DI Industries, Inc. management predicting strong 1995 earnings.HOUSTON--(BUSINESS WIRE)--Feb. 14, 1995--Max M. Dillard, president of DI Industries, Inc., (the "Company" or "DI"), (AMEX AMEX See: American Stock Exchange symbol: DRL DRL Bureau of Democracy, Human Rights and Labor (US State Department) DRL Daytime Running Lights DRL Department of Regulation and Licensing (real estate) DRL Dr Reddy's Laboratories ) in response to shareholders calling the Company asking for possible reasons why the stock is trading low in a general energy market that is down, Dillard's response was that the low volumes of DI's stock has apparently effected the stock more than others. In an effort to ensure that all shareholders are being adequately informed, Dillard reports that its current budgets and projections indicate that if such projections were met, the firm would make approximately $3.5 million or $.09/share with a cash flow of approximately $10 million in calendar year, 1995. These projections are the result of the purchase of a Venezuela company and the addition thereto of two domestic rigs and four additional U.S. rigs sent to Argentina to increase its Argentina fleet to seven rigs. DI's strong geothermal business, which has been highly profitable over the last two years, has been increased from one rig to a four rig operation in Mexico and is currently under a $13 million contract with expected extensions already being negotiated. Dillard states unequivocally, "There are no negative or impending im·pend intr.v. im·pend·ed, im·pend·ing, im·pends 1. To be about to occur: Her retirement is impending. 2. disasters or negative financial happenings other than routine business items of which management is aware. Its only negative is a continual decrease of the domestic market that effects all drilling contractors as rig activity in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. is close to its 40-year low. Decreases in DI's stock value has nothing to do with management's perception of its immediate future." DI's Annual Shareholders' Meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. will be held May 23, 1995 in which extensive projections of its overseas operations and upcoming projects will be discussed. The Company will release its unaudited December quarter and nine months results on Wednesday, Feb. 15, 1995, which do not reflect new start-ups in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . DI Industries, Inc., headquartered in Houston, Texas, is a holding company whose subsidiaries are primarily engaged in the business of providing both contract oil and gas and geothermal drilling and well workover services, commercial drilling, oil and gas exploration, development and production and equipment rebuilding. CONTACT: DI Industries, Inc., Houston David Cone, vice president & CFO See Chief Financial Officer. , 713/874-0202. KEYWORDS: TEXAS INDUSTRY KEYWORD:ENERGY OIL/GAS REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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