$GEOS
GEOSPACE TECHNOLOGIES CORP

2022 Q1 Form 10-Q Financial Statement

#000095017022009623 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $24.70M $23.89M
YoY Change 3.38% -7.78%
Cost Of Revenue $17.89M $23.05M
YoY Change -22.37% 28.01%
Gross Profit $6.810M $847.0K
YoY Change 704.01% -89.29%
Gross Profit Margin 27.57% 3.55%
Selling, General & Admin $5.991M $5.478M
YoY Change 9.36% -9.69%
% of Gross Profit 87.97% 646.75%
Research & Development $4.673M $3.765M
YoY Change 24.12% -10.89%
% of Gross Profit 68.62% 444.51%
Depreciation & Amortization $5.075M $5.360M
YoY Change -5.32% -16.25%
% of Gross Profit 74.52% 632.82%
Operating Expenses $10.66M $9.243M
YoY Change 15.37% -10.18%
Operating Profit -$1.649M -$8.176M
YoY Change -79.83% 134.34%
Interest Expense $219.0K $800.0K
YoY Change -72.63% 7172.73%
% of Operating Profit
Other Income/Expense, Net $200.0K $1.053M
YoY Change -81.01% 269.47%
Pretax Income -$1.449M -$7.123M
YoY Change -79.66% 122.32%
Income Tax $25.00K $100.0K
% Of Pretax Income
Net Earnings -$1.474M -$7.184M
YoY Change -79.48% 88.51%
Net Earnings / Revenue -5.97% -30.07%
Basic Earnings Per Share -$0.11 -$0.53
Diluted Earnings Per Share -$0.11 -$0.53
COMMON SHARES
Basic Shares Outstanding 13.00M 13.47M
Diluted Shares Outstanding 13.00M 13.47M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.87M $35.10M
YoY Change -66.18% 85.71%
Cash & Equivalents $8.211M $31.25M
Short-Term Investments $3.660M $3.900M
Other Short-Term Assets $1.170M $3.900M
YoY Change -70.0% 69.57%
Inventory $18.33M $15.31M
Prepaid Expenses
Receivables $10.33M $7.083M
Other Receivables $0.00 $0.00
Total Short-Term Assets $56.58M $67.57M
YoY Change -16.26% 16.51%
LONG-TERM ASSETS
Property, Plant & Equipment $28.26M $29.73M
YoY Change -4.95% -68.48%
Goodwill $5.072M $4.337M
YoY Change 16.95%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $210.0K $24.90M
YoY Change -99.16% -1.58%
Total Long-Term Assets $89.03M $109.2M
YoY Change -18.48% -18.38%
TOTAL ASSETS
Total Short-Term Assets $56.58M $67.57M
Total Long-Term Assets $89.03M $109.2M
Total Assets $145.6M $176.8M
YoY Change -17.63% -7.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.640M $5.228M
YoY Change -11.25% 6.69%
Accrued Expenses $233.0K $200.0K
YoY Change 16.5%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.52M $16.20M
YoY Change -28.87% 42.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $23.00K $8.900M
YoY Change -99.74% -18.35%
Total Long-Term Liabilities $23.00K $8.900M
YoY Change -99.74% -18.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.52M $16.20M
Total Long-Term Liabilities $23.00K $8.900M
Total Liabilities $12.83M $25.10M
YoY Change -48.87% -1.18%
SHAREHOLDERS EQUITY
Retained Earnings $64.27M
YoY Change
Common Stock $94.03M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.500M $2.328M
YoY Change 222.16%
Treasury Stock Shares $842.0K $275.2K
Shareholders Equity $132.8M $151.7M
YoY Change
Total Liabilities & Shareholders Equity $145.6M $176.8M
YoY Change -17.63% -7.83%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$1.474M -$7.184M
YoY Change -79.48% 88.51%
Depreciation, Depletion And Amortization $5.075M $5.360M
YoY Change -5.32% -16.25%
Cash From Operating Activities -$3.006M -$6.240M
YoY Change -51.83% -168.65%
INVESTING ACTIVITIES
Capital Expenditures -$1.950M -$1.120M
YoY Change 74.11% -6.67%
Acquisitions
YoY Change
Other Investing Activities $5.877M $6.350M
YoY Change -7.45% 482.57%
Cash From Investing Activities $3.927M $5.230M
YoY Change -24.91% -5330.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -1.500M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -3.006M -6.240M
Cash From Investing Activities 3.927M 5.230M
Cash From Financing Activities 0.000 -1.500M
Net Change In Cash 921.0K -2.510M
YoY Change -136.69% -127.92%
FREE CASH FLOW
Cash From Operating Activities -$3.006M -$6.240M
Capital Expenditures -$1.950M -$1.120M
Free Cash Flow -$1.056M -$5.120M
YoY Change -79.37% -149.76%

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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements. The Company continually evaluates its estimates, including those related to bad debt reserves, collectability of rental revenue, inventory obsolescence reserves, self-insurance reserves, product warranty reserves, useful lives of long-lived assets, impairment of long-lived assets and intangible assets, contingent consideration and deferred income tax assets. The Company bases its estimates on historical experience and various other factors that are believed to be reasonable under the circumstances. While management believes current estimates are reasonable and appropriate, actual results may differ from these estimates under different conditions or assumptions.</span></p>
CY2022Q1 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
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CY2022Q1 us-gaap Goodwill
Goodwill
5072000
CY2021Q3 us-gaap Goodwill
Goodwill
5072000
us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P7Y10M24D
CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
12583000
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
12583000
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6226000
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5333000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6357000
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
7250000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
400000
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
400000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
900000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
900000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
784000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
768000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
395000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-7184000
us-gaap Net Income Loss
NetIncomeLoss
-8242000
us-gaap Net Income Loss
NetIncomeLoss
-8234000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1474000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-7184000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
381000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
374000
CY2022Q1 geos Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
3655000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6357000
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
0
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-1474000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-8242000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-8234000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12999022
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13466614
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12958911
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13519638
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12999022
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13466614
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12958911
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13519638
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.53
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.64
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.61
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.11
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.53
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.64
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.61
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
CY2022Q1 us-gaap Revenues
Revenues
24700000
CY2021Q1 us-gaap Revenues
Revenues
23892000
us-gaap Revenues
Revenues
42691000
us-gaap Revenues
Revenues
52352000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1649000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-8176000
us-gaap Operating Income Loss
OperatingIncomeLoss
-8535000
us-gaap Operating Income Loss
OperatingIncomeLoss
-9635000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000

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