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GEODYNAMICS CORP. ANNOUNCES SECOND QUARTER OPERATING RESULTS

 TORRANCE, Calif., Jan. 12 /PRNewswire/ -- Geodynamics Corp. (NASDAQ: GDYN) announces the unaudited results of operations for the second quarter of its current fiscal year.
 Revenues from operations for the three and six months ended Nov. 27, 1992 (fiscal 1993), were $14.7 million and $28.5 million, respectively, as compared to $14.0 million and $28.7 million reported for the comparable periods of the company's prior fiscal year. Current fiscal year revenues represent an increase of 4.7 percent over the revenue reported for the second quarter of the last fiscal year and a decrease of less than 1 percent as compared to the prior fiscal six-month period. This slight increase in revenues in the second quarter represents an increase in subcontract activity. Net income and earnings per share (EPS) for the company's second quarter were $533,000 and 22 cents for this fiscal year, representing a decrease from the $770,000 and 27 cents for the same period of the prior fiscal year. Net income and EPS for the six-month period ended Nov. 27, 1992, equaled $1.0 million and 42 cents, respectively, representing a decrease as compared to the $1.7 million and 62 cents reported for the six months ended Nov. 29, 1991.
 Earnings per share were down approximately 32 percent for the six-month period ended Nov. 27, 1992, compared to the same six-month period a year earlier. The primary reason was because of lower operating margin on certain programs; these programs are all expected to be profitable at completion but at lower margins than previously anticipated.
 Backlog at the end of the current quarter stands at $137 million and compares to $130 million as of fiscal year-end 1992.
 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- 1/12/93
 /CONTACT: Joanne M. Dunlap or David Nelson of Geodynamics, 310-782-7277/
 (GDYN)


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

JB-LS -- LA003 -- 3821 01/12/93 08:02 EST
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Publication:PR Newswire
Date:Jan 12, 1993
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