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GEODYNAMICS CORP. ANNOUNCES FIRST QUARTER OPERATING RESULTS

 TORRANCE, Calif., Oct. 14 /PRNewswire/ -- Geodynamics Corp. (NASDAQ: GDYN) announces the unaudited results of operations for the first quarter of its current fiscal year.
 Revenues from operations for the three-month period ended Aug. 27, 1993, were $12.6 million as compared to $13.8 million for the comparable period of the company's prior fiscal year, representing a decline of 8.9 percent. Although non-Department of Defense (DoD) revenues of $323,000 were up substantially from $61,000 in the previous year, they were offset by declines in three DoD contracts. Net income and earning per share for the company's first quarter were $298,000 and 13 cents, respectively. These figures represent a decrease from the $492,000 and 20 cents per share reported for the comparable period in the prior fiscal year.
 Costs and expenses were $12.2 million in the first three months of 1994, compared with $13.1 million in the comparable period a year ago, a decline of 7.0 percent. This decline, when measured against the 8.9 percent decline in revenues, reflects a reduction in operating margins on sales from 5.2 percent to 3.3 percent. Geodynamics' strategic plan includes an increased commitment to commercial ventures. Although revenues from non-DoD sources increased significantly, investment in this area also increased and resulted in a loss on such activities of $342,000 in the current quarter as compared with a $230,000 loss in the same quarter of the preceding year. The company expects margins to improve slightly over the rest of fiscal 1994 because losses on non-DoD activities are expected to decline as investments begin to bring returns.
 The company's backlog at the end of the current quarter has declined somewhat from the May 28, 1993, levels but still represents approximately two times annual revenues.
 Geodynamics provides information engineering services and products for government, commercial, and international information systems. The company specializes in custom and 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- 10/14/93
 /CONTACT: Joanne M. Dunlap or David Nelson, 310-320-2300/
 (GDYN)


CO: Geodynamics Corp. ST: California IN: CPR SU: ERN

LS-MF -- LA007 -- 2001 10/14/93 08:01 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
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