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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the Quarterly Period Ended June 30, 2021 OR

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from ____ to ____

Commission file number 001-13601

 

GEOSPACE TECHNOLOGIES CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

 

Texas

76-0447780

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

7007 Pinemont,

Houston, Texas

77040

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (713) 986-4444

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock

 

GEOS

 

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

 

 

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No 

As of July 31, 2021, the registrant had 13,202,343 shares of common stock, $0.01 par value per share outstanding.

 

  

 

 

 

 


 

 

Table of Contents

 

2


 

 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands except share amounts)

(unaudited)

 

 

 

June 30, 2021

 

 

September 30, 2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

20,070

 

 

$

32,686

 

Short-term investments

 

 

9,900

 

 

 

 

Trade accounts and financing receivables, net

 

 

18,981

 

 

 

13,778

 

Unbilled receivables

 

 

1,561

 

 

 

 

Inventories, net

 

 

15,170

 

 

 

16,933

 

Asset held for sale

 

 

606

 

 

 

587

 

Prepaid expenses and other current assets

 

 

1,951

 

 

 

953

 

Total current assets

 

 

68,239

 

 

 

64,937

 

 

 

 

 

 

 

 

 

 

Non-current financing receivables

 

 

2,154

 

 

 

 

Non-current inventories, net

 

 

18,151

 

 

 

16,930

 

Rental equipment, net

 

 

41,862

 

 

 

54,317

 

Property, plant and equipment, net

 

 

29,449

 

 

 

29,874

 

Operating right-of-use assets

 

 

1,249

 

 

 

 

Goodwill

 

 

4,337

 

 

 

4,337

 

Other intangible assets, net

 

 

7,032

 

 

 

8,331

 

Deferred cost of revenue and other assets

 

 

238

 

 

 

8,119

 

Total assets

 

$

172,711

 

 

$

186,845

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable trade

 

$

2,973

 

 

$

1,593

 

      Contingent consideration

 

 

2,317

 

 

 

 

      Operating lease liabilities

 

 

221

 

 

 

 

Deferred revenue and other current liabilities

 

 

8,766

 

 

 

8,753

 

Total current liabilities

 

 

14,277

 

 

 

10,346

 

 

 

 

 

 

 

 

 

 

Non-current contingent consideration

 

 

6,932

 

 

 

10,962

 

Non-current operating lease liabilities

 

 

1,073

 

 

 

 

Non-current deferred revenue and other liabilities

 

 

26

 

 

 

4,567

 

Total liabilities

 

 

22,308

 

 

 

25,875

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, 1,000,000 shares authorized, no shares issued and outstanding

 

 

 

 

 

 

      Common Stock, $.01 par value, 20,000,000 shares authorized; 13,739,096 and

 

 

 

 

 

 

 

 

      13,670,639 shares issued, respectively; and 13,315,097 and 13,670,639 shares

 

 

 

 

 

 

 

 

      outstanding, respectively

 

 

137

 

 

 

137

 

Additional paid-in capital

 

 

92,475

 

 

 

90,965

 

Retained earnings

 

 

77,545

 

 

 

86,566

 

Accumulated other comprehensive loss

 

 

(16,166

)

 

 

(16,698

)

Treasury stock, at cost, 423,999 shares at June 30, 2021

 

 

(3,588

)

 

 

 

Total stockholders’ equity

 

 

150,403

 

 

 

160,970

 

Total liabilities and stockholders’ equity

 

$

172,711

 

 

$

186,845

 

The accompanying notes are an integral part of the consolidated financial statements.

3


 

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

June 30, 2021

 

 

June 30, 2020

 

 

June 30, 2021

 

 

June 30, 2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

17,679

 

 

$

6,975

 

 

$

66,005

 

 

$

25,575

 

Rental

 

 

5,404

 

 

 

15,728

 

 

 

9,430

 

 

 

40,740

 

Total revenue

 

 

23,083

 

 

 

22,703

 

 

 

75,435

 

 

 

66,315

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

 

12,907

 

 

 

8,660

 

 

 

47,492

 

 

 

28,285

 

Rental

 

 

4,549

 

 

 

5,979

 

 

 

14,744

 

 

 

19,564

 

Total cost of revenue

 

 

17,456

 

 

 

14,639

 

 

 

62,236

 

 

 

47,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

5,627

 

 

 

8,064

 

 

 

13,199

 

 

 

18,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

5,243

 

 

 

5,704

 

 

 

16,075

 

 

 

17,767

 

Research and development

 

 

3,658

 

 

 

4,014

 

 

 

10,943

 

 

 

12,535

 

Change in estimated fair value of contingent consideration

 

 

(795

)

 

 

662

 

 

 

(1,713

)

 

 

1,634

 

Bad debt expense (recovery)

 

 

(40

)

 

 

248

 

 

 

(32

)

 

 

406

 

Total operating expenses

 

 

8,066

 

 

 

10,628

 

 

 

25,273

 

 

 

32,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(2,439

)

 

 

(2,564

)

 

 

(12,074

)

 

 

(13,876

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

(8

)

 

 

 

 

 

(31

)

Interest income

 

 

151

 

 

 

574

 

 

 

1,284

 

 

 

924

 

Gain on investments, net

 

 

1,727

 

 

 

 

 

 

1,996

 

 

 

 

Foreign exchange gains (losses), net

 

 

(49

)

 

 

307

 

 

 

64

 

 

 

283

 

Other, net

 

 

(8

)

 

 

(21

)

 

 

(3

)

 

 

(78

)

Total other income, net

 

 

1,821

 

 

 

852

 

 

 

3,341

 

 

 

1,098

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(618

)

 

 

(1,712

)

 

 

(8,733

)

 

 

(12,778

)

Income tax expense

 

 

169

 

 

 

573

 

 

 

288

 

 

 

2,600

 

Net loss

 

$

(787

)

 

$

(2,285

)

 

$

(9,021

)

 

$

(15,378

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.06

)

 

$

(0.17

)

 

$

(0.67

)

 

$

(1.14

)

Diluted

 

$

(0.06

)

 

$

(0.17

)

 

$

(0.67

)

 

$

(1.14

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

13,353,254

 

 

 

13,545,340

 

 

 

13,464,177

 

 

 

13,517,387

 

Diluted

 

 

13,353,254

 

 

 

13,545,340

 

 

 

13,464,177

 

 

 

13,517,387

 

 

The accompanying notes are an integral part of the consolidated financial statements.

4


 

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

June 30, 2021

 

 

June 30, 2020

 

 

June 30, 2021

 

 

June 30, 2020

 

Net loss

 

$

(787

)

 

$

(2,285

)

 

$

(9,021

)

 

$

(15,378

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized losses on available-for-sale securities, net of tax

 

 

(6

)

 

 

 

 

 

(9

)

 

 

 

Foreign currency translation adjustments

 

 

278

 

 

 

(235

)

 

 

541

 

 

 

(686

)

Total other comprehensive income (loss)

 

 

272

 

 

 

(235

)

 

 

532

 

 

 

(686

)

Total comprehensive loss

 

$

(515

)

 

$

(2,520

)

 

$

(8,489

)

 

$

(16,064

)

 

The accompanying notes are an integral part of the consolidated financial statements.

5


 

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE NINE MONTHS ENDED JUNE 30, 2021 AND 2020

(in thousands, except share amounts)

(unaudited)

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

Paid-In

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

 

 

 

 

 

Outstanding

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Stock

 

 

Total

 

Balance at October 1, 2020

 

 

13,670,639

 

 

$

137

 

 

$

90,965

 

 

$

86,566

 

 

$

(16,698

)

 

$

 

 

$

160,970

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(1,050

)

 

 

 

 

 

 

 

 

(1,050

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

197

 

 

 

 

 

 

197

 

Issuance of common stock pursuant to the vesting of restricted stock units

 

 

57,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of treasury stock

 

 

(117,637

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(828

)

 

 

(828

)

Stock-based compensation

 

 

 

 

 

 

 

 

548

 

 

 

 

 

 

 

 

 

 

 

 

548

 

Balance at December 31, 2020

 

 

13,610,334

 

 

 

137

 

 

 

91,513

 

 

 

85,516

 

 

 

(16,501

)

 

 

(828

)

 

 

159,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(7,184

)

 

 

 

 

 

 

 

 

(7,184

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

63

 

 

 

 

 

 

63

 

Issuance of common stock pursuant to the vesting of restricted stock units

 

 

13,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of restricted stock

 

 

(375

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of treasury stock

 

 

(157,551

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,500

)

 

 

(1,500

)

Stock-based compensation

 

 

 

 

 

 

 

 

479

 

 

 

 

 

 

 

 

 

 

 

 

479

 

Balance at March 31, 2021

 

 

13,465,908

 

 

 

137

 

 

 

91,992

 

 

 

78,332

 

 

 

(16,438

)

 

 

(2,328

)

 

 

151,695

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(787

)

 

 

 

 

 

 

 

 

(787

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

272

 

 

 

 

 

 

272

 

Forfeiture of restricted stock

 

 

(2,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of treasury stock

 

 

(148,811

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,260

)

 

 

(1,260

)

Stock-based compensation

 

 

 

 

 

 

 

 

483

 

 

 

 

 

 

 

 

 

 

 

 

483

 

Balance at June 30, 2021

 

 

13,315,097

 

 

$

137

 

 

$

92,475

 

 

$

77,545

 

 

$

(16,166

)

 

$

(3,588

)

 

$

150,403

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at October 1, 2019

 

 

13,630,666

 

 

$

136

 

 

$

88,660

 

 

$

105,808

 

 

$

(15,757

)

 

$

 

 

$

178,847

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(9,282

)

 

 

 

 

 

 

 

 

(9,282

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

566

 

 

 

 

 

 

566

 

Issuance of common stock pursuant to the vesting of restricted stock units

 

 

30,823

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Stock-based compensation

 

 

 

 

 

 

 

 

590

 

 

 

 

 

 

 

 

 

 

 

 

590

 

Balance at December 31, 2019

 

 

13,661,489

 

 

137

 

 

 

89,250

 

 

 

96,526

 

 

 

(15,191

)

 

 

 

 

 

170,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(3,811

)

 

 

 

 

 

 

 

 

(3,811

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,017

)

 

 

 

 

 

(1,017