INPUT/OUTPUT REPORTS RECORD YEAR
INPUT/OUTPUT REPORTS RECORD YEAR STAFFORD, Texas, June 24 /PRNewswire/ -- Input/Output, Inc.
(NASDAQ: IPOP) today reported record sales and earnings for its fiscal year ended May 31, 1992.
During the year, revenues increased 26 percent to $45.5 million and net income increased 36 percent to $7.8 million. On a per share basis, earnings increased 8 percent to $1.07 per share from $.99 per share in the preceding year, reflecting a 27 percent increase in shares outstanding primarily as a result of the company's initial public offering of April 1, 1991. The company said that its fourth year of record growth in revenues and earnings was attributable to the strength of its I/O SYSTEM ONE(TM) sales internationally and to market acceptance of its recently introduced I/O SYSTEM TWO(TM) land seismic data acquisition system. During the year, over 90 percent of the company's systems were shipped to international markets with eight systems going to new markets in China, Colombia and Mexico. Additionally, of the 16 seismic data acquisition systems shipped during the year, four were I/O SYSTEM TWO data acquisition systems, the company's newest generation data acquisition system and the world's first land seismic system to feature 24 bit analog to digital delta sigma modulation technology. "Land seismic activity appears to be intensifying in certain regions internationally, fueled by recent exploration successes and national drives to develop indigenous energy resources," said Charles E. Selecman, Input/Output's chairman and president. "With the technological advances offered by our systems, we believe that we are well positioned to increase our sales to these growing markets." For the fourth quarter, Input/Output reported revenues of $10.7 million, up 11 percent from the comparable quarter in the prior year and net income of $2.3 million, an increase of 28 percent over the same period. Earnings per share for the quarter were $.31 vs. $.27 in the prior year's fourth quarter. INPUT/OUTPUT, INC. AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited, in thousands, except per share data) Three months ended May 31 1992 1991 Net sales and other operating revenues $10,735 $ 9,666 Cost of sales & other operating revenues 4,565 4,582 Gross profit 6,170 5,084 Operating expenses: Research and development 1,130 1,018 Marketing and sales 466 611 General and administrative 1,095 656 Amortization of identified intangibles 155 113 Total operating expenses 2,846 2,398 Earnings from operations 3,324 2,686 Interest expense (44) (167) Interest income 209 215 Earnings before income taxes 3,489 2,734 Income tax expense 1,186 929 Net earnings $ 2,303 $ 1,805 Earnings per common share $ 0.31 $ 0.27 Average shares outstanding 7,386 6,663 Year ended May 31 1992 1991 Net sales and other operating revenues $45,501 $36,006 Cost of sales & other operating revenues 22,999 18,337 Gross profit 22,502 17,669 Operating expenses: Research and development 4,362 3,581 Marketing and sales 2,765 2,015 General and administrative 3,860 2,695 Amortization of identified intangibles 495 454 Total operating expenses 11,482 8,745 Earnings from operations 11,020 8,924 Interest expense (296) (1,040) Interest income 1,135 805 Earnings before income taxes 11,859 8,689 Income tax expense 4,032 2,954 Net earnings $ 7,827 $ 5,735 Earnings per common share $ 1.07 $ 0.99 Average shares outstanding 7,332 5,761 -0- 6/24/92 /CONTACT: Christine R. Eilert, director-investor relations of Input/Output, 713-240-2200/ (IPOP) CO: Input/Output, Inc. ST: Texas IN: SU: ERN
TS -- NY019 -- 3210 06/24/92 10:32 EDT
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|Date:||Jun 24, 1992|
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