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/C O R R E C T I O N -- LUFKIN INDUSTRIES INC. ANNOUNCES 1991 EARNINGS AND DIVIDENDS FOR FIRST QUARTER 1992

 /C O R R E C T I O N -- LUFKIN INDUSTRIES/
 In NY087, Lufkin Industries earnings, which moved Wednesday, Feb.


19, the earnings per share figure in the table under "Twelve Months Ended Dec. 31 1991" was incorrect. It should read as a profit of $1.01 per share, rather than as a loss of ($1.01) per share, as originally transmitted. The corrected release follows:
 LUFKIN INDUSTRIES ANNOUNCES 1991 EARNINGS AND DIVIDENDS
 FOR FIRST QUARTER 1992
 LUFKIN, Texas, Feb. 19 /PRNewswire/ -- Lufkin Industries, Inc. (NASDAQ: LUFK) today announced its earnings for 1991 reporting a 42 percent increase in sales in 1991 over 1990 and a 248 percent increase in earnings from continuing operations during 1991. Net earnings increased from $2 million in 1990 to $6.9 million in 1991.
 In November 1991, the company announced its decision to exit the trailer business. The company does not expect to generate any additional trailer-related losses other than those reported in its 1991 earnings.
 The significant improvement in sales and earnings for 1991 was the result of increased demand for the company's oilfield pumping units in the international marketplace. During 1991, sales of these products to Russia and Latin America were $68.4 million compared to $6 million in 1990.
 The company also announced that its board declared a quarterly cash dividend of 40 cents per share on its common stock. The dividend will be paid on March 10, 1992, to shareholders of record on March 1.
 Lufkin Industries, Inc. is the country's leading manufacturer of oil field pumping units. The company designs, manufactures and sells oil field products, industrial and marine gearing products, commercial products and industrial supplies.
 LUFKIN INDUSTRIES, INC. AND SUBSIDIARIES
 Consolidated Statement of Earnings
 (Unaudited; in thousands of dollars)
 Periods ended Three Months Twelve Months
 Dec. 31 1991 1990 1991 1990
 Sales $48,784 $43,986 $193,585 $135,895
 Cost and expenses (47,344) (44,995) (184,698) (138,114)
 Other income 826 1,566 4,356 5,957
 Earnings from continuing
 operations before taxes 2,266 557 13,243 3,738
 Income taxes (804) (182) (4,274) 1,163
 Earns. from continuing opers. 1,462 375 8,969 2,575
 Loss from discontinued opers.,
 after tax benefits (766) (519) (2,102) (550)
 Net earnings 696 (144) 6,867 2,025
 Earnings (loss) per share:(A)
 Continuing operations $.22 $.06 $1.32 $.38
 Discontinued operations .12 (.08) (.31) (.08)
 Total $.10 $(.02) $ 1.01 $ .30
 Dividends per share(A) $.40 $.40 $1.60 $1.53
 (A) -- Adjusted for 3-for-1 stock dividend distributed on Dec. 3, 1990.
 -0- 2/21/92
 /CONTACT: C. James Haley Jr., secretary-treasurer of Lufkin Industries, 409-637-5555/
 (LUFK) CO: Lufkin Industries, Inc. ST: Texas IN: OIL SU: ERN AH-CK -- NY001A -- 1298 02/21/92 09:44 EST
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Date:Feb 21, 1992
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