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BAROID ANNOUNCES 1992 SECOND QUARTER RESULTS

 BAROID ANNOUNCES 1992 SECOND QUARTER RESULTS
 HOUSTON, July 23 /PRNewswire/ -- Baroid Corporation (NYSE: BRC), a


leading worldwide supplier of petroleum services, today announced that income from continuing operations for the second quarter was $3.8 million or $.05 per share compared to $6.8 million or $.09 per share for the second quarter of 1991. Net sales for the quarter were $148.4 million compared to $163.3 million in the same quarter a year ago.
 For the six-month period in 1992, the company reported income from continuing operations of $7.6 million, or $.10 per share on net sales of $295.6 million compared to $9.8 million, or $.13 per share on net sales of $297.1 million for the six months in 1991.
 Drilling fluids net sales and operating income declined in the second quarter and first six months of 1992 compared to 1991 due to North American operations where the average rig count was 26 percent and 31 percent lower for the second quarter and first six months of 1992 vs. 1991.
 The Drilling services and products segment reported net sales of $68.3 million for the second quarter of 1992 and $138.1 million for the six-month period as compared to $70.5 million and $121.1 million, respectively, for the comparable periods in 1991. Operating income decreased in the second quarter and the first half of 1992 due to the sharp decrease in drilling activity and soft pricing for directional services in North America. Higher net sales for the first half of 1992 were attributable to the DBS acquisition completed in April 1991.
 In July 1992, Baroid completed the sale of Shaffer for $37 million. Proceeds of the sale were used to reduce debt. The results for Atlas Bradford and Shaffer are reported as discontinued operations.
 BAROID CORPORATION
 Summary of Consolidated Operations
 (Unaudited; thousands, except per-share data)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Net sales:
 Drilling fluids $80,154 $92,842 $157,468 $175,972
 Drilling services
 and products 68,275 70,475 138,105 121,078
 Total $148,429 $163,317 $295,573 $297,050
 Operating income:
 Drilling fluids $ 7,187 $ 9,702 $ 13,651 $ 15,517
 Drilling services
 and products 3,227 6,546 7,377 10,749
 Operating income 10,414 16,248 21,028 26,266
 General corporate, net (483) 253 (399) (813)
 Interest expense (4,064) (4,925) (8,114) (8,229)
 Total 5,867 11,576 12,515 17,224
 Provision for
 income taxes 1,995 4,284 3,918 6,596
 Total 3,872 7,292 8,597 10,628
 Minority interest 27 510 1,019 855
 Income from continuing
 operations 3,845 6,782 7,578 9,773
 Discontinued operations -- 24 -- 670
 Extraordinary items 180 507 180 507
 Net income $4,025 $7,313 $7,758 $10,950
 Income per common share:
 Continuing operations $.05 $.09 $.10 $.13
 Discontinued operations -- -- -- .01
 Extraordinary items -- .01 -- .01
 Net income $.05 $.10 $.10 $.15
 Weighted average common
 shares outstanding 74,392 74,219 74,387 74,206
 -0- 7/23/92
 /CONTACT: Robert A. Wallace of Baroid, 713-987-5186/
 (BRC) CO: Baroid Corporation ST: Texas IN: OIL SU: ERN


CK-TM -- NY005 -- 2222 07/23/92 07:01 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jul 23, 1992
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