1st Logo (1988)
Visuals: Over a starfield with many objects in the background is 2 adult penguins and a kid penguin in the middle, all smiling. They're sandwiched between white words "Penguin Productions".
Audio: The opening theme of the film.
Availability: Seen on Full Metal Bikini.
2nd Logo (1990)
Visuals: On a blue background with a white light behind is the same three penguins from before, and the white words "Penguin Productions" with a black shadow fade in.
Technique: Fading effects.
Availability: Seen on The Return of Johnny Wadd.