Geospace (GEOS) Says Seafloor Deliveries May Be Delayed as Co. Seeks New Investors

March 21, 2014 3:09 PM EDT
Geospace Technologies Corporation (Nasdaq: GEOS) previously announced a $29.4 million order from Seafloor Geophysical Solutions ("SGS") for over 2,300 stations of its deep water OBX seafloor node, which the Company had expected to deliver during its fiscal third quarter ending June 30, 2014.

SGS has recently advised the Company that some of its previous capital commitment has been withdrawn and, as a result, SGS is commencing the process of seeking new investors. While the possibility still exists that delivery of the system to SGS may occur in the Company's fiscal third quarter, this event could result in a postponement of the delivery of this system beyond the fiscal third quarter. As a result, the Company is not currently able to estimate when the system delivery might occur.

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