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Mar 31, 2020
Geospace Q2 2020 Earnings Report
Geospace Technologies reported a net loss for the second quarter of fiscal year 2020, with revenue relatively in line with the previous year, but gross profit decreased due to costs for non-recurring upgrades.
Key Takeaways
Geospace Technologies reported a net loss of $11.8 million, or $0.87 per diluted share, on revenue of $25.9 million for its second quarter ended March 31, 2020. This compares with net income of $0.7 million, or $0.05 per diluted share, on revenues of $26.1 million for the second quarter of the prior year. The company's revenue was primarily fueled by ongoing demand for its ocean-bottom marine nodal recording systems.
Second quarter revenue was primarily fueled by ongoing demand for ocean-bottom marine nodal recording systems.
Total revenue of $25.9 million is relatively in line with the recent first quarter as well as last year’s second quarter.
Gross profit in the second quarter of $7.9 million reflects a decrease compared to either of the prior mentioned periods, primarily due to costs for non-recurring upgrades made to the OBX rental fleet.
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Geospace
Geospace
Forward Guidance
The challenges thrust upon our industry by the COVID-19 pandemic and the initial dispute between Saudi Arabia and Russia are unprecedented, and each has contributed to the historic drop in worldwide oil prices seen in recent months. Despite this adversity, we are confident that in our belief we have taken steps, to expand into new markets, diversify our revenue streams, and maintain our steadfast commitment to strong financial discipline have helped us navigate these troubled times.