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OYO Geospace Reports Fiscal Year 2012 Second Quarter Results

OYO Geospace (NASDAQ: OYOG) today announced net income of $11.4 million, or $1.78 per diluted share, on revenues of $56.2 million for its quarter ended March 31, 2012. This compares with net income of $8.7 million, or $1.38 per diluted share, on revenues of $50.7 million in the comparable quarter last year.

For the six months ended March 31, 2012, OYO Geospace recorded revenues of $99.5 million and net income of $20.1 million, or $3.13 per diluted share. For the comparable period last year, the company recorded revenues of $93.8 million and net income of $16.9 million, or $2.70 per diluted share.

“We are very pleased with the company’s performance in the second quarter ended March 31, 2012. We reported record levels of sales and net income in the second quarter, driven by robust sales of most products including our wireless data acquisition systems. For the quarter ended March 31, 2012, we reported wireless product revenues of $21.5 million, compared to $17.7 million of revenues in the first quarter of fiscal year 2012 and $16.2 million of revenues in the second quarter of fiscal year 2011. During the second quarter, we delivered almost 18,000 wireless channels to six different customers, including 14,200 channels sold to Tidelands Geophysical, our largest wireless sale to date. Since the introduction of our wireless technology in fiscal year 2008 and through March 31, 2012, we have sold over 114,000 wireless channels and have increased our rental fleet of wireless equipment to 55,000 channels. In April, we announced the receipt of a $14.0 million order from Tidelands Geophysical for 13,000 single-channel units and related equipment, which we expect to deliver in our third fiscal quarter ending June 30, 2012. In addition, we recently received a $13.6 million purchase order from Dawson Geophysical for 8,000 single-channel wireless units and 3,000 three-channel wireless units, together totaling 17,000 wireless recording channels which we also expect to deliver in the third quarter. Upon delivery of this order to Dawson Geophysical, it will own more than 61,000 channels of our wireless technology,” said Gary D. Owens, OYO Geospace’s Chairman, President and CEO.

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