$GEOS
GEOSPACE TECHNOLOGIES CORP

2014 Q1 Form 10-Q Financial Statement

#000156459014001905 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q3 2013 Q1
Revenue $68.55M $68.29M $76.42M
YoY Change -10.3% 84.82% 35.9%
Cost Of Revenue $40.65M $38.50M $40.86M
YoY Change -0.53% 63.14% 31.09%
Gross Profit $27.90M $29.78M $35.56M
YoY Change -21.53% 123.91% 41.9%
Gross Profit Margin 40.7% 43.61% 46.53%
Selling, General & Admin $6.554M $6.400M $5.899M
YoY Change 11.1% 52.38% 20.12%
% of Gross Profit 23.49% 21.49% 16.59%
Research & Development $5.097M $4.200M $3.768M
YoY Change 35.27% 40.0% 7.38%
% of Gross Profit 18.27% 14.1% 10.6%
Depreciation & Amortization $5.190M $2.840M $3.890M
YoY Change 33.42% 26.79% 25.48%
% of Gross Profit 18.6% 9.54% 10.94%
Operating Expenses $11.95M $10.70M $10.01M
YoY Change 19.41% 48.61% 16.5%
Operating Profit $15.96M $19.13M $25.56M
YoY Change -37.56% 213.64% 55.15%
Interest Expense $103.0K -$100.0K $48.00K
YoY Change 114.58% -133.33% 11.63%
% of Operating Profit 0.65% -0.52% 0.19%
Other Income/Expense, Net $11.00K $274.0K -$532.0K
YoY Change -102.07% 174.0% -251.57%
Pretax Income $15.97M $19.40M $25.02M
YoY Change -36.19% 198.46% 48.75%
Income Tax $5.151M $5.700M $8.155M
% Of Pretax Income 32.26% 29.38% 32.59%
Net Earnings $10.82M $13.68M $16.87M
YoY Change -35.88% 218.23% 47.57%
Net Earnings / Revenue 15.78% 20.04% 22.07%
Basic Earnings Per Share $0.83 $1.06 $1.31
Diluted Earnings Per Share $0.82 $1.05 $1.30
COMMON SHARES
Basic Shares Outstanding 12.95M 12.88M
Diluted Shares Outstanding 13.00M 12.96M

Balance Sheet

Concept 2014 Q1 2013 Q3 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.30M $2.700M $22.90M
YoY Change 93.45% -96.18% -53.36%
Cash & Equivalents $44.34M $2.726M $12.31M
Short-Term Investments $0.00 $10.60M
Other Short-Term Assets $13.40M $25.80M $28.10M
YoY Change -52.31% 337.44% 212.22%
Inventory $144.4M $149.5M $111.5M
Prepaid Expenses
Receivables $50.94M $49.76M $34.11M
Other Receivables $2.800M $5.200M $7.400M
Total Short-Term Assets $255.9M $233.1M $204.1M
YoY Change 25.37% 24.5% 25.07%
LONG-TERM ASSETS
Property, Plant & Equipment $49.87M $48.48M $40.44M
YoY Change 23.3% 40.8% -33.7%
Goodwill $1.843M $1.843M $1.843M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $105.0K $96.00K $103.0K
YoY Change 1.94% -50.0% -97.55%
Total Long-Term Assets $112.3M $94.12M $88.91M
YoY Change 26.31% 31.1% 27.19%
TOTAL ASSETS
Total Short-Term Assets $255.9M $233.1M $204.1M
Total Long-Term Assets $112.3M $94.12M $88.91M
Total Assets $368.2M $327.2M $293.0M
YoY Change 25.65% 26.33% 25.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.23M $16.74M $18.92M
YoY Change -24.8% -2.62% 60.36%
Accrued Expenses $15.19M $16.64M $11.62M
YoY Change 30.69% 19.03% 0.2%
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 $40.50M $34.64M $31.42M
YoY Change 28.91% -15.91% -1.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $931.0K $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $931.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $40.50M $34.64M $31.42M
Total Long-Term Liabilities $0.00 $931.0K $0.00
Total Liabilities $42.37M $38.17M $34.83M
YoY Change 21.66% -13.33% 1.25%
SHAREHOLDERS EQUITY
Retained Earnings $259.0M $224.0M $193.3M
YoY Change 33.97% 45.03%
Common Stock $131.0K $129.0K $129.0K
YoY Change 1.55% 0.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $325.8M $289.1M $258.2M
YoY Change
Total Liabilities & Shareholders Equity $368.2M $327.2M $293.0M
YoY Change 25.65% 26.33% 25.71%

Cashflow Statement

Concept 2014 Q1 2013 Q3 2013 Q1
OPERATING ACTIVITIES
Net Income $10.82M $13.68M $16.87M
YoY Change -35.88% 218.23% 47.57%
Depreciation, Depletion And Amortization $5.190M $2.840M $3.890M
YoY Change 33.42% 26.79% 25.48%
Cash From Operating Activities $3.070M -$5.760M -$40.45M
YoY Change -107.59% -280.0% -1388.22%
INVESTING ACTIVITIES
Capital Expenditures -$3.590M -$5.050M -$8.010M
YoY Change -55.18% -37.58% 20.81%
Acquisitions
YoY Change
Other Investing Activities $460.0K $1.700M $13.55M
YoY Change -96.61% -69.59% 53.11%
Cash From Investing Activities -$3.130M -$3.350M $5.550M
YoY Change -156.4% 34.0% 151.13%
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 1.870M 2.320M
YoY Change -100.0% 37.5% 144.21%
NET CHANGE
Cash From Operating Activities 3.070M -5.760M -40.45M
Cash From Investing Activities -3.130M -3.350M 5.550M
Cash From Financing Activities 0.000 1.870M 2.320M
Net Change In Cash -60.00K -7.240M -32.58M
YoY Change -99.82% -451.46% -617.14%
FREE CASH FLOW
Cash From Operating Activities $3.070M -$5.760M -$40.45M
Capital Expenditures -$3.590M -$5.050M -$8.010M
Free Cash Flow $6.660M -$710.0K -$32.44M
YoY Change -120.53% -106.29% -432.04%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Payments To Acquire Short Term Investments
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us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-style:italic;;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications </font></p><p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Certain amounts previously presented in the consolidated financial statements may have been reclassified to conform to the current year presentation. Such reclassifications, if any, had no effect on net income, stockholders&#8217; equity or cash flows. </font></p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-style:italic;;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates </font></p><p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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>
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376000
CY2014Q1 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
2808000
CY2013Q3 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
5290000
CY2014Q1 us-gaap Allowance For Notes And Loans Receivable Current
AllowanceForNotesAndLoansReceivableCurrent
CY2013Q3 us-gaap Allowance For Notes And Loans Receivable Current
AllowanceForNotesAndLoansReceivableCurrent
CY2014Q1 us-gaap Accounts Notes And Loans Receivable Net Current
AccountsNotesAndLoansReceivableNetCurrent
2808000
CY2013Q3 us-gaap Accounts Notes And Loans Receivable Net Current
AccountsNotesAndLoansReceivableNetCurrent
5290000
CY2014Q1 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
CY2013Q3 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
CY2013Q3 us-gaap Line Of Credit
LineOfCredit
931000
CY2014Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
CY2013Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
CY2013Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
50000000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2016-04-27
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
50000000
CY2014Q1 us-gaap Participating Securities Distributed And Undistributed Earnings
ParticipatingSecuritiesDistributedAndUndistributedEarnings
109000
us-gaap Participating Securities Distributed And Undistributed Earnings
ParticipatingSecuritiesDistributedAndUndistributedEarnings
353000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10707000
CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16869000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34639000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
38882000
geos Reallocation Of Participating Earnings
ReallocationOfParticipatingEarnings
1000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
10707000
CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
16869000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
34640000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
38882000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
69156
CY2014Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2013Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2014Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.323
CY2013Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.326
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.320
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.315

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