December 11, 2009 / 3:49 PM / in 8 years

UPDATE 1-OYO Geospace swings to Q4 loss, shares sink

* Q4 loss $0.30 vs EPS of $0.54 a year ago

* Q4 revenue dips 26 percent

* Does not see quick recovery in regional markets

* Shares down as much as 9 pct

Dec 11 (Reuters) - OYO Geospace OYOG.O, a maker of equipment used to collect seismic data, swung to a fourth-quarter loss partly on low demand, excess capacity and low utilization of rental equipment in Russia and Canada.

“The year is nevertheless a large disappointment,” Chief Executive Gary Owens said.

Owens also said the company does not expect a quick turnaround in these regional market conditions.

For the quarter ended Sept. 30, the company posted a loss of $1.8 million, or 30 cents a share, compared with a profit of $3.3 million, or 54 cents a share, a year ago.

Revenue for the quarter dropped 26 percent to $22.7 million.

Apart from its headquarters in Houston,Texas, the company also has its presence in Canada, the United Kingdom, Russia and China.

Shares of the company slid 9 percent to $30.60 in early trade, but later recouped some of their losses to trade down $2.29 at $31.23 Friday morning on Nasdaq. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Jarshad Kakkrakandy)

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