OYO Geospace Q1 Earnings Drop - Update
Friday, February 08, 2008; Posted: 12:02 PM
(RTTNews) - OYO Geospace Corp. (
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), which makes equipments for the oil and gas industry, said Friday that first quarter earnings fell from last year when results were boosted by a large sale.
The Houston, Texas-based company reported net income for the fourth quarter of $3.3 million, or $0.54 per share, compared to $7.8 million or $1.30 per share for the year-ago quarter.
Net sales for the first quarter fell 28% to $32.02 million from $44.75 million in the same quarter last year. Analysts polled by First Call / Thomson Financial expected the company to post revenue of $34.60 million for the first quarter.
In the year-ago first quarter, OYO Geospace recognized a sale of a $16.2 million seabed reservoir monitoring system to BP Plc for installation in the Caspian Sea. Such type of large sale does not occur in every quarter or even in every fiscal year, the company noted.
During the latest first quarter, the company said it sold a $3.0 million seismic borehole system.
"The demand for our seismic borehole products remains strong, and we continue to respond to numerous customer inquiries regarding our permanent and retrievable seabed seismic systems," said Gary D. Owens, OYO Geospace's Chairman, President and CEO.
OYO Geospace shares are currently trading at $50.00, down $6.00 or 13.64%.
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