OYO Geospace (NASDAQ: OYOG) today announced net income of $9.2
million, or $1.44 per diluted share, on revenues of $46.4 million
for its quarter ended June 30, 2011. This compares with a net
income of $5.1 million, or $0.81 per diluted share, on revenues of
$35.3 million in the comparable quarter last year.
For the nine months ended June 30, 2011, OYO Geospace recorded
sales of $140.2 million and net income of $26.1 million, or $4.15
per diluted share. For the comparable period last year the company
recorded sales of $92.4 million and net income of $9.0 million, or
$1.45 per diluted share.
“We are pleased with our results for the third quarter ended
June 30, 2011, establishing new records for net income and earnings
per share for the third consecutive quarter. Revenues for the third
quarter were 31.4% higher than last year’s third quarter, and 51.7%
higher for the nine months ended June 30, 2011. Our customers are
reporting increased demand and improved pricing for their services
which gives us confidence that demand for our products will remain
high in the near term. However, while we have experienced strong
operating results over the last year, we are uncertain how current
worldwide economic matters will potentially impact our business in
the future,” said Gary D. Owens, OYO Geospace’s Chairman, President
and CEO.
“For the quarter ended June 30, 2011, demand was strong across
almost all product categories and geographical markets. Revenues
from our seismic exploration products were 44.0% higher than last
year’s third quarter, including particularly strong demand for our
GSR wireless data acquisition system and marine products. While we
experienced average levels of revenues from our borehole products
during the third quarter, revenues on a year-to-date basis are
107.6% ahead of last year. Our industrial and thermal product
revenues outpaced our prior year results for both the quarter and
year-to-date periods.”
“In early July, we announced a $15.6 million sale to Dawson
Geophysical Company in the third quarter for 14,850 channels of our
GSR wireless data acquisition system and related equipment. Dawson
was renting this equipment prior to the purchase transaction. This
transaction was significant to our third quarter results, and
affirms our strategy of making the GSR technology available to our
customers under a variety of options to fit their capital needs,
including short-term rentals, equipment financing or traditional
purchases. During the quarter, we also sold a 1,000-channel GSR
system to a new customer working in Morocco and another small
400-channel GSR system to an existing customer in Japan. At June
30, 2011, our customers owned over 78,000 GSR channels, and our
rental fleet was reduced to almost 13,000 GSR channels. Subsequent
to the end of our third quarter, we sold a 5,000–channel GSR system
to TGC Industries. We are attending to other GSR quotations for
both sales and rentals, and our GSR demonstrations continue in oil
and gas exploration regions around the globe.”
“During the quarter we made shipments to two new customers for
our borehole seismic systems, including our first seismic borehole
system sale in China for well fracture-monitoring applications.
This system will be utilized to monitor well-fracturing activities
in an unconventional shale play in the western part of China. We
believe the Chinese market holds very good potential for our
seismic borehole products as China begins to develop its domestic
natural gas resources.”
OYO Geospace designs and manufactures instruments and equipment
used by the oil and gas industry in the acquisition and processing
of seismic data as well as in reservoir characterization and
monitoring activities. The company also designs and manufactures
equipment and film for the thermal printing industry worldwide.
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements
other than statements of historical fact included herein including
statements regarding potential future products and markets, our
potential future revenues, future financial position, business
strategy, future expectations and other plans and objectives for
future operations, are forward-looking statements. We believe our
forward-looking statements are reasonable. However, they are based
on certain assumptions about our industry and our business that may
in the future prove to be inaccurate. Important factors that could
cause actual results to differ materially from our expectations
include the level of seismic exploration worldwide, which is
influenced primarily by prevailing prices for oil and gas, the
extent to which our new products are accepted in the market, the
availability of competitive products that may be more
technologically advanced or otherwise preferable to our products,
tensions in the Middle East and other factors disclosed under the
heading “Risk Factors” and elsewhere in our most recent Annual
Report on Form 10-K and Quarterly Report on Form 10-Q, which are on
file with the Securities and Exchange Commission. Further, all
written and verbal forward-looking statements attributable to us or
persons acting on our behalf are expressly qualified in their
entirety by such factors.
OYO GEOSPACE CORPORATION AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except share and per
share amounts) (unaudited) Three Months
Ended Nine Months Ended
June 30, 2011
June 30, 2010 June 30, 2011
June 30, 2010 Sales $ 46,368 $ 35,292 $ 140,165
$ 92,389 Cost of sales
25,812
20,392 78,832
60,039 Gross profit 20,556 14,900 61,333 32,350
Operating expenses: Selling, general and administrative
4,114 4,284 13,864 11,997 Research and development 2,820 2,842
8,985 6,839 Bad debt expense (recovery)
112
84 145
(336 ) Total operating expenses
7,046 7,210
22,994 18,500
Gain (loss) on disposal of equipment
1
-- 17
(184 ) Income from
operations
13,511
7,690 38,356
13,666 Other income (expense): Interest
expense -- (51 ) (43 ) (186 ) Interest income 37 76 166 178 Foreign
exchange gains (losses) (10 ) (125 ) 36 (21 ) Other, net
(2 ) (3
) (39 )
(171 ) Total other income (expense), net
25 (103
) 120
(200 ) Income before income taxes
13,536 7,587 38,476 13,466 Income tax expense
4,329 2,510
12,354 4,480
Net income
$ 9,207 $
5,077 $ 26,122
$ 8,986 Basic
earnings per common share
$ 1.47
$ 0.84 $
4.23 $ 1.49
Diluted earnings per common share
$
1.44 $ 0.81
$ 4.15 $
1.45
Weighted average common shares
outstanding - Basic
6,257,336
6,032,373
6,180,576
6,024,589
Weighted average common shares
outstanding - Diluted
6,375,156
6,240,412
6,293,804
6,216,823
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