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DI INDUSTRIES ANNOUNCES SECOND QUARTER RESULTS

             DI INDUSTRIES ANNOUNCES SECOND QUARTER RESULTS
    HOUSTON, No. 12 /PRNewswire/ -- DI Industries, Inc. (AMEX: DRL)


(the "company") announced today its results of operations for the three months and the six months ended Sept. 30, 1991. Revenues increased 36 percent to $17,170,000 for the current quarter as compared to $12,579,000 a year ago. The company recorded net loss of $369,000 for the current quarter as compared to net income of $598,000 a year ago. Cash flow decreased 61 percent to $502,000 for the current quarter as compared to $1,301,000 a year ago. The company reported a net loss per share of $.01 for the quarter as compared to a net income per share of $.02 a year ago.
    Revenues increased 43 percent to $32,259,000 for the six months ended Sept. 30, 1991 as compared to $22,591,000 for the six months a year ago.  Net loss was $671,000 for the current six months compared to net income of $984,000 a year ago.  Cash flow was $1,028,000 for the current six months compared to cash flow of $2,372,000 a year ago. The company reported a net loss per share of $.02 for the six months as compared to a net income of $.03 a year ago.
    Max Dillard, president, stated "Taking the industry's activity as a whole, we are very pleased with the performance that we had, and we are already seeing an improvement in certain operational areas.  Part of the losses were due to resizing the firm for the lower nationwide activity of oil and gas drilling rigs.  The company continues in a favorable cash flow position with nine consecutive quarters of positive cash flow. The company has now entered the international market with the recent announced signing of an agreement with the National Drilling Company of Abu Dhabi to furnish a 20,000 inch drilling rig which includes a complete desert sand trailerization package with moving equipment and vehicles for a sales price of $6.8 million.  We are continuing to explore other international opportunities through the solicitation of drilling contracts as well as other equipment sales.  As we gain domestic client confidence and increase our market share, it commits us not to abandon the domestic market while we search for international opportunities."
    DI Industries, Inc. headquartered in Houston, is a holding company whose subsidiaries are engaged primarily in the business of providing onshore contract drilling and workover services to firms in the oil and gas industry, commercial drilling, oil and gas exploration, development and production and equipment repair and sales.
                            DI INDUSTRIES, INC.
                 ($ in thousands, except per share amounts)
     Periods ended:                     Quarter           Six months
     Sept. 30:                      1991      1990      1991      1990
    Revenues                      $17,170   $12,579   $32,259   $22,591
    Net income (loss)                (369)      598      (671)      984
    Wtd. avg. shares of common
     stock outstanding (000's)     38,309    37,418    37,586    37,411
    Net income (loss) per
     common share                $  (.01)  $   .02   $  (.02)  $   .03
    -0-        11/12/91
    /CONTACT:  David J. Cone, financial vice president of DI Industries, 713-874-0202/
    (DRL) CO:  DI Industries Inc. ST:  Texas IN:  OIL SU:  ERN TS -- NY022 -- 3356 11/12/91 10:06 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 12, 1991
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