OYO Geospace (NASDAQ: OYOG) today announced net income of $8.7 million, or $1.38 per diluted share, on revenues of $50.7 million for its quarter ended March 31, 2011. This compares with a net income of $2.8 million, or $0.45 per diluted share, on revenues of $30.8 million in the comparable quarter last year.
For the six months ended March 31, 2011, OYO Geospace recorded sales of $93.8 million and net income of $16.9 million, or $2.70 per diluted share. For the comparable period last year the company recorded sales of $57.1 million and net income of $3.9 million, or $0.63 per diluted share.
“We are very pleased with our second quarter financial performance, establishing new records for both revenues and profits. During the second quarter we experienced strong demand for most of our seismic product lines, with exceptional demand for our marine and reservoir products. In each case, revenues from these products significantly outpaced our sequential first quarter revenues as well as our prior year second quarter revenues. In addition, sales and rentals of our GSR wireless data acquisition system significantly outperformed the comparable quarter of last year, and sequentially were in line with our revenues in the first quarter,” said Gary D. Owens, OYO Geospace’s Chairman, President and CEO.
“We are especially pleased with the pace of acceptance of the GSR. During the second quarter, we sold over 13,000 channels bringing our customer-owned GSR channel count to over 62,000. In addition, we delivered another 15,000 rental channels during the second quarter bringing our total rental fleet to more than 24,000 GSR channels. We now have 18 customers utilizing the GSR system around the world for their seismic data acquisition needs.
“Our customers are reporting increasing demand for their seismic services which translates into higher equipment demand. Quoting activities and opportunities are high for all products. We continue to receive numerous GSR inquiries and requests for demonstrations around the world as customers seek to take advantage of wireless technology. We are especially proud of our workforce and their dedication and commitment to meet increased output quotas during these periods of high product demand. Our workforce now exceeds 1,000 employees, and has increased 14% since the beginning of the fiscal year.