Printer Friendly

ENTERRA REPORTS SECOND QUARTER RESULTS

 HOUSTON, Aug. 5 /PRNewswire/ -- Enterra Corporation (NYSE: EN) today announced net income of $3.3 million, or $.20 per share, for the quarter ended June 30, 1993, compared with net income of $3.8 million, or $.24 per share, for the same period in 1992. Revenues in the second quarter of 1993 were $40.2 million vs. $40.7 million in 1992.
 For the six months ended June 30, 1993, as well as June 30, 1992, Enterra realized net income and earnings per share of $6.5 million and $.40 per share.
 Revenues in the oilfield services and equipment segment increased 27 percent in the second quarter as compared to the prior year, offsetting most of the 33 percent decline in pipeline services and equipment revenues caused by both a soft domestic market for new line construction and a decline in international equipment sales. D. Dale Wood, chairman, president and CEO of Enterra, noted, "We are particularly pleased with the increase in U.S. oilfield service activity which increased 20 percent over the 1992 second quarter level, while domestic rig activity was up only 2 percent. The recent increase in domestic rig activity should result in continuing gains for U.S. oilfield operations over the balance of the year. Excluding the effects of higher income tax rates and lower interest income, operating income actually increased in the second quarter of 1993 as compared to the prior year." He further observed that, "While pipeline equipment sales in the international market were down for the quarter and expected to continue at the current level through the third quarter, recent orders indicate a significant improvement is expected to be realized late in 1993 and in 1994."
 Enterra Corporation is a worldwide provider of specialized services and products for drilling and servicing onshore and offshore oil and gas wells and of specialized services and equipment used in the construction and rehabilitation of pipelines.
 ENTERRA CORPORATION
 Comparative Data
 (In thousands, except per-share data)
 Periods ended Quarter Six Months
 June 30 1993 1992 1993 1992
 Revenues $40,213 $40,706 $79,033 $74,183
 Net income $ 3,278 $ 3,807 $ 6,468 $ 6,471
 Weighted average shares
 outstanding 16,254 16,082 16,195 16,071
 Net income per share $ .20 $ .24 $ .40 $ .40
 -0- 8/5/93
 /CONTACT: Steve Grant of Enterra Corporation, 713-462-7300/
 (EN)


CO: Enterra Corporation ST: Texas IN: OIL SU: ERN

CK -- NY053 -- 9846 08/05/93 11:37 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 5, 1993
Words:408
Previous Article:THE DRESS BARN, INC. REPORTS MONTHLY AND QUARTERLY SALES RESULTS
Next Article:THREE NEW DIRECTORS ELECTED TO NAVISTAR'S BOARD
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters