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BARIOD ANNOUNCES FIRST QUARTER 1992 RESULTS

 BARIOD ANNOUNCES FIRST QUARTER 1992 RESULTS
 HOUSTON, April 23 /PRNewswire/ -- Bariod Corporation (NYSE: BRC), a


leading worldwide supplier of petroleum services, announced 1992 first quarter income from continuing operations of $3.7 million on sales of $147.1 million compared to $3.0 million on sales of $133.7 million in 1991. Income per share from continuing operations was $.05 for the first quarter of 1992 compared to $.04 in 1991.
 Operating income for the first quarter of 1992 increased 6 percent compared to the prior year, despite weak market conditions in the United States where the average rig count was 32 percent lower than in 1991.
 Drilling fluids operating income improved 11 percent in the first quarter of 1992 over 1991 despite a 7 percent decrease in net sales. This improvement in operating income was the result of strong international markets and cost reduction measures taken in the United States.
 Drilling services and products reported operating income of $4.2 million on sales of $69.8 million for the first quarter of 1992 compared to operating income of $4.2 million on sales of $50.6 million for the 1991 period. The increase in sales was attributable to the DBS acquisition completed in April 1991. Operating income was flat due to the sharp decrease in U.S. drilling activity and soft pricing for directional services.
 In March 1992, Baroid completed the sale of Atlas Bradford. The sale of Shaffer is expected to be completed in the second quarter. The results for Atlas Bradford and Shaffer are reported as discontinued operations.
 BAROID CORPORATION
 Summary of Consolidated Operations
 (In thousands, except per share data)
 (Unaudited)
 Quarter Ended March 31 1992 1991
 Net sales:
 Drilling fluids $ 77,314 $ 83,130
 Drilling services and products 69,830 50,603
 Total 147,144 133,733
 Operating income:
 Driling fluids 6,464 5,815
 Drilling services and products 4,150 4,203
 Operating income 10,614 10,018
 General corporate, net 84 (1,066)
 Interest expense (4,050) (3,304)
 Total 6,648 5,648
 Provision for income taxes 1,923 2,312
 Total 4,725 3,336
 Minority interest 992 345
 Income from continuing operations 3,733 2,991
 Discontinued operations -- 646
 Net income 3,733 3,637
 Income per common share:
 Continuing operations $.05 $.04
 Discontinued operations -- .01
 Net income $.05 $.05
 Weighted avg. com. shrs. outstndg. 73,383 74,192
 -0- 4/23/92
 /CONTACT: Robert P. Wallace of Baroid, 713-987-5186/
 (BRC) CO: Baroid Corporation ST: Texas IN: OIL SU: ERN


PS -- NY004 -- 1588 04/23/92 07:00 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Apr 23, 1992
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