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DIGICON ANNOUNCES REVENUES FOR FIRST FISCAL QUARTER ENDED OCT. 31, 1991

DIGICON ANNOUNCES REVENUES FOR FIRST FISCAL QUARTER ENDED OCT. 31, 1991
 HOUSTON, Dec. 2 /PRNewswire/ -- Digicon Inc. (AMEX: DGC) announced today that its revenues for its first fiscal quarter which ended Oct. 31, 1991 were $28,599,000, an increase of 19 percent over the $23,934,000 recorded in the first quarter of the prior year. Income before taxes was $1,172,000 for the current quarter vs. $239,000 in the first quarter of the prior year.
 After providing for income taxes, Digicon earned net income of $838,000 or $.06 per common share in the most recent quarter. The provision for taxes includes the amount of $115,000, equal to $.01 per common share, which is not payable currently or in the future because of the availability of tax benefits in the United States and certain foreign countries. This amount has been provided in accordance with Staff Accounting Bulletin No. 86 and, in accordance with such bulletin, such amount has been retained by the company and added to its paid-in capital account. In the first quarter of last year, Digicon had net income of $100,000.
 Digicon said that it experienced strong revenue growth in both its seismic data processing and marine data collection activities. Data processing revenues during the quarter were $9,110,000, a 23 percent increase compared with the first quarter of the prior year while marine revenues advanced to $16,115,000, a gain of 13 percent. During the quarter, Digicon's international and export sales represented 91 percent of revenues.
 The company attributes the growth in its data processing and marine business to a combination of the growing demand for 3D seismic surveys which constitute the majority of its geophysical services and to increased capacity installed by the company during the last year. Since January 1991, Digicon has increased its marine data acquisition capacity by one third and has recently installed three new supercomputers in its data processing centers in London and Singapore.
 Digicon provides seismic data acquisition and processing services on a worldwide basis to the petroleum industry. The company operates eight seismic survey ships, three land data acquisition crews and 14 data processing centers around the world. Digicon is based in Houston.
 DIGICON INC. AND SUBSIDIARIES
 Statements of Consolidated Income
 (In thousands, except per share amounts -- Unaudited)
 Three Months Ended Oct. 31, 1991 1990
 Revenues $28,599 $23,934
 Operating expenses 24,399 20,405
 Depreciation 1,502 1,230
 Selling, general and administrative 1,049 955
 Other (236) 171
 Income from operations 1,885 1,173
 Interest expense 713 934
 Income before provision for income taxes 1,172 239
 Provision for income taxes 334(A) 1,112
 Income (loss) before extraordinary item 838 (873)
 Extraordinary item -- 973
 Net income $ 838 $ 100
 Per share of common stock(B) $ .06 N/M
 Weighted average shares outstanding(B) 13,835 N/M
 (A) Includes $115,000, equal to $.01 per share of common stock, which is not payable currently or in the future because of the availability of tax benefits in the United States and certain foreign countries. In accordance with Staff Accounting Bulletin No. 86, $115,000 has been added to the company's paid-in capital account.
 (B) Information concerning shares and net income per share in 1990 has been omitted because such data is not comparable with the current period as a result of a recapitalization of the company in July 1991.
 -0- 12/2/91
 /CONTACT: Larry E. Lenig Jr., or Allan C. Pogach of Digicon, 713-526-5611 or 1-800-DIGICON/
 (DGC) CO: Digicon Inc. ST: Texas IN: CPR SU: ERN


JT -- NY036 -- 8326 12/02/91 11:57 EST
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Publication:PR Newswire
Date:Dec 2, 1991
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