INPUT/OUTPUT REPORTS RECORD FIRST QUARTER
INPUT/OUTPUT REPORTS RECORD FIRST QUARTER STAFFORD, Texas, Sept. 15 /PRNewswire/ -- Input/Output, Inc.
(NASDAQ: IPOP) today reported that for its first quarter ended Aug. 31, 1992, net revenues increased 24 percent to $11.3 million from $9.1 million in the first quarter of the prior year. Net earnings for the quarter increased 42 percent to $1.4 million, or $.19 per share, as compared to $1 million, or $.14 per share, in the first quarter of last year.
The company said that the strength of its revenues for the quarter reflects growing market acceptance of its I/O SYSTEM TWO(TM) land seismic data acquisition system, the first land seismic system to feature 24-bit analog to digital converter technology. The company shipped two I/O SYSTEM TWO land seismic data acquisition systems to the People's Republic of China and one I/O SYSTEM TWO to a seismic contractor in Colombia during the quarter. These were the first I/O SYSTEM TWO's to be shipped to the growing Chinese and Colombian markets. Additionally during the quarter, the company shipped an I/O SYSTEM ONE(TM) to Pakistan, its first system into that market. Input/Output, Inc., headquartered in Stafford, has designed, manufactured and marketed seismic instruments worldwide for 24 years. INPUT/OUTPUT, INC. AND SUBSIDIARIES Consolidated Statements of Operations (In thousands, except per-share data) (Unaudited) Three months ended Aug. 31 1992 1991 Net sales and other operating revenues $11,285 $9,069 Cost of sales and other operating expenses 6,190 4,721 Gross profit 5,095 4,348 Operating expenses: Research and development 1,106 1,039 Marketing and sales 1,125 923 General and administrative 994 917 Amortization of identified intangibles 175 113 Total operating expenses 3,400 2,992 Earnings from operations 1,695 1,356 Interest expense (32) (119) Other income 434 289 Earnings before income taxes 2,097 1,526 Income taxes 671 519 Net earnings 1,426 1,007 Earnings per common share $0.19 $0.14 Average shares outstanding 7,398 7,265 -0- 9/15/92 /CONTACT: Christine R. Eilert of Input/Output, 713-240-2200/ (IPOP) CO: Input/Output, Inc. ST: Texas IN: SU: ERN
CK -- NY029 -- 9530 09/15/92 10:16 EDT
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|Date:||Sep 15, 1992|
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