EXHIBIT 99.1

INPUT/OUTPUT ANNOUNCES NON-CASH BALANCE SHEET RESTATEMENT OF
SALE/LEASEBACK TRANSACTION

BALANCE SHEET RESTATEMENT TO HAVE NO IMPACT ON EARNINGS

HOUSTON, April 1, 2002 -- Input/Output, Inc. (NYSE: IO) today announced
a non-cash balance sheet restatement associated with the previously-reported
sale/leaseback of its Stafford facilities completed in August 2001. I/O will
record the lease as a financing transaction rather than as a sale/leaseback as
previously reported in I/O's Form 10-Q for the quarter ended September 30, 2001.
The restatement of the sale/leaseback transaction will have no effect on I/O's
previously reported earnings for the third quarter of 2001 nor I/O's results of
operations over the life of the lease. The restatement will result in I/O
increasing both assets and liabilities by $17.0 million by reporting its leased
Stafford facilities as an asset classified as property, plant and equipment and
by reporting the discounted present value of its future lease payments as a
long-term obligation. Obligations relating to the sale/leaseback transaction
were disclosed in the third quarter report on Form 10Q, to which a copy of the
lease was filed as an exhibit. The restatement also has no impact on the future
obligations under the lease, which were previously disclosed. The Company will
amend its quarterly report previously filed with the SEC as soon as practicable.

"We are disappointed that this restatement has been required at such a
late point in time." stated Timothy J. Probert, I/O's Chief Executive Officer.
"We wish to stress that the restatement does not impact our cash position or
liquidity, nor does it change our results from operations or our future
obligations pursuant to the lease. The long-term fundamentals of our business
operations and business plan remain unchanged and positive."

Input/Output, Inc. is an industry leader in seismic acquisition
technology for land, marine, transition zone exploration, production and
reservoir monitoring. The Company specializes in technology that creates value
for the energy industry in the areas of 2D, 3D, 4D and multi-component seismic
data. Additional information on Input/Output, Inc. is available on the Internet
at www.i-o.com or contact us at ir@i-o.com.

This press release contains various forward looking statements and
information with respect to future results of operations, future business and
operations and certain other matters. These statements are based on management's
belief as well as assumptions made by and information currently available to
management. Although the Company believes the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. Such statements are subject to
certain risks, uncertainties and assumptions including, among other matters, the
risks discussed in the Company's reports filed under the Securities Exchange Act
of 1934. Should one or more of these risks materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
expected.

INPUT/OUTPUT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS REPORTED AND RESTATED
(IN THOUSANDS, EXCEPT SHARE DATA)

RESTATED REPORTED
SEPTEMBER 30, SEPTEMBER 30,
2001 2001
(UNAUDITED) (UNAUDITED)
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents...................................... $ 96,060 $ 96,060
Restricted cash................................................ 249 249
Accounts receivable, net....................................... 57,864 57,864
Current portion notes receivable, net.......................... 2,628 2,628
Inventories.................................................... 76,066 76,066
Deferred income tax asset...................................... 12,785 12,785
Prepaid expenses............................................... 2,011 2,011
--------- ---------
Total current assets................................... 247,663 247,663
Long-term notes receivable........................................ 5,895 5,895
Deferred income tax asset......................................... 42,440 42,440
Property, plant and equipment, net................................ 42,522 27,275
Goodwill, net..................................................... 46,132 46,132
Other assets, net................................................. 7,661 5,893
--------- ---------
Total assets........................................... $ 392,313 $ 375,298
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt........................... $ 2,565 $ 1,750
Accounts payable............................................... 14,418 14,418
Accrued expenses............................................... 20,088 20,136
--------- ---------
Total current liabilities.............................. 37,071 36,304
Long-term debt, net of current maturities......................... 20,402 500
Other long-term liabilities....................................... 680 4,334

Stockholders' equity:
Cumulative convertible preferred stock, $0.01 par
value; authorized 5,000,000 shares; issued and
outstanding 55,000 shares at the end of both
periods (liquidation value of $55 million)................... 1 1
Common stock, $0.01 par value; authorized 100,000,000 shares;
outstanding 51,322,067 shares and 50,936,420 shares,
respectively ............................................... 516 516
Additional paid-in capital..................................... 358,802 358,802
Accumulated deficit............................................ (16,354) (16,354)
Accumulated other comprehensive loss........................... (5,928) (5,928)
Treasury stock, at cost, 281,398 shares and 243,500
shares, respectively......................................... (2,162) (2,162)
Unamortized restricted stock compensation...................... (715) (715)
--------- ---------
Total stockholders' equity.................................. 334,160 334,160
--------- ---------
Total liabilities and stockholders' equity............. $ 392,313 $ 375,298
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