1、12300 PARC CREST DRIVESTAFFORD,TX 77477 USATEL+1 281 933 3339FAX+1 281 879 3626www.i-GIVING SEISMIC A WHOLE NEW IMAGE2004 ANNUAL REPORTINPUT/OUTPUT2004 ANNUAL REPORTLETTER TO SHAREHOLDERSIbegan last years letter by stating that a journey of a thousand miles begins with a single step.In 2004,we took
2、several giant leapsforward.As with any journey,we had a couple of unanticipated setbacks along the way.On balance,we made solid progress inexecuting against the vision our management team formulated in the summer of 2003.With hydrocarbon demand increasingand supply pressures mounting,we remain confi
3、dent in the need for a new era of seismic imaging technology to enable oil&gascompanies worldwide to meet their exploration and production objectives.And we,along with several thought leaders in theE&P industry,believe digital full-wave imaging will provide the breakthroughs necessary to find,develo
4、p,and producehydrocarbons more effectively and efficiently.The acquisitions of Concept Systems and GX Technology(GXT)were our most significant developments of 2004.These twocompanies are well recognized in the E&P industry for their advanced technologies and service offerings.By bringing them bothin
5、to the I/O family,we believe we now possess the foundation of hardware,software,and survey design and processing servicesneeded to deliver against our full-wave strategy.Were already benefiting from these acquisitions today.Our technical teams arehard at work on a series of projects to integrate our
6、 existing offerings and to develop the next generation of seismic imagingsolutions that should benefit both oil&gas companies and seismic contractors alike in the years ahead.As important as these acquisitions were to I/O,there were many other noteworthy developments during the year.We deployednew a