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Geospace Technologies Reports Fiscal Year 2020 Second Quarter and Six-Months Results
Company’s Subsidiary Quantum Technology Sciences Awarded U.S. Homeland Security Contract HOUSTON--(BUSINESS WIRE)-- Geospace Technologies (NASDAQ: GEOS) (the
About this update from Geospace Technologies Corporation
[{"type":"text","content":"\nCompany’s Subsidiary Quantum Technology Sciences Awarded U.S. Homeland Security Contract\n\n HOUSTON--(BUSINESS WIRE)--\nGeospace Technologies (NASDAQ: GEOS) (the “Company”) today announced a net loss of $11.8 million, or $0.87 per diluted share, on revenue of $25.9 million for its second quarter ended March 31, 2020. This compares with net income of $0.7 million, or $0.05 per diluted share, on revenues of $26.1 million for the second quarter of the prior year.\n\n\nFor the six months ended March 31, 2020, the Company recorded revenue of $51.6 million compared to revenue of $44.0 million during the prior year period. The Company reported a net loss of $13.1 million, or $0.97 per diluted share compared to a net loss of $5.1 million, or $0.38 per diluted share for the prior year period.\n\n\nWalter R. (“Rick”) Wheeler, President and CEO of the Company said, “Given the full extent of health and economic devastation foisted upon the world by the COVID-19 pandemic, we are very thankful that our second quarter of fiscal year 2020 went about safely and with very little commercial disruption. Our employees continue to exhibit remarkable courage and ingenuity in preserving our ongoing operations as smoothly and efficiently as possible while maintaining strict safety. With their efforts we have secured our role as a critical manufacturer supplying customers in multiple sectors that are designated as critical infrastructure by the U.S. government.”\n\n\n“Our second quarter revenue was primarily fueled by ongoing demand for our ocean-bottom marine nodal recording systems. Total revenue of $25.9 million is relatively in line with our recent first quarter as well as last year’s second quarter, differing in both cases by less than 1%. However, gross profit in the second quarter of $7.9 million reflects a decrease compared to either of the prior mentioned periods. This is primarily due to costs for non-recurring upgrades made to our OBX rental fleet. Despite lower gross profit in the second quarter, the first six months of fiscal year 2020 reflect increases in revenue and gross profits of 17% and 37% respectively compared to the six months year-ago period. Note that the net losses reported for the three- and six-month periods ended March 31, 2020 are largely the result of a write-down to accounts receivable of $8.0 million in the second quart...