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GEODYNAMICS CORP. ANNOUNCES FIRST QUARTER OPERATING RESULTS

 GEODYNAMICS CORP. ANNOUNCES FIRST QUARTER OPERATING RESULTS
 TORRANCE, Calif., Oct. 14 /PRNewswire/ -- Geodynamics Corp. (NASDAQ: GDYN) announced the unaudited results of operations for the first quarter of its current fiscal year.
 Revenues from operations for the three-month period ended Aug. 28, 1992, were $13.8 million, as compared to $14.7 million for the comparable period of the company's prior fiscal year, representing a decline of 6.0 percent. The decline was due primarily to the cancellation of two programs in the past year, reflecting the downsizing of the Defense Department. Net income and earnings per share for the company's first quarter were $492,000 and 20 cents respectively. These figures represent a decrease from the $983,000 and 34 cents per share reported for the comparable period in the prior fiscal year. The earnings decline reflects a reduction of the company's operating margin from 10.1 percent to 5.2 percent for the first quarter. This compares with the margin experience for the full 12 months of fiscal 1992 of 5 percent. Overhead rates in the current quarter were lower than the 1992 quarter and the company anticipates improving slightly on margins in subsequent quarters of this fiscal year.
 Current quarter margins were negatively impacted by start-up of a new Commercial Products Division; these start-up costs are expected to diminish in future quarters.
 The company's backlog at the end of the current quarter has increased by more than 10 percent from the $130 million as of May 29, 1992, reflecting several new awards, including competitive wins on several government programs.
 Geodynamics provides information engineering services and products for government, commercial and international information systems. The company specializes in custom end-to-end systems requirements definition, engineering software development, commercial off-the-shelf (COTS) hardware and software integration, test, training and maintenance for its customer base.
 -0- 10/14/92
 /CONTACT: Joanne M. Dunlap or David Nelson of Geodynamics, 310-782-7277/
 (GDYN) CO: Geodynamics Corp. ST: California IN: ARO CPR SU: ERN


BP-JB -- LA005 -- 9669 10/14/92 08:03 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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