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DIGICON INC. ANNOUNCES YEAR END RESULTS

 DIGICON INC. ANNOUNCES YEAR END RESULTS
 HOUSTON, Sept. 25 /PRNewswire/ -- Digicon Inc. (AMEX: DGC), an


international seismic data acquisition and processing services company, announced today that for the year ended July 31, 1992, it earned $4,554,000 or $.25 per share, on revenues of $111,428,000. Current year revenues were up 18 percent over the $94,217,000 recorded in the year ago period. In the prior year, the company reported a net loss before extraordinary items of $6,050,000. Including extraordinary items, which related to gains from the restructuring of indebtedness, the company had net income of $20,311,000 in 1991.
 During the fourth quarter ended July 31, 1992, the company earned $2,698,000 or $.12 per share compared with a loss before extraordinary items of $2,050,000 in the same quarter of the previous year. Including extraordinary items, which related to the above-mentioned restructuring gains, the company earned $24,311,000 in the 1991 fourth quarter. Revenues during the current quarter totaled $31,195,000, an increase of 26 percent over the $24,736,000 of revenues recorded in the fourth quarter of the prior year.
 Income before taxes was $5,850,000 for the year ended July 31, 1992 and $3,025,000 for the fourth quarter vs. losses of $3,925,000 and $1,189,000 in the comparable periods a year ago. The current year's provision for income taxes includes $529,000, equal to $.03 per common share which is not payable currently or in the future because of the availability of tax benefits from net operating loss carryforwards in the United States and certain foreign countries. The fourth quarter provision for income taxes includes $258,000, equal to $.01 per share, of such non-payable amounts. These amounts have been provided in accordance with Staff Accounting Bulletin No. 86 and, in accordance with such bulletin, such amounts have been added to its paid-in capital account.
 Digicon said that it experienced revenue growth in marine data collection and seismic data processing activities in both the year and three-month periods. For the year, marine revenues increased to $66,441,000, a gain of 23 percent over the prior year while data processing revenues were $37,300,000, a 22 percent increase. In the fourth quarter, marine revenues were up 47 percent to $20,235,000 compared with last year's fourth quarter, while data processing revenues advanced to $9,625,000, a gain of 23 percent. The company's international activities accounted for approximately 87 percent of revenues during the year.
 Digicon provides seismic data acquisition and processing services on a worldwide basis to the petroleum industry. The company operates seismic survey ships, land data acquisition crews and data processing centers around the world. Digicon is a Houston-based company whose common stock is listed on the American Stock Exchange under the symbol "DGC".
 DIGICON INC. AND SUBSIDIARIES
 Statements of Consolidated Income (Loss)
 (In thousands, except per share amounts)
 Periods ended Year Three Months
 July 31, 1992 1991 1992 1991
 Unaudited Audited Unaudited
 Revenues $111,428 $ 94,217 $ 31,195 $ 24,736
 Operating
 expenses 93,546 81,959 25,097 21,986
 Depreciation 6,451 5,706 1,520 1,527
 Selling, general
 & administrative 4,183 3,080 1,118 967
 Reorganization
 costs -- 4,348 -- 643
 Other - net (441) (522) 138 (170)
 Income (loss) from
 operations 7,689 (354) 3,322 (217)
 Interest expense 1,839 3,571 297 972
 Income (loss) before
 provision for income
 taxes 5,850 (3,925) 3,025 (1,189)
 Provision for
 income taxes 1,296(A) 2,125 327(A) 861
 Income (loss) before
 extraordinary
 items 4,554 (6,050) 2,698 (2,050)
 Extraordinary
 items -- 26,361 -- 26,361
 Net income
 (loss) $ 4,554 $ 20,311 $ 2,698 $ 24,311
 Per share of
 common stock $ .25 N/M(B) $ .12 N/M(B)
 Weighted average
 shares
 outstanding 18,533 N/M(B) 22,597 N/M(B)
 (A) Includes $529,000, equal to $.03 per share of common stock during the year period which is not payable currently or in the future because of the availability of tax benefits in the U.S. and certain foreign countries. In accordance with Staff Accounting Bulletin No. 86, the amount of $529,000 has been added to the company's paid-in capital account during the year period. For the quarter, the amount of $258,000, equal to $.01 per share, was included in the provision for income taxes and has been added to paid-in capital.
 (B) Information concerning shares and net income per share in 1991 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.
 DIGICON INC. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (In thousands)
 July 31, July 31,
 1992 1991
 (unaudited)
 ASSETS
 Current assets $ 49,372 $ 37,335
 Property and equipment, net 27,303 18,837
 Other assets 7,082 4,447
 Total assets $ 83,757 $ 60,619
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $ 30,030 $ 31,118
 Long-term debt 8,813 19,076
 Deffered income taxes 175 773
 Stockholders' equity 44,739 9,652
 Total liabilities and
 stockholders' equity $ 83,757 $ 60,619
 -0- 9/25/92
 /CONTACT: Larry E. Lenig Jr. or Allan C. Pogach of Digicon Inc., 713-526-5611, or 1-800-DIGICON/
 (DGC) CO: Digicon Inc. ST: Texas IN: OIL SU: ERN


SH -- NY017 -- 3450 09/25/92 10:43 EDT
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Date:Sep 25, 1992
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