Geospace Technologies Corporation filed SEC Form 8-K: Costs Associated with Exit or Disposal Activities, Financial Statements and Exhibits

false 0001001115 0001001115 2026-04-02 2026-04-02

 

 

 

 

 

 

 

 

 

 

 

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. ☐

 

 

 

Geospace Technologies Corporation (the "Company") executive management has been evaluating opportunities to operate more efficiently and profitably by optimizing the Company's cost structure. At the end of the second quarter of fiscal year 2026, the Company’s executive management implemented an organizational change plan, which included a Voluntary Early Retirement plan available to eligible qualifying employees as well as a Reduction in Force. This organizational change plan will result in approximately 20% reduction in the global workforce, and together with cost-containment measures are expected to produce approximately $10 million of annualized cash savings.

 

In connection with the workforce reduction, the Company expects to incur $0.6 million of termination costs in its second fiscal quarter and incur $0.7 million of costs in its third fiscal quarter ending June 30, 2026.  These charges primarily relate to employee transition, severance payments, and employee benefits

 

 

 

Exhibit 104 Cover Page Interactive Data (embedded within the Inline XBRL document).         

 

 

 

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.