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DI INDUSTRIES, INC. ANNOUNCES PRELIMINARY FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED MARCH 31, 1993

 HOUSTON, April 30 /PRNewswire/ -- DI Industries, Inc., (AMEX: DRL) (the "Company") announced today its unaudited results of operations for the fiscal year ended March 31, 1993. Revenues were $65 million for the current fiscal year compared to $65,360,000 a year ago. Net loss was $3,207,000 for the current fiscal year compared to $2,962,000 a year ago. Cash flow increased to $1,175,000 for the current fiscal year compared to $621,000 a year ago. Final audited results will be available in June.
 DI Industries' President, Max M. Dillard, stated, "Resizing the Company and preparing for overseas operations has been an expensive, but necessary, undertaking this year in a shrinking domestic industry. The two rigs shipped to Argentina early this fiscal year are working and the Company recently purchased two additional rigs to bring its Argentina fleet to four rigs. The Company's drilling rig working in Guatemala continues to show good results, and we expect a favorable return from our international operations in fiscal year 1994. All domestic divisions with the exception of one performed well in the domestic oil industry's worst year."
 DI Industries, Inc., headquartered in Houston, is a holding company whose subsidiaries are engaged primarily in the businesses of providing onshore contract drilling and workover services, commercial drilling, oil and gas exploration and production and equipment repair and sales.
 -0- 4/30/93
 /CONTACT: David J. Cone, financial vice president, of DI Industries, Inc., 713-874-0202/
 (DRL)


CO: DI Industries, Inc. ST: Texas IN: OIL SU: ERN

LR -- NY058 -- 3217 04/30/93 12:43 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
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