0001181431-11-027696.txt : 20110506 0001181431-11-027696.hdr.sgml : 20110506 20110506123241 ACCESSION NUMBER: 0001181431-11-027696 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110506 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110506 DATE AS OF CHANGE: 20110506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OYO GEOSPACE CORP CENTRAL INDEX KEY: 0001001115 STANDARD INDUSTRIAL CLASSIFICATION: MEASURING & CONTROLLING DEVICES, NEC [3829] IRS NUMBER: 760447780 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13601 FILM NUMBER: 11818045 BUSINESS ADDRESS: STREET 1: 7007 PINEMONT DR. CITY: HOUSTON STATE: TX ZIP: 77040 BUSINESS PHONE: 7139864444 MAIL ADDRESS: STREET 1: 7007 PINEMONT DR. CITY: HOUSTON STATE: TX ZIP: 77040 8-K 1 rrd310702.htm SECOND QUARTER EARNINGS Prepared By R.R. Donnelley Financial -- Form 8-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  05/06/2011
 
OYO GEOSPACE CORPORATION
(Exact name of registrant as specified in its charter)
 
Commission File Number:  001-13601
 
DE
  
76-0447780
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
7007 Pinemont Drive, Houston, TX 77040
(Address of principal executive offices, including zip code)
 
(713) 986-4444
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
Item 2.02.    Results of Operations and Financial Condition
 
On May 6, 2011, OYO Geospace Corporation issued a press release regarding its earnings results for the second fiscal quarter. The press release is attached hereto as Exhibit 99.1. The foregoing description is qualified in its entirety by reference to such exhibit.
 
 
Item 9.01.    Financial Statements and Exhibits
 
Exhibit 99.1 Press Release dated May 6, 2011.
 

 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
           
OYO GEOSPACE CORPORATION
 
 
Date: May 06, 2011
     
By:
 
/s/    Thomas T. McEntire
               
Thomas T. McEntire
               
Vice President, Chief Financial Officer and Secretary
 
 

 

EXHIBIT INDEX
 
Exhibit No.
  
Description
EX-99.1
  
PRESS RELEASE DATED MAY 6, 2011
EX-99.1 2 rrd310702_34895.htm PRESS RELEASE DATED MAY 6, 2011 News Release

OYO GEOSPACE News Release

7007 Pinemont Drive

Houston, Texas 77040 USA

Contact:

Gary D. Owens

Chairman, President and CEO

TEL: 713.986.4444

FAX: 713.986.4445

FOR IMMEDIATE RELEASE

OYO GEOSPACE REPORTS FISCAL YEAR 2011 SECOND QUARTER RESULTS

Houston, Texas - May 6, 2011 - OYO Geospace (NASDAQ: OYOG) today announced net income of $8.7 million, or $1.38 per diluted share, on revenues of $50.7 million for its quarter ended March 31, 2011. This compares with a net income of $2.8 million, or $0.45 per diluted share, on revenues of $30.8 million in the comparable quarter last year.

For the six months ended March 31, 2011, OYO Geospace recorded sales of $93.8 million and net income of $16.9 million, or $2.70 per diluted share. For the comparable period last year the company recorded sales of $57.1 million and net income of $3.9 million, or $0.63 per diluted share.

"We are very pleased with our second quarter financial performance, establishing new records for both revenues and profits. During the second quarter we experienced strong demand for most of our seismic product lines, with exceptional demand for our marine and reservoir products. In each case, revenues from these products significantly outpaced our sequential first quarter revenues as well as our prior year second quarter revenues. In addition, sales and rentals of our GSR wireless data acquisition system significantly outperformed the comparable quarter of last year, and sequentially were in line with our revenues in the first quarter," said Gary D. Owens, OYO Geospace's Chairman, President and CEO.

"We are especially pleased with the pace of acceptance of the GSR. During the second quarter, we sold over 13,000 channels bringing our customer-owned GSR channel count to over 62,000. In addition, we delivered another 15,000 rental channels during the second quarter bringing our total rental fleet to more than 24,000 GSR channels. We now have 18 customers utilizing the GSR system around the world for their seismic data acquisition needs.

"Our customers are reporting increasing demand for their seismic services which translates into higher equipment demand. Quoting activities and opportunities are high for all products. We continue to receive numerous GSR inquiries and requests for demonstrations around the world as customers seek to take advantage of wireless technology. We are especially proud of our workforce and their dedication and commitment to meet increased output quotas during these periods of high product demand. Our workforce now exceeds 1,000 employees, and has increased 14% since the beginning of the fiscal year."

"Our cash balances remain at healthy levels despite significant cash investments in GSR inventories and our GSR rental fleet. In March, we entered into a new three-year banking agreement with Frost Bank which includes a $25 million revolving credit facility. We ended the second quarter with no long-term debt on our balance sheet and over $100 million of working capital. We believe we are well positioned for the opportunities ahead."

OYO Geospace designs and manufactures instruments and equipment used by the oil and gas industry in the acquisition and processing of seismic data as well as in reservoir characterization and monitoring activities. The company also designs and manufactures equipment and film for the thermal printing industry worldwide.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included herein including statements regarding potential future products and markets, our potential future revenues, future financial position, business strategy, future expectations and other plans and objectives for future operations, are forward-looking statements. We believe our forward-looking statements are reasonable. However, they are based on certain assumptions about our industry and our business that may in the future prove to be inaccurate. Important factors that could cause actual results to differ materially from our expectations include the level of seismic exploration worldwide, which is influenced primarily by prevailing prices for oil and gas, the extent to which our new products are accepted in the market, the availability of competitive products that may be more technologically advanced or otherwise preferable to our products, tensions in the Middle East and other factors disclosed under the heading "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission. Further, all written and verbal forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors.

M O R E

OYO GEOSPACE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

 

 

Three Months Ended

Six Months Ended

 

March 31, 2011

March 31, 2010

March 31, 2011

March 31, 2010

Sales

$ 50,696

$ 30,781

$ 93,797

$ 57,097

Cost of sales

29,012

20,492

53,020

39,647

Gross profit

21,684

10,289

40,777

17,450

Operating expenses:

        
 

Selling, general and administrative

5,308

3,974

9,750

7,713
 

Research and development

3,225

2,269

6,165

3,997
 

Bad debt expense (recovery)

103

(378)

33

(420)
 

Total operating expenses

8,636

5,865

15,948

11,290
 

Gain (loss) on disposal of equipment

--

(184)

16

(184)

Income from operations

13,048

4,240

24,845

5,976

Other income (expense):

        
 

Interest expense

--

(51)

(43)

(135)
 

Interest income

67

51

129

102
 

Foreign exchange gains (losses)

(94)

54

46

104
 

Other, net

(17)

6

(37)

(168)

Total other income (expense), net

(44)

60

95

(97)

Income before income taxes

13,004

4,300

24,940

5,879

Income tax expense

4,302

1,492

8,025

1,970

Net income

$ 8,702

$ 2,808

$ 16,915

$ 3,909

Basic earnings per share

$ 1.41

$ 0.47

$ 2.75

$ 0.65

Diluted earnings per share

$ 1.38

$ 0.45

$ 2.70

$ 0.63

Weighted average shares outstanding - Basic

6,166,290

6,028,416

6,142,197

6,020,697

Weighted average shares outstanding - Diluted

6,297,254

6,227,083

6,265,181

6,203,880