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(Stafford, Texas – March 6, 1997) – Input/Output (NYSE: IO)
today announced preliminary estimates of revenue and earnings for its third quarter ended
February 28, 1997. The company said that net revenues for the period should range from $60
million to $65 million, while net earnings should range from $4.5 million to $6.5 million,
or 10 cents to 15 cents per share. For the comparable quarter in fiscal 1996 the company
reported revenues of $79.1 million and net earnings of $11.8 million, or 27 cents per
share. The company plans to release its final third quarter results on March 18th, 1997.

The
company said that its results were adversely affected by competitive pressures in the land
seismic equipment market, which were partially offset by demand for radio telemetry
systems and strong marine streamer system sales. In addition, the company said that to
date only one of the delayed sales from the second quarter had materialized.

"With the information we have today, we see reasonable demand for each of our
product lines in the fourth quarter," said Gary D. Owens, Input/Output’s
President and Chief Executive Officer, "and do not anticipate a further deterioration
in our results."

Input/Output, Inc. is a world leader in the design and manufacture of seismic systems
and related equipment. Headquartered in Stafford, Texas, Input/Output has designed,
manufactured and marketed seismic instruments worldwide for 29 years.

This press release contains forward-looking information, including statements relating
to the company’s performance for its current fiscal year, that is subject to certain
risks and uncertainties that could cause actual results to differ materially from those
projected. Some of the factors which could affect actual results are described in the
section entitled "Cautionary Statement for Purposes of Forward Looking
Information" contained in the company’s report on Form 10-Q for its quarter
ended November 30, 1996, and include risks related to product pricing, timing of product
shipments and market demand for and acceptance of the company’s existing and new
lines of products.

 

INPUT/OUTPUT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)

 

For the three months ended
May 31

For the year ended
May 31

1996

1995

1996

1995

Net sales and other revenues

$75,921

$38,653

$278,283

$134,698

Cost of sales

43,495

21,021

163,811

71,440

Gross profit

32,426

17,632

114,472

63,258

Operating expenses:
Research and development

6,590

3,445

23,243

11,400

Marketing and sales

2,697

2,019

12,027

6,789

General and administrative

5,419

3,045

19,096

11,817

Amortization of identified intangibles

1,634

348

4,305

1,331

Total operating expenses

16,340

8,857

58,671

31,337

Earnings from operations

16,086

8,775

55,801

31,921

Interest expense

0

0

(2,515)

(30)

Other income

1,510

1,195

3,091

3,944

Earnings before income taxes

17,596

9,970

56,377

35,835

Income taxes

5,290

3,058

17,700

11,335

Net earnings

$12,306

$6,912

$38,677

$24,500

Earnings per common share

$0.28

$0.18

$0.94

$0.66

Weighted average number of common shares outstanding

44,414,904

37,669,498

41,125,286

37,381,458