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GEODYNAMICS CORP. ANNOUNCES FOURTH QUARTER OPERATING RESULTS

 TORRANCE, Calif., Aug. 12 /PRNewswire/ -- Geodynamics Corp. (NASDAQ: GDYN) announces the audited results of operations for its current fiscal year ended May 28, 1993.
 Revenues for the fiscal year ended May 28, 1993, were $57.7 million, down slightly at 1.2 percent from fiscal year 1992 revenues of $58.4 million. This revenue figure included approximately $500,000 generated by the new division focusing on business outside the Department of Defense (DoD) and which partially offset the decline in DoD revenues resulting from defense budget reductions.
 Net income and earnings per share were $1.95 million and $.80 per share, respectively, as compared to $2.06 million and $.77 per share for the prior 12-month period ended May 29, 1992.
 Costs and expenses were $55 million in fiscal year 1993, down from the $55.5 million from the prior fiscal year and income from operations was $2.7 million, down from $2.9 million in fiscal 1992; the resulting operating margin decreased to 4.6 percent of revenue in fiscal 1993 from 5 percent in fiscal 1992. This margin was negatively impacted in fiscal 1993 by a loss on non-DoD business activity of approximately $634,000, while the operating margin form DoD contracts improved due to the reduction of overhead and general administrative rates in fiscal 1993. Overhead costs were 44 percent of total costs and expenses, down from 47 percent in fiscal 1992. Other income, primarily interest, was $288,000 a reduction from $395,000 in the prior year, primarily due to reduced interest rates on money market assets.
 -0- 8/12/93
 /CONTACT: Joanne M. Dunlap or David Nelson of Geodynamics, 310-782-7277/
 (GDYN)


CO: Geodynamics Corp. ST: California IN: ARO SU: ERN

LM-MF -- LA007 -- 1981 08/12/93 08:00 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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