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SERVICE FRACTURING COMPANY REPORTS RESULTS

 PAMPA, Texas, Aug. 2 /PRNewswire/ -- Jerry H. Guinn, chairman of the board of directors and president, reported Service Fracturing Company's (NASDAQ-NMS: SERF) well servicing revenue for the quarter ended June 30, 1993 was $4,420,083, a 64 percent increase from $2,690,510 for the comparable quarter in 1992. Oil and gas revenue for the quarter ended June 30, 1993 was $755,043 a 5 percent increase from $721,523 for the comparable quarter in 1992.
 Well servicing cost of operations, including operating expense, for the quarter ended June 30, 1993 was $4,069,157, a 39 percent increase from $2,929,808 for the comparable quarter in 1992. Oil and gas cost of operations, including operating expense, for the quarter ended June 30, 1993 was $626,253, a 13 percent decrease from $717,509 for the comparable quarter in 1992.
 For the quarter ended June 30, 1993, the company's earnings amounted to $44,651, or 1 cent per share, as compared to a loss of $499,286, or 9 cents per share, for the quarter ended June 30, 1992.
 At June 30, 1993, the company's current ratio was 4.93 to 1 compared to 4.37 to 1 at March 31, 1993. Current assets of $9,157,508 included $4,216,223 of cash and cash equivalents on June 30, 1993.
 The average active rig count in the company's operating districts increased from 203 for the quarter ended June 30, 1992 to 239 for the quarter ended June 30, 1993, an 18 percent increase.
 Service Fracturing Company consolidated financial results for the three months ended June 30:
 SERVICE FRACTURING COMPANY
 Consolidated Financial Results
 Three months ended June 30 1993 1992
 Revenue:
 Well servicing $4,420,083 2,690,510
 Oil and gas 755,043 721,523
 Cost of operations:
 Well servicing 4,069,157 2,929,808
 Oil and gas 626,253 717,509
 Selling, general and admin. exp. 524,338 383,664
 Loss from operations (44,622) (618,948)
 Interest income 29,158 43,616
 Interest expense (3,820) (8,442)
 Other income (expense), net 63,935 84,488
 Income (loss) before income
 taxes 44,651 (499,286)
 Income tax expense -- --
 Net income (loss) 44,651 (499,286)
 Net income (loss) per share $ .01 (.09)
 Weighted average common shares
 outstanding 5,503,969 5,432,452
 -0- 8/2/93
 /CONTACT: Danny Seabourn of Service Fracturing Company, 806-665-7221/
 (SERF)


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

WB -- NY119 -- 8566 08/02/93 17:23 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
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