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.