Geospace Technologies (NASDAQ: GEOS) reported Q3 EPS of ($0.36). Revenue for the quarter came in at $21.27 million versus the consensus estimate of $14.2 million.

Walter R. Wheeler, President and CEO of Geospace Technologies said, “We are very pleased to see another sequential increase in our quarterly revenue, with our third quarter revenue setting the high-mark so far for fiscal year 2018. For the quarter ended June 30, 2018 we generated a 50% increase in revenue from last year’s third quarter. For the nine-month period ended June 30, 2018, our revenue increased 10% over last year’s comparable period. The consecutive revenue growth has also resulted in our second consecutive quarter of generating a positive gross profit. This brings our year-to-date gross profit for the nine months ended June 30, 2018 to $5.7 million. In conjunction with our overall cost reduction efforts, lower inventory obsolescence charges helped to drive our positive improvements in gross profits.”

Wheeler continued, “Unfortunately, a significant portion of our third quarter and year-to-date financial results were negatively impacted by a $2.7 million bad debt charge reported in the third quarter. Virtually all of this charge is in association with the recently filed bankruptcy of one of our customers. Excluding the impact of bad debt charges, our operating expenses in the third quarter and nine months of this fiscal year declined by 18% and 12%, respectively.”

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