INPUT/OUTPUT ANNOUNCES RECORD THIRD QUARTER
INPUT/OUTPUT ANNOUNCES RECORD THIRD QUARTER HOUSTON, March 11 /PRNewswire/ -- Input/Output, Inc. (NASDAQ: IPOP)
today announced record third quarter sales and earnings for its quarter ended Feb. 29, 1992. Sales for its fiscal third quarter were $12.4 million, an increase of 40 percent from sales of $8.8 million in the third quarter of fiscal 1991. Net income for the quarter increased 78 percent to $2.1 million, vs. $1.2 million in the comparable quarter, and earnings per share increased 32 percent to $.29 as compared to $.22 in the third quarter last year.
Input/Output said that the strength of its revenues and net income in the quarter resulted from the sale of a large I/O SYSTEM TWO (TM) land seismic data acquisition system, the company's newest generation of data acquisition system, and from the sale of four I/O SYSTEM ONE (TM) land seismic data acquisition systems. The I/O SYSTEM TWO data acquisition system was shipped to Western Geophysical for use in a large 3-D seismic survey overseas. Additionally, two I/O SYSTEM ONE land seismic data acquisition systems were shipped to geophysical contractors in Colombia and two systems were shipped to GECO-PRAKLA, a subsidiary of Schlunberger, Ltd., for deployment in the Middle East and Far East. Charles E. Selecman, Input/Output's chairman and president said that the company's increased sales reflect the growing importance of 3-D seismic surveys in oil and gas exploration and the shift toward increased exploration activity overseas. Over 90 percent of the company's systems sold to date are presently deployed in seismic surveys outside the United States. For the first nine months of the fiscal year, Input/Output's net sales were $34.8 million, 32 percent higher than the $26.3 million recorded in the comparable period of the prior year. Net income for the nine month period was $5.5 million, or $.76 per share, vs. $3.9 million, or $.72 per share, for the comparable period in the prior year. Input/Output, Inc. has designed, manufactured and marketed seismic instruments worldwide for 24 years. INPUT/OUTPUT, INC. AND SUBSIDIARY Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Periods ended Three months Nine months Feb. 29 1992 1991 1992 1991 Net sales and other operating revenues $12,385 $8,825 $34,766 $26,340 Cost of sales and other operating revenues 6,831 4,896 18,434 13,755 Gross profit 5,554 3,929 16,332 12,585 Operating expenses: Research and development 1,119 843 3,232 2,563 Marketing and sales 438 489 2,299 1,404 General and administrative 881 638 2,765 2,039 Amortization of identified intangibles 113 114 340 341 Total operating expenses 2,551 2,084 8,636 6,347 Earnings from operations 3,003 1,845 7,696 6,238 Interest expense (68) (251) (252) (873) Other income 289 220 926 590 Earnings before income taxes 3,224 1,814 8,370 5,955 Income tax expense 1,097 617 2,846 2,025 Net earnings $2,127 $1,197 $5,524 $3,930 Earnings per common share $0.29 $0.22 $0.76 $0.72 -0- 3/11/92 /CONTACT: Christine R. Eilert of Input/Output, 713-240-2200/ (IPOP) CO: Input/Output, Inc. ST: Texas IN: SU: ERN SM -- NY024 -- 7240 03/11/92 10:14 EST
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|Date:||Mar 11, 1992|
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