STAFFORD, Texas - December 7, 2004 - OYO Geospace (NASDAQ: OYOG) today announced net income of $6.0 million, or $1.05 per diluted share, on revenues of $63.5 million for its fiscal year ended September 30, 2004. This compares with a net loss of $2.5 million, or $(0.46) per diluted share, on revenues of $50.9 million for the prior year.

For the fourth quarter ended September 30, 2004, OYO Geospace recorded sales of $15.9 million and net income of $510,000, or $0.09 per diluted share. For the comparable period last year, the company recorded sales of $11.4 million and a net loss of $494,000, or ($0.09) per diluted share.

The company noted that its earnings for fiscal year 2004 benefited from lower income taxes. Such benefits, when measured against the U.S. statutory rate of 34 percent, included (i) tax credits and a special tax deduction allowed to U.S. export manufacturers totaling $0.9 million, (ii) the reversal of a $0.8 million deferred tax valuation allowance due to the realization of deferred tax assets, and (iii) a $0.4 million benefit resulting from taxing rates in certain foreign taxing jurisdictions being lower than the U.S. statutory tax rate. Recently announced changes in U.S. tax legislation are expected to result in the phasing out of the special deduction allowed to U.S. export manufacturers. Consequently, the company expects its effective tax rate to increase in fiscal year 2005.

"Fiscal year 2004 saw an improved demand for our seismic exploration and reservoir monitoring products, especially in our foreign markets. The successful consolidation of our Houston-area facilities, which concluded in January 2004, also contributed to our improved financial results," said Gary D. Owens, OYO Geospace's Chairman, President and CEO.

"Past investments in our Russian operation also contributed to the improvement in our financial results, yielding record sales and operating profits in fiscal year 2004, in large part due to a strong winter season. Our Russian operation now manufactures and exports seismic products for worldwide consumption. In fiscal year 2005, we intend to pursue further investment and integration of our product technologies from our Houston-based manufacturing operations. Last year's strong winter demand also provided our Canadian operations with record operating profits. With oil and gas commodity prices at current levels, we expect that strong demand will continue this winter for both our Russian and Canadian operations," said Owens.

"Revenues and profits from our seismic reservoir products also increased this year. A new pilot deepwater seismic reservoir system for Shell was installed in the Gulf of Mexico during the fourth quarter of fiscal year 2004. This new deepwater system installation follows the world's first such system installation which we completed last year for BP in the North Sea. Both of these systems are functioning as designed and, in this regard, we received a $3.6 million bonus award during fiscal 2004 due to the successful performance of BP's system. We anticipate that the reservoir characterization market will continue to be a primary focus for our company in the years ahead," continued Owens.

"The development of our non-seismic sensor and cable products and capabilities continued this year. We expect to invest further in these areas with the goal of broadening our customer base and production capabilities in fiscal 2005. It is our expectation that investment into deepwater production facilities in the coming years should provide us with good growth opportunities for this new market," continued Owens.

"Our commercial graphics market experienced flat growth in both sales and profits during fiscal year 2004. At the end of the fourth quarter of fiscal year 2004, we purchased from Graphtec Corporation its thermal printhead production assets located in Fujisawa, Japan. Until that acquisition, Graphtec had been our exclusive vendor for thermal printheads utilized in our thermal imaging devices. It is our plan to relocate those assets to our Houston manufacturing facility, which we hope to complete in our third quarter of fiscal year 2005. We expect that this acquisition will give us the ability to produce internally the thermal printheads needed for our commercial graphics markets, and it will allow us to explore the possibility of supplying thermal printheads and thermal film to OEM manufacturers in other markets. Following this acquisition, we plan to change the name of this business segment to "Thermal Solutions" to better reflect its broader market scope and growth possibilities," said Owens.

"Overall, fiscal year 2004 was a very good year for OYO Geospace and the markets it serves. Our revenues were up, our margins increased and, due to strong cash flows, we reduced our borrowings by $5.3 million. Also, under a new credit facility, we now have the capacity to borrow up to $15.0 million. We believe that the foundation for our continued growth is in place. We expect to build on this foundation during the coming year with further investment in our manufacturing facilities, increased focus on product development and continued operational improvements from our facility consolidation and reorganization efforts," said Owens.

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. The company also designs and manufactures equipment and film for the thermal printing 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,
	2004		2003		2004		2003
Sales	$  15,915		$  11,421		$  63,538		$  50,854
Cost of sales	11,449		8,513		40,787		38,337
Gross profit	4,466		2,908		22,751		12,517
Operating expenses:
Selling, general and administrative expenses	3,101		2,507		12,086		11,273
Research and development expenses	1,143		1,224		4,794		5,226
Total operating expenses	4,244		3,731		16,880		16,499
Income (loss) from operations	222		(823)		5,871		(3,982)
Other income (expense):
Interest expense	(59)		(105)		(419)		(464)
Interest income	65		106		268		329
Other, net	98		56		212		204
Total other income, net	104		57		61		69
Income (loss) before income taxes and minority interest	326		(766)		5,932		(3,913)
Income tax benefit	(187)		(355)		(47)		(1,399)
Income (loss) before minority interest	513		(411)		5,979		(2,514)
Minority interest	(3)		(83)		(26)		(19)
Net income (loss)	$   510		$   (494)		$   5,953		$   (2,533)
Basic earnings (loss) per share	$   0.09		$   (0.09)		$   1.07		$   (0.46)
Diluted earnings (loss) per share	$   0.09		$   (0.09)		$   1.05		$   (0.46)
Weighted average shares outstanding - Basic	5,587,666		5,554,205		5,573,611		5,550,216
Weighted average shares outstanding - Diluted	5,711,234		5,554,205		5,684,853		5,550,216

HOUSTON, Texas-September 30, 2004-OYO Geospace (NASDAQ: OYOG) today announced it has acquired the thermal printhead production business of Graphtec Corporation, located in Yokohama, Japan. The purchase price was 200 million yen (approximately $1.8 million) before consideration of related acquisition costs.

"In accordance with our earlier announcement in July, we plan to operate the printhead business in Fujisawa until the first calendar quarter of 2005, at which time we plan to relocate the business to our Houston facility. We are extremely pleased that several key employees of the printhead business have also agreed to relocate with the business to Houston," said Mr. Gary D. Owens, OYO Geospace's Chairman, President and CEO.

Owens continued, "We are excited about the new opportunities this acquisition creates for our commercial graphics business. Controlling the quality characteristics of both the thermal printhead and the thermal film will allow us to maximize the quality potential of this specialized thermal imaging technology. We are already investigating new markets for these products, including outsource design and manufacturing services to existing thermal imaging product manufacturers and distributors."

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. The company also designs and manufactures equipment and film 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.

Houston, Texas - August 11, 2004 - OYO Geospace (NASDAQ:OYOG) today announced net income of $1.1 million, or $0.19 per diluted share, on revenues of $13.9 million for its third quarter ended June 30, 2004. This compares with a net loss of $0.8 million, or ($0.14) per diluted share, on revenues of $12.9 million in the comparable quarter last year.

For the nine months ended June 30, 2004, OYO Geospace recorded net income of $5.4 million, or $0.96 per diluted share on revenues of $47.6 million. This compares to a net loss of $2.0 million, or ($0.37) per diluted share on revenues of $39.4 million in the comparable period last year.

The company noted that its earnings for the quarter included a $0.5 million tax benefit resulting from a change in estimate for previously unrecognized tax deductions and tax credits related to the prior year. In addition, earnings for the nine months also reflect the reversal of a $0.8 million deferred tax valuation allowance recorded in the first quarter.

"Deliveries to our seismic exploration customers improved this quarter from last year's comparable quarter. This market continues to show increased interest in our products, primarily driven by increased demand from international oil and gas exploration programs," said Gary D. Owens, OYO Geospace's Chairman, President and CEO. "Also in the quarter, we delivered retrievable seabed seismic data acquisition and borehole seismic data acquisition systems to our installed customer base. Additional retrievable seabed and borehole data acquisition systems are also scheduled for delivery in the fourth quarter," continued Owens.

"We are also proud to announce that our reservoir characterization product development team was awarded a Shell contract for the supply of a deepwater seismic data acquisition system. This seabed cable pilot project is located in the Gulf of Mexico in 1,000 meters of water. This system is scheduled for delivery in the fourth quarter of this fiscal year," said Owens.

"Sales of our products into emerging markets, our nonseismic cable and sensor markets, continued to grow, posting its first $1 million revenue quarter. Our diversification into these markets is an important part of our growth strategy, and we expect to see continued growth in these attractive markets," Owens continued.

"Our commercial graphics business enjoyed its largest quarterly profit this year. In addition, we announced last month the acquisition of the thermal printhead division of Graphtec Corporation. This acquisition gives us the technical ability to improve the interaction of our film with the thermal printhead, thereby allowing us to control the image quality resulting from their interface. Our intention is to seek other markets for our film and printhead designs," Owens commented.

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. The company also designs and manufactures equipment and film 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, 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.

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,
	2004		2003		2004		2003
Sales	$  13,945		$  12,855		$  47,623		$  39,433
Cost of sales	9,397		10,151		29,338		29,824
Gross profit	4,548		2,704		18,285		9,609
Operating expenses:
Selling, general and administrative expenses	2,577		2,807		8,985		8,766
Research and development expenses	1,170		1,299		3,651		4,002
Total operating expenses	3,747		4,106		12,636		12,768
Income (loss) from operations	801		(1402)		5649		(3159)
Other income (expense):
Interest expense	(109)		(121)		(360)		(359)
Interest income	55		108		203		223
Other, net	(57)		101		114		148
Total other income (expense), net	(111)		88		(43)		12
Income (loss) before income taxes and minority interest	690		(1,314)		5,606		(3,147)
Income tax expense (benefit)	(393)		(457)		140		(1,044)
Income (loss) before minority interest	1,083		(857)		5,466		(2,103)
Minority interest	1		98		(23)		64
Net income (loss)	$  1,084		$  (759)		$  5,443		$  (2,039)
Basic earnings (loss) per share	$  0.19		$  (0.14)		$  0.98		$  (0.37)
Diluted earnings (loss) per share	$  0.19		$  (0.14)		$  0.96		$  (0.37)
Weighted average shares outstanding - Basic	5,580,854		5,551,652		5,568,892		5,548,872
Weighted average shares outstanding - Diluted	5,715,081		5,551,652		5,677,279		5,548,872

Houston, Texas - July 20, 2004 - OYO Geospace (NASDAQ:OYOG) announced today that Mr. William H. "Hank" Moody and Mr. Ryuzo Okuto were elected to the Company's board of directors on July 20, 2004. Mr. Moody and Mr. Okuto were elected by the remaining members of the board of directors in order to fill the unexpired terms of Mr. Satoru Ohya and Mr. Ernest Hall Jr., who resigned from the board effective July 20, 2004. These board changes were related to new NASDAQ and Sarbanes-Oxley Act requirements.

Mr. Hank Moody served 32 years with KPMG in many capacities including Managing partner, Audit partner-in-charge and SEC reviewing partner. He also serves as a member of the Texas Board of Criminal Justice and is Chairman of the Audit and Review Committee and Correctional Institutions Committee.

Mr. Ryuzo Okuto served 32 years with Sanwa Bank. His international experience with Sanwa Bank included holding position in Sanwa's offices in New York, Houston, Tokyo and London. Mr. Okuto also served eight years as Managing Director of Chisso Corporation.

"We are going to miss the significant contributions of Mr. Ohya and Mr. Hall both of which served the company since its inception. However, the additions of Mr. Moody and Mr. Okuto give the company's board significant financial and accounting experience which allow it to comply with the corporate governance requirements as to the service of independent directors on the company's audit committee. We are very pleased that both gentlemen accepted the positions and we look forward to working with them," said Gary D. Owens, OYO Geospace's Chairman, President & 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. The company also designs and manufactures equipment and film 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.

HOUSTON, Texas-July 14, 2004-OYO Geospace (NASDAQ:OYOG) announces the signing of an agreement to purchase the thermal printhead production business of Graphtec Corporation located in Yokohama, Japan for a purchase price of 200 million yen (approximately $1.85 million). The acquisition is expected to close on September 30, 2004, and OYO expects to fund the acquisition from its operating cash flows.

Graphtec's printhead production business annually supplies printheads to OYO Geospace's commercial graphics business segment, with annual sales to OYO averaging approximately 160 million yen in recent years. The business also supplies approximately 100 million yen of printheads to other manufacturers of thermal printers.

It is OYO's expectation to relocate the Yokohama facility to OYO's Houston facility in 2005. The transfer of the business is expected to include engineering and manufacturing staff.

"The image quality of a thermal printer is impacted significantly by the interaction of the printhead with the thermal film. Being able to control the technical characteristics of both allows OYO to create the best possible image for its customers. The combination of OYO's design and manufacturing teams for thermal film, printheads and printers will allow OYO to maximize its focus and product quality for the commercial graphics marketplace," said Mr. Gary D. Owens, OYO Geospace's Chairman, President and CEO.

Owens continued, "Graphtec's thermal printhead design team is very talented. For many years, this business provided unique thermal printheads for OYO, and they are the world's only wide-format manufacturer of a continuous single substrate printhead with printing widths up to 54 inches. Our design team is looking forward to combining its skills with those of the Graphtec team, resulting in a powerful thermal imaging solution provider. Upon the consolidation of these two groups, we plan to leverage our experience and technologies into new thermal markets by offering our design and manufacturing services to other manufacturers and distributors of thermal printers."

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.

Houston, Texas - May 13, 2004 - OYO Geospace (NASDAQ:OYOG) today announced net income of $1.2 million, or $0.21 per diluted share, on revenues of $16.3 million for its second quarter ended March 31, 2004. This compares with net income of $38,000, or $0.01 per diluted share, on revenues of $16.5 million in the comparable quarter last year.

For the first six months ended March 31, 2004, OYO Geospace recorded net income of $4.4 million, or $0.77 per diluted share on revenues of $33.7 million. This compares to a net loss of $1.3 million, or ($0.23) per diluted share on revenues of $26.6 million in the comparable period last year.

"A cold winter season generated strong demand for geophone rentals and seismic equipment sales for our Canadian and Russian markets. These foreign markets contributed significantly to the second quarter financial results," said Gary D. Owens, OYO Geospace's Chairman, President and CEO.

"Although still small in terms of its revenue contribution, our emerging products business enjoyed its best quarterly financial performance in many years. We expect sales growth for these products and markets to continue," Owens said.

"Although the company did not enjoy a significant revenue contribution from its seismic reservoir products during the quarter, we did receive orders for both borehole and seabed acquisition products and services. Although this part of our business will remain erratic, we believe our seismic reservoir products will provide future revenue and profit growth for the company," said Owens.

"This quarter marks one of the most profitable quarters for our commercial graphics business in recent years. The bankruptcy of our former primary film supplier caused considerable disruption and reduced profits in this segment last year. We are pleased with the turnaround of this operation and we continue to be excited about its future prospects," Owens continued.

"During the quarter, we completed the consolidation of our five Houston area locations into a single new location. During this process we reorganized our manufacturing, engineering and corporate groups into a more efficient operation. As a result, we experienced a small charge for continued moving expenses as well as additional unabsorbed manufacturing overhead due to the move. However, we finished our move in late February and are now enjoying a more efficient manufacturing environment," continued Owens.

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,
	2004		2003		2004		2003
Sales	$16,320		$16,517		$33,678		$26,578
Cost of sales	10,726		11,921		19,941		19,673
Gross profit	5,594		4,596		13,737		6,905
Operating expenses:
Selling, general and administrative expenses	2,961		3,123		6,408		5,959
Research and development expenses	1,281		1,324		2,481		2,703
Total operating expenses	4,242		4,447		8,889		8,662
Income (loss) from operations	1,352		149		4,848		(1,757)
Other income (expense):
Interest expense	(108)		(147)		(251)		(238)
Interest income	85		74		148		115
Other, net	94		1		171		47
Total other income (expense), net	71		(72)		68		(76)
Income (loss) before income taxes and minority interest	1,423		77		4,916		(1,833)
Income tax expense (benefit)	213		24		533		(587)
Income (loss) before minority interest	1,210		53		4,383		(1,246)
Minority interest	(19)		(15)		(24)		(34)
Net income (loss)	$1,191		$38		$4,359		$(1,280)
Basic earnings (loss) per share	$0.21		$0.01		$0.78		$(0.23)
Diluted earnings (loss) per share	$0.21		$0.01		$0.77		$(0.23)
Weighted average shares outstanding - Basic	5,571,354		5,548,411		5,562,943		5,547,482
Weighted average shares outstanding - Diluted	5,693,988		5,551,634		5,657,308		5,547,482

Houston, Texas - May 3, 2004 -- (NASDAQ:OYOG) announced that the release of earnings for its second quarter and future quarters will be in conjunction with the filing dates of the corresponding Form 10-Q or Form 10-K. In response to the new release schedule, the company expects to announce its second quarter earnings on or about May 13, 2004. At that time, the company expects to announce earnings of $0.20 - $0.25 per diluted share.

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.

Houston, Texas - January 30, 2004 - OYO Geospace (NASDAQ:OYOG) today announced net income of $3.2 million, or $0.56 per diluted share, on revenues of $17.4 million for its first quarter ended December 31, 2003. This compares with a net loss of $1.3 million, or ($0.24) per diluted share, on revenues of $10.1 million in the comparable quarter last year. The company noted that its earnings for the first quarter ended December 31, 2003 benefited from the reversal of a deferred tax valuation allowance of $0.8 million, or $0.14 per diluted share. The company expects it will realize its deferred tax assets as a result of taxable income generated in the first quarter and expected taxable income in future periods.

"This quarter's strong performance was anchored by our seismic reservoir product lines," said Gary D. Owens, OYO Geospace's Chairman, President and CEO. "Included in this quarter's results is a performance bonus earned from the successful installation and performance of our permanent seabed seismic reservoir characterization and monitoring system for BP in the North Sea. Additionally, in the first quarter we delivered a retrievable seismic reservoir system and a borehole seismic acquisition system. The performance bonus and sales of the reservoir products led the results for the quarter," Owens continued.

"The market for the seismic reservoir product line is still in its early stages of development. Sales of these products will continue to be erratic until the market evolves further. Should this market mature, we are confident that OYO Geospace will emerge as a leading provider of seismic technologies and solutions for this specialized marketplace," said Owens.

"Sales to our traditional seismic exploration customers have increased moderately over last year's levels, although this market continues to be distressed when compared to market demand in recent years. As a result of our facility consolidation efforts, we are now better structured to serve this important marketplace," Owens said.

"Although relatively small, sales of our emerging products showed a nice increase over last year's first quarter. We will continue developing our entry into new markets with new products evolving from our core engineering and manufacturing strengths," Owens continued.

"Our commercial graphics business segment yielded a profit for the first quarter. This is the second consecutive quarter of profitability for this group since recovering from the bankruptcy of its former primary film supplier," said Owens.

"The first quarter operating results suffered from the effect of moving all five of our Houston area locations into a single new facility in northwest Houston. The earnings for the first quarter were impacted by a $438,000 charge for moving expenses and large unabsorbed manufacturing losses due to down time of equipment and personnel during the move. We are now nearing the completion of this consolidation effort and are beginning to enjoy the savings associated with a combined facility," said Owens.

"We are nearing the time when our investment in our seismic reservoir product line will begin to favorably affect the company's performance. The new facility will allow the company to meet the opportunities that arise out of this new market," Owens said.

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. The company also designs and manufactures equipment and film 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 and 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,
	2003		2002
Sales	$17,358		$10,061
Cost of sales	9,215		7,752
Gross profit	8,143		2,309
Operating expenses:
Selling, general and administrative expenses	3,447		2,836
Research and development expenses	1,200		1,379
Total operating expenses	4,647		4,215
Income (loss) from operations	3,496		(1,906)
Other income (expense):
Interest expense	(143)		(91)
Interest income	63		41
Other, net	77		46
Total other expense, net	(3)		(4)
Income (loss) before income taxes and minority interest	3,493		(1,910)
Income tax expense (benefit)	320		(611)
Income (loss) before minority interest	3,173		(1,299)
Minority interest	(5)		(19)
Net income (loss)	$  3,168		$  (1,318)
Basic earnings (loss) per share:	$  0.57		$  (0.24)
Diluted earnings (loss) per share:	$  0.56		$  (0.24)
Weighted average shares outstanding - Basic	5,554,624		5,546,572
Weighted average shares outstanding - Diluted	5,629,389		5,564,572

HOUSTON, Texas-January 8, 2004-OYO Geospace (NASDAQ: OYOG) today will host its Annual Stockholders' Meeting at its new facility located at 7007 Pinemont in Houston, Texas. The new 208,000 square foot corporate headquarters and manufacturing facility now houses all of its previous five Houston area locations.

"It has been a long 10-month effort to reorganize and combine all five of our Houston area operations into a single efficient organization," said Gary D. Owens, OYO Geospace's Chairman, President, and CEO. "This month, we will begin to fully enjoy the benefits from this effort. It is quite exciting to see the culmination of our planning efforts and show off our new facility," Owens continued.

The company also announced that the permanent seismic reservoir characterization and monitoring system that was installed in the North Sea last summer for BP has continued to work well. As a result, the company indicated that it is recognizing a performance bonus payment as a result of the system's successful performance. This revenue will be reflected in the company's first quarter results ended December 31, 2003.

"The performance of this 10,016 channel system, the world's largest permanent seabed seismic system, confirms OYO Geospace's excellence in engineering design, manufacturing and delivery capabilities. Over the last six years, we have worked hard to develop an organization capable of advancing seismic technologies to their next level. We are carefully listening to the needs of our customers and developing technologies to meet those specific needs," said Owens.

Mr. Owens continued, "We expect to release earnings for our first quarter ended December 31, 2003 on January 30, 2004. While we historically have not provided advance information as to expected earnings (and do not intend to change our practice in that regard), we believe the circumstances make it necessary to give a pre-announcement advisory. Due to the significant revenues resulting from the performance bonus payment and additional revenues from other seismic reservoir products in the first quarter, we expect to report revenues in excess of $16.0 million and earnings in excess of $0.50 per diluted share for the first quarter."

Owens continued, "The seismic reservoir systems market is in its early period of development. Therefore such large quarterly earnings will be erratic and do not necessarily imply comparable quarters for the remainder of the fiscal year. However, there is evidence that the seismic reservoir systems market is heating up and will play an increasing role in the company's future performance. The company's new facilities and reorganization coupled with its recent success mentioned above, places it in the forefront of the market. We are well positioned to participate in this new market for seismic systems."

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. The company also designs and manufactures equipment and film 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.