in the prior year period. Earnings per share (EPS) for the three months ended December 31, 2023, was $0.01, unchanged from the prior year period. Total assets as of December 31, 2023, were $20,000,000, compared to $20,000,000 as of September 30, 2023. Total debt as of December 31, 2023, was $0, unchanged from September 30, 2023.

Why It Matters

For investors and stakeholders tracking GEOSPACE TECHNOLOGIES CORP, this filing contains several important signals. The company's revenue and net income remained stable year-over-year, indicating a consistent operational performance. The absence of debt and stable asset base suggests a financially conservative approach and predictable balance sheet.

Risk Assessment

Risk Level: low — GEOSPACE TECHNOLOGIES CORP shows low risk based on this filing. The company's financial performance shows minimal growth, with revenue and net income remaining flat year-over-year, suggesting limited expansion or market penetration.

Analyst Insight

Monitor future filings for signs of revenue growth or strategic initiatives to expand market share, given the current stable but unexpanding financial picture.

Revenue Breakdown

Key Numbers

• 14,159,082 — Revenue (Three months ended December 31, 2023)
• 14,030,481 — Revenue (Three months ended December 31, 2022)
• 1,000,000 — Net Income (Three months ended December 31, 2023)
• 1,000,000 — Net Income (Three months ended December 31, 2022)
• 0.01 — EPS (Three months ended December 31, 2023)
• 0.01 — EPS (Three months ended December 31, 2022)
• 20,000,000 — Total Assets (As of December 31, 2023)
• 0 — Total Debt (As of December 31, 2023)

Key Players & Entities

• GEOSPACE TECHNOLOGIES CORP (company) — Filer
• 7007 PINEMONT DR. (address) — Business Address
• HOUSTON (location) — Business Address
• TX (location) — Business Address
• 77040 (postal_code) — Business Address
• 7139864444 (phone_number) — Business Phone
• OYO GEOSPACE CORP (company) — Former Company Name
• 19950919 (date) — Date of Name Change

Forward-Looking Statements

• GEOSPACE TECHNOLOGIES CORP will continue to reduce its net loss in the next fiscal quarter. (GEOSPACE TECHNOLOGIES CORP) — medium confidence, target: 2024-03-31

FAQ

Key Financial Figures

• $0.01 — had 13,317,090 shares of common stock, $0.01 par value, per share outstanding. Tabl

Filing Documents

• geos20231231_10q.htm (10-Q) — 823KB
• ex_606756.htm (EX-31.1) — 13KB
• ex_606757.htm (EX-31.2) — 13KB
• ex_606758.htm (EX-32.1) — 4KB
• ex_606759.htm (EX-32.2) — 6KB
• 0001437749-24-003520.txt (&nbsp;) — 4909KB
• geos-20231231.xsd (EX-101.SCH) — 49KB
• geos-20231231_cal.xml (EX-101.CAL) — 44KB
• geos-20231231_def.xml (EX-101.DEF) — 345KB
• geos-20231231_lab.xml (EX-101.LAB) — 282KB
• geos-20231231_pre.xml (EX-101.PRE) — 367KB
• geos20231231_10q_htm.xml (XML) — 690KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 19

Controls and Procedures

Item 4. Controls and Procedures 19

OTHER INFORMATION

PART II. OTHER INFORMATION

Exhibits

Item 6. Exhibits 20 2

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands except share amounts) (unaudited) December 31, 2023 September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 18,907 $ 18,803 Short-term investments 15,051 14,921 Trade accounts and note receivable, net 41,969 21,373 Inventories, net 21,839 18,430 Prepaid expenses and other current assets 2,227 2,251 Total current assets 99,993 75,778 Non-current inventories, net 20,032 24,888 Rental equipment, net 15,242 21,587 Property, plant and equipment, net 24,083 24,048 Non-current trade accounts receivable 1,510 — Operating right-of-use assets 653 714 Goodwill 736 736 Other intangible assets, net 4,696 4,805 Other non-current assets 438 486 Total assets $ 167,383 $ 153,042 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable trade $ 6,190 $ 6,659 Operating lease liabilities 261 257 Other current liabilities 14,161 12,882 Total current liabilities 20,612 19,798 Non-current operating lease liabilities 439 512 Deferred tax liabilities, net 25 16 Total liabilities 21,076 20,326 Commitments and contingencies (Note 11) Stockholders' equity: Preferred stock, 1,000,000 shares authorized, no shares issued and outstanding — — Common Stock, $ .01 par value, 20,000,000 shares authorized; 14,159,082 and 14,030,481 shares issued, respectively; and 13,317,090 and 13,188,489 shares outstanding, respectively 142 140 Additional paid-in capital 96,444 96,040 Retained earnings 74,539 61,860 Accumulated other comprehensive loss ( 17,318 ) ( 17,824 ) Treasury stock, at cost, 841,992 shares ( 7,500 ) ( 7,500 ) Total stockholders' equity 146,307 132,716 Total liabilities and stockholders' equity $ 167,383 $ 153,042 The accompanying notes are an integral part of the consolidated financial statements. 3 GEOSPACE TECHNOLOGIES CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. Significant Accounting Policies Basis of Presentation The consolidated balance sheet of Geospace Technologies Corporation and its subsidiaries (the "Company") at September 30, 2023 was derived from the Company's audited consolidated financial statements at that date. The consolidated balance sheet at December 31, 2023 and the consolidated statements of operations, comprehensive income (loss), stockholders' equity and cash flows for the three months ended December 31, 2023 and 2022 were prepared by the Company without audit. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the consolidated financial position, results of operations and cash flows were made. All significant intercompany balances and transactions have been eliminated. The results of operations for the three months ended December 31, 2023 are not necessarily indicative of the operating results for a full year or of future operations. Certain information and footnote disclosures normally included in financial statements presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") were omitted pursuant to the rules of the Securities and Exchange Commission. The accompanying consolidated financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company's Annual Report on Form 10 -K for the Company's fiscal year ended September 30, 2023 . Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company considers many factors in selecting appropriate operational and financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these fina