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GEODYNAMICS CORP. ANNOUNCES SECOND QUARTER OPERATIONAL RESULTS

 GEODYNAMICS CORP. ANNOUNCES SECOND QUARTER OPERATIONAL RESULTS
 TORRANCE, Calif., Jan. 14 /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. 29, 1991 (fiscal 1992) are $14.0 million and $28.7 million, respectively, as compared to $15.3 million and $30.5 million reported for the comparable periods of the company's prior fiscal year. Current fiscal year revenues represent decreases of 8.6 percent and 6.4 percent respectively, over revenues reported during the same periods. Net income and earnings per share (EPS) for the company's second quarter were $770,000 and 27 cents for the fiscal year. Net income and EPS for the six-month period ended Nov. 29, 1991, equaled $1.7 million and 62 cents, respectively. This represents a decrease as compared to the $1.9 million and 68 cents reported for the six months ended Nov. 30, 1990.
 The revenue and operating margins for the three- and six-month periods ended Nov. 29, 1991, are down slightly from comparable periods in CFY91.
 In general, cutbacks in the defense budget were the primary reason for the reduction. The company's three largest programs experienced reductions, in the aggregate, of 42 percent and 35 percent respectively, compared to the second quarter and first half of fiscal 1991. As a result of the reduction of these three largest programs, their aggregate revenue currently represent about 25 percent of total revenue, compared to 41 percent as of a year ago.
 During the second quarter, the company instituted a cost reduction program which included an approximate 5 percent reduction in work force and other decreases in such areas as fringe benefits and incentive plans. These actions should result in maintaining the company's originally planned overhead rates for CFY92.
 Geodynamics Corp. provides specialized systems engineering and custom applications software in support of U.S. Government intelligence and military programs.
 -0- 1/14/92
 /CONTACT: Joanne Dunlap or David Nelson of Geodynamics Corp., 310-782-7277/
 (GDYN) CO: Geodynamics Corp. ST: California IN: ARO CPR SU: ERN


EH-JL -- LA011 -- 9366 01/14/92 08:06 EST
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Publication:PR Newswire
Date:Jan 14, 1992
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