VARCO INTERNATIONAL INC. REPORTS EARNINGS
VARCO INTERNATIONAL INC. REPORTS EARNINGS ORANGE, Calif., Feb. 20 /PRNewswire/ -- Varco International Inc.
(NYSE: VRC) today reported net income for the fiscal year ended Dec. 31, 1991 of $14.0 million, as compared to $8.7 million recorded in fiscal 1990. On a per share basis, 1991 earnings were $.45 as compared to $.33 for the prior year. Net sales and other income for 1991 increased to $216.6 million, the highest in the company's history, from $132.1 million in 1990.
For the fourth quarter of 1991 net income was $3.5 million, $.11 per share, on net sales and other income of $57.4 million. These results compared to net income of $3.4 million, $.13 per share, and revenues of $44.6 million for the fourth quarter of 1990. A significant portion of the revenue increase is attributable to the full year impact of the Martin-Decker/TOTCO Instrumentation Division which was formed from two acquisitions completed in 1990. Revenues of this division were $53.8 million in 1991 vs. post acquisition revenues of $14.1 million in 1990. Sales of Varco Drilling Systems products were $96.7 million for the most recent fiscal year, an increase of 47 percent over the $65.8 million one year ago. The Varco BJ Oil Tools Division generated revenues of $65.7 million in 1991 as compared to $51.0 million in the previous year. Incoming orders totaled $178.5 million for 1991, as compared to $177.5 million during 1990. Backlog at Dec. 31 was approximately $36.5 million. In discussing these results Varco President and Chief Executive Officer George Boyadjieff said, "Our 1991 accomplishments reflect the continuing success of our key strategies. Our recent acquisitions contributed significantly to the financial results while providing a substantially broader revenue base. We introduced several products which strengthen our leadership position in providing safer, more productive equipment to the drilling industry. "While 1992 brings renewed market uncertainties, we believe that continued adherence to our strategic direction places us in the best possible position to deal with those uncertainties," Boyadjieff concluded. Varco is a leading manufacturer of products used in the oil and gas well drilling industry worldwide. VARCO INTERNATIONAL INC. (In thousands except per share) Quarter Ended Dec. 31 1991 1990 Net sales and other income $57,443 $44,568 Income before income taxes 4,107 3,575 Net income 3,547 3,447 Net income per share .11 .13 Shares used to calculate per share amounts (000) 32,922 27,341 Twelve Months Ended Dec. 31 1991 1990 Net sales and other income $216,623 $132,108 Income before income taxes 16,925 9,837 Net income 14,031 8,735 Net income per share .45 .33 Shares used to calculate per share amounts (000) 31,161 26,539 -0- 2/20/92 /CONTACT: Richard Kertson of Varco International, 714-978-1900/ (VRC) CO: Varco International Inc. ST: California IN: SU: ERN
AL-CH -- LA034 -- 1177 02/20/92 18:02 EST
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|Date:||Feb 20, 1992|
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