Business
Geospace Technologies Reports Fourth Quarter and Fiscal Year 2022 Results
HOUSTON--(BUSINESS WIRE)-- Geospace Technologies (NASDAQ: GEOS) today announced a net loss of $22.9 million, or $(1.76) per diluted share, on revenue of
About this update from Geospace Technologies Corporation
[{"type":"text","content":" HOUSTON--(BUSINESS WIRE)--\nGeospace Technologies (NASDAQ: GEOS) today announced a net loss of $22.9 million, or $(1.76) per diluted share, on revenue of $89.3 million for its fiscal year ended September 30, 2022. This compares with a net loss of $14.1 million, or ($1.05) per diluted share, on revenue of $94.9 million for the comparable year-ago period.\n\nFor the fourth quarter ended September 30, 2022, Geospace Technologies (the “Company”) reported revenue of $25.9 million and a net loss of $8.0 million, or ($0.62) per diluted share. Revenue for the fourth quarter ended September 30, 2022 increased 33% over last year and was the largest quarterly contributor to the fiscal year. For the comparable period last year, the Company recorded revenue of $19.4 million and a net loss of $5.0 million, or ($0.39) per diluted share.\n\nThe Company noted that its fiscal year 2022 operating loss includes a $4.3 million one-time non-cash charge for goodwill impairment in the company’s Emerging Markets segment, and a $5.0 million non-cash benefit for changes in contingent consideration related to our Quantum Technology Sciences (Quantum) and OptoSeis acquisitions. Fiscal year 2021 operating loss also included a $3.5 million non-cash benefit for changes in contingent consideration from both acquisitions mentioned above.\n\nManagement’s Comments\n\nWalter R. (\"Rick\") Wheeler, President and CEO of the Company said, “We’re encouraged that fourth quarter revenue grew more than 33% over last year’s same period, rising above the first three quarters of fiscal year 2022. This is largely attributable to the steady increase in demand for our OBX ocean bottom nodes as the year progressed, and we expect this demand growth to continue in fiscal year 2023. Fourth quarter Oil and Gas segment revenue was further lifted by scheduled deliveries of specialty geophone sensors in partial fulfilment of a previously announced order that extends into fiscal year 2023. However, despite the improved Q4 performance, revenue for the full fiscal year missed last year’s total by 6%, leading to a net loss of $22.9 million. In response, we have begun the implementation of a board approved dynamic plan intended to lead us to consistent profitability. The plan includes leveraging the successes of our diversification strategy that have created new products and revenue growth...