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Input/Output Inc. (IO) filed Quarterly Report for the period ended 2011-06-30.
Ion Geophysical has a market cap of $1.05 billion; its shares were traded at around $6.76 with a P/E ratio of 29.4 and P/S ratio of 2.3.
This is the annual revenues and earnings per share of IO over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of IO.
Highlight of Business Operations:
Systems — Net revenues for the three months ended June 30, 2011 slightly decreased by $0.3 million, or 1%, to $29.5 million, compared to $29.8 million for the three months ended June 30, 2010. Gross profit for the three months ended June 30, 2011 increased by $2.7 million to $15.1 million, representing a 51% gross margin, compared to $12.4 million, representing a 42% gross margin, for the three months ended June 30, 2010. The increase in gross margins in our Systems segment was primarily due to higher volumes of towed streamer positioning equipment.
Solutions — Net revenues for the three months ended June 30, 2011 increased by $13.5 million, or 38%, to $49.0 million, compared to $35.5 million for the three months ended June 30, 2010. This increase was predominantly driven by demand for access to our multi-client data libraries in Northeast Greenland, East Africa, Brazil and the Gulf Mexico, partially offset by lower data processing revenues attributable to the lagging impact of the slowdown in the Gulf of Mexico. Gross profit increased by $2.3 million to $11.2 million compared to $8.9 million in 2010, while gross margins decreased 2% to 23% as a result of lower data processing revenues.
Our overall total net revenues of $179.1 million for the six months ended June 30, 2011 increased $15.0 million, or 9%, compared to total net revenues for the six months ended June 30, 2010. Excluding Legacy Land Systems (INOVA), total net revenues increased $31.5 million, or 21%, for the same comparative period. Our overall gross profit percentage for the six months ended June 30, 2011 was 36%, compared to 35%, as adjusted, for the same period of 2010. Total operating expenses as a percentage of net revenues for the six months ended June 30, 2011 and 2010 were, respectively, 28% and 32%, as adjusted. For the six months ended June 30, 2011, we recorded income from operations of $14.9 million, compared to $4.6 million, as adjusted, for the same prior-year period.
Systems — Net revenues for the six months ended June 30, 2011 increased by $7.5 million, or 16%, to $53.4 million, compared to $45.9 million for the six months ended June 30, 2010. This increase was primarily due to higher revenues from towed streamer and other marine products. Gross profit for the six months ended June 30, 2011 increased by $9.4 million to $27.4 million, representing a 51% gross margin, compared to $17.9 million, representing a 39% gross margin, for the six months ended June 30, 2010. The increase in gross margins in our Systems segment was primarily due to higher volumes of towed streamer positioning equipment.
Software — Net revenues for the six months ended June 30, 2011 increased by $0.7 million, or 4%, to $18.8 million, compared to $18.1 million for the six months ended June 30, 2010. The increase was principally due to the favorable impact of foreign exchange rates. Excluding the effects of foreign currency translation, revenues decreased 3% as higher sales of Orca and Gator software were offset by decreased revenue associated with a large sale of Gator-related hardware which was not repeated in the current period. Gross profit of $12.9 million for the six months ended June 30, 2011 increased $0.7 million over the comparative period and gross margins increased by 2% to 69% due to changes in product mix (there was a relative increase in software sales during the first six months of 2011, which have higher margins than the associated hardware sales for this segment).
Solutions — Net revenues for the six months ended June 30, 2011 increased by $23.3 million, or 28%, to $106.9 million, compared to $83.6 million for the six months ended June 30, 2010. This increase was predominantly driven by demand for access to our multi-client data libraries in Northeast Greenland, East Africa, Brazil and the Gulf of Mexico, partially offset by lower data processing revenues attributable to the lagging impact of the exploration and development slowdown in the Gulf of Mexico. Gross profit increased by $3.2 million to $24.5 million compared to $21.3 million in 2010, while gross margins decreased 3% to 23% as a result of lower data processing revenues.
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