Geospace Q2 revenue down 23% to $24.3M, net loss $4.3M; appoints COO, $5M buyback

GEOSPACE TECHNOLOGIES CORP

2024-Q2 EPS reported $0.62 revenue$74,302,000

Q2 FY2024 revenue $24.3M (down 23% YoY); net loss $4.3M ($0.32/sh) vs net income $4.6M ($0.35/sh) a year ago.
Oil & Gas segment revenue $10.8M (down 41% YoY) on lower OBX rental utilization; Adjacent Markets $12.2M (down 4%).
H1 FY2024 net income $8.4M ($0.62/sh) on revenue $74.3M; cash/short-term investments $51.2M, no debt.
Appointed Richard Kelley (former Sercel President) as EVP and COO effective April 29, 2024; initial base salary $335K.
Board authorized up to $5M stock repurchase program with no time limit; funded from existing cash or operations.

item 2.02 item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Richard Kelley

Executive Vice President and Chief Operating Officer

GEOS · GEOSPACE TECHNOLOGIES CORP

Effective: 2024-04-29
Filed: May 9, 2024, 7:59 PM ET

On April 29, 2024, the Company appointed Richard Kelley as its Executive Vice President and Chief Operating Officer (“COO").

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GEOSPACE TECHNOLOGIES CORP reported second quarter ended March 31, 2024 results: revenue $24.3 million, net income Net loss of $4.3 million, or ($0.32) per diluted share, EPS ($0.32) per diluted share.

Period: second quarter ended March 31, 2024
Revenue: $24.3 million
Net income: Net loss of $4.3 million, or ($0.32) per diluted share
EPS: ($0.32) per diluted share
Result: reported results

Exact text from the filing

Geospace Technologies Corporation (NASDAQ: GEOS) (the “Company”) today announced results for its second quarter ended March 31, 2024. For the three-months ended March 31, 2024, Geospace reported revenue of $24.3 million, compared to revenue of $31.4 million for the comparable year-ago quarter. Net loss for the three-months ended March 31, 2024 was $4.3 million, or ($0.32) per diluted share, compared to net income of $4.6 million, or $0.35 per diluted share, for the quarter ended March 31, 2023.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GEOSPACE TECHNOLOGIES CORP reported six-months ended March 31, 2024 results: revenue $74.3 million, net income Net income of $8.4 million, or $0.62 per diluted share, EPS $0.62 per diluted share.

Period: six-months ended March 31, 2024
Revenue: $74.3 million
Net income: Net income of $8.4 million, or $0.62 per diluted share
EPS: $0.62 per diluted share
Result: reported results

Exact text from the filing

For the six-months ended March 31, 2024, Geospace reported revenue of $74.3 million compared to revenue of $62.5 million for the comparable year-ago period. Net income for the six-months ended March 31, 2024 was $8.4 million, or $0.62 per diluted share, compared to net income of $4.5 million, or $0.35 per diluted share, for the six-months ended March 31, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Richard Kelley was appointed as Executive Vice President and Chief Operating Officer at GEOSPACE TECHNOLOGIES CORP.

Action: appointed
Role: Executive Vice President and Chief Operating Officer

Exact text from the filing

On April 29, 2024, the Company appointed Richard Kelley as its Executive Vice President and Chief Operating Officer (“COO").

View on SEC.gov

1349 earnings releases filed in the last 30 days. Browse all earnings releases →

GEOSPACE TECHNOLOGIES CORP filing history →

Source: SEC EDGAR

accession 0001437749-24-015735

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