MicroSeismic Boasts 700% Increase in 1Q Revenue
MicroSeismic has recorded a 700% increase in its first quarter revenues for fiscal year 2010 over the first quarter of 2009.
MicroSeismic, Inc. reported record revenues of $11.3 million for the quarter ending on March 31, 2010. These results exceeded Q4 2009 results, the previous record high. The first quarter has consistently been the lowest revenue quarter each year for the company. MSI had strong growth in both its surface FracStar® and buried array services. With the completion of current buried array projects, MSI will have in excess of 500 square miles of buried arrays in five oil and gas shale fields across the country. MSI has also achieved a record backlog of $19 million dollars at quarter end.
"We are very proud of our record setting first quarter, as it reflects the broad acceptance of our technology," said Peter Duncan, Ph.D., CEO of MicroSeismic, Inc. "We are most pleased by our client's feedback that we are helping them achieve immediately improved results in a cost-effective manner and that they are realizing value with each additional well that we monitor. Our patented processing technology and unique acquisition methods are providing unmatched monitoring results."
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