Input/Output 4Q profit falls |
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Thu, 01 Mar 2007 00:45
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HOUSTON (AP) - Input/Output Inc., which provides seismic services for the oil and gas industry, said Wednesday its fourth-quarter earnings slipped 16 percent on higher expenses but still met Wall Street's expectations.Quarterly earnings after paying preferred dividends fell to $13 million, or 15 cents per share, from $15.6 million, or 17 cents per share, in the prior-year period. Wall Street, on average, expected quarterly earnings of 15 cents per share, according to an analyst poll by Thomson Financial.Total quarterly net revenue rose to $166.2 million from $131 million.Hurting the recent quarter was a jump in total operating expenses to $33.3 million from $25.7 million in the prior-year quarter. Costs rose for research and development, sales and marketing and other items.Full-year earnings after preferred dividends rose to $26.9 million, or 33 cents per share, from $17.1 million, or 21 cents per share, last year. Annual net revenue grew to $503.6 million from $362.7 million.Shares rose 11 cents to close at $13.52 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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