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RPC ENERGY SERVICES REPORTS QUARTERLY RESULTS

 RPC ENERGY SERVICES REPORTS QUARTERLY RESULTS
 ATLANTA, July 24 /PRNewswire/ -- RPC Energy Services Inc.


(NYSE: RES) announced its unaudited results for the quarter and six months ended June 30.
 Revenue for the three months ended June 30 increased 13 percent from $24,963,000 last year to $28,282,000. Net income after taxes increased 3 percent for the same period from $1,874,000 or 13 cents per share last year to $1,922,000 or 14 cents per share.
 For the six months ended June 30, revenue increased 1 percent from $50,918,000 last year to $51,367,000. Net income after taxes decreased 48 percent for the same period from $4,133,000 or 29 cents per share a year ago to $2,135,000 or 15 cents per share.
 RPC operates in two major segments. The company provides rental of specialized oil field equipment, and well control and transportation services to the oil and gas industry. In addition, RPC owns Chaparral Boats, a leading national manufacturer of powerboats. For the quarter ended June 30, revenue for the boat manufacturing segment increased 48 percent from $10,892,000 last year to $16,072,000 this year. The oil and gas services segment revenue decreased 13 percent for the quarter ended June 30 from $14,071,000 last year to $12,210,000 this year.
 The domestic oil and gas services industry continued to be impacted by a low rig count. After reaching a 50-year low of 639 rigs in the first quarter of 1992, the U.S. rig count rose slightly to 648 rigs by June 30. This is a 26 percent decrease from the 881 rigs at June 30, 1991. The company continues to explore opportunities in foreign markets, where drilling activity is higher than in the U.S.
 Chaparral experienced continued improvement in its revenue in the second quarter as a result of improvements throughout the boating industry.
 RPC ENERGY SERVICES, INC. AND SUBSIDIARIES
 Balance Sheets
 (In thousands)
 (Unaudited)
 At June 30 1992 1991
 Assets
 Cash and cash-equivalents $ 23,698 $ 33,040
 Marketable securities 8,872 4,518
 Accounts receivable, net 12,169 11,806
 Inventories 7,079 6,396
 Deferred income taxes 5,268 3,947
 Prepaid expenses and other
 current assets 832 726
 Current assets 57,918 60,433
 Equipment and property, net 23,320 21,037
 Marketable securities 5,679 ---
 Goodwill, net 9,809 10,493
 Deferred income taxes 553 921
 Other assets 2,399 1,624
 Total assets $ 99,678 $ 94,508
 Liabilities and Stockholders' Equity
 Accounts payable $ 3,278 $ 2,982
 Accrued payroll and
 related expenses 2,719 2,590
 Accrued insurance expenses 4,441 5,143
 Accrued state, local and other
 taxes 2,446 2,510
 Accrued discounts 522 1,033
 Other accrued expenses 7,295 6,590
 Current liabilities 20,701 20,848
 Long-term accrued insurance
 expenses 3,240 4,072
 Total liabilities 23,941 24,920
 Common stock 1,461 1,461
 Capital in excess of
 par value 34,228 34,228
 Earnings retained 40,722 34,578
 Less: common stock in
 treasury, at cost (674) (679)
 Total stockholders' equity 75,737 69,588
 Total liabilities and
 stockholders' equity $ 99,678 $ 94,508
 Statements of Income
 (In thousands except per share data)
 (Unaudited)
 Second quarter 6 months
 6/30/92 6/30/91 6/30/92 6/30/91
 Revenue $28,282 $24,963 $51,367 $ 50,918
 Costs and expenses
 Cost of goods sold 12,516 8,195 21,630 16,858
 Operating expenses 13,009 14,181 25,825 28,560
 Deprec. and amort. 1,267 1,165 2,522 2,284
 Interest income (498) (503) (861) (1,023)
 Income before income tax
 and extraord. credit 1,988 1,925 2,251 4,239
 Provision for income tax 742 706 881 1,547
 Income before extraord.
 credit 1,246 1,219 1,370 2,692
 Extraord. credit - utilization
 of loss carryforward 676 655 765 1,441
 Net income $ 1,922 $ 1,874 $ 2,135 $ 4,133
 Earnings per share
 Bef. extraord. credit $ 0.09 $ 0.09 $ 0.10 $ 0.19
 After extraord. credit $ 0.14 $ 0.13 $ 0.15 $ 0.29
 -0- 7/24/92
 /CONTACT: Debra G. Herron of RPC Energy Services, 404-888-2952/
 (RES) CO: RPC Energy Services, Inc. ST: Georgia IN: OIL SU: ERN


BN-EA -- AT013 -- 3176 07/24/92 16:55 EDT
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