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UNIVERSAL SEISMIC ASSOCIATES ANNOUNCES FISCAL 1992 RESULTS; REPORTS SIGNIFICANT INCREASE IN REVENUES AND NET INCOME

 UNIVERSAL SEISMIC ASSOCIATES ANNOUNCES FISCAL 1992 RESULTS;
 REPORTS SIGNIFICANT INCREASE IN REVENUES AND NET INCOME
 SUGAR LAND, Texas, Aug. 20 /PRNewswire/ -- Universal Seismic Associates, Inc. (NASDAQ: USAC) reported today that net income for the fiscal year ending June 30, 1992 increased 103 percent to $923,000, or $.65 per share, on 1.4 million average shares outstanding vs. $452,000, or $.32 per share, in fiscal 1991, assuming 1.4 million average shares had been outstanding in fiscal 1991. Sales for the year increased 61 percent to $5,684,000 vs. $3,522,030 for fiscal 1991.
 Michael Pawelek, president of the company stated, "We are very pleased with our results given the level of activity experienced in the oil service industry over the past year. These results could not have been attained had we not decided to enter the 3-D data acquisition segment of our industry. This segment of the business rose to $1,926,000 in the current year from $343,000 in fiscal 1991. The demand for 3-D seismic is only just beginning and this growth is expected to continue. In addition, the reception received from our customers for the new seismic data library we purchased from GFS Company has been most gratifying. This acquisition increased our library from 2,500 miles to over 11,000 miles. We look for the resale of this data to make a significant contribution to earnings beginning in the first quarter of fiscal 1993."
 The company also reported that fourth quarter sales increased 72 percent to $1,805,000 in fiscal 1992 vs. $1,049,000 in the comparable quarter of fiscal 1991. Net income for the quarter increased 211 percent to $398,000 from $128,000. This represents $.33 vs. $.11 on a per share basis assuming the same 1.4 million average shares outstanding.
 UNIVERSAL SEISMIC ASSOCIATES, INC.
 Periods ended June 30 1992 1991
 Net Revenues $5,684,000 $3,522,030
 Income Before Tax $1,488,710 $684,302
 After Tax Earnings $923,000 $452,160
 Earnings Per Share $0.65 $0.38
 Weighted Average Shares
 Outstanding 1,425,000 1,200,000
 -0- 8/20/92
 /CONTACT: Mitja M. Peterman, chief financial officer, Universal Seismic Associates, 713-240-3388/
 (USAC) CO: Universal Seismic Associates, Inc. ST: Texas IN: SU: ERN


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Publication:PR Newswire
Date:Aug 20, 1992
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