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DRECO ENERGY SERVICES LTD. ANNOUNCES RESULTS

 EDMONTON, Alberta, April 8 /PRNewswire/ -- Dreco Energy Services Ltd., (NASDAQ-NMS: DREAF; Toronto: DRE.A) of Edmonton, announced today the results of its operations for the second quarter ended Feb. 28, 1993.
 (All values expressed in United States dollars.)
 Revenues for the second quarter were $23,138,000, and net income after taxes was $1,695,000 ($0.27 per share), vs. revenues of $17,531,000, and net income after taxes of $1,824,000 ($0.30 per share) in the corresponding quarter of the prior fiscal year.
 Revenues for the six months were $41,310,000, and net income after taxes was $3,361,000 ($0.54 per share). In the corresponding six months of the prior fiscal year revenues were $32,296,000 and net income after taxes was $3,464,000 ($0.57 per share).
 DRECO ENERGY SERVICES LTD.
 (in thousands except per share data)
 Three months ended Six months ended
 Feb 28, Feb 29, Feb 28, Feb 29,
 1993 1992 1993 1992
 Revenues:
 Drilling and well
 servicing equipment $16,754 $14,543 $31,341 $25,616
 Downhole products 6,384 2,988 9,969 6,680
 Total 23,138 17,531 41,310 32,296
 Net Income before taxes $2,829 $1,825 $5,205 $3,482
 Net Income after taxes 1,695 1,824 3,361 3,464
 Earnings per share $0.27 $0.30 $0.54 $0.57
 Weighted average shares
 outstanding 6,274 6,085 6,273 6,085
 Cash flow from operations for the six months was $4,839,000 before working capital, investing and financing requirements as compared to $4,334,000 for the corresponding six months of the prior fiscal year.
 Backlog as of Feb. 28, 1993, was $29,503,000, as compared to $31,683,000, at Aug. 31, 1992, and $14,709,000, at Feb. 29, 1992.
 The company's class "A" common shares trade on the NASDAQ National Market System under the ticker symbol DREAF and on the Toronto Stock Exchange under the ticker symbol DRE.A.
 Dreco Energy Services Ltd. designs, manufactures, markets and leases drilling equipment, machinery, and drilling tools used in the drilling and servicing of oil and gas wells, worldwide.
 -0- 4/8/93
 /CONTACT: Daryl W. Ferko, VP-finance of Dreco Energy Services, 403-463-2065; or Jack Kehoe of Kehoe, White, Savage & Co., 212-888-1616, for Dreco Energy Services/
 (DREAF)


CO: Dreco Energy Services Ltd. ST: Alberta IN: OIL SU: ERN

BP -- LA018 -- 4199 04/08/93 11:37 EDT
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Publication:PR Newswire
Date:Apr 8, 1993
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