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GEOS > SEC Filings for GEOS > Form 8-K on 3-May-2013All Recent SEC Filings

Show all filings for GEOSPACE TECHNOLOGIES CORP | Request a Trial to NEW EDGAR Online Pro



Results of Operations and Financial Condition, Change in Directors or

Item 2.02. Results of Operations and Financial Condition

On May 2, 2013, the Geospace Technologies Corporation (the "Company") issued a press release regarding its operating results for the second fiscal quarter of 2013. The press release is attached as Exhibit 99.1. The foregoing description of the press release is qualified by reference to such exhibit.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On May 2, 2013, the Board of Directors (the "Board") of the Company 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. ("Geokinetics"), a customer of the Company. On November 8, 2012, Mr. Miles retired from his positions with Geokinetics. Between October 1, 2011 and the date of Mr. Miles' retirement from Geokinetics, the Company sold an aggregate amount of $3.8 million of equipment to Geokinetics in 139 separate transactions, and the Company rented equipment to Geokinetics in 7 separate transactions with an aggregate rental fee of $7.1 million. The transactions were on terms similar to those that the Company would provide to customers of Geokinetics' size. During this period, Geokinetics was not indebted to the Company except for payment terms generally provided to customers of the Company relating to Geokinetics' purchases of equipment.

As a director, Mr. Miles is eligible to receive compensation in the amount of $85,000 annually.

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