Geospace Technologies Corporation filed SEC Form 8-K: Other Events, Financial Statements and Exhibits

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Registrant’s Telephone Number, Including Area Code: (713) 986-4444

 

 

 

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):

 

 

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

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. ☐

 

 

Item 8.01         Other Events

 

 

Geospace Technologies Corporation (the “Company”) is effecting changes to its business segment structure to more accurately reflect its on-going diversification efforts. Beginning in fiscal year 2025, the Company will operate under three new business segments: Smart Water, Energy Solutions and Intelligent Industrial. The three new segments replace Oil and Gas Markets, Adjacent Markets and Emerging Markets, which were adopted in 2018 following several diversification-oriented acquisitions. Financial reporting on these new business segments will be represented in the first quarter of fiscal year 2025 reports.

 

The Smart Water segment will emphasize the Company’s targeted approach to growing its footprint in the water management industry. This business segment contains the highly successful Hydroconn® smart water connectivity offerings along with the Aquana products.

 

The Energy Solutions segment will encompass the Company’s traditional business in oil and gas land and marine exploration products, reservoir monitoring solutions, and will additionally incorporate emerging energy solutions and microseismic monitoring. This segment will include energy-related business from Quantum’s SADAR products and associated analytics.

 

The Intelligent Industrial segment will maintain the business from the Company’s former Adjacent Markets segment including industrial sensors, electronic pre-press solutions and specialized contract manufacturing. The defense and security applications offered by Quantum will also be reflected in the Intelligent Industrial business segment.

 

See attached press release for more information.

 

 

Item 9.01          Financial Statements and Exhibits

 

 

 

 

 

 

 

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.