Form 8-K - Current report

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

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FORM 8-K

 

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CURRENT REPORT

 

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

 

Date of Report (Date of earliest event reported): May 9, 2024

 

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GEOSPACE TECHNOLOGIES CORPORATION

(Exact name of Registrant as Specified in Its Charter)

 

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Texas	001-13601	76-0447780
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
7007 Pinemont, Houston, Texas		77040
(Address of Principal Executive Offices)		(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: [phone]

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

 

☐         Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐         Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐         Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐         Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

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. ☐

 

 

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Item 2.02

Results of Operations and Financial Condition

 

On May 9, 2024, Geospace Technologies Corporation (the “Company”) issued a press release announcing operating results for its second quarter fiscal year 2024. The press release is attached hereto as Exhibit 99.1. The foregoing description is qualified by reference in its entirety to such exhibit.

 

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

 

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 

(c) On April 29, 2024, the Company appointed Richard Kelley as its Executive Vice President and Chief Operating Officer (“COO"). Mr. Kelley is 55 years old and has 17 years of experience in the oil and gas seismic industry, serving as the Vice President of Operations and then President of Sercel, Inc. He brings an extensive background and international experience in quality and operational management within various manufacturing organizations. Before joining Sercel, his diverse experience as Vice President for KMT Aqua-Dyne, Inc., a Swedish-based industrial manufacturer, and Uson, a global leader in leak detection instrumentation, is highly aligned with the Company’s strategy for the Adjacent Markets business segment. Earlier in his career, Mr. Kelley was Director of Manufacturing for Varco (now part of NOV), a manufacturer of pressure-control equipment used in the oilfield industry. Prior to his corporate career, Mr. Kelley served in the U.S. Navy and holds an MBA from the University of Houston and a Bachelor of Science degree in Mechanical Engineering from the University of Texas at Austin.

 

Mr. Kelley will receive an initial annual base salary of $335,000 which shall increase $33,500 upon achieving six months tenure as COO. Mr. Kelley was also granted 20,000 restricted stock units under the Company’s 2014 Long-Term Incentive Plan. The units vest in equal annual installments over a four-year period with the first vesting on the anniversary date of employment.

 

Item 8.01              Other Events   

 

On May 9, 2024, the Board of Directors of the Company authorized a stock repurchase program under which the Company may repurchase up to $5 million of its outstanding stock.  Under the repurchase program, the Company may purchase shares of common stock on a discretionary basis from time to time through open market transactions through block trades, in privately negotiated transactions and pursuant to any trading plan that may be adopted by the Company’s management in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or otherwise. The timing and number of shares repurchased will depend on a variety of factors, including stock price, trading volume, and general business and market conditions. The repurchase program has no time limit, does not obligate the Company to acquire a specified number of shares and may be modified, suspended or discontinued at any time at the Company’s discretion.  The repurchase plan will be funded using existing cash or future cash flow.

 

 

Item 9.01

Financial Statements and Exhibits

 

(d) Exhibits:

 

Exhibit		Description
Exhibit 99.1		Press Release dated May 9, 2024
Exhibit 104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

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SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

	GEOSPACE TECHNOLOGIES CORPORATION
Date: May 9, 2024
	By:  /s/ Robert L. Curda
	Robert L. Curda
	Vice President, Chief Financial Officer & Secretary

 

 

Exhibit 99.1

 

 

 

NEWS RELEASE

 

DRAFT FOR REVIEW – NOT FOR RELEASE

 

GEOSPACE TECHNOLOGIES CORPORATION REPORTS SECOND QUARTER AND SIX-MONTH 2024 EARNINGS

 

Company Appoints Former Sercel President Richard Kelley as Chief Operating Officer

Company Announces Stock Repurchase Program

 

 

HOUSTON, TX – May 9, 2024 - 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.

 

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.

 

Management’s Comments

 

Walter R. (“Rick”) Wheeler, President and CEO of the Company said, “With the first six months of fiscal year 2024 behind us, the company has achieved positive net income of $8.4 million, or $0.62 per share. This serves as strong indication that our strategic efforts to continue the profitability established last fiscal year remain on track. In addition, the longstanding strength of our balance sheet with no debt and $51.2 million in cash and short-term investments remains firmly intact. However, as a result of low utilization of our OBX and Mariner ocean bottom nodes, our second quarter Oil and Gas Markets segment revenue fell short of the previous six quarters, which led to the overall net loss of $4.3 million for the second quarter. As mentioned in our first quarter conference call, some gaps in our OBX rental contracts were expected, which became a driving factor in lowering second quarter revenue. In addition, rental revenue that would have been received in the second quarter was brought forward into the first quarter when a rental contract for our new Mariner™ ocean bottom node system was converted to a $30 million sale. Despite these circumstances affecting the second quarter, we believe the second half of the fiscal year will see better utilization of our ocean bottom nodes which should bolster performance of our Oil and Gas Markets segment.

 

Our Adjacent Markets segment performed well in the second quarter, generating revenue of $12.2 million. This represents the third best quarterly performance of this segment in the company’s history, almost matching the record setting amount of last year’s second quarter. We believe our conscious expansion of product lines and nurtured growth within the Adjacent Markets segment continues to meet our longstanding strategy to create an increased stable source of revenue with less volatility than our Oil and Gas Markets segment.

 

 

 

 

 

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Our Emerging Markets segment also contributed meaningful revenue in the second quarter, adding $1.1 million to the three-month total. The largest amount came from fulfilling a major portion of the nearly completed DARPA contract that we announced last year. Notably, several significant discussions remain underway for utilizing Quantum’s analytics and SADAR array monitoring system. These include multiple government agency security projects as well as advanced monitoring projects in the energy and energy transition arenas where our technology could be uniquely applied. While these discussions are very productive, they are somewhat slow going, thus leaving the potential for larger revenue contributions in the next fiscal year.

 

Oil and Gas Markets Segment

Second quarter revenue from the Company’s Oil and Gas Markets segment totaled $10.8 million for the three months ended March 31, 2024. This compares to $18.4 million in revenue for the same period a year ago representing a decrease of 41%. Revenue for the six-month period ended March 31, 2024, is $50.8 million, an increase of 32% over the equivalent prior year period. The decrease in revenue for the three-month period was due to lower utilization for our marine OBX rental fleet. The increase in revenue for the six-month period is primarily due to a $30 million sale of our Mariner™ shallow water ocean bottom nodes, in the first quarter of fiscal year 2024, partially offset by a decrease in the utilization for our marine OBX rental fleet. Additionally, long term rental contracts for ocean bottom nodes concluded during this quarter and the equipment is undergoing maintenance in Houston to allow the products to return to service quickly. We continue to see strong demand for ocean bottom nodal surveys and expect increased utilization of our rental fleet in the second half of fiscal year 2024.

 

Adjacent Markets Segment

Revenue from the Company’s Adjacent Markets segment totaled $12.2 million for the three-month period ended March 31, 2024. This compares with $12.7 million from the equivalent year ago period, representing a decrease of 4%. Revenue for the six-month period ending March 31, 2024, was $22.1 million, a decrease of 6%, from the same period of the prior fiscal year. The decrease in revenue for both periods was due to lower demand for both our water meter products and industrial sensor products, partially offset by an increase in demand for our contract manufacturing services and thermal film products.

 

Emerging Markets Segment

The Company’s Emerging Markets segment generated revenue of $1.1 million for the three-month period ended March 31, 2024. Revenue for the six-month period was $1.3 million compared to $300,000 from the same prior year period. The increase in revenue from both periods is due to work performed on a $1.5 million government contract.

 

Balance Sheet and Liquidity

For the six-month period ended March 31, 2024, the Company used $6.3 million in cash and cash equivalents from operating activities. The Company generated $8.1 million of cash from investing activities that included $30.5 million in proceeds from the sale of rental equipment and $4.0 million in proceeds from the sale of short-term investments offset by $19.3 million in cash used for the purchase of short-term investments, $3.9 million for additions to the rental fleet and $3.2 million for additional property, plant and equipment investments. 

As of March 31, 2024, the Company had $51.2 million in cash and short-term investments and maintained an additional borrowing availability of $11.3 million under its bank credit agreement with no borrowings outstanding. The Company additionally owns unencumbered property and real estate in both domestic and international locations. In fiscal year 2024, management anticipates a capital expenditure budget of $12 million including $7 million earmarked for additions to its rental equipment. 

 

Corporate

On April 29, 2024, the company welcomed highly accomplished executive Richard (“Rich”) Kelley as its Executive Vice President and Chief Operating Officer. Kelley has 17 years of experience in the oil & gas seismic industry, serving as the Vice President of Operations and then President of Sercel, Inc. He brings an extensive background and international experience in quality and operational management within various manufacturing organizations. Before joining Sercel, his diverse experience as Vice President for KMT Aqua-Dyne, Inc., a Swedish-based industrial manufacturer, and Uson, a global leader in leak detection instrumentation, is highly aligned with Geospace’s strategy for the Adjacent Markets business segment. Earlier in his career, Kelley was Director of Manufacturing for Varco (now part of NOV), a manufacturer of pressure-control equipment used in the oilfield industry. Prior to his corporate career, Kelley served in the U.S. Navy and holds an MBA from the University of Houston and a Bachelor of Science degree in Mechanical Engineering from the University of Texas at Austin.

 

 

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“Having previously served in the COO role at Geospace for many years, I know the importance of this position to our company,” said Wheeler. “We’re delighted to add Rich as a well-balanced, experienced team member. He brings a wealth of knowledge and leadership to Geospace that spans all the elements of engineering, manufacturing, business development, and operations. As we prepare for the future, I believe Rich’s addition to the Geospace family will be instrumental in maintaining a solid course to advance our company to the next level.”

 

Stock Repurchase Program

The Company also announced that its Board of Directors has authorized a stock repurchase program under which the Company may purchase up to $5 million of its outstanding common stock.  Under the repurchase program, the Company may purchase shares of common stock on a discretionary basis from time to time through open market transactions through block trades, in privately negotiated transactions and pursuant to any trading plan that may be adopted by the Company’s management in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or otherwise. The timing and number of shares repurchased will depend on a variety of factors, including stock price, trading volume, and general business and market conditions. The repurchase program has no time limit, does not obligate the Company to acquire a specified number of shares and may be modified, suspended or discontinued at any time at the Company’s discretion.  The repurchase plan will be funded using existing cash or future cash flow.

 

Conference Call Information

The Company will host a conference call to review its second quarter fiscal year 2024 financial results on Friday, May 10, 2024, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). [phone] (US) or [phone] (International). Please reference the conference ID: GEOSQ224 prior to the start of the conference call. A replay will be available for approximately 60 days and may be accessed through the Investor Relations tab of the Company’s website at www.geospace.com.

 

About Geospace Technologies

Geospace Technologies is a global technology and instrumentation manufacturer specializing in vibration sensing and highly ruggedized products which serve energy, industrial, government and commercial customers worldwide. The Company’s products blend engineering expertise with advanced analytic software to optimize energy exploration, enhance national and homeland security, empower water utility and property managers, and streamline electronic printing solutions. With more than four decades of excellence, the Company’s more than 600 employees across the world are dedicated to engineering and technical quality. Geospace is traded on the U.S. NASDAQ stock exchange as GEOS. For more information, visit www.geospace.com.

 

 

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Media Contact: Caroline Kempf, [e-mail], 321.341.9305

 

Forward Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “could”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward- looking statements include, statements regarding our expected operating results and expected demand for our products in various segments. These forward-looking statements reflect our current judgment about future events and trends based on currently available information. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K which is on file with the Securities and Exchange Commission, as well as other cautionary language in such Annual Report, any subsequent Quarterly Report on Form 10- Q, or in our other periodic reports, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, the failure of the Quantum or OptoSeis® or Aquana technology transactions to yield positive operating results, decreases in commodity price levels, the continued adverse impact of COVID-19, which could reduce demand for our products, the failure of our products to achieve market acceptance (despite substantial investment by us), our sensitivity to short term backlog, delayed or cancelled customer orders, product obsolescence resulting from poor industry conditions or new technologies, bad debt write-offs associated with customer accounts, inability to collect on promissory notes, lack of further orders for our OBX systems, failure of our Quantum products to be adopted by the border and security perimeter market or a decrease in such market due to governmental changes, and infringement or failure to protect intellectual property. The occurrence of the events described in these risk factors and elsewhere in our most recent Annual Report on Form 10-K or in our other periodic reports could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward- looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise, except as required by applicable securities laws and regulations.

 

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GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

 

		Three Months Ended								Six Months Ended
		March 31, 2024				March 31, 2023				March 31, 2024				March 31, 2023
Revenue:
Products		$	19,497			$	17,701			$	63,211			$	37,249
Rental			4,773				13,669				11,091				25,230
Total revenue			24,270				31,370				74,302				62,479
Cost of revenue:
Products			14,995				13,196				38,837				28,561
Rental			3,394				5,225				7,348				10,435
Total cost of revenue			18,389				18,421				46,185				38,996
Gross profit			5,881				12,949				28,117				23,483
Operating expenses:
Selling, general and administrative			6,546				6,387				12,372				12,822
Research and development			3,863				3,483				7,465				7,741
Provision for credit losses			(22	)			17				(51	)			137
Total operating expenses			10,387				9,887				19,786				20,700
Gain on disposal of property			—				1,315				—				1,315
Income (loss) from operations			(4,506	)			4,377				8,331				4,098
Other income (expense):
Interest expense			(44	)			(39	)			(100	)			(78	)
Interest income			247				127				482				283
Foreign currency transaction gains (losses), net			(20	)			185				(183	)			292
Other, net			7				6				(67	)			(6	)
Total other income, net			190				279				132				491
Income (loss) before income taxes			(4,316	)			4,656				8,463				4,589
Income tax expense			11				19				111				49
Net income (loss)		$	(4,327	)		$	4,637			$	8,352			$	4,540
Income (loss) per common share:
Basic		$	(0.32	)		$	0.35			$	0.63			$	0.35
Diluted		$	(0.32	)		$	0.35			$	0.62			$	0.35
Weighted average common shares outstanding:
Basic			13,343,793				13,156,715				13,297,324				13,111,866
Diluted			13,343,793				13,156,715				13,471,775				13,111,866

 

 

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GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands except share amounts)

(unaudited)

 

		March 31, 2024				September 30, 2023
ASSETS
Current assets:
Cash and cash equivalents		$	20,762			$	18,803
Short-term investments			30,448				14,921
Trade accounts and note receivable, net			15,330				21,373
Inventories, net			23,932				18,430
Prepaid expenses and other current assets			1,611				2,251
Total current assets			92,083				75,778
Non-current inventories, net			18,141				24,888
Rental equipment, net			15,077				21,587
Property, plant and equipment, net			24,552				24,048
Non-current trade accounts receivable			1,510				—
Operating right-of-use assets			590				714
Goodwill			736				736
Other intangible assets, net			4,601				4,805
Other non-current assets			408				486
Total assets		$	157,698			$	153,042
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable trade		$	4,955			$	6,659
Operating lease liabilities			257				257
Other current liabilities			9,863				12,882
Total current liabilities			15,075				19,798
Non-current operating lease liabilities			397				512
Deferred tax liabilities, net			32				16
Total liabilities			15,504				20,326
Commitments and contingencies
Stockholders’ equity:
Preferred stock, 1,000,000 shares authorized, no shares issued and outstanding			—				—
Common Stock, $.01 par value, 20,000,000 shares authorized; 14,204,082 and 14,030,481 shares issued, respectively; and 13,362,090 and 13,188,489 shares outstanding, respectively			142				140
Additional paid-in capital			96,800				96,040
Retained earnings			70,212				61,860
Accumulated other comprehensive loss			(17,460	)			(17,824	)
Treasury stock, at cost, 841,992 shares			(7,500	)			(7,500	)
Total stockholders’ equity			142,194				132,716
Total liabilities and stockholders’ equity		$	157,698			$	153,042

 

 

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GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

		Six Months Ended
		March 31, 2024				March 31, 2023
Cash flows from operating activities:
Net income		$	8,352			$	4,540
Adjustments to reconcile net income to net cash used in operating activities:
Deferred income tax expense			15				—
Rental equipment depreciation			6,026				6,442
Property, plant and equipment depreciation			1,682				1,896
Amortization of intangible assets			204				430
Amortization of premiums (accretion of discounts) on short-term investments			(234	)			1
Stock-based compensation expense			762				676
Provision for (recovery of) credit losses			(51	)			137
Inventory obsolescence expense			110				1,836
Gross profit from sale of rental equipment			(20,553	)			(3,925	)
Gain on disposal of property			—				(1,315	)
Loss (gain) on disposal of equipment			10				(464	)
Effects of changes in operating assets and liabilities:
Trade accounts and note receivable			5,963				(8,352	)
Inventories			(5,566	)			(7,882	)
Other assets			873				1,702
Accounts payable trade			(684	)			(574	)
Other liabilities			(3,180	)			(226	)
Net cash used in operating activities			(6,271	)			(5,078	)
Cash flows from investing activities:
Purchase of property, plant and equipment			(3,166	)			(1,126	)
Proceeds from the sale of property, plant and equipment			2				4,221
Investment in rental equipment			(3,949	)			(635	)
Proceeds from the sale of rental equipment			30,502				8,794
Purchases of short-term investments			(19,293	)			—
Proceeds from the sale of short-term investments			4,000				900
Net cash provided by investing activities			8,096				12,154
Cash flows from financing activities:
Payments on contingent consideration			—				(175	)
Effect of exchange rate changes on cash			134				(205	)
Increase in cash and cash equivalents			1,959				6,696
Cash and cash equivalents, beginning of period			18,803				16,109
Cash and cash equivalents, end of period		$	20,762			$	22,805
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes		$	—			$	26
Inventory transferred to rental equipment			5,352				82

 

 

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GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

SUMMARY OF SEGMENT REVENUE AND OPERATING INCOME (LOSS)

(in thousands)

(unaudited)

 

		Three Months Ended								Six Months Ended
		March 31, 2024				March 31, 2023				March 31, 2024				March 31, 2023
Oil and Gas Markets segment revenue:
Traditional seismic exploration product revenue		$	3,548			$	3,391			$	5,311			$	6,146
Wireless seismic exploration product revenue			7,240				14,896				45,313				32,134
Reservoir product revenue			59				132				132				287
			10,847				18,419				50,756				38,567
Adjacent Markets segment revenue:
Industrial product revenue			9,024				9,642				15,467				17,572
Imaging product revenue			3,211				3,066				6,583				5,958
			12,235				12,708				22,050				23,530
Emerging Markets segment revenue:
Border and perimeter security product revenue			1,113				191				1,347				284
Corporate			75				52				149				98
Total revenue		$	24,270			$	31,370			$	74,302			$	62,479

 

		Three Months Ended								Six Months Ended
		March 31, 2024				March 31, 2023				March 31, 2024				March 31, 2023
Operating income (loss):
Oil and Gas Markets segment		$	(3,135	)		$	4,176			$	11,428			$	6,582
Adjacent Markets segment			2,796				3,055				4,830				4,802
Emerging Markets segment			(651	)			(1,007	)			(1,276	)			(2,220	)
Corporate			(3,516	)			(1,847	)			(6,651	)			(5,066	)
Total operating income (loss)		$	(4,506	)		$	4,377			$	8,331			$	4,098

 

 

Document And Entity Information	May 09, 2024
Document Information [Line Items]
Entity, Registrant Name	GEOSPACE TECHNOLOGIES CORPORATION
Document, Type	8-K
Document, Period End Date	May 09, 2024
Entity, Incorporation, State or Country Code	TX
Entity, File Number	001-13601
Entity, Tax Identification Number	76-0447780
Entity, Address, Address Line One	7007 Pinemont
Entity, Address, City or Town	Houston
Entity, Address, State or Province	TX
Entity, Address, Postal Zip Code	77040
City Area Code	713
Local Phone Number	986-4444
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	GEOS
Security Exchange Name	NASDAQ
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0001001115

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