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VARCO INTERNATIONAL REPORTS THIRD QUARTER RESULTS

 ORANGE, Calif., Oct. 26 /PRNewswire/ -- Varco International Inc. today reported results of operations for the third quarter and nine months ended Sept. 30. Net income for the third quarter was $1.0 million, $.03 per share, on revenues of $43.7 million. For the comparable quarter of 1992, Varco incurred a net loss of $5.4 million, $.16 per share, and revenues were $37.8 million. Results for the year- ago period included a charge to earnings of approximately $4.9 million relating to the closing of a manufacturing facility.
 For the first nine months of 1993, net income was $3.8 million, $.11 per share, as compared to a net loss of $687,000, $.02 per share, during the similar period of 1992. Revenues for 1993 to date increased to $138.2 million, from $122.6 million for the first three quarters of last year. The year-to-year increase in revenues is attributable to the acquisition of the Shaffer division in July of 1992. Shaffer contributed $35.3 million of revenue during the first nine months of this year, as compared to $6.3 million during the period between its acquisition and Sept. 30 of last year.
 Incoming orders for the third quarter totaled $50.0 million, as compared to $40.8 million in the third quarter of 1992, and $37.1 million for the second quarter of this year. Backlog at Sept. 30 was approximately $33.3 million.
 Varco's Chief Executive Officer George Boyadjieff, said, "Overall conditions in our market remain difficult. While we have seen a year- to-year increase in drilling activity in the United States, there has been an offsetting decline internationally.
 "Our key strategies are producing improving results in a tough market environment, and we believe they continue to be appropriate as we look toward 1994," Boyadjieff concluded.
 Quarter Ended Sept. 30, 1993 1992
 (In $000s except per share)
 Revenues $43,692 $37,826
 Income (loss) before taxes 1,679 (6,213)
 Net income (loss) 1,034 (5,398)
 Net income (loss) per share .03 (0.16)
 Shares used to calculate per
 share amounts 33,484 33,006
 Nine Months Ended Sept. 30,
 Revenues $138,163 $122,598
 Income (loss) before taxes 6,081 (2,600)
 Net income (loss) 3,803 (687)
 Net income (loss) per share .11 (.02)
 Shares used to calculate per
 share amounts 33,412 32,979
 Varco International Inc. is a leader in the design and manufacture of drilling equipment and machinery and rig instrumentation for oil and gas well drilling worldwide.
 -0- 10/26/93
 /CONTACT: Richard Kertson, VP-finance, CFO, 714-978-1900/


CO: Varco International Inc. ST: California IN: OIL SU: ERN

MF-JB -- LA023 -- 6868 10/26/93 11:46 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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