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Geospace Technologies Reports Fiscal Year 2022 Second Quarter Results
Company Builds Diversification Momentum and Enters Credit Facility HOUSTON--(BUSINESS WIRE)-- Geospace Technologies (NASDAQ: GEOS) today announced results
About this update from Geospace Technologies Corporation
[{"type":"text","content":"\nCompany Builds Diversification Momentum and Enters Credit Facility\n\n HOUSTON--(BUSINESS WIRE)--\nGeospace Technologies (NASDAQ: GEOS) today announced results for the second quarter and six-month period ended March 31, 2022. During the three-month period ended March 31, 2022, Geospace Technologies (the “Company”) reported revenue of $24.7 million versus $23.9 million for the comparable year-ago quarter. Net loss for the three-month period ended March 31, 2022 narrowed to $1.5 million, or $(0.11) per diluted share, compared to a net loss of $7.2 million, or ($0.53) per diluted share for the quarter ended March 31, 2021.\n\nFor the six-months ended March 31, 2022, the Company recorded revenue of $42.7 million compared to revenue of $52.4 million during the prior year period. The Company reported a net loss of $8.2 million, or $(0.64) per diluted share compared to a net loss of $8.2 million, or $(0.61) per diluted share for the prior year period.\n\nWalter R. (“Rick”) Wheeler, President and CEO of the Company said, “We are pleased that revenue reached $24.7 million in our second fiscal quarter, which ended March 31, 2022. This figure represents the second highest quarterly result in the last two years. Moreover, the quarter reflects other positive momentum building at Geospace. In March, we recorded our first significant sale of deep-water OBX ocean bottom nodes when a longstanding customer exercised a purchase option in an ongoing rental contract. This sale and our recent announcement of additional OBX rental contracts confirm Geospace’s leadership in the ocean bottom nodal market. Based on current inquiries, I believe we will see higher utilization of our OBX rental fleet in the second half of fiscal year 2022 and beyond. Although challenges remain for our oil and gas market segment, new OBX inquiries and our highly engaged discussions with oil and gas companies for permanent reservoir monitoring (PRM) systems are encouraging.”\n\nWheeler continued, “The rewards of our channeled business diversification strategy were resoundingly demonstrated in the second quarter performance of our Adjacent Markets segment. Revenue for the segment increased 21% over last year’s second quarter, topping $9.2 million. This is the second highest quarterly amount ever recorded for these products. And for the six-months ended March 31, 2022, this s...