OYO Geospace (OYOG) Reports Q1 Earnings - Below Consensus
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OYO Geospace (NASDAQ: OYOG) reports Q1 EPS of $0.22 vs. consensus of $0.48. Revenues were $25.9 million vs. $25.5 million consensus.
"We are now seeing the effects of capital spending cutbacks by our seismic customers. During the quarter, we saw revenues decline for each of our seismic product lines, including significant declines in our Russian and Canadian seismic exploration markets. Most notable was a $4.5 million decline in sales of our seismic reservoir products. While demand for our seismic reservoir products is often sporadic, lower customer demand for these products created a significant shortfall in our revenues and profits for the quarter," said Gary D. Owens, OYO Geospace's Chairman, President and CEO.
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.
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