This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

OYO Geospace Reports Fiscal Year 2010 Results

OYO Geospace (NASDAQ: OYOG) today announced net income of $14.1 million, or $2.27 per diluted share, on revenues of $128.5 million for its fiscal year ended September 30, 2010. This compares with a net income of $1.8 million, or $0.29 per diluted share, on revenues of $92.9 million for the prior fiscal year.

For the fourth quarter ended September 30, 2010, the company recorded sales of $36.1 million and net income of $5.1 million, or $0.82 per diluted share. For the comparable period last year the company recorded sales of $22.7 million and a net loss of $1.8 million, or $0.30 per diluted share.

Gary D. Owens, OYO Geospace’s Chairman, President and CEO, said, “Our fourth quarter revenues increased $13.4 million, or 59%, from last year’s fourth quarter. The majority of this revenue increase was due to higher demand for our seismic reservoir, seismic marine and industrial products. For the fourth quarter, sales to our seismic reservoir customers increased $6.3 million from the fourth quarter of last year, primarily resulting from resumed demand for borehole systems and the previously announced $4.0 million contract with BP for additional seabed cables in the Valhall field. Sales of our seismic marine products in the fourth quarter increased $3.6 million from the comparable period in the prior year primarily due to unusually low demand in the prior year. Fourth quarter revenues from our industrial customers increased $2.2 million from the comparable period in the prior year due to the sale of a borehole system and a small GSR wireless data acquisition system. These particular sales transactions are rather unusual since our industrial customers are not expected to utilize these systems for oil and gas exploration activities. Sales of our GSR wireless data acquisition systems to seismic exploration customers decreased slightly from the fourth quarter of last year.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs