geospace technologies corp (OYO) Snapshot

On May 30, 2013, Geospace Technologies Corporation received a notification from The NASDAQ Stock Market LLC (NASDAQ) that the Company had violated the shareholder approval requirements of Listing Rule 5635(c) (the Rule). The Company granted options under its 1997 Key Employee Stock Option Plan (the Plan) after the Plan's original expiration date of November 14, 2007 on three separate occasions. On December 5, 2008, the Company granted 292,000 options; on February 25, 2010, the Company granted 40,000 options; and on August 5, 2010 the Company granted 86,000 options (collectively, the Relevant Options), each as adjusted for the Company's two-for-one stock split in the form of a dividend in October of 2012. Based on the NASDAQ Staff's review of the information the Company provided to them after the Company discovered the issue, the NASDAQ Staff determined that the Company violated the Rule. The Relevant Options have been consistently reported in each of the Company's periodic reports and proxy statements since the dates of grant of the Relevant Options, but were granted after the Plan's original expiration date. To regain compliance with the Rule, the Company plans to call a special meeting of the Company's stockholders to seek stockholder approval of an amendment to the Plan extending its term.

On May 2, 2013, the Board of Directors of Geospace Technologies Corporation appointed Mr. Richard F. Miles to fill a vacancy on the Board pursuant to the bylaws of the company. Mr. Miles was not appointed to any committees at the time of his appointment to the Board. Mr. Miles was previously the Chief Executive Officer and a member of the Board of Directors of Geokinetics Inc.

Geospace Technologies Corporation announced unaudited consolidated earnings results for the second quarter and six months ended March 31, 2013. For the quarter, the company reported sales of $76,420,000 against $56,233,000 a year ago. Income from operations was $25,556,000 against $16,472,000 a year ago. Income before income taxes was $25,024,000 against $16,823,000 a year ago. Net income was $16,869,000 or $1.30 diluted per share against $11,431,000 or $0.89 diluted per share a year ago. For the six months, the company reported sales of $154,171,000 against $99,514,000 a year ago. Income from operations was $57,104,000 against $29,070,000 a year ago. Income before income taxes was $56,746,000 against $29,755,000 a year ago. Net income was $38,882,000 or $3.01 diluted per share against $20,116,000 or $1.57 diluted per share a year ago.