$GEOS
GEOSPACE TECHNOLOGIES CORP

2013 Q1 Form 10-Q Financial Statement

#000119312513197315 Filed on May 03, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q3 2012 Q1
Revenue $76.42M $36.95M $56.23M
YoY Change 35.9% 12.65% 10.91%
Cost Of Revenue $40.86M $23.60M $31.17M
YoY Change 31.09% 18.0% 7.49%
Gross Profit $35.56M $13.30M $25.06M
YoY Change 41.9% 3.91% 15.48%
Gross Profit Margin 46.53% 36.0% 44.56%
Selling, General & Admin $5.899M $4.200M $4.911M
YoY Change 20.12% 0.0% -9.06%
% of Gross Profit 16.59% 31.58% 19.6%
Research & Development $3.768M $3.000M $3.509M
YoY Change 7.38% 20.0% 9.66%
% of Gross Profit 10.6% 22.56% 14.0%
Depreciation & Amortization $3.890M $2.240M $3.100M
YoY Change 25.48% 31.76% 41.55%
% of Gross Profit 10.94% 16.84% 12.37%
Operating Expenses $10.01M $7.200M $8.588M
YoY Change 16.5% 7.46% -0.14%
Operating Profit $25.56M $6.100M $16.47M
YoY Change 55.15% 0.0% 25.74%
Interest Expense $48.00K $300.0K $43.00K
YoY Change 11.63% 200.0%
% of Operating Profit 0.19% 4.92% 0.26%
Other Income/Expense, Net -$532.0K $100.0K $351.0K
YoY Change -251.57% -200.0%
Pretax Income $25.02M $6.500M $16.82M
YoY Change 48.75% 6.56% 29.41%
Income Tax $8.155M $2.300M $5.392M
% Of Pretax Income 32.59% 35.38% 32.05%
Net Earnings $16.87M $4.300M $11.43M
YoY Change 47.57% 19.44% 31.39%
Net Earnings / Revenue 22.07% 11.64% 20.33%
Basic Earnings Per Share $1.31 $0.90
Diluted Earnings Per Share $1.30 $333.3K $0.89
COMMON SHARES
Basic Shares Outstanding 12.88M 12.73M shares
Diluted Shares Outstanding 12.96M 12.86M shares

Balance Sheet

Concept 2013 Q1 2012 Q3 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.90M $70.70M $49.10M
YoY Change -53.36% 94.77% 104.58%
Cash & Equivalents $12.31M $50.75M $44.15M
Short-Term Investments $10.60M $20.00M $5.000M
Other Short-Term Assets $28.10M $5.898M $9.000M
YoY Change 212.22% -51.26% 5.88%
Inventory $111.5M $83.89M $69.20M
Prepaid Expenses
Receivables $34.11M $16.23M $34.30M
Other Receivables $7.400M $3.800M $1.600M
Total Short-Term Assets $204.1M $187.2M $163.2M
YoY Change 25.07% 31.3% 25.73%
LONG-TERM ASSETS
Property, Plant & Equipment $40.44M $34.43M $61.00M
YoY Change -33.7% -26.11% 21.51%
Goodwill $1.843M $1.843M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $103.0K $192.0K $4.200M
YoY Change -97.55% -88.71% 223.08%
Total Long-Term Assets $88.91M $71.79M $69.90M
YoY Change 27.19% 32.46% 19.28%
TOTAL ASSETS
Total Short-Term Assets $204.1M $187.2M $163.2M
Total Long-Term Assets $88.91M $71.79M $69.90M
Total Assets $293.0M $259.0M $233.1M
YoY Change 25.71% 31.62% 23.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.92M $17.19M $11.80M
YoY Change 60.36% 243.74% -18.06%
Accrued Expenses $11.62M $13.98M $11.60M
YoY Change 0.2% 22.61% 20.83%
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 $31.42M $41.19M $31.90M
YoY Change -1.51% 132.72% 9.25%
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 $31.42M $41.19M $31.90M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $34.83M $44.04M $34.40M
YoY Change 1.25% 122.4% 12.05%
SHAREHOLDERS EQUITY
Retained Earnings $193.3M $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 $258.2M $215.0M $198.8M
YoY Change
Total Liabilities & Shareholders Equity $293.0M $259.0M $233.1M
YoY Change 25.71% 31.62% 23.73%

Cashflow Statement

Concept 2013 Q1 2012 Q3 2012 Q1
OPERATING ACTIVITIES
Net Income $16.87M $4.300M $11.43M
YoY Change 47.57% 19.44% 31.39%
Depreciation, Depletion And Amortization $3.890M $2.240M $3.100M
YoY Change 25.48% 31.76% 41.55%
Cash From Operating Activities -$40.45M $3.200M $3.140M
YoY Change -1388.22% -129.96% -285.8%
INVESTING ACTIVITIES
Capital Expenditures -$8.010M -$8.090M -$6.630M
YoY Change 20.81% 141.49% -31.58%
Acquisitions
YoY Change
Other Investing Activities $13.55M $5.590M $8.850M
YoY Change 53.11% 2229.17% 3177.78%
Cash From Investing Activities $5.550M -$2.500M $2.210M
YoY Change 151.13% -19.61% -123.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.320M 1.360M 950.0K
YoY Change 144.21% -77.07% -67.01%
NET CHANGE
Cash From Operating Activities -40.45M 3.200M 3.140M
Cash From Investing Activities 5.550M -2.500M 2.210M
Cash From Financing Activities 2.320M 1.360M 950.0K
Net Change In Cash -32.58M 2.060M 6.300M
YoY Change -617.14% -126.21% -176.55%
FREE CASH FLOW
Cash From Operating Activities -$40.45M $3.200M $3.140M
Capital Expenditures -$8.010M -$8.090M -$6.630M
Free Cash Flow -$32.44M $11.29M $9.770M
YoY Change -432.04% -254.02% 22.12%

Facts In Submission

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dei Trading Symbol
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GEOSPACE TECHNOLOGIES CORP
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dei Document Fiscal Period Focus
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dei Document Fiscal Year Focus
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dei Document Type
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dei Document Period End Date
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us-gaap Prior Period Reclassification Adjustment Description
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<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>
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<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>
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-17000
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
6000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-2350000
us-gaap Interest Expense
InterestExpense
130000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-587000
geos Inventory Write Down And Recoveries
InventoryWriteDownAndRecoveries
-186000
us-gaap Derivative Instruments Gain Loss Recognized In Income Net
DerivativeInstrumentsGainLossRecognizedInIncomeNet
-148000
us-gaap Operating Income Loss
OperatingIncomeLoss
29070000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
950000
us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
2730000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-8000
us-gaap Increase Decrease In Accounts And Notes Receivable
IncreaseDecreaseInAccountsAndNotesReceivable
13435000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
20334000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
218000
us-gaap Share Based Compensation
ShareBasedCompensation
376000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.57
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
22191000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
604000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.324 pure
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
605000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
23219000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11487000
us-gaap Investment Income Interest
InvestmentIncomeInterest
443000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
4674000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1672000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
12762000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3227000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12839560 shares
us-gaap Sales Revenue Net
SalesRevenueNet
99514000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
203000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
29755000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.58
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6398000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1030000
us-gaap Cost Of Revenue
CostOfRevenue
53796000
us-gaap Operating Expenses
OperatingExpenses
16648000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12715356 shares
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2068000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
124204 shares
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
us-gaap Adjustment For Amortization
AdjustmentForAmortization
120000
us-gaap Depreciation
Depreciation
4810000
us-gaap Gross Profit
GrossProfit
45718000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
5000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
6772000
us-gaap Net Income Loss
NetIncomeLoss
20116000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
685000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
425000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
293000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9646000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9639000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
1025000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
15000
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
-1000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
34000
us-gaap Interest Expense
InterestExpense
43000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
2680000
geos Inventory Write Down And Recoveries
InventoryWriteDownAndRecoveries
1125000
geos Accretion Of Discounts On Short Term Investments
AccretionOfDiscountsOnShortTermInvestments
73000
geos Gain Loss From Sale Of Used Rental Equipment
GainLossFromSaleOfUsedRentalEquipment
7301000
geos Inventories Transferred To Rental Equipment
InventoriesTransferredToRentalEquipment
13000
geos Proceeds From Sale Of Used Rental Equipment
ProceedsFromSaleOfUsedRentalEquipment
12451000
CY2011Q1 us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2011-03-02
CY2011Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2015-03-02
CY2012Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio
StockholdersEquityNoteStockSplitConversionRatio
2 pure
CY2013Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-158000
CY2013Q1 us-gaap Derivative Instruments Gain Loss Recognized In Income Net
DerivativeInstrumentsGainLossRecognizedInIncomeNet
-58000
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
25556000
CY2013Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
5000
CY2013Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
16711000
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.30
CY2013Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
338000
CY2013Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.326 pure
CY2013Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
230000
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12955566 shares
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
76420000
CY2013Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-147000
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
25024000
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.31
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3768000
CY2013Q1 us-gaap Cost Of Revenue
CostOfRevenue
40864000
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
10005000
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12882396 shares
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
73170 shares
CY2013Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2013Q1 us-gaap Gross Profit
GrossProfit
35556000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
16869000
CY2013Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-532000
CY2013Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-714000
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5899000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8155000
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-11000
CY2013Q1 us-gaap Interest Expense
InterestExpense
48000
CY2012Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
722000
CY2012Q1 us-gaap Derivative Instruments Gain Loss Recognized In Income Net
DerivativeInstrumentsGainLossRecognizedInIncomeNet
-148000
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12726292 shares
CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
134488 shares
CY2012Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
16472000
CY2012Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
47000
CY2012Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
12153000
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.89
CY2012Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
168000
CY2012Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.321 pure
CY2012Q1 us-gaap Gross Profit
GrossProfit
25060000
CY2012Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
176000
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12860780 shares
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
56233000
CY2012Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
712000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
16823000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.90
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3509000
CY2012Q1 us-gaap Cost Of Revenue
CostOfRevenue
31173000
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
8588000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
11431000
CY2012Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
351000
CY2012Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
171000
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4911000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5392000
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
10000
CY2012Q1 us-gaap Interest Expense
InterestExpense
43000
CY2012Q4 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
300000

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