<SEC-DOCUMENT>0001193125-17-350674.txt : 20171122
<SEC-HEADER>0001193125-17-350674.hdr.sgml : 20171122
<ACCEPTANCE-DATETIME>20171122160556
ACCESSION NUMBER:		0001193125-17-350674
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20171116
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
FILED AS OF DATE:		20171122
DATE AS OF CHANGE:		20171122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GEOSPACE TECHNOLOGIES CORP
		CENTRAL INDEX KEY:			0001001115
		STANDARD INDUSTRIAL CLASSIFICATION:	MEASURING & CONTROLLING DEVICES, NEC [3829]
		IRS NUMBER:				760447780
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13601
		FILM NUMBER:		171219938

	BUSINESS ADDRESS:	
		STREET 1:		7007 PINEMONT DR.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77040
		BUSINESS PHONE:		7139864444

	MAIL ADDRESS:	
		STREET 1:		7007 PINEMONT DR.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77040

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OYO GEOSPACE CORP
		DATE OF NAME CHANGE:	19950919
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d497001d8k.htm
<DESCRIPTION>8-K
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<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Form <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): November&nbsp;16, 2017 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>GEOSPACE TECHNOLOGIES CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission
File Number: <FONT STYLE="white-space:nowrap">001-13601</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Texas</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">76-0447780</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>7007 Pinemont Drive, Houston, TX 77040 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, including zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(713) <FONT STYLE="white-space:nowrap">986-4444</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation
of the registrant under any of the following provisions: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </B></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Pre-commencement communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </B></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Pre-commencement communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933
(&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Emerging growth company&nbsp;&nbsp;</B>&#9744;<B></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>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&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;</B>&#9744;<B></B><B> </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 4.02. <FONT STYLE="white-space:nowrap">Non-Reliance</FONT> on Previously Issued Financial Statements or a
Related Audit Report or Completed Interim Review. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;16, 2017, the Audit Committee of the Board of Directors (&#147;the
Audit Committee&#148;) of Geospace Technologies Corporation (the &#147;Company&#148;) on the recommendation of management, and after consultation with the Company&#146;s independent registered public accounting firm, BDO USA, LLP, concluded that the
Company&#146;s audited consolidated financial statements for the fiscal years ended September&nbsp;30, 2016 and 2015, and the related report of the Company&#146;s independent registered public accounting firm thereon, and the unaudited consolidated
financial statements for quarters ended December&nbsp;31, 2016, March&nbsp;31, 2017 and June&nbsp;30, 2017 (&#147;Restated Periods&#148;) should no longer be relied upon because of an accounting error. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The accounting error to be addressed in the restatement relates to an error made in the classification of inventories. The Company classified
all of its inventories as a current asset in its consolidated balance sheets as of September&nbsp;30, 2016 and 2015, December&nbsp;31, 2016, March&nbsp;31, 2017 and June&nbsp;30, 2017. The Company has now determined that all of its inventories for
each of these dates were not reasonably expected to be sold or consumed during the Company&#146;s next operating cycle, and therefore a portion of these inventories should have been classified as long-term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company intends to present its restated consolidated financial statements in its Annual Report on Form
<FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended September&nbsp;30, 2017 (the &#147;2017 Form <FONT STYLE="white-space:nowrap">10-K&#148;),</FONT> including (i)&nbsp;audited restated consolidated balance sheets as of
September&nbsp;30, 2016 and 2015, (ii) unaudited restated condensed consolidated balance sheets as of the quarterly periods ended December&nbsp;31, 2016, March&nbsp;31, 2017 and June&nbsp;30, 2017 and (iii)&nbsp;footnotes reconciling previously
final annual and quarterly consolidated balance sheets to the restated balance sheets. The Company currently believes that it will be able to file the 2017 Form <FONT STYLE="white-space:nowrap">10-K</FONT> with the restated balance sheets by no
later than December&nbsp;1, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The effect of the restatement on the Company&#146;s consolidated balance sheets as of
September&nbsp;30, 2016 and 2015, December&nbsp;31, 2016, March&nbsp;31, 2017 and June&nbsp;30, 2017 consist of a <FONT STYLE="white-space:nowrap">non-cash</FONT> reclassification with respect to inventories. The restatement does not affect
previously reported results of operations, net loss, total assets, total liabilities, stockholders&#146; equity or cash flows. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The effect
of the restatement to Company&#146;s consolidated balance sheet as of the quarter ended June&nbsp;30, 2017 was to (i)&nbsp;reduce the current portion of inventories from $88.0&nbsp;million to $22.4&nbsp;million, which also decreased current assets
from $154.8&nbsp;million to $89.2&nbsp;million, and (ii)&nbsp;increase the noncurrent portion of inventories from zero to $65.6&nbsp;million </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The effect of the restatement to Company&#146;s consolidated balance sheet as of September&nbsp;30, 2016 was to (i)&nbsp;reduce the current
portion of inventories from $104.5&nbsp;million to $30.8&nbsp;million, which also decreased current assets from $174.3&nbsp;million to $100.6&nbsp;million, and (ii)&nbsp;increase the noncurrent portion of inventories from zero to $73.7&nbsp;million.
</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Management has also evaluated the effects of the facts leading to the restatement on its
conclusion regarding the Company&#146;s internal control over financial reporting and disclosure controls and procedures as of September&nbsp;30, 2017 and as of the end of the Restated Periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on that evaluation, management has concluded that the accounting error noted above resulted from a material weakness in the
Company&#146;s internal controls pertaining to the classification of its current assets with respect to inventories. As a result of the material weakness, management has concluded that the Company&#146;s internal control over financial reporting and
its disclosure controls and procedures were ineffective as of September&nbsp;30, 2017 and as of the end of each of the Restated Periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of the material weakness BDO USA LLP&#146;s report on the Company&#146;s internal control over financial reporting as of
September&nbsp;30, 2016 should no longer be relied upon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Management, with the oversight of the Audit Committee, intends to begin promptly
to develop a plan to remediate the material weakness. The description of the material weakness in internal controls identified by management and the Company&#146;s preliminary remediation plans and changes to internal control over financial
reporting will be disclosed in item 9A of the 2017 Form <FONT STYLE="white-space:nowrap">10-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Audit Committee and management
have discussed the matters disclosed in this Item 4.02 with BDO USA, LLP, the Company&#146;s independent registered public accounting firm. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3">GEOSPACE TECHNOLOGIES CORPORATION</TD></TR>
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<TD VALIGN="top">Date: November&nbsp;22, 2017</TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">By: /s/ Thomas T. McEntire</P></TD></TR>
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<TD VALIGN="bottom">Thomas T. McEntire</TD></TR>
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<TD VALIGN="bottom">Vice President and Chief Financial Officer</TD></TR>
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