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H & H OIL ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS

      H & H OIL ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS
    SANTA PAULA, Calif., Nov. 13 /PRNewswire/ -- H & H Oil Tool Co. Inc. (NASDAQ: HHOT) today reported results for the third quarter and nine months ended Sept. 30, 1991. For the quarter, H & H reported a net loss of $892,000, equal to $.27 per share.  This compares with net income of $429,000, equal to $.13 per share, for the corresponding period a year ago.  Revenues for the period were $5,628,000 compared with $6,289,000 last year.
    H & H's net loss for the nine-month period was $494,000, equal to $.15 per share, compared with net income of $831,000, equal to $.26 per share for the same period in 1990.  Revenues were $18,107,000 compared with $17,100,000 in 1990.
    Henry H. Rushing, president and chief executive officer, said revenues declined in the 1991 third quarter due to a sharp decrease in domestic oilfield activity levels.  He added that operating results were also affected by research and development costs associated with the company's crude oil recycling system.
    "The active rig count in the United States declined 27 percent from the beginning of 1991, due to lower natural gas prices. However, we are seeing signs of somewhat stronger gas prices and are hopeful for increased activity levels by year-end," said Rushing. "H & H is well prepared for an upturn in the oil services industry."
    Rushing also said that H & H's recently developed environmental recycling system that separates crude oil contaminated materials into its original components; oil, water, solids, has been encouraging and progressing well.  The market for this service is worldwide and growing rapidly.  He noted that while H & H is not ready to announce complete success in this project, the company is cautiously hopeful that the process will be an important source of diversification and revenue.
    H & H Oil Tool, founded in 1953, and its wholly owned subsidiary, H & H Bi-Co Rental, Inc., rent a wide range of equipment to oil, gas and geothermal companies throughout the Western United States.  The Midway Fishing Tool Company division provides rentals and specialized services and equipment for recovery of downhole tools at drilling and production sites throughout California.
                        H & H OIL TOOL CO., INC.
                   Consolidated Statements of Income
                             (Unaudited)
                       Three Months Ended         Nine Months Ended
                           Sept. 30,                  Sept. 30,
                        1991       1990           1991        1990
                         (000's omitted, except per share data)
    Revenues:
     Rental            $4,901     $5,630        $15,978     $15,285
     Sales                727        659          2,129       1,815
    Total               5,628      6,289         18,107      17,100
    Cost and expenses:
     Operating:         3,433      3,552         10,557      10,008
     Cost of sales        475        420          1,442       1,166
     Depreciation and
      amortization        913        761          2,555       2,211
     General and
      administration    1,031        605          2,549       1,827
     Interest             146        157            399         504
     Research and
      development         647        295          1,064         415
    Total costs
     and expenses       6,645      5,790         18,566      16,131
    Income (loss) before
     income taxes and
     extraordinary
     item              (1,017)       499           (459)        969
    Income tax
     provision           (202)       209             35         428
    Income (loss)
     before extraordinary
     item                (815)       290           (494)        541
    Extraordinary item -
     tax benefit          (77)       139                        290
    Net income (loss)   ($892)       $429          ($494)       $831
    Earnings (loss)
     per common share
     Before extraordinary
     item               ($.25)      $.09          ($.15)       $.17
    Extraordinary item   (.02)       .04            .00         .09
    Net earnings (loss)
     per share          ($.27)      $.13          ($.15)       $.26
    Weighted average shares
     Outstanding     3,257,109  3,252,472       3,255,659  3,245,672
    -0-                         11/13/91
    /CONTACT:  Henry H. Rushing of H & H Oil Tool Co. Inc., 805-525-6679; or Roger S. Pondel or Kim P. Feazle of Rifkind Pondel & Parsons, 310-207-9300, for H & H Oil/
    (HHOT) CO:  H & H Oil ST:  California IN:  OIL SU:  ERN SE -- LA005 -- 3782 11/13/91 09:07 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 13, 1991
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