Geospace Technologies Corporation (NASDAQ:GEOS) Q4 2020 Earnings Conference Call - Final Transcript

Nov 20, 2020 • 10:00 am ET


Geospace Technologies Corporation (NASDAQ:GEOS) Q4 2020 Earnings Conference Call - Final Transcript


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Welcome to the Geospace Technologies's Fourth Quarter and Full Year 2020 Earnings Conference Call.

Hosting the call today from Geospace is Mr. Rick Wheeler, President and Chief Executive Officer. He is joined by Robert Curda, the company's Chief Financial Officer, and Mark Tinker, CEO of Geospace subsidiary Quantum Technology Sciences.

[Operator Instructions]

And it is now my pleasure to turn the floor over to Rick Wheeler. Sir, you may begin.

Walter Richard Wheeler

Thank you, Chris. Good morning, and welcome to Geospace Technologies's conference call for the fourth quarter and year-end of our 2020 fiscal year.

I'm Rick Wheeler, the company's President and Chief Executive Officer, and I'm joined by Robert Curda, the company's Chief Financial Officer. We'll also have with us Dr. Mark Tinker, CEO of our Quantum Technology Sciences subsidiary. I'll first give an overview of the fourth quarter and year-end, and Robert will follow with some in-depth commentary on our financial performance. I'll then make a few last remarks before opening the line so that Robert, Mark and I can answer questions.

Some of today's statements may be considered forward-looking as defined in the Private Securities Litigation Reform Act of 1995, including comments about product markets, revenue recognition, planned operations and capital expenditures. These statements are based on our present awareness, while actual outcomes are affected by uncertainties and other factors we cannot control or predict. Both known and unknown risks can lead to undesirable results or performance differences from what we say or imply today. Such risks and uncertainties include those discussed in our SEC Forms 10-K and 10-Q filings.

For convenience, as was mentioned, we will link a recording of this call on the Investor Relations page of our website. Our website has actually been recently revamped and refreshed, and I encourage everyone to visit it and have a look. Note that the information discussed this morning and reflected in this recording is time-sensitive, and it may not be accurate at the time one listens to the replay.

Yesterday, after the market closed, we released financial results for our fourth and final quarter of fiscal year 2020 ended September 30, 2020. As we noted, the COVID-19 pandemic, which continues to negatively impact economies everywhere, began relatively early in our 2020 fiscal year. In response, we implemented and still maintain heightened health and safety protocols in our operations to help protect our employees, while ensuring our valued customers are served in the manner to which they've grown accustomed. Despite the negative impact COVID-19 has had on each of our business segments, we are pleased that our fiscal year 2020 total revenue of $87.8 million was within 8% of last year's total. And that's over the course of the year, as we generated over $18 million in cash from operations.

Note also that this reported revenue figure does not include any amounts from our sale in the second quarter of a GCL land recording system to one of our customers. This purchase valued at $12.5 million, included $10 million of