OYO Geospace Reports Fiscal Year 2008 First Quarter Results.Company Signs First Order for New Wireless Seismic System
HOUSTON -- OYO Geospace (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :OYOG) today announced net income of $3.3 million, or $0.54 per diluted di·lute
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.
2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, on revenues of $32.0 million for its quarter ended December 31, 2007. This compares with a net income of $7.8 million, or $1.30 per diluted share, on revenues of $44.8 million in the comparable quarter last year. The company noted that the results for the quarter ended December 31, 2006 benefited from the recognition of the sale of a $16.2 million seabed reservoir monitoring system to BP for installation in the Caspian Sea Caspian Sea (kăs`pēən), Lat. Mare Caspium or Mare Hyrcanium, salt lake, c.144,000 sq mi (373,000 sq km), between Europe and Asia; the largest lake in the world. and that type of large sale does not occur in every quarter or even in every fiscal year.
"During the quarter ended December 31, 2007, the company sold a $3.0 million seismic borehole bore·hole
A hole that is drilled into the earth, as in exploratory well drilling or in building construction. system. The system will be used primarily in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. for 3-D seismic profiling and frac monitoring applications. The demand for our seismic borehole products remains strong, and we continue to respond to numerous customer inquiries regarding our permanent and retrievable seabed seismic systems," said Gary D. Owens, OYO Geospace's Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. .
"Our seismic exploration business continued its strong performance in the first quarter. The immediate visibility of this market remains very healthy. Our newest product in the seismic exploration product line, the GSR See Gigabit Switch Router. wireless data acquisition system, was introduced in September 2007 at the Society of Exploration Geophysicists The Society of Exploration Geophysicists (or SEG) is a nonprofit organization dedicated to promoting the science of geophysics and the education of exploration geophysicists. Annual Meeting. At that time, we disclosed our intention of entering the larger land seismic data acquisition system market during fiscal year 2008. We began to manufacture the GSR product in January 2008 and are now in receipt of our first order totaling $1.4 million. This system will be delivered to Houston Geophysical ge·o·phys·ics
n. (used with a sing. verb)
The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. Services for a seismic crew deployment near Houston. We are very encouraged to have received this order so early in this stage of the product's introduction. This GSR system order is scheduled for delivery in April, our third fiscal quarter," continued Owens.
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"Our thermal solutions business had a weak first quarter, which is somewhat consistent with past fiscal periods. Although this business segment is currently performing below our expectations, we anticipate that our new direct-to-screen products will improve its performance over the remaining course of the year," said Owens.
"Demand for our emerging products continues to grow, with first quarter revenues increasing 70% over the revenues for the same quarter of the prior fiscal year. Quarterly revenues from our offshore cable products were the highest on record and backlog remains strong, likely leading to another growth year for this product line. Sales of our industrial sensor and cable products also enjoyed excellent quarter-over-quarter growth," Owens said.
"Our backlog of seismic exploration products remains strong. The relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation.
2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of equipment from our older Houston facility into the newer facility and the installation of newly acquired equipment continue. These efforts will increase our capacity and help us to better organize our plant to meet the demands placed on us by our customers. The strength of our core business activities, continued interest by our customers in our seismic reservoir technologies and excitement from the first order of our new GSR wireless seismic data acquisition system leave us optimistic op·ti·mist
1. One who usually expects a favorable outcome.
2. A believer in philosophical optimism.
op about our company's future prospects," said Owens.
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 forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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, the resolution of the situation 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 Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. and Quarterly Report on Form 10-Q Form 10-Q
See 10-Q. , which are on file with the Securities end Exchange Commission. Further, all written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors.