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OYO Geospace Reports Fiscal Year 2011 Results

OYO Geospace (NASDAQ:OYOG) today announced net income of $29.7 million, or $4.73 per diluted share, on revenues of $173.0 million for its fiscal year ended September 30, 2011. This compares with a net income of $14.1 million, or $2.27 per diluted share, on revenues of $128.5 million for the prior fiscal year.

For the fourth quarter ended September 30, 2011, the company recorded revenues of $32.8 million and net income of $3.6 million, or $0.56 per diluted share. For the comparable period last year the company recorded revenues of $36.1 million and a net income of $5.1 million, or $0.82 per diluted share.

“We are proud of our financial results for fiscal year 2011, setting records for revenues and profits significantly higher than any previous fiscal year. Our revenues grew by 35% over fiscal year 2010 levels and our net income increased by 111%. While almost all of our key products contributed to this growth, sales and rentals of our GSR wireless data acquisition systems generated record revenues in fiscal year 2011. Our customers are currently utilizing these wireless systems in North and South America, Europe, the Middle East, Africa, India, Australia and Japan. We expanded our rental operations in fiscal year 2011 by establishing a significant fleet of GSR wireless channels. We were able to get these rental systems in the hands of new customers while also broadening the size of wireless crews for our existing customer base. Since its introduction in fiscal year 2008 and through September 30, 2011, we have sold approximately 85,000 GSR wireless channels and at September 30, 2011 we had approximately 20,000 GSR wireless channels in our rental fleet available for rent to our customers. Furthermore, we again saw growth in demand for our borehole products and for most of our traditional seismic products in fiscal year 2011. By any measure, fiscal year 2011 was outstanding,” said Gary D. Owens, the company’s Chairman, President and CEO.

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