$GEOS
GEOSPACE TECHNOLOGIES CORP

2016 Q1 Form 10-Q Financial Statement

#000156459016018176 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $14.93M $27.94M
YoY Change -46.56% -59.24%
Cost Of Revenue $19.53M $26.53M
YoY Change -26.39% -34.74%
Gross Profit -$4.594M $1.416M
YoY Change -424.44% -94.93%
Gross Profit Margin -30.77% 5.07%
Selling, General & Admin $5.617M $5.953M
YoY Change -5.64% -9.17%
% of Gross Profit 420.41%
Research & Development $3.510M $3.691M
YoY Change -4.9% -27.58%
% of Gross Profit 260.66%
Depreciation & Amortization $5.530M $6.170M
YoY Change -10.37% 18.88%
% of Gross Profit 435.73%
Operating Expenses $9.393M $9.965M
YoY Change -5.74% -16.59%
Operating Profit -$13.99M -$8.549M
YoY Change 63.61% -153.58%
Interest Expense $600.0K $107.0K
YoY Change 460.75% 3.88%
% of Operating Profit
Other Income/Expense, Net $719.0K $584.0K
YoY Change 23.12% 5209.09%
Pretax Income -$13.27M -$7.965M
YoY Change 66.58% -149.88%
Income Tax -$2.303M -$2.783M
% Of Pretax Income
Net Earnings -$10.97M -$5.182M
YoY Change 111.6% -147.91%
Net Earnings / Revenue -73.44% -18.55%
Basic Earnings Per Share -$0.84 -$0.40
Diluted Earnings Per Share -$0.84 -$0.40
COMMON SHARES
Basic Shares Outstanding 13.05M 13.00M
Diluted Shares Outstanding 13.05M 13.00M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.30M $43.80M
YoY Change -1.14% -1.13%
Cash & Equivalents $28.40M $23.51M
Short-Term Investments $14.90M $20.30M
Other Short-Term Assets $3.900M $8.900M
YoY Change -56.18% -33.58%
Inventory $114.1M $138.4M
Prepaid Expenses
Receivables $8.900M $16.78M
Other Receivables $8.300M $13.20M
Total Short-Term Assets $178.6M $221.1M
YoY Change -19.21% -13.61%
LONG-TERM ASSETS
Property, Plant & Equipment $88.50M $50.99M
YoY Change 73.57% 2.25%
Goodwill $1.843M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.300M $106.0K
YoY Change 4900.0% 0.95%
Total Long-Term Assets $96.10M $105.3M
YoY Change -8.73% -6.24%
TOTAL ASSETS
Total Short-Term Assets $178.6M $221.1M
Total Long-Term Assets $96.10M $105.3M
Total Assets $274.7M $326.4M
YoY Change -15.83% -11.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.500M $2.865M
YoY Change -47.64% -79.87%
Accrued Expenses $5.700M $6.762M
YoY Change -15.71% -55.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.300M $10.41M
YoY Change -29.87% -74.3%
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 $7.300M $10.41M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $7.300M $11.07M
YoY Change -34.07% -73.87%
SHAREHOLDERS EQUITY
Retained Earnings $250.3M
YoY Change -3.36%
Common Stock $72.10M
YoY Change 54935.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $267.3M $315.3M
YoY Change
Total Liabilities & Shareholders Equity $274.7M $326.4M
YoY Change -15.83% -11.36%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$10.97M -$5.182M
YoY Change 111.6% -147.91%
Depreciation, Depletion And Amortization $5.530M $6.170M
YoY Change -10.37% 18.88%
Cash From Operating Activities $6.770M -$8.090M
YoY Change -183.68% -363.52%
INVESTING ACTIVITIES
Capital Expenditures -$480.0K -$2.040M
YoY Change -76.47% -43.18%
Acquisitions
YoY Change
Other Investing Activities $4.850M $3.000M
YoY Change 61.67% 552.17%
Cash From Investing Activities $4.370M $960.0K
YoY Change 355.21% -130.67%
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
YoY Change
NET CHANGE
Cash From Operating Activities 6.770M -8.090M
Cash From Investing Activities 4.370M 960.0K
Cash From Financing Activities 0.000
Net Change In Cash 11.14M -7.130M
YoY Change -256.24% 11783.33%
FREE CASH FLOW
Cash From Operating Activities $6.770M -$8.090M
Capital Expenditures -$480.0K -$2.040M
Free Cash Flow $7.250M -$6.050M
YoY Change -219.83% -190.84%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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.&nbsp;&nbsp;During the three months ended December 31, 2015, the Company elected to early adopt Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Update (&#8220;ASU&#8221;) 2015-17-Income Taxes (Topic 740) requiring all deferred tax assets and liabilities to be classified as non-current on the balance sheet.&nbsp;&nbsp;The purpose of this adoption was to simplify the presentation of deferred income taxes.&#160; The accompanying balance sheet as of September 30, 2015 has been retrospectively adjusted to reflect the adoption of this standard.&nbsp;&nbsp;The effect of the adjustment at September 30, 2015 was a $6.4 million decrease in current assets, a $10,000 decrease in current liabilities, a $3.0 million increase in non-current deferred tax assets and a $3.4 million decrease in non-current deferred tax liabilities.&nbsp;&nbsp;Such reclassification had no effect on our previously reported net loss, stockholders&#8217; equity or cash flows.</p></div>
us-gaap Use Of Estimates
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<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 management to make estimates and assumptions that affect the amount of assets, liabilities, revenues and expenses reported in the financial statements and accompanying notes.&nbsp;&nbsp;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.&nbsp;&nbsp;The Company continually evaluates its estimates, including those related to bad debt reserves, inventory obsolescence reserves, self-insurance reserves, product warranty reserves, impairment of long-lived assets and deferred income tax assets.&nbsp;&nbsp;The Company bases its estimates on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities which are not readily available from other sources.&nbsp;&nbsp;Actual results may differ from these estimates under different conditions or assumptions.</p></div>
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