Geospace Technologies Corporation (NASDAQ:GEOS) Q4 2019 Earnings Conference Call - Final Transcript
Nov 22, 2019 • 10:00 am ET
quarter and full-year losses were $0.04 per share and $0.70 per diluted share for the quarter and year respectively. Our oil and gas market segment produced $20.8 million in revenue for the fourth quarter and over the full fiscal year generated $65 million in revenue. The increases of 57% and 45% respectively over the equivalent three and 12-month periods a year ago were dominated by our wireless products. As highlighted earlier, this is due to increased rentals of our OBX marine nodal recording systems. At year-end, we had more than 31,000 OBX stations in our rental fleet, most of which were being utilized on multiple rental contracts with multiple seismic contractors.
As discussions occur with new and existing customers for future OBX rental contracts and extensions to current contracts, we carefully evaluate possible needs for expansion of our OBX rental fleet to satisfy the anticipated growth in demand. We also note that revenue in the fourth quarter from our wireless products was augmented by the sale of 5,000 channels of GCL-1 land recording system to a European contractor. And as recently announced, we expect to fulfill delivery of another order of 30,000 GCL-1 stations early in our second fiscal quarter, which ends March 31, 2020. Our traditional seismic products produced revenue of only $600,000 in the fourth quarter, a historic low for these products. And for the year, revenue of $9.5 million represents a decrease of 26% from last year.
Lower revenue in both periods is due to lesser demand for our seismic sensors, which was partially offset for the full year period by higher revenue from our marine products. Revenue from our reservoir seismic products for the fourth quarter was only $252,000 and for the year totaled $2.7 million. These reflect respective decreases from their prior comparative periods of 13% and 44% stemming from lower sales and rentals of our borehole tools and fewer services. We expect revenue from this product segment to remain low, unless and until we have a contract for the delivery of a permanent reservoir monitoring or PRM system. We extended our PRM product offerings in November of 2018 through our acquisition of OptoSeis, fiber optic sensing technology and we believe this augmented product line along with our prevalent leadership and PRM system design enhances our opportunities to receive future contracts.
Currently, there are no such contracts up for award, but we are in discussions with multiple oil and gas companies interested in utilizing this technology. Note that as a result of these expanded discussions, we recorded a charge of $0.8 million in the fourth quarter, increasing the fair value of the earn-out liability we expect to pay the previous owner of OptoSeis. We also believe the climate of current discussions indicates that a tender for a PRM system is likely in the foreseeable future. But we do not expect to earn any revenue if awarded contract until late in fiscal year 2020 or beyond. Revenue from our adjacent market segment totaled $8 million in