Revenue during the quarter went up marginally by 1.91 percent to $16.31 million from $16.01 million in the previous year period. Gross margin for the quarter stood at negative 33.51 percent as compared to a negative 58.03 percent for the previous year period.

Operating loss for the quarter was $14.82 million, compared with an operating loss of $21.67 million in the previous year period.

Walter R. ("Rick") Wheeler, Geospace Technologies’ president and chief executive officer said, “Revenue in the fourth quarter of fiscal year 2016 declined 8% sequentially from the third quarter, and was up by 2% in comparison with the fourth quarter of last year. For fiscal year 2016, our revenue declined 27%, marking the third consecutive year of declining revenue as market conditions in our seismic business segment worsened despite some strengthening of crude oil prices since the beginning of the calendar year. While lower revenue contributed to our fiscal year 2016 net loss of $46.0 million, several other factors contributed to this record loss.

The company has spent $10.21 million cash to meet investing activities during the year as against cash outgo of $0.29 million in the last year.

Cash and cash equivalents stood at $10.26 million as on Sep. 30, 2016, down 54.01 percent or $12.05 million from $22.31 million on Sep. 30, 2015.

Working capital declines
Geospace Technologies Corporation has witnessed a decline in the working capital over the last year. It stood at $164.07 million as at Sep. 30, 2016, down 14.14 percent or $27.01 million from $191.08 million on Sep. 30, 2015. Current ratio was at 16.98 as on Sep. 30, 2016, up from 14.71 on Sep. 30, 2015.