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SERVICE FRACTURING COMPANY REPORTS RESULTS FOR QUARTER ENDED SEPT. 30

 PAMPA, Texas, Oct. 27 /PRNewswire/ -- Jerry H. Guinn, chairman of the board of directors and president, today reported that Service Fracturing Company's (NASDAQ-NMS: SERF) well servicing revenue for the quarter ended Sept. 30, 1993, was $3,894,996, a 2 percent decrease from $3,958,665 for the comparable quarter in 1992. Oil and gas revenue for the quarter ended Sept. 30, 1993, was $703,498, a 9 percent decrease from $773,573 for the comparable quarter in 1992.
 Well servicing revenue for the six months ended Sept. 30, 1993, was $8,315,079, a 25 percent increase from $6,649,175 for the comparable six months in 1992. Oil and gas revenue for the six months ended Sept. 30, 1993, was $1,458,541, a 2 percent decrease from $1,495,096 for the comparable six months in 1992.
 Well servicing cost of operations, including operating expense, for the quarter ended Sept. 30, 1993, was $7,911,587, a 22 percent increase from $6,484,787 for the comparable six months in 1992. Oil and gas cost of operations, including operating expense, for the six months ended Sept. 30, 1993, was $1,274,441, an 11 percent decrease from $1,428,496 for the comparable six months in 1992.
 For the quarter ended Sept. 30, 1993, the company's loss amounted to $355,358, or 6 cents per share, as compared to earnings of $131,626, or 2 cents per share, for the quarter ended Sept. 30, 1992.
 For the six months ended Sept. 30, 1993, the company's loss amounted to $310,707, or 6 cents per share, as compared to a loss of $367,660, or 7 cents per share, for the six months ended Sept. 30, 1992.
 At Sept. 30, 1993, the company's current ratio was 4.68 to 1 compared to 4.37 to 1 at March 31, 1993. Current assets of $9,607,206 included $4,750,530 of cash and cash equivalents at Sept. 30, 1993.
 For the three months ended Sept. 30, 1993, the number of average active rigs in the company's operating areas was up 10 percent when compared with the number of average active rigs for the comparable quarter in 1992.
 SERVICE FRACTURING COMPANY
 (Consolidated)
 Three months ended Sept. 30: 1993 1992
 Revenue:
 Well servicing $3,894,996 $3,958,665
 Oil & gas 703,498 773,573
 Cost of operations:
 Well servicing 3,842,430 3,554,979
 Oil and gas 648,188 710,987
 Selling, general and administrative expense 530,448 411,503
 Earnings (loss) from operations (422,572) 54,769
 Interest income 48,141 35,644
 Interest expense (2,395) (7,202)
 Other, net 21,468 48,415
 Earnings (loss) before income taxes (355,358) 131,626
 Income taxes -- --
 Net earnings (loss) (355,358) 131,626
 Net earnings (loss) per share $ (.06) $ .02
 Weighted average common shares outstanding 5,513,918 5,435,376
 Six months ended Sept. 30: 1993 1992
 Revenue:
 Well servicing $8,315,079 $6,649,175
 Oil & gas 1,458,541 1,495,096
 Cost of operations:
 Well servicing 7,911,587 6,484,787
 Oil and gas 1,274,441 1,428,496
 Selling, general and administrative expense 1,054,786 795,167
 Loss from operations (467,194) (564,179)
 Interest income 77,298 79,260
 Interest expense (6,215) (15,644)
 Other, net 85,404 132,903
 Loss before income taxes (310,707) (367,660)
 Income taxes -- --
 Net earnings (loss) (310,707) (367,660)
 Net earnings (loss) per share $ (.06)$ (.07)
 Weighted average common shares outstanding 5,508,876 5,433,911
 -0- 10/27/93
 /CONTACT: Jerry H. Guinn of Service Fracturing Company, 806-665-7221/
 (SERF)


CO: Service Fracturing Company ST: Texas IN: OIL SU: ERN

JS -- NY108 -- 7513 10/27/93 16:45 EDT
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Publication:PR Newswire
Date:Oct 27, 1993
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