$GEOS
GEOSPACE TECHNOLOGIES CORP

2012 Q4 Form 10-Q Financial Statement

#000119312513042120 Filed on February 07, 2013

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q4
Revenue $77.75M $36.95M $43.28M
YoY Change 79.64% 12.65% 0.42%
Cost Of Revenue $37.19M $23.60M $22.62M
YoY Change 64.38% 18.0% -5.74%
Gross Profit $40.55M $13.30M $20.66M
YoY Change 96.27% 3.91% 8.16%
Gross Profit Margin 52.15% 36.0% 47.73%
Selling, General & Admin $5.363M $4.200M $4.735M
YoY Change 13.26% 0.0% 7.61%
% of Gross Profit 13.23% 31.58% 22.92%
Research & Development $3.365M $3.000M $2.889M
YoY Change 16.48% 20.0% -0.38%
% of Gross Profit 8.3% 22.56% 13.98%
Depreciation & Amortization $1.994M $2.240M $1.771M
YoY Change 12.59% 31.76% 18.07%
% of Gross Profit 4.92% 16.84% 8.57%
Operating Expenses $8.997M $7.200M $8.060M
YoY Change 11.63% 7.46% 10.41%
Operating Profit $31.55M $6.100M $12.60M
YoY Change 150.42% 0.0% 6.76%
Interest Expense $85.00K $300.0K $400.0K
YoY Change -78.75% 200.0% 100.0%
% of Operating Profit 0.27% 4.92% 3.18%
Other Income/Expense, Net $174.0K $100.0K $334.0K
YoY Change -47.9% -200.0%
Pretax Income $31.72M $6.500M $12.93M
YoY Change 145.3% 6.56% 8.67%
Income Tax $9.709M $2.300M $4.247M
% Of Pretax Income 30.61% 35.38% 32.84%
Net Earnings $22.01M $4.300M $8.685M
YoY Change 153.46% 19.44% 5.91%
Net Earnings / Revenue 28.31% 11.64% 20.07%
Basic Earnings Per Share $1.72 $0.68
Diluted Earnings Per Share $1.70 $333.3K $0.68
COMMON SHARES
Basic Shares Outstanding 12.83M 12.70M shares
Diluted Shares Outstanding 12.93M 12.84M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.60M $70.70M $42.80M
YoY Change 50.93% 94.77% 33.75%
Cash & Equivalents $44.89M $50.75M $37.84M
Short-Term Investments $19.70M $20.00M $5.000M
Other Short-Term Assets $9.764M $5.898M $7.800M
YoY Change 25.18% -51.26% -7.14%
Inventory $97.32M $83.89M $64.30M
Prepaid Expenses
Receivables $22.68M $16.23M $22.50M
Other Receivables $3.500M $3.800M $1.600M
Total Short-Term Assets $210.6M $187.2M $139.2M
YoY Change 51.31% 31.3% 16.88%
LONG-TERM ASSETS
Property, Plant & Equipment $39.90M $34.43M $60.50M
YoY Change -34.05% -26.11% 42.02%
Goodwill $1.843M $1.843M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $122.0K $192.0K $5.400M
YoY Change -97.74% -88.71% 92.86%
Total Long-Term Assets $83.47M $71.79M $71.20M
YoY Change 17.23% 32.46% 33.58%
TOTAL ASSETS
Total Short-Term Assets $210.6M $187.2M $139.2M
Total Long-Term Assets $83.47M $71.79M $71.20M
Total Assets $294.1M $259.0M $210.4M
YoY Change 39.78% 31.62% 22.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.35M $17.19M $7.600M
YoY Change 128.25% 243.74% -26.21%
Accrued Expenses $13.72M $13.98M $10.90M
YoY Change 25.89% 22.61% 21.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $51.74M $41.19M $23.10M
YoY Change 123.98% 132.72% -11.49%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $51.74M $41.19M $23.10M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $55.03M $44.04M $24.90M
YoY Change 120.98% 122.4% -8.79%
SHAREHOLDERS EQUITY
Retained Earnings $176.5M $154.5M
YoY Change
Common Stock $129.0K $128.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $239.1M $215.0M $177.0M
YoY Change
Total Liabilities & Shareholders Equity $294.1M $259.0M $210.4M
YoY Change 39.78% 31.62% 22.04%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q4
OPERATING ACTIVITIES
Net Income $22.01M $4.300M $8.685M
YoY Change 153.46% 19.44% 5.91%
Depreciation, Depletion And Amortization $1.994M $2.240M $1.771M
YoY Change 12.59% 31.76% 18.07%
Cash From Operating Activities -$2.112M $3.200M $20.08M
YoY Change -110.52% -129.96% 182.01%
INVESTING ACTIVITIES
Capital Expenditures $6.494M -$8.090M $792.0K
YoY Change 719.95% 141.49% -144.25%
Acquisitions
YoY Change
Other Investing Activities $12.61M $5.590M $3.530M
YoY Change 257.22% 2229.17% 488.33%
Cash From Investing Activities -$5.307M -$2.500M -$13.70M
YoY Change -61.27% -19.61% 1051.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.553M 1.360M 76.00K
YoY Change 1943.42% -77.07% -101.02%
NET CHANGE
Cash From Operating Activities -2.112M 3.200M 20.08M
Cash From Investing Activities -5.307M -2.500M -13.70M
Cash From Financing Activities 1.553M 1.360M 76.00K
Net Change In Cash -5.866M 2.060M 6.453M
YoY Change -190.9% -126.21% -521.76%
FREE CASH FLOW
Cash From Operating Activities -$2.112M $3.200M $20.08M
Capital Expenditures $6.494M -$8.090M $792.0K
Free Cash Flow -$8.606M $11.29M $19.29M
YoY Change -144.62% -254.02% 116.46%

Facts In Submission

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GEOSPACE TECHNOLOGIES CORP
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CY2012Q4 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Reclassifications</i></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Certain amounts previously presented in the consolidated financial statements may have been reclassified to conform to the current year presentation. Effective October&#xA0;1, 2012, the Company reports and categorizes its sales and products into two segments: Seismic and Non-Seismic. Prior year amounts have been reclassified to conform to the new presentation of the Company&#x2019;s business segments. Such reclassifications had no effect on net income, stockholders&#x2019; equity or cash flows.</font></p> </div>
CY2012Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
298000
CY2012Q4 us-gaap Derivative Instruments Gain Loss Recognized In Income Net
DerivativeInstrumentsGainLossRecognizedInIncomeNet
213000
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
31548000
CY2012Q4 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
900000
CY2012Q4 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
154000
CY2012Q4 us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
1231000
CY2012Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-16000
CY2012Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
102000
CY2012Q4 us-gaap Increase Decrease In Accounts And Notes Receivable
IncreaseDecreaseInAccountsAndNotesReceivable
5981000
CY2012Q4 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-19000
CY2012Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
22311000
CY2012Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
171000
CY2012Q4 us-gaap Share Based Compensation
ShareBasedCompensation
250000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.70
CY2012Q4 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
11419000
CY2012Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
269000
CY2012Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.306 pure
CY2012Q4 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
461000
CY2012Q4 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2112000
CY2012Q4 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5307000
CY2012Q4 us-gaap Investment Income Interest
InvestmentIncomeInterest
229000
CY2012Q4 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
2112000
CY2012Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6494000
CY2012Q4 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-5866000
CY2012Q4 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3823000
CY2012Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12926814 shares
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
77751000
CY2012Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
304000
CY2012Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
31722000
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.72
CY2012Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3365000
CY2012Q4 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1553000
CY2012Q4 us-gaap Cost Of Revenue
CostOfRevenue
37187000
CY2012Q4 us-gaap Operating Expenses
OperatingExpenses
8997000
CY2012Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12827918 shares
CY2012Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2012Q4 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
13704000
CY2012Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
98896 shares
CY2012Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2012Q4 us-gaap Adjustment For Amortization
AdjustmentForAmortization
60000
CY2012Q4 us-gaap Depreciation
Depreciation
1994000
CY2012Q4 us-gaap Gross Profit
GrossProfit
40564000
CY2012Q4 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
458000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
22013000
CY2012Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
174000
CY2012Q4 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1092000
CY2012Q4 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
702000
CY2012Q4 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
46000
CY2012Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5363000
CY2012Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9709000
CY2012Q4 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates</i></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">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, inventory obsolescence reserves, percentage-of-completion revenue recognition, self-insurance reserves, product warranty reserves, long-lived assets, intangible assets 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. Actual results may differ from these estimates under different conditions or assumptions.</font></p> </div>
CY2012Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-6000
CY2012Q4 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
1000
CY2012Q4 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
152000
CY2012Q4 us-gaap Interest Expense
InterestExpense
85000
CY2012Q4 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
8454000
CY2012Q4 geos Inventory Write Down And Recoveries
InventoryWriteDownAndRecoveries
-550000
CY2012Q4 geos Increase Decrease In Costs And Estimated Earnings In Excess Of Billings
IncreaseDecreaseInCostsAndEstimatedEarningsInExcessOfBillings
6325000
CY2012Q4 geos Accretion Of Discounts On Short Term Investments
AccretionOfDiscountsOnShortTermInvestments
87000
CY2012Q4 geos Gain Loss From Sale Of Used Rental Equipment
GainLossFromSaleOfUsedRentalEquipment
6519000
CY2012Q4 geos Inventories Transferred To Rental Equipment
InventoriesTransferredToRentalEquipment
1000000
CY2012Q4 geos Proceeds From Sale Of Used Rental Equipment
ProceedsFromSaleOfUsedRentalEquipment
12408000

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