$GEOS
GEOSPACE TECHNOLOGIES CORP

2015 Q2 Form 10-Q Financial Statement

#000156459015003680 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $19.75M $27.94M $68.55M
YoY Change -51.51% -59.24% -10.3%
Cost Of Revenue $23.10M $26.53M $40.65M
YoY Change -8.88% -34.74% -0.53%
Gross Profit -$3.306M $1.416M $27.90M
YoY Change -121.5% -94.93% -21.53%
Gross Profit Margin -16.74% 5.07% 40.7%
Selling, General & Admin $5.600M $5.953M $6.554M
YoY Change -10.21% -9.17% 11.1%
% of Gross Profit 420.41% 23.49%
Research & Development $3.600M $3.691M $5.097M
YoY Change -1.83% -27.58% 35.27%
% of Gross Profit 260.66% 18.27%
Depreciation & Amortization $4.680M $6.170M $5.190M
YoY Change 4.7% 18.88% 33.42%
% of Gross Profit 435.73% 18.6%
Operating Expenses $9.100M $9.965M $11.95M
YoY Change -8.25% -16.59% 19.41%
Operating Profit -$12.45M -$8.549M $15.96M
YoY Change -328.12% -153.58% -37.56%
Interest Expense -$900.0K $107.0K $103.0K
YoY Change -729.37% 3.88% 114.58%
% of Operating Profit 0.65%
Other Income/Expense, Net -$489.0K $584.0K $11.00K
YoY Change 279.07% 5209.09% -102.07%
Pretax Income -$12.94M -$7.965M $15.97M
YoY Change -342.82% -149.88% -36.19%
Income Tax -$4.400M -$2.783M $5.151M
% Of Pretax Income 32.26%
Net Earnings -$8.564M -$5.182M $10.82M
YoY Change -328.25% -147.91% -35.88%
Net Earnings / Revenue -43.36% -18.55% 15.78%
Basic Earnings Per Share -$0.66 -$0.40 $0.83
Diluted Earnings Per Share -$0.66 -$0.40 $0.82
COMMON SHARES
Basic Shares Outstanding 13.15M 13.00M 12.95M
Diluted Shares Outstanding 13.00M 13.00M

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.20M $43.80M $44.30M
YoY Change -22.87% -1.13% 93.45%
Cash & Equivalents $25.61M $23.51M $44.34M
Short-Term Investments $19.60M $20.30M
Other Short-Term Assets $11.30M $8.900M $13.40M
YoY Change -17.52% -33.58% -52.31%
Inventory $131.4M $138.4M $144.4M
Prepaid Expenses
Receivables $13.30M $16.78M $50.94M
Other Receivables $13.90M $13.20M $2.800M
Total Short-Term Assets $215.2M $221.1M $255.9M
YoY Change -13.33% -13.61% 25.37%
LONG-TERM ASSETS
Property, Plant & Equipment $99.20M $50.99M $49.87M
YoY Change -5.34% 2.25% 23.3%
Goodwill $1.843M $1.843M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.800M $106.0K $105.0K
YoY Change -14.71% 0.95% 1.94%
Total Long-Term Assets $108.0M $105.3M $112.3M
YoY Change -4.76% -6.24% 26.31%
TOTAL ASSETS
Total Short-Term Assets $215.2M $221.1M $255.9M
Total Long-Term Assets $108.0M $105.3M $112.3M
Total Assets $323.2M $326.4M $368.2M
YoY Change -10.64% -11.36% 25.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.100M $2.865M $14.23M
YoY Change -34.04% -79.87% -24.8%
Accrued Expenses $9.600M $6.762M $15.19M
YoY Change -55.48% 30.69%
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 $13.00M $10.41M $40.50M
YoY Change -54.05% -74.3% 28.91%
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 $13.00M $10.41M $40.50M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $14.10M $11.07M $42.37M
YoY Change -53.59% -73.87% 21.66%
SHAREHOLDERS EQUITY
Retained Earnings $250.3M $259.0M
YoY Change -3.36% 33.97%
Common Stock $72.10M $131.0K
YoY Change 54935.88% 1.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $309.0M $315.3M $325.8M
YoY Change
Total Liabilities & Shareholders Equity $323.2M $326.4M $368.2M
YoY Change -10.63% -11.36% 25.65%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$8.564M -$5.182M $10.82M
YoY Change -328.25% -147.91% -35.88%
Depreciation, Depletion And Amortization $4.680M $6.170M $5.190M
YoY Change 4.7% 18.88% 33.42%
Cash From Operating Activities $3.800M -$8.090M $3.070M
YoY Change -75.11% -363.52% -107.59%
INVESTING ACTIVITIES
Capital Expenditures -$2.610M -$2.040M -$3.590M
YoY Change -69.97% -43.18% -55.18%
Acquisitions
YoY Change
Other Investing Activities $1.270M $3.000M $460.0K
YoY Change -22.09% 552.17% -96.61%
Cash From Investing Activities -$1.340M $960.0K -$3.130M
YoY Change -81.02% -130.67% -156.4%
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 0.000 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities 3.800M -8.090M 3.070M
Cash From Investing Activities -1.340M 960.0K -3.130M
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash 2.460M -7.130M -60.00K
YoY Change -70.29% 11783.33% -99.82%
FREE CASH FLOW
Cash From Operating Activities $3.800M -$8.090M $3.070M
Capital Expenditures -$2.610M -$2.040M -$3.590M
Free Cash Flow $6.410M -$6.050M $6.660M
YoY Change -73.25% -190.84% -120.53%

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AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
7000
CY2014Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
19900000
CY2014Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
39000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10627000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34639000
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-5182000
CY2015Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
41900000
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5182000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10707000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
10707000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-10627000
CY2015Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.349
CY2014Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.323
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.320
CY2014Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1125000
CY2014Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
25727000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
1715000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-14137000
CY2015Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
115000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-7965000
us-gaap Inventory Write Down
InventoryWriteDown
1717000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
2000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
58000
us-gaap Gross Profit
GrossProfit
74995000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13256000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
644000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
9965000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
34640000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.352
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2064000
CY2014Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
42473000
CY2015Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
49203000
CY2015Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
20856000
CY2014Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
28582000
CY2015Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
77150000
CY2014Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
82599000
CY2015Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
8844000
CY2014Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
7764000
geos Inventories Transferred To Rental Equipment
InventoriesTransferredToRentalEquipment
100000
geos Inventories Transferred To Rental Equipment
InventoriesTransferredToRentalEquipment
6900000
CY2014Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
43600000
CY2015Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
18637000
CY2015Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1854000
CY2015Q1 geos Proceeds From Notes Receivable
ProceedsFromNotesReceivable
5928000
CY2014Q3 geos Proceeds From Notes Receivable
ProceedsFromNotesReceivable
3814000
us-gaap Operating Expenses
OperatingExpenses
19832000
us-gaap Operating Expenses
OperatingExpenses
23372000
us-gaap Operating Income Loss
OperatingIncomeLoss
51623000
us-gaap Interest Expense
InterestExpense
235000
CY2015Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
599000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
80000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12948788
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13001075
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2338000
us-gaap Depreciation
Depreciation
10096000
geos Increase Decrease In Costs And Estimated Earnings In Excess Of Billings
IncreaseDecreaseInCostsAndEstimatedEarningsInExcessOfBillings
-12400000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2496000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
1875000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
193000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
931000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
661000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
212000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-58000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
516000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-9844000
CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2726000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;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 have been reclassified to conform to the current year presentation. During the six months ended March 31, 2015, the Company reclassified $4.2 million in deposits made for equipment purchases in the prior fiscal year from prepaid and other current assets to property, plant and equipment on its consolidated balance sheet. Such reclassification had no effect on net income (loss), stockholders&#8217; equity or cash flows.</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;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>
us-gaap Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
4200000
CY2014Q4 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
0
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
0
CY2014Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
951000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
395000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
702000
CY2015Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
644000
geos Available For Sale Securities Accumulated Gross Unrealized Loss Net Of Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossNetOfTax
5000
CY2014 geos Available For Sale Securities Accumulated Gross Unrealized Loss Net Of Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossNetOfTax
26000
CY2015Q1 geos Proceeds From Notes Receivable Net
ProceedsFromNotesReceivableNet
5928000
CY2014Q3 geos Proceeds From Notes Receivable Net
ProceedsFromNotesReceivableNet
3814000
CY2015Q1 us-gaap Increase Decrease In Notes Receivables
IncreaseDecreaseInNotesReceivables
700000
CY2015Q1 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
0
CY2014Q3 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
0
CY2013Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
50000000
CY2015Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
19700000
CY2015Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
37900000
CY2015Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
30000000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2018-05-04
us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2
CY2014Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
109000
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
353000
geos Reallocation Of Participating Earnings
ReallocationOfParticipatingEarnings
1000
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
51967
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
52287
CY2015Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2014Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35

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