Geospace Q3 revenue $25.9M, net loss $2.1M; CEO succession; buyback extended

GEOSPACE TECHNOLOGIES CORP

2024-Q3 EPS reported $0.47 revenue$100,160,000

Q3 fiscal 2024 revenue $25.9M (down 21% YoY); net loss $2.1M ($0.16/share) vs net income $3.2M ($0.24/share) in prior year.
Oil & Gas segment revenue fell 48% to $9.2M due to rental fleet gaps; Adjacent Markets record $16.0M up 7.5%.
CEO transition: EVP/COO Rich Kelley becomes President/CEO on Oct 1, 2024; current CEO Rick Wheeler stays as advisor through Dec 31, remains on board.
Stock repurchase program extended from $5M to $7M; 512,000 shares repurchased as of Aug 7, 2024.
Strong balance sheet: $42.5M cash/short-term investments, no debt, $15M credit line; Q4 capex expected $5M.

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.

Role change

Walter (Rick) Wheeler

Principal Executive Officer and Senior Strategic Advisor

GEOS · GEOSPACE TECHNOLOGIES CORP

Effective: 2024-10-01
Successor: Richard (Rich) Kelley
Filed: August 8, 2024, 7:59 PM ET

Walter (Rick) Wheeler will remain with the Company as Principal Executive Officer and Senior Strategic Advisor to the CEO through and until his retirement on December 31, 2024.

Appointed

Richard (Rich) Kelley

President and Chief Executive Officer

GEOS · GEOSPACE TECHNOLOGIES CORP

Effective: 2024-10-01
Filed: August 8, 2024, 7:59 PM ET

the Company’s Board of Directors elected Richard (Rich) Kelley, currently serving as Executive Vice President and Chief Operating Officer, to the role of President and Chief Executive Officer.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Walter (Rick) Wheeler changed role as Principal Executive Officer and Senior Strategic Advisor at GEOSPACE TECHNOLOGIES CORP.

Action: will remain as Principal Executive Officer and Senior Strategic Advisor
Role: Principal Executive Officer and Senior Strategic Advisor

Exact text from the filing

Walter (Rick) Wheeler will remain with the Company as Principal Executive Officer and Senior Strategic Advisor to the CEO through and until his retirement on December 31, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Richard (Rich) Kelley was elected as President and Chief Executive Officer at GEOSPACE TECHNOLOGIES CORP.

Action: elected
Role: President and Chief Executive Officer

Exact text from the filing

the Company’s Board of Directors elected Richard (Rich) Kelley, currently serving as Executive Vice President and Chief Operating Officer, to the role of President and Chief Executive Officer.

View on SEC.gov

GEOSPACE TECHNOLOGIES CORP filing history →

Source: SEC EDGAR

accession 0001437749-24-025605

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