Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. On April 29, 2009, Oceaneering International ( OII) reported that its Q1 FY09 earnings increased 7.4%, which the company attributed to its business focus on deepwater and subsea completion activity and its expertise in underwater platform and pipeline repair. Net income for the quarter stood at $44.35 million or $0.80 per share compared to $41.28 million or $0.73 per share in the prior year's quarter. The latest quarterly earnings beat the most recent consensus estimate of $0.68 per share. Total revenue declined marginally to $435.10 million from $435.82 million a year ago, due to lower revenue from Subsea Products, Inspection and Mobile Offshore Production Systems. Revenue from Remotely Operated Vehicles (ROV) advanced 7.5% to $155.60 million from $144.73 million, while revenue from Subsea Projects soared 32.3% to $63.00 million from $47.61 million in the year-ago quarter. Additionally, Advanced Technologies' revenue spiked 23.7% to $43.74 million from $35.37 million in Q1 FY08. On the flip side, revenue from Subsea Products slipped 17.0% to $114.92 million from $138.52 million, while Inspection revenue slumped 17.6% to $49.07 million from $59.55 million a year earlier. Finally, revenue from Mobile Offshore Production Systems dropped 12.6% to $8.77 million from $10.03 million on a year-over-year basis. During the quarter under review, Oceaneering International Inc. bagged a contract from the National Aeronautics and Space Administration to develop a new space suit for solar system exploration. Also, the company let go 45 people due to a decline in market demand for their products. Looking forward to Q2 FY09, the company expects earnings to be in the range of $0.75 per share to $0.85 per share. For FY09, earnings are anticipated to be in the range of $3.10 per share to $3.60 per share.