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STAFFORD, TEXAS – March 11, 1998 – Input/Output, Inc., announced record
third quarter and nine month results for the period ended February 28, 1998.

Revenues for the third quarter of 1998 were $95.3 million compared with $64.8 million
for the prior year’s third quarter. Net earnings were $15.1 million or $0.34 per
share compared with earnings of $6.2 million or $0.14 per share for the year-earlier
quarter.

For the nine months ended February 28, 1998, revenues were $281.9 million compared with
$204.8 million for the same period one year ago. Earnings for the nine months of $41.5
million or $0.94 per share compare with $20.6 million or $0.47 per share for the
year-earlier nine month period.

Company Chairman, President and CEO W. J. "Zeke" Zeringue said "the
third quarter results reflect a record quarter of net earnings due to continued
improvement in demand for seismic equipment and instrumentation. Our earnings improvements
result from the efforts of I/O employees worldwide."

During the quarter the company sold 33,068 channels of its seismic data acquisition
recording equipment including eight new recording systems. A total of 25,356 I/O
SYSTEM TWO® channels, including six new recording systems were shipped during the
quarter, as were 7,712 channels of the I/O SYSTEM MSX® marine recording system, including
two new MSX systems.

Input/Output is a world leader in seismic acquisition technology for land and marine
exploration.

 

 

 

 

INPUT/OUTPUT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share
data)

(unaudited)

For the three
months ended
February 28,

For the nine months
ended
February 28,

1998

1997

1998

1997

Net sales and other revenues

$95,266

$64,773

$281,919

$204,821

Cost of sales

54,455

40,887

166,003

130,089

Gross profit.

40,811

23,886

115,916

74,732

Operating expenses:
Research and development

8,122

5,641

23,738

17,514

Marketing and sales

4,160

3,456

10,751

10,322

General and administrative

6,572

4,984

21,082

16,161

Amortization of intangibles

1,628

1,118

4,044

3,340

Total operating expenses

20,482

15,199

59,615

47,337

Earnings from operations

20,329

8,687

56,301

27,395

Interest expense

(262)

(296)

(842)

(468)

Other income

2,204

685

5,576

3,412

Earnings before income taxes

22,271

9,076

61,035

30,339

Income taxes

7,127

2,904

19,532

9,709

Net earnings

 

$15,144

$6,172

$41,503

$20,630

Basic earnings per common share

$ 0.34

$ 0.14

$ 0.95

$ 0.48

Weighted average number of common shares
outstanding

44,157,319

43,248,318

43,758,807

43,148,387

Diluted earnings per common share

$ 0.34

$ 0.14

$ 0.94

$ 0.47

Weighted average number of common and common
equivalent shares outstanding

44,564,745

43,742,770

44,257,576

43,873,227