$GEOS
GEOSPACE TECHNOLOGIES CORP

2019 Q4 Form 10-Q Financial Statement

#000156459020003634 Filed on February 06, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018 Q3
Revenue $17.71M $17.88M $20.59M
YoY Change -0.95% 22.06% -13.07%
Cost Of Revenue $15.21M $11.22M $15.30M
YoY Change 35.54% -14.32% -54.19%
Gross Profit $2.497M $3.090M $5.264M
YoY Change -19.19% -419.21% -154.35%
Gross Profit Margin 14.1% 17.29% 25.57%
Selling, General & Admin $5.997M $6.085M $3.300M
YoY Change -1.45% 18.64% -36.54%
% of Gross Profit 240.17% 196.93% 62.69%
Research & Development $4.300M $3.200M $2.700M
YoY Change 34.38% 1.33% -18.18%
% of Gross Profit 172.21% 103.56% 51.29%
Depreciation & Amortization $930.0K $919.0K $3.830M
YoY Change 1.2% -16.07% -3.77%
% of Gross Profit 37.24% 29.74% 72.76%
Operating Expenses $5.997M $6.085M $6.100M
YoY Change -1.45% -29.55% -28.24%
Operating Profit -$7.823M -$6.063M -$780.0K
YoY Change 29.03% -36.88% -95.71%
Interest Expense $12.00K $34.00K $200.0K
YoY Change -64.71% -88.67% 0.0%
% of Operating Profit
Other Income/Expense, Net -$39.00K $217.0K $610.0K
YoY Change -117.97% 65.65% 164.07%
Pretax Income -$7.862M -$5.846M -$200.0K
YoY Change 34.49% -38.29% -98.88%
Income Tax $1.400M $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.282M -$5.853M -$207.0K
YoY Change 58.59% -38.26% -98.92%
Net Earnings / Revenue -52.43% -32.74% -1.01%
Basic Earnings Per Share -$0.69 -$0.44 -$0.02
Diluted Earnings Per Share -$0.69 -$0.44 -$0.02
COMMON SHARES
Basic Shares Outstanding 13.45M 13.34M
Diluted Shares Outstanding 13.45M 13.34M

Balance Sheet

Concept 2019 Q4 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.10M $26.60M $37.40M
YoY Change -62.03% -42.17% -26.95%
Cash & Equivalents $10.14M $17.11M $11.93M
Short-Term Investments $9.500M $25.50M
Other Short-Term Assets $2.700M $3.300M $1.900M
YoY Change -18.18% 73.68% 18.75%
Inventory $23.91M $17.60M $18.81M
Prepaid Expenses
Receivables $32.68M $12.40M $14.32M
Other Receivables $2.500M $3.800M $4.300M
Total Short-Term Assets $63.92M $63.70M $76.65M
YoY Change 0.34% -21.36% -11.25%
LONG-TERM ASSETS
Property, Plant & Equipment $31.62M $85.70M $33.62M
YoY Change -63.11% 64.81% -10.09%
Goodwill $5.008M $5.008M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.70M $31.50M $213.0K
YoY Change -37.46% -44.93% -66.14%
Total Long-Term Assets $133.3M $139.2M $122.4M
YoY Change -4.26% 19.79% 2.6%
TOTAL ASSETS
Total Short-Term Assets $63.92M $63.70M $76.65M
Total Long-Term Assets $133.3M $139.2M $122.4M
Total Assets $197.2M $202.9M $199.1M
YoY Change -2.82% 2.89% -3.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.300M $8.300M $4.106M
YoY Change -24.1% 151.52% 57.98%
Accrued Expenses $200.0K $6.826M
YoY Change 7.7%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.40M $19.40M $14.74M
YoY Change -15.46% 71.68% 40.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.00M $12.10M $7.700M
YoY Change -17.36%
Total Long-Term Liabilities $10.00M $12.10M $7.700M
YoY Change -17.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.40M $19.40M $14.74M
Total Long-Term Liabilities $10.00M $12.10M $7.700M
Total Liabilities $26.46M $31.50M $22.49M
YoY Change -16.0% 178.76% 113.37%
SHAREHOLDERS EQUITY
Retained Earnings $96.53M $106.0M
YoY Change -15.59%
Common Stock $89.39M $86.25M
YoY Change 2.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $170.7M $171.4M $176.6M
YoY Change
Total Liabilities & Shareholders Equity $197.2M $202.9M $199.1M
YoY Change -2.82% 2.89% -3.22%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$9.282M -$5.853M -$207.0K
YoY Change 58.59% -38.26% -98.92%
Depreciation, Depletion And Amortization $930.0K $919.0K $3.830M
YoY Change 1.2% -16.07% -3.77%
Cash From Operating Activities -$3.358M $1.272M $1.670M
YoY Change -363.99% -121.96% -186.98%
INVESTING ACTIVITIES
Capital Expenditures $1.670M $717.0K -$4.710M
YoY Change 132.91% 228.9% 536.49%
Acquisitions
YoY Change
Other Investing Activities $1.190M $14.95M $2.700M
YoY Change -92.04% 199.6% 237.5%
Cash From Investing Activities -$5.636M $4.069M -$2.020M
YoY Change -238.51% -14.73% -4140.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 215.0K 40.00K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -3.358M 1.272M 1.670M
Cash From Investing Activities -5.636M 4.069M -2.020M
Cash From Financing Activities 0.000 215.0K 40.00K
Net Change In Cash -8.784M 5.177M -310.0K
YoY Change -269.67% -542.86% -83.42%
FREE CASH FLOW
Cash From Operating Activities -$3.358M $1.272M $1.670M
Capital Expenditures $1.670M $717.0K -$4.710M
Free Cash Flow -$5.028M $555.0K $6.380M
YoY Change -1005.95% -109.23% -640.68%

Facts In Submission

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CY2019Q4 us-gaap Prior Period Reclassification Adjustment Description
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<p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;<font style="font-style:italic;">Reclassifications</font></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:6.67%;">Certain amounts previously presented in the consolidated financial statements have been reclassified to conform to the current year presentation.&nbsp;&nbsp;Such reclassifications had no effect on previously reported net loss, stockholders equity or cash flows.&nbsp;&nbsp;</p>
CY2019Q4 us-gaap Use Of Estimates
UseOfEstimates
<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;text-indent:6.67%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) of America requires the use of estimates and assumptions that affect the amounts 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 consolidated 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.&nbsp;&nbsp;While management believes current estimates are reasonable and appropriate, actual results may differ from these estimates under different conditions or assumptions.</p>
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ContractWithCustomerAssetNetCurrent
0
CY2019Q4 geos Cost Of Revenue Recognized From Deferred Contract Costs
CostOfRevenueRecognizedFromDeferredContractCosts
0
CY2018Q4 geos Cost Of Revenue Recognized From Deferred Contract Costs
CostOfRevenueRecognizedFromDeferredContractCosts
8000
CY2019Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
33641000
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
960000
CY2019Q4 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1400000
CY2019Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
2661000
CY2019Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
3472000
CY2019Q4 geos Financing Receivables Deferred Income
FinancingReceivablesDeferredIncome
28000
CY2019Q3 geos Financing Receivables Deferred Income
FinancingReceivablesDeferredIncome
55000
CY2019Q4 geos Financing Receivables Deferred Income Net Of Deferred Income
FinancingReceivablesDeferredIncomeNetOfDeferredIncome
2633000
CY2019Q3 geos Financing Receivables Deferred Income Net Of Deferred Income
FinancingReceivablesDeferredIncomeNetOfDeferredIncome
3417000
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
24286000
CY2019Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
17967000
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
6745000
CY2019Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
3681000
CY2019Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
44446000
CY2019Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
55781000
CY2019Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
32347000
CY2019Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
32050000
CY2019Q4 geos Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
43130000
CY2019Q3 geos Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
45379000
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
19200000
CY2019Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
25200000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
124000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
84000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
208000
CY2019Q4 geos Lessee Operating Lease Liability Interest
LesseeOperatingLeaseLiabilityInterest
6000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
202000
CY2019Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.05
CY2019Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
38000
CY2019Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
76000
CY2019Q4 geos Cash Paid For Amounts Included In Measurement Of Lease Liability
CashPaidForAmountsIncludedInMeasurementOfLeaseLiability
40000
CY2019Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
219000
CY2019Q4 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
3200000
CY2019Q4 geos Lease Deposits
LeaseDeposits
700000
CY2019Q4 geos Rental Equipment Gross
RentalEquipmentGross
117210000
CY2019Q3 geos Rental Equipment Gross
RentalEquipmentGross
107645000
CY2019Q4 geos Rental Equipment Accumulated Depreciation And Impairment
RentalEquipmentAccumulatedDepreciationAndImpairment
50225000
CY2019Q3 geos Rental Equipment Accumulated Depreciation And Impairment
RentalEquipmentAccumulatedDepreciationAndImpairment
45583000
CY2018Q3 us-gaap Goodwill
Goodwill
5008000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
11919000
CY2018Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
11918000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2289000
CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1855000
CY2018Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10063000
CY2019Q4 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P9Y9M18D
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1299000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1732000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1624000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
714000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
342000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
3919000
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
165600
CY2019Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1289000
CY2018Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-5853000
CY2019Q4 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3

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