Geospace Techn (GEOS) Misses Q2 EPS by 8c

Geospace Techn (NASDAQ: GEOS) reported Q2 EPS of $0.29, $0.08 worse than the analyst estimate of $0.37. Revenue for the quarter came in at $40.73 million versus the consensus estimate of $44.26 million.

Walter R. (“Rick”) Wheeler, Geospace Technologies’ President and CEO, said, “In the third quarter of fiscal year 2014, revenues and net income were down by 48% and 78% respectively from last year’s third quarter. This reduction in revenue is attributed to lower demand for our products across all our product segments. In particular, our seismic reservoir products segment exhibited the largest decrease of $31.2 million. This was caused by the completion of the Statoil order in April, wherein only $6.7 million of revenues from the contract appeared in the third quarter. As previously reported, the manufacturing portion of our Statoil contract has come to an end, and we have no permanent reservoir monitoring (PRM) contracts in hand at this time; however, we remain optimistic that our PRM products will contribute significantly to our results of operations in the future. While we have no such contracts at this time, we are aware of a number of operators around the world who are considering PRM systems for their fields. We believe we are the world leader in the design and construction of such systems.”

For earnings history and earnings-related data on Geospace Techn (GEOS) click here.

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