OYO Geospace (NASDAQ: OYOG) today announced net income of $10.7 million, or $1.67 per diluted share, on revenues of $55.2 million for its quarter ended June 30, 2012. This compares with a net income of $9.2 million, or $1.44 per diluted share, on revenues of $46.4 million in the comparable quarter last year. The third quarter of fiscal year 2012 was the second best quarter in the company’s history - second only to the previous quarter ended March 31, 2012.
For the nine months ended June 30, 2012, OYO Geospace recorded sales of $154.7 million and net income of $30.9 million, or $4.80 per diluted share. For the comparable period last year the company recorded sales of $140.2 million and net income of $26.1 million, or $4.15 per diluted share.
“We are pleased with the company’s performance in the third quarter ended June 30, 2012. For the third quarter, we reported wireless product revenues of $28.9 million compared to $21.5 million of revenues in the second quarter of fiscal year 2012 and $20.5 million of revenues in the third quarter of fiscal year 2011. During the third quarter, we sold over 30,000 wireless channels bringing our total sold channel count to 144,000 channels. At June 30, 2012, our rental fleet contained 52,000 wireless channels. Quoting activity for both sales and rentals of our wireless products is robust and efforts are being made to increase production in order to meet this anticipated future demand,” said Gary D. Owens, OYO Geospace’s Chairman, President and CEO.
“We are also pleased to announce that we shipped 2,400 channels of our new OBX wireless seabed nodal system for rental to a new customer late in the third quarter. In addition, we have received a rental commitment from another new customer for an additional 2,000 channels of the OBX nodal system which may be shipped in the fourth quarter. We are encouraged about customer interest in this new product line and have additional quotes outstanding.”