Stafford, Texas - November 21, 2002 - OYO Geospace Corporation (NASDAQ: OYOG) today reported sales of $65.0 million and net income of $1.1 million, or $0.20 per diluted share, for its fiscal year ended September 30, 2002. This compares with sales of $63.6 million and net income of $1.3 million, or $0.24 per diluted share, for the prior year. The company said that its fiscal 2002 results include (i) a $1.2 million impairment charge related to the bankruptcy of Labelon Corporation, the primary supplier of thermal film to the company's commercial graphics business segment, (ii) a $568,000 tax benefit resulting from the resolution of contingent tax matters and other adjustments relating to prior years, and (iii) a one-time extraordinary gain of $686,000, net of tax, associated with the company's increased ownership in OYO-GEO Impulse, our Russian subsidiary.

"Our full year revenue results reflect strong contributions from our new line of GeoRes reservoir characterization and monitoring systems and from our acquisition and consolidation of OYO-GEO Impulse. These revenue contributions combined to offset weak demand for traditional seismic equipment," said Gary D. Owens, OYO Geospace's Chairman.

For the fourth quarter, the company recorded sales of $13.6 million and a net loss of ($604,000), or ($0.11) per diluted share, as compared to sales of $15.9 million and a net loss of ($118,000), or $(0.02) per diluted share in the fourth quarter of the prior year. The company said that its fourth quarter 2002 results reflect ongoing weakness in seismic equipment market fundamentals and short-term interruptions in the company's commercial graphics operations due to disruptions in film supply associated with the Labelon bankruptcy. These events were only partially offset by a $1.2 million sale of the company's first GeoRes borehole system.

"Fiscal 2002 was indeed challenging as fundamentals in the traditional seismic equipment market continued to erode, reflecting both weak demand and manufacturing overcapacity. However, this was also the year in which our new GeoRes suite of reservoir characterization and monitoring systems became commercially available to the oil and gas industry. We are pleased with the strength of initial sales in this new market and the potential for additional sales in the coming year," said Owens.

"The flexible architecture of the GeoRes suite of systems enables each system to be ideally configured to meet client requirements. During fiscal 2002, we sold our first deepwater GeoRes system to a major oil company for permanent installation in the North Sea; our first retrievable deepwater reservoir characterization and monitoring system to a European contractor also for use in the North Sea; and our first retrievable borehole system for use by a contractor in the domestic frac-monitoring market," said Owens.

"As an outgrowth of our deepwater cable manufacturing operation, we recently introduced a new organization, Geo Space Offshore and Umbilical, capable of manufacturing cable products for the offshore construction and oil and gas industries. Sales from this new group are beginning to build and should play an increasingly important role in our operations in coming years," Owens said.

"Also, in November 2001 we increased our ownership interest from 44% to 85% in OYO-GEO Impulse, a Russian venture we entered into more than ten years ago. Since November 2001, we have transferred sensor-making technologies and manufacturing capabilities into this venture. In addition, OYO-GEO Impulse recently purchased a new facility that will be used to provide a high volume of low-cost sensors to the international marketplace. When the seismic market returns, we believe that OYO-GEO Impulse will provide strong growth for our conventional seismic products," Owens continued.

Commenting on the commercial graphics marketplace, Owens said, "In regards to our commercial graphics business segment, our sales of thermal film increased steadily throughout the year, serving to modestly offset declines in the sale of seismic equipment. However, the bankruptcy of Labelon in July 2002 caused short-term disruptions in both the quantity and quality of thermal film available for distribution to our customers. We have plans in place to make sure that film deliveries and quality issues will be back on track in the second quarter of fiscal 2003. Finally, our latest innovation, a new 1200 dpi printhead, was very well received at a recent nationwide trade show and should begin to ship in the second quarter. "

"Looking forward, it appears that fiscal 2003 will again be challenging with respect to our traditional seismic product lines as overall seismic activity remains at anemic levels," said Owens. "Near term, we also expect that our commercial graphics operations will continue to reflect film supply constraints until our film deliveries catch-up to demand. But we also have reason for optimism as we now see our backlog for GeoRes systems continuing to build, our new offshore and umbilical cable operations gaining momentum and the OYO-GEO Impulse venture continuing to increase its revenue contribution."

OYO Geospace designs and manufactures instruments and equipment used in the acquisition and processing of seismic data, in reservoir characterization and monitoring for the oil and gas industry and for the commercial graphics industry worldwide.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included herein including statements regarding potential future products and markets, our potential future revenues, future financial position, business strategy, future expectations and other plans and objectives for future operations, are forward-looking statements. We believe our forward-looking statements are reasonable. However, they are based on certain assumptions about our industry and our business that may in the future prove to be inaccurate. Important factors that could cause actual results to differ materially from our expectations include the level of seismic exploration worldwide, which is influenced primarily by prevailing prices for oil and gas, the extent to which our new products are accepted in the market, the availability of competitive products that may be more technologically advanced or otherwise preferable to our products, the resolution of the situation in the Middle East and other factors disclosed under the heading "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities end Exchange Commission. Further, all written and verbal forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors.

OYO Geospace Corporation and Subsidiaries Consolidated Statements of Operations (in thousands except share and per share data) (unaudited)
	Three Months Ended September 30,				Year Ended September 30,
	2002		2001		2002		2001
Sales	$13648		$15,913		$65,049		$63,618
Cost of sales	10,737		11,244		46,484		42,957
Gross profit	2,911		4,669		18,565		20,661
Operating expenses:
Selling, general and administrative expenses	2,743		2,911		11,538		12,528
Research and development expenses	1,299		1,827		5,347		6,277
Impairment of long-lived assets	30		-		1,246		-
Total operating expenses	4,072		4,738		18,131		18,805
Income (loss) from operations	(1,161)		(69)		434		1,856
Other income (expense):
Interest expense	(190)		(113)		(666)		(380)
Interest income	36		86		177		255
Other, net	9		(58)		(281)		(101)
Total other expense, net	(145)		(85)		(770)		(226)
Income (loss) before income taxes, minority interest
and extraordinary gain	(1,306)		(154)		(336)		1,630
Income tax expense (benefit)	(697)		(36)		(857)		292
Income (loss) before minority interest and extraordinary gain	(609)		(118)		521		1,338
Minority interest	5		-		(88)		-
Income (loss) before extraordinary gain	(604)		(118)		433		1,338
Extraordinary gain, net of tax of $85	-		-		686		-
Net income (loss)	$(604)		$(118)		$1,119		$1,338
Basic earnings (loss) per share
Income (loss) before extraordinary gain	$(0.11)		$(0.02)		$0.08		$0.24
Extraordinary gain	-		-		0.12		-
Net income (loss)	$(0.11)		$(0.02)		$0.20		$0.24
Diluted earnings (loss) per share
Income (loss) before extraordinary gain	$(0.11)		$(0.02)		$0.08		$0.24
Extraordinary gain	-		-		0.12		-
Net income (loss)	$(0.11)		$(0.02)		$0.20		$0.24
Weighted average shares outstanding - Basic	5,545,883		5,509,053		5,535,979		5,489,251
Weighted average shares outstanding - Diluted	5,545,883		5,509,053		5,547,774		5,598,597

STAFFORD, Texas - August 1, 2002- OYO Geospace (NASDAQ: OYOG) today announced net income of $1.2 million, or $0.21 per diluted share, on revenues of $24.7 million for its third quarter ended June 30, 2002. This compares with net income of $628,000, or $0.11 per diluted share, on revenues of $15.8 million in the same quarter last year.

"Our third quarter results largely reflect a $15.8 million sale of a large GeoRes seabed reservoir characterization and monitoring system, one of our recently developed suite of geophysical data acquisition systems. An additional sale of $3.2 million to this customer, which is conditioned on the system's performance, may be recognized in the last calendar quarter of 2003," said Gary D. Owens, OYO Geospace's Chairman. "The $19 million, 10,000-channel system was the first of our new suite of reservoir characterization and monitoring systems to be delivered and will be trenched one meter below the ocean floor for life-of-field studies in the North Sea. We have subsequently sold another special-purpose system, a retrievable GeoRes, which will be used in the North Sea by another client to address specific reservoir characterization and monitoring challenges on another field."

"Market acceptance of the GeoRes suite of special-purpose systems is particularly gratifying as we have spent the past five years developing new technologies and flexible architectures to make the characterization and monitoring of deepwater reservoirs commercially practical," said Owens. "We believe that this is a new frontier for the seismic technique, in which seismic data will be used to substantially reduce costs associated with oil and gas exploration, production and development."

Commenting on the market for traditional land seismic products Owens said, "Overcapacity and pricing pressures in the seismic sector continue to constrain sales and margins as demand for traditional land seismic surveys remains weak in response to general economic conditions and structural changes within the energy industry. In response to this environment, we have taken a charge to cost of goods sold of $0.9 million for impaired inventory and other manufacturing fixed assets. While we expect that this environment will continue to suppress near-term results from our conventional seismic product lines, we believe that sales of our new GeoRes systems and services are gaining momentum and will play an increasingly important role in the company's future growth."

"Labelon Corporation, our alliance partner and a manufacturer of thermal film for our commercial graphics business segment, filed a Chapter 11 Reorganization petition in Federal Bankruptcy Court on July 3, 2002. We have recorded an impairment charge of $1.2 million in the current quarter against certain assets due to the uncertainty of their ultimate realization. Despite this situation, we believe prospects for our commercial graphics business segment continue to improve and that printer and film products under development will contribute significantly to this segment's future growth," Owens continued.

For the nine months ended June 30, 2002, OYO Geospace recorded sales of $51.4 million and net income of $1.7 million, or $0.31 per diluted share. This compares with sales of $47.7 million and net income of $1.5 million, or $0.26 per diluted share, for the comparable period last year.

The company also noted that its results for the quarter and year-to-date periods include a tax benefit of $422,000 and $489,000, respectively, reflecting the resolution of contingent tax matters and other adjustments relating to prior years.

OYO Geospace designs and manufactures instruments and equipment used in the acquisition and processing of seismic data for the oil and gas industry and for the commercial graphics industry worldwide.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included herein including statements regarding potential future products and markets, our potential future revenues, future financial position, business strategy, future expectations and other plans and objectives for future operations, are forward-looking statements. We believe our forward-looking statements are reasonable. However, they are based on certain assumptions about our industry and our business that may in the future prove to be inaccurate. Important factors that could cause actual results to differ materially from our expectations include the extent to which our new products are accepted in the market, the availability of competitive products that may be more technologically advanced or otherwise preferable to our products, the resolution of the situation in the Middle East and other factors disclosed under the heading "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities end Exchange Commission. Further, all written and verbal forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors.

OYO Geospace Corporation and Subsidiaries Consolidated Statements of Operations (in thousands except share and per share data) (unaudited)
	Three Months Ended June 30,				Nine Months Ended June 30,
	2002		2001		2002		2001
Sales	$24,668		$15,810		$51,401		$47,705
Cost of sales	17,904		10,204		35,747		31,713
Gross profit	6,764		5,606		15,654		15,992
Operating expenses:
Selling, general and administrative expenses	2,756		3,373		8,795		9,617
Research and development expenses	1,531		1,532		4,048		4,450
Impairment of long-lived assets	1,216		-		1,216		-
Total operating expenses	5,503		4,905		14,059		14,067
Income from operations	1,261		701		1,595		1,925
Other income (expense):
Interest expense	(162)		(93)		(476)		(267)
Interest income	44		61		141		169
Other, net	(14)		(31)		(290)		(43)
Total other expense, net	(132)		(63)		(625)		(141)
Income before income taxes, minority interest
and extraordinary gain	1,129		638		970		1,784
Income tax expense (benefit)	(38)		10		(160)		328
Income before minority interest and extraordinary gain	1,167		628		1,130		1,456
Minority interests	(11)		-		(93)		-
Income before extraordinary gain	1,156		628		1,037		1,456
Extraordinary gain, net of tax	-		-		686		-
Net income	$1,156		$628		$1,723		$1,456
Basic earnings per share
Income before extraordinary gain	$0.21		$0.11		$0.19		$0.27
Extraordinary gain	-		-		0.12		-
Net income	$0.21		$0.11		$0.31		$0.27
Diluted earnings per share
Income before extraordinary gain	$0.21		$0.11		$0.19		$0.26
Extraordinary gain	-		-		0.12		-
Net income	$0.21		$0.11		$0.31		$0.26
Weighted average shares outstanding - Basic	5,545,113		5,499,980		5,532,641		5,482,578
Weighted average shares outstanding - Diluted	5,556,853		5,639,257		5,545,323		5,610,184

Stafford, Texas - July 18, 2002 -- OYO Geospace Corporation (NASDAQ: OYOG) today announced that it has shipped a $1.9 million reservoir characterization and monitoring system to Multiwave Geophysical Company ASA, a Norwegian marine seismic contractor. The system will be deployed to acquire multicomponent, 4D seismic data for a major oil company on a field in the North Sea. This sale will be included in the OYO Geospace's fiscal fourth quarter ending September 30, 2002.

"This GeoRes system is arranged in a large-channel, multi-line configuration and was specifically configured for Multiwave for use in rapid deployment and retrieval in deep-water applications," said Gary D. Owens, OYO Geospace's Chairman, President and CEO. "The system was extensively tested across several fields in the North Sea both in traditional multi-component seismic surveys and in time lapse surveys encompassing several months of deployment. In each test, the system performed admirably," said Owens.

"While we recently announced the sale of the world's largest permanently entrenched GeoRes system, this is our first sale of a redeployable deep water GeoRes system for use in reservoir characterization and monitoring," said Owens. "Both are examples of our suite of GeoRes systems that can be used across an extensive range of applications, including shallow water exploration, permanently installed deepwater seabed systems and retrievable deepwater seabed systems for reservoir characterization and life-of-field monitoring activities."

Headquartered in Stafford, Texas, OYO Geospace Corporation designs and manufactures instruments and equipment used in the acquisition and processing of seismic data for the oil and gas industry and by commercial graphics industries worldwide.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included herein including statements regarding potential future products and markets, our potential future revenues, future financial position, business strategy, future expectations, future deliveries, increased demands and other plans, objectives and intentions for future operations, are forward-looking statements. We believe our forward-looking statements are reasonable. However, they are based on certain assumptions about our industry and our business that may in the future prove to be inaccurate. Important factors that could cause actual results to differ materially from our expectations include the level of seismic exploration worldwide, which is influenced significantly by prevailing prices for oil and gas, the extent to which our new products are accepted in the market, the availability of competitive products that may be more technologically advanced or otherwise preferable to our products, the resolution of the situation in the Middle East and other factors disclosed under the heading "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities end Exchange Commission. Further, all written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors.

Stafford, Texas - July 2, 2002 -- OYO Geospace Corporation (NASDAQ: OYOG) today announced that it has delivered a $19.0 million, approximately 10,000 channel, reservoir characterization and monitoring system for permanent installation to a major oil company. Under the terms of its contract, OYO Geospace will recognize $15.8 million of revenues in its third quarter ended June 30, 2002, with final revenue recognition, conditioned on system performance, expected during the last calendar quarter of 2003.

The GeoRes reservoir characterization system is the world's largest seabed system. The system is scheduled to be installed in the spring of 2003 and will be trenched approximately one meter below the ocean floor to acquire multiple 3-D, 4-component, seismic surveys for life-of-field studies. (For more information regarding this system please see our separate release issued today.)

"This GeoRes system was especially configured to satisfy our client's needs and will aid in the characterization and monitoring of their reservoir quickly, easily and 'on demand' for the life of the field," said Gary D. Owens, OYO Geospace's Chairman. "The system features our new omni-directional geophone and deepwater hydrophone. Other versions of our GeoRes family of systems may be configured for use on multiple fields or in exploration activities. Ultimately, we envision that the GeoRes suite of reservoir characterization technologies will be used across entire basins both for initial direct detection of hydrocarbons and for analysis of remaining hydrocarbon accumulations."

Headquartered in Stafford, Texas, OYO Geospace Corporation designs and manufactures instruments and equipment used in the acquisition and processing of seismic data for the oil and gas industry and commercial graphics industries worldwide.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included herein including statements regarding potential future products and markets, our potential future revenues, future financial position, business strategy, future expectations and other plans and objectives for future operations, are forward-looking statements. We believe our forward-looking statements are reasonable. However, they are based on certain assumptions about our industry and our business that may in the future prove to be inaccurate. Important factors that could cause actual results to differ materially from our expectations include the level of seismic exploration worldwide, which is influenced primarily by prevailing prices for oil and gas, the extent to which our new products are accepted in the market, the availability of competitive products that may be more technologically advanced or otherwise preferable to our products, the resolution of the situation in the Middle East and other factors disclosed under the heading "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities end Exchange.

Stafford, Texas- July 2, 2002-OYO Geospace Corporation (NASDAQ: OYOG) today announced the completion of its first data acquisition system built for permanent seabed installation of deepwater reservoirs. The GeoRes system is the world's largest cabled, real time seismic data acquisition system. The system was manufactured for a major oil company and is to be embedded in the ocean floor across a producing offshore reservoir. (For specifics about this $19.0 million sale, please see our separate release issued today.)

Our suite of GeoRes marine systems covers three major industry applications: permanently installed deepwater seabed systems for reservoir characterization and monitoring, retrievable deepwater seabed systems for reservoir characterization and monitoring, and retrievable shallow water seabed systems for seismic exploration.

"Today's announcement marks a milestone for our four-year technological development of GeoRes," said Mike J. Sheen, OYO Geospace's Senior Vice-President and Chief Technical Officer. "Several technological breakthroughs were achieved including a revolutionary new deepwater hydrophone capable of operating in water depths of up to 10,000 feet. This achievement resulted from a proprietary manufacturing technique that significantly reduces the loss of acoustical sensitivity with increasing water depth pressure."

"The GeoRes suite of systems also features a new omni-directional, three-component sensor that provides in-line vector fidelity throughout a 360-degree rotation with the world's highest dynamic range. This breakthrough eliminates costly and bulky gimbals, which cause inter-axis coupling, and yields a purer signal for recording," said Sheen.

"In addition, the cables used in our first installation range in length up to 3.6 kilometers. They were manufactured and armored in our long cable manufacturing facility in Houston, which has been designed to enable the armoring of long cables with embedded sensors and electronics. These capabilities will be made available to other new markets in addition to the reservoir characterization and traditional seismic markets," Sheen said.

"Our new technologies, coupled with our new system architecture for large channel, real time data acquisition systems, should make the characterization and monitoring of deepwater reservoirs commercially practical," said Gary D. Owens, OYO Geospace's Chairman, President and CEO. "We are at the edge of a new frontier where the seismic technique will be used to measure properties vital to the optimal development of large deepwater oil and gas reservoirs. We see broad application for these technologies and are proud to lead the acquisition system development efforts for the industry," said Owens.

Headquartered in Stafford, Texas, OYO Geospace Corporation designs and manufactures instruments and equipment used in the acquisition and processing of seismic data for the oil and gas industry and commercial graphics industries worldwide.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included herein including statements regarding potential future products and markets, our potential future revenues, future financial position, business strategy, future expectations and other plans and objectives for future operations, are forward-looking statements. We believe our forward-looking statements are reasonable. However, they are based on certain assumptions about our industry and our business that may in the future prove to be inaccurate. Important factors that could cause actual results to differ materially from our expectations include the level of seismic exploration worldwide, which is influenced primarily by prevailing prices for oil and gas, the extent to which our new products are accepted in the market, the availability of competitive products that may be more technologically advanced or otherwise preferable to our products, the resolution of the situation in the Middle East and other factors disclosed under the heading "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities end Exchange Commission. Further, all written and verbal forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors.

STAFFORD, Texas - April 25, 2002- OYO Geospace (NASDAQ: OYOG) today announced that for its fiscal 2002 second quarter ended March 31, 2002, OYO Geospace recorded sales of $13.8 million and a net loss of $80,000, or $(0.01) per diluted share. This compares with sales of $16.9 million and net income of $557,000, or $0.10 per diluted share, in the second quarter of the prior year.

For the six months ended March 31, 2002, OYO Geospace recorded sales of $26.7 million and net income of $567,000, or $0.10 per diluted share. This compares with sales of $31.9 million and net income of $828,000, or $0.15 per diluted share, for the comparable period last year.

"Our second quarter results largely reflect declining demand for traditional land seismic equipment due to a sharp contraction in seismic crew activity," said Gary D. Owens, OYO Geospace's Chairman. "Sales of our marine seismic products and our commercial graphics products were strong during the quarter, but only partially offset the decline in market demand for our traditional land-based product lines. Our new high definition reservoir characterization and monitoring products and services also performed well during the quarter and while visibility for our conventional land products is poor, these new products appear to be on track to contribute favorably to OYO Geospace's results in the second half of our fiscal year."

"We recently completed the manufacturing and successful testing of a large channel ocean bottom reservoir characterization system and are in final negotiations with a customer for delivery of this system. This project has been an important focus for OYO Geospace for the past two years. To date we have not recognized revenue on this project. This is a significant milestone for our company and we believe that we are well-positioned to play a vital role in emerging exploration and production practices," Owens continued.

"Subsequent to the end of the quarter, our commercial graphics business segment concluded a $2.0 million purchase of intellectual property from Labelon Corporation, giving us full rights to the formulas and production process for film used with our plotters. The purchase of these rights should enable us to continuously improve film quality and to secure a reliable film source for our customers, paving the way for future growth in revenues and profitability in this business segment," Owens said.

OYO Geospace designs and manufactures instruments and equipment used in the acquisition and processing of seismic data for the oil and gas industry and for the commercial graphics industry worldwide.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included herein including statements regarding potential future products and markets, our potential future revenues, future financial position, business strategy, future expectations and other plans and objectives for future operations, are forward-looking statements. We believe our forward-looking statements are reasonable. However, they are based on certain assumptions about our industry and our business that may in the future prove to be inaccurate. Important factors that could cause actual results to differ materially from our expectations include the level of seismic exploration worldwide, which is influenced primarily by prevailing prices for oil and gas, the extent to which our new products are accepted in the market, the availability of competitive products that may be more technologically advanced or otherwise preferable to our products, the resolution of the situation in the Middle East and other factors disclosed under the heading "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities end Exchange Commission. Further, all written and verbal forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors.

OYO Geospace Corporation and Subsidiaries Consolidated Statements of Operations (in thousands except share and per share data) (unaudited)
	Three Months Ended March 31,				Six Months Ended March 31,
	2002		2001		2002		2001
Sales	$13,833		$16,928		$26,733		$31,895
Cost of sales	8,978		11,401		17,843		21,509
Gross profit	4,855		5,527		8,890		10,386
Operating expenses:
Selling, general and administrative expenses	3,163		3,262		6,039		6,244
Research and development expenses	1,437		1,449		2,517		2,918
Total operating expenses	4,600		4,711		8,556		9,162
Income from operations	255		816		334		1,224
Other income (expense):
Interest expense	(163)		(94)		(314)		(174)
Interest income	47		74		97		108
Other, net	(281)		(36)		(276)		(12)
Total other expense, net	(397)		(56)		(493)		(78)
Income (loss) before income taxes, minority interest
and extraordinary gain	(142)		760		(159)		1,146
Income tax expense (benefit)	(115)		203		(122)		318
Income (loss) before minority interest and extraordinary gain	(27)		557		(37)		828
Minority interests	(53)		-		(82)		-
Income (loss) before extraordinary gain	(80)	-	557		(119)	-	828
Extraordinary gain, net of tax	-		-		686		-
Net income (loss)	$(80)		$557		$567		$828
Basic earnings per share
Income (loss) before extraordinary gain	$(0.01)		$0.10		$(0.02)		$0.15
Extraordinary gain	-		-		0.12		-
Net income (loss)	$(0.01)		$0.10		$0.10		$0.15
Diluted earnings per share
Income (loss) before extraordinary gain	$(0.01)		$0.10		$(0.02)		$0.15
Extraordinary gain	-		-		0.12		-
Net income (loss)	$(0.01)		$0.10		$0.10		$0.15
Weighted average shares outstanding - Basic	5,537,409		5,487,990		5,526,406		5,475,435
Weighted average shares outstanding - Diluted	5,537,409		5,633,476		5,539,824		5,600,456

STAFFORD, Texas - January 31, 2002- OYO Geospace (NASDAQ: OYOG) today announced operating results for its fiscal 2002 first quarter ended December 31, 2001. For the quarter, OYO Geospace recorded sales of $12.9 million versus sales of $15.0 million in the comparable quarter of the prior year. Net income for the quarter was $647,000, or $0.12 per diluted share, reflecting an extraordinary gain of $686,000 associated with OYO Geospace's increased ownership in OYO-GEO Impulse International LLC. Exclusive of this gain, the company would have recorded a net loss for the quarter of $39,000, or $(0.01) per diluted share. This compares with net income of $271,000, or $0.05 per diluted share, in last year's first quarter.

"Our quarter-to-quarter comparisons, exclusive of the extraordinary gain, primarily reflect a deterioration in land seismic activity from levels of a year ago," said Gary D. Owens, OYO Geospace's Chairman. "Lower oil and gas prices have depressed seismic activity worldwide. In addition, industry mergers and a relatively warm Canadian winter has sidelined many seismic crews, substantially reducing sales and rental income from prior year levels."

"One noteworthy aspect of this quarter was a substantial increase in the demand for our reservoir characterization products and services," Owens said. "While we expect that our near term results will continue to reflect the effects of lower demand for conventional seismic products as caused by lower commodity prices, demand for our new suite of high definition reservoir characterization and monitoring products and services appears to be gaining momentum. At this point, it appears that this new technology and related services are on track to improve OYO Geospace's results significantly in the intermediate and longer terms."

"Our commercial graphics operations have benefited from our shift in strategies and from the global media and film distribution alliance initiated last year," said Owens. "We believe that the revenues and profitability of this group will continue to increase as the year progresses, despite challenging general economic conditions."

OYO Geospace designs and manufactures instruments and equipment used in the acquisition and processing of seismic data for the oil and gas industry and for the commercial graphics industry worldwide.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included herein including statements regarding potential future products and markets, our potential future revenues, future financial position, business strategy, future expectations and other plans and objectives for future operations, are forward-looking statements. We believe our forward-looking statements are reasonable. However, they are based on certain assumptions about our industry and our business that may in the future prove to be inaccurate. Important factors that could cause actual results to differ materially from our expectations include the level of seismic exploration worldwide, which is influenced primarily by prevailing prices for oil and gas, the extent to which our new products are accepted in the market, the availability of competitive products that may be more technologically advanced or otherwise preferable to our products, the resolution of the situation in the Middle East and other factors disclosed under the heading "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities end Exchange Commission. Further, all written and verbal forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors.

OYO Geospace Corporation and Subsidiaries Consolidated Statements of Operations (in thousands except share and per share data) (unaudited)
	Three Months Ended December 31,
	2001		2000
Sales	$12,900		$14,967
Cost of sales	8,865		10,108
Gross profit	4,035		4,859
Operating expenses:
Selling, general and administrative expenses	2,876		2,982
Research and development expenses	1,080		1,469
Total operating expenses	3,956		4,451
Income from operations	79		408
Other income (expense):
Interest expense	(151)		(80)
Interest income	50		34
Other, net	5		24
Total other income (expense), net	(96)		(22)
Income (loss) before income taxes, minority interest
and extraordinary gain	(17)		386
Income tax expense (benefit)	(7)		115
Income (loss) before minority interest and extraordinary gain	(10)		271
Minority interest	(29)		-
Income (loss) before extraordinary gain	(39)		271
Extraordinary gain, net of tax	686		-
Net income	$647		$271
Basic earnings per share
Income (loss) before extraordinary gain	$(0.01)		$0.05
Extraordinary gain	0.12		-
Net income	$0.12		$0.05
Diluted earnings per share
Income (loss) before extraordinary gain	$(0.01)		$0.05
Extraordinary gain	0.12		-
Net income	$0.12		$0.05
Weighted average shares outstanding - Basic	5,515,642		5,463,152
Weighted average shares outstanding - Diluted	5,535,978		5,577,984