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DI INDUSTRIES ANNOUNCES THIRD QUARTER RESULTS

 DI INDUSTRIES ANNOUNCES THIRD QUARTER RESULTS
 HOUSTON, Feb. 4 /PRNewswire/ -- DI Industries, Inc. (AMEX: DRL)


announced today its results of operations for the three months and the nine months ended Dec. 31, 1991.
 Revenues decreased 5.5 percent to $15,481,000 for the current quarter compared to $16,381,000 a year ago. The company recorded a net loss of $637,000 for the current quarter compared to net income of $653,000 a year ago. Cash flow was $285,000 for the current quarter compared to $1,489,000 a year ago. The company reported a net loss per share of $.02 compared to a net income per share of $.02 a year ago.
 Revenues increased 22.5 percent to $47,740,000 for the nine months ended Dec. 31, 1991, compared to $38,972,000 for the nine months a year ago. Net loss was $1,308,000 for the current nine months compared to net income of $1,637,000 a year ago. Cash flow was $1,313,000 for the current nine months compared to cash flow of $3,861,000 a year ago. The company reported a net loss per share of $.03 for the nine months compared to a net income per share of $.04 a year ago.
 Max M. Dillard, president, stated, "The company recorded its biggest loss in two years due to downsizing its domestic operations in the quarter ended Dec. 31, 1991. However, this quarter is behind us and is not likely to be repeated in the fourth quarter ending March 31, 1992. Due to the completion of several events, the downsizing of the staff and the scheduled delivery of a $6.8 million rig package to Abu Dhabi this coming quarter, DI could produce positive net profits. The rig sale to Abu Dhabi is 95 percent complete and is scheduled to test and ship in February."
 Dillard also stated, "Although no agreements have been made in South American countries which are increasing their drilling activity, substantial marketing efforts have been made and continue. The company has submitted rig offers in Ecuador, Venezuela and Colombia. Active marketing in Argentina is now under way. The market place is too volatile to assess near term, but the company remains strong financially and is aggressively pursuing both domestic and foreign fronts."
 DI Industries, Inc. headquartered in Houston, is a holding company whose subsidiaries are engaged primarily in the businesses of providing onshore contract drilling and workover services to firms in the oil and gas industry, commercial drilling, oil and gas exploration, development and production and equipment repair and sales.
 DI INDUSTRIES, INC.
 ($ in thousands, except per-share amounts)
 Periods ended Quarter Nine Months
 Dec. 31 1991 1990 1991 1990
 Revenues $15,481 $16,381 $47,740 $38,972
 Net income (loss) (637) 653 (1,308) 1,637
 Weighted average shares
 of common stock
 outstanding (000s) 38,416 37,382 37,863 37,368
 Net income (loss) per
 common share $(.02) $.02 $(.03) $.04
 -0- 2/4/92
 /CONTACT: David J. Cone, VP-financial of DI Industries, 713-874-0202/
 (DRL) CO: DI Industries Inc. ST: Texas IN: OIL SU: ERN


CK -- NY031 -- 6623 02/04/92 10:53 EST
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Date:Feb 4, 1992
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