Geospace Technologies (GEOS) to Reduce Headcount as Part of Cost Reductions

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Go back to Geospace Technologies (GEOS) to Reduce Headcount as Part of Cost Reductions

Geospace Technologies Announces Cost Reductions

January 11, 2016 11:15 AM EST

HOUSTON--(BUSINESS WIRE)-- Geospace Technologies Corporation (NASDAQ Global: GEOS) today announced its program to further reduce its operating costs in light of declining product demand brought about by lower and turbulent crude oil and natural gas prices. This initiative is expected to be substantially completed by the end of the Companys second fiscal quarter ending March 31, 2016.

The program is expected to produce approximately $7 million of annualized cash savings over and above measures already implemented in its first fiscal quarter ended December 31, 2015. The majority of savings will be realized through a reduction of... More