OYO Geospace (NASDAQ: OYOG) today announced net income of $9.2 million, or $1.44 per diluted share, on revenues of $46.4 million for its quarter ended June 30, 2011. This compares with a net income of $5.1 million, or $0.81 per diluted share, on revenues of $35.3 million in the comparable quarter last year.
For the nine months ended June 30, 2011, OYO Geospace recorded sales of $140.2 million and net income of $26.1 million, or $4.15 per diluted share. For the comparable period last year the company recorded sales of $92.4 million and net income of $9.0 million, or $1.45 per diluted share.
“We are pleased with our results for the third quarter ended June 30, 2011, establishing new records for net income and earnings per share for the third consecutive quarter. Revenues for the third quarter were 31.4% higher than last year’s third quarter, and 51.7% higher for the nine months ended June 30, 2011. Our customers are reporting increased demand and improved pricing for their services which gives us confidence that demand for our products will remain high in the near term. However, while we have experienced strong operating results over the last year, we are uncertain how current worldwide economic matters will potentially impact our business in the future,” said Gary D. Owens, OYO Geospace’s Chairman, President and CEO.
“For the quarter ended June 30, 2011, demand was strong across almost all product categories and geographical markets. Revenues from our seismic exploration products were 44.0% higher than last year’s third quarter, including particularly strong demand for our GSR wireless data acquisition system and marine products. While we experienced average levels of revenues from our borehole products during the third quarter, revenues on a year-to-date basis are 107.6% ahead of last year. Our industrial and thermal product revenues outpaced our prior year results for both the quarter and year-to-date periods.”