INPUT/OUTPUT ANNOUNCES RECORD SECOND QUARTER
INPUT/OUTPUT ANNOUNCES RECORD SECOND QUARTER STAFFORD, Texas, Dec. 17 /PRNewswire/ -- Input/Output, Inc.
(NASDAQ: IPOP) today announced record sales and earnings for its second quarter ended Nov. 30, 1991. Sales for the quarter were $13.3 million and net income for the quarter totalled $2.4 million. Sales and earnings for the quarter were the highest achieved in any second quarter in the company's history and the quarter constituted the second highest quarter for sales and earnings in the company's 23 years of operations, exceeded only by the fourth quarter of fiscal 1990.
For the first six months of the fiscal year Input/Output's net sales increased 28 percent to $22.4 million and net income increased 24 percent to $3.4 million over the comparable period in the prior year. During the second quarter Input/Output shipped two I/O SYSTEM ONE(TM) and one I/O SYSTEM TWO(TM) land seismic data acquisition systems in addition to several large shipments of equipment to expand previously sold systems. The first I/O SYSTEM TWO, which was introduced in August, was shipped in September and has been deployed and successfully acquiring seismic data in Texas since late September. The I/O SYSTEM TWO is the world's first land seismic data acquisition system incorporating 24 bit analog to digital delta sigma modulation technology. Charles E. Selecman, Input/Output's chairman and president, said that this new technology will most likely become the standard for the industry in months and years to come and is further evidence of the company's strong commitment to research and development of "leading edge" seismic equipment. During the first six months of the fiscal year the company sent approximately 10 percent of its net revenues for research and development. Selecman also said that while land seismic activity in the United States and Canada is well below previous years, there appears to be a continuing increase in land seismic activity worldwide fueled by foreign exploration successes and growing interest in hydrocarbon production opportunities in Latin America, Africa and the Far East. This trend is evidenced by the fact that over 90 percent of the I/O Systems sold to date are deployed outside the United States. INPUT/OUTPUT, INC. (In Thousands, Except Per Share Data) Quarter Ended Nov. 30, 1991 1990 Revenues $13,312 $10,167 Net earnings $ 2,390 $ 1,799 Earnings per share-primary $ .33 $ .33 Average shares outstanding 7,326 5,460 Earnings per share-fully diluted $ .33 $ -- Average shares outstanding 7,340 -- Input/Output, Inc. has designed, manufactured and marketed seismic instruments worldwide for 23 years. -0- 12/17/91 /CONTACT: Christine R. Eilert, director of investor relations of Input/Output, 713-240-2200/ (IPOP) CO: Input/Output, Inc. ST: Texas IN: SU: ERN
JT -- NY029 -- 2888 12/17/91 10:54 EST
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|Date:||Dec 17, 1991|
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