$GEOS
GEOSPACE TECHNOLOGIES CORP

2014 Q2 Form 10-Q Financial Statement

#000156459014003274 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $40.73M $78.15M
YoY Change -47.88% 41.57%
Cost Of Revenue $25.35M $44.27M
YoY Change -42.74% 37.32%
Gross Profit $15.38M $33.88M
YoY Change -54.61% 47.54%
Gross Profit Margin 37.75% 43.35%
Selling, General & Admin $6.237M $5.610M
YoY Change 11.18% 15.96%
% of Gross Profit 40.56% 16.56%
Research & Development $3.667M $3.327M
YoY Change 10.22% 18.82%
% of Gross Profit 23.85% 9.82%
Depreciation & Amortization $4.470M $3.530M
YoY Change 26.63% 45.87%
% of Gross Profit 29.07% 10.42%
Operating Expenses $9.918M $8.884M
YoY Change 11.64% 20.72%
Operating Profit $5.458M $24.99M
YoY Change -78.16% 60.19%
Interest Expense $143.0K $62.00K
YoY Change 130.65% -18.42%
% of Operating Profit 2.62% 0.25%
Other Income/Expense, Net -$129.0K -$50.00K
YoY Change 158.0% 257.14%
Pretax Income $5.329M $24.94M
YoY Change -78.63% 60.01%
Income Tax $1.577M $7.950M
% Of Pretax Income 29.59% 31.88%
Net Earnings $3.752M $16.99M
YoY Change -77.92% 58.26%
Net Earnings / Revenue 9.21% 21.74%
Basic Earnings Per Share $0.29 $1.32
Diluted Earnings Per Share $0.29 $1.31
COMMON SHARES
Basic Shares Outstanding 12.95M 12.91M
Diluted Shares Outstanding 13.00M 12.98M

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.60M $10.00M
YoY Change 486.0% -85.21%
Cash & Equivalents $52.60M $9.957M
Short-Term Investments $5.900M $0.00
Other Short-Term Assets $13.70M $39.10M
YoY Change -64.96% 339.33%
Inventory $146.8M $137.5M
Prepaid Expenses
Receivables $25.35M $33.20M
Other Receivables $3.900M $7.000M
Total Short-Term Assets $248.3M $226.8M
YoY Change 9.48% 31.1%
LONG-TERM ASSETS
Property, Plant & Equipment $104.8M $79.30M
YoY Change 32.16% 34.18%
Goodwill $1.843M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.800M $110.0K
YoY Change 6081.82% -97.11%
Total Long-Term Assets $113.4M $88.48M
YoY Change 28.16% 31.87%
TOTAL ASSETS
Total Short-Term Assets $248.3M $226.8M
Total Long-Term Assets $113.4M $88.48M
Total Assets $361.7M $315.3M
YoY Change 14.72% 31.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.700M $20.56M
YoY Change -77.14% 267.16%
Accrued Expenses $14.37M
YoY Change -5.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.29M $38.10M
YoY Change -25.74% 30.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $28.29M $38.10M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $30.38M $40.70M
YoY Change -25.36% 30.03%
SHAREHOLDERS EQUITY
Retained Earnings $262.8M
YoY Change
Common Stock $131.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $331.3M $274.6M
YoY Change
Total Liabilities & Shareholders Equity $361.7M $315.3M
YoY Change 14.7% 31.32%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $3.752M $16.99M
YoY Change -77.92% 58.26%
Depreciation, Depletion And Amortization $4.470M $3.530M
YoY Change 26.63% 45.87%
Cash From Operating Activities $15.27M -$8.840M
YoY Change -272.74% -152.62%
INVESTING ACTIVITIES
Capital Expenditures -$8.690M -$10.69M
YoY Change -18.71% 182.8%
Acquisitions
YoY Change
Other Investing Activities $1.630M $17.19M
YoY Change -90.52% -300.82%
Cash From Investing Activities -$7.060M $6.500M
YoY Change -208.62% -152.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 70.00K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 15.27M -8.840M
Cash From Investing Activities -7.060M 6.500M
Cash From Financing Activities 70.00K 0.000
Net Change In Cash 8.280M -2.340M
YoY Change -453.85% -151.2%
FREE CASH FLOW
Cash From Operating Activities $15.27M -$8.840M
Capital Expenditures -$8.690M -$10.69M
Free Cash Flow $23.96M $1.850M
YoY Change 1195.14% -91.01%

Facts In Submission

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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-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;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. </p></div>
us-gaap Use Of Estimates
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<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;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. </p></div>
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55873000
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
47962
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
71006
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
50296
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
69428
CY2014Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2013Q2 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
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.297
CY2013Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.319
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.318
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.316

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