This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

OYO Geospace Reports Fiscal Year 2011 First Quarter Results

OYO Geospace (NASDAQ: OYOG) today announced net income of $8.2 million, or $1.30 per diluted share, on revenues of $43.1 million for its quarter ended December 31, 2010. This compares with net income of $1.1 million, or $0.18 per diluted share, on revenues of $26.3 million in the comparable quarter last year.

“Our first quarter of fiscal year 2011 produced outstanding financial results due to several factors. Foremost, during the quarter we delivered almost 29,000 channels of our GSR wireless data acquisition system to various customers, including 7,800 rented channels. GSR feedback from our customers has been positive, and we are pleased to hear about productivity improvements to our customers’ operations. We now have almost 60,000 GSR channels sold, rented or available for rent. In addition, other important products contributed significantly to the first quarter’s financial performance, including our marine and borehole reservoir monitoring products,” said Gary D. Owens, OYO Geospace’s Chairman, President and CEO.

“To meet our growing product demand, we increased our worldwide employee headcount during the first quarter from 891 to 976, an increase of 9.5 percent. The added personnel, especially at our Houston manufacturing plant, improved our factory productivity and utilization. Backlog at December 31, 2010 has more than doubled since the beginning of our fiscal first quarter.”

“Cash flow remained healthy throughout the first quarter. During the first quarter ended December 31, 2010, we paid off a $7.7 million mortgage on our Pinemont property in Houston, Texas and ended the first quarter debt free.”

“At this time, we are optimistic about the immediate outlook. Regarding the second quarter of fiscal year 2011, we expect to fulfill sales commitments for approximately 11,000 single-channel GSR units. In addition, we expect to fulfill rental commitments for another 12,000 single-channel GSR units during the second quarter, which will bring our total GSR rental commitments to approximately 20,000 channels. Other key product categories, including marine, borehole and sensor products also have ample levels of commitment for delivery in the second quarter. Although our quoting activities are high, we remain cautious about the future outlook given our limited visibility beyond the next quarter. However, we are encouraged with our first quarter results and with the feedback we are receiving from our customers.”

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs