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FOR IMMEDIATE RELEASE

Input/Output
Reports Third Quarter Results

(Stafford, Texas – March 18, 1997) – Input/Output, Inc. (NYSE: IO) today
announced results for its third quarter and nine months ended February 28, 1997. For the
quarter ended February 28, 1997, the company reported net revenues of $64.8 million as
compared with revenues of $77.1 million for the corresponding quarter of the prior year.
Net earnings for the quarter were $6.2 million, or 14 cents per share, versus $11.8
million, or 27 cents per share, for the third quarter last year.

The company said that its results for the quarter reflected competitive pressures in
the land seismic equipment market. Eight land seismic systems were sold; including two
systems to Schlumberger Geco-Prakla; one system to Western Geophysical; one system to a
contractor in Poland; one system to Algeria and three systems to contractors in the
Commonwealth of Independent States.

A large radio telemetry system and a substantial number of radio telemetry remote units
were shipped during the quarter to two domestic contractors for use in the transition
zone. The radio telemetry system was one of the orders that had been pending from the
second quarter. Five new I/O SYSTEM TWO MSX marine systems were also shipped to Western
Geophysical during the quarter. A total of 14,460 channels were shipped during the
quarter, 4,288 of which were for marine use.

For the nine months ending February 28, 1997, net revenues were $204.8 million versus
$202.4 million for the comparable period in the prior year. Net earnings for the nine
months were $20.6 million, or 47 cents per share, as compared with $26.4 million, or 66
cents per share, in the prior year.

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.

 

                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,

1997

1996

1997

1996

Net sales and other revenues

$64,773

$77,074

$204,821

$202,362

Cost of sales

40,887

45,403

130,089

120,316

Gross profit

23,886

31,671

74,732

82,046

Operating expenses:
Research and development

5,641

5,620

17,514

16,653

Marketing and sales

3,456

3,035

10,322

9,330

General and administrative

4,984

5,281

16,161

13,677

Amortization of identified intangibles

1,118

1,066

3,340

2,671

Total operating expenses

15,199

15,002

47,337

42,331

Earnings from operations

8,687

16,669

27,395

39,715

Interest expense

(296)

—-

(468)

(2,515)

Other income

685

724

3,412

1,581

Earnings before income taxes

9,076

17,393

30,339

38,781

Income taxes

2,904

5,566

9,709

12,410

Net earnings

$6,172

$11,827

$20,630

$26,371

Earnings per common share

$0.14

$0.27

$0.47

$0.66

Weighted average number of common shares
outstanding

43,742,770

44,082,629

43,873,227

40,028,746