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H & H OIL TOOL CO. REPORTS RESULTS

 H & H OIL TOOL CO. REPORTS RESULTS
 SANTA PAULA, Calif., Aug. 12 /PRNewswire/ -- H & H Oil Tool Co.,


Inc. (NASDAQ: HHOT) today reported a net loss of $474,000, equal to $.15 per share, for the second quarter ended June 30, 1992. The company reported net income of $13,000, equal to $.00 per share, for the corresponding quarter a year ago. Revenues were $4,442,000 for the 1992 three-month period, compared with $6,131,000 last year.
 For the first half of 1992, the company reported a net loss of $965,000, equal to $.30 per share, compared with net income of $398,000, equal to $.12 per share in 1991. Revenues were $9,409,000, compared with $12,479,000 for the same period in 1991.
 Henry H. Rushing, president and chief executive officer, said 1992 second quarter and six-month revenues were significantly affected by the continuing decline in domestic oilfield activities as contrasted to the prior year timeframe in which the Persian Gulf War was ending. He added that the U.S. rig count of 596 in June 1992 represented a 50-year low.
 On a more positive note, Rushing said that the Enhanced Oil Recycling, Inc. (EORI) project which became operational in March 1992, generated revenues and acquired new customers during the quarter. EORI is a processing facility that separates crude oil contaminated residues into recyclable, environmentally safe components.
 "We reduced operating expenses by 20 and 13 percent for the second quarter and six month periods, respectively," said Rushing. "We also reduced year-to-date capital expenditures by 64 percent. The full impact of these reductions will be reflected in future reporting periods. H & H's financial condition is strong. We utilized cash flow to reduce debt by $684,000."
 H & H Oil Tool, founded in 1953, and its wholly owned subsidiary, H & H Bi-Co Rental, Inc., rent a wide range of equipment to oil, gas and geothermal companies throughout the Western United States. The Midway Fishing Tool Co. division provides rentals and specialized services and equipment for recovery of downhole tools at drilling and production sites throughout California.
 H & H OIL TOOL CO. INC.
 Consolidated Statements of Income
 (000's omitted, except share data)
 (unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues:
 Rental $3,928 $5,396 $8,385 $11,077
 Sales 514 735 1,024 1,402
 Total 4,442 6,131 9,409 12,479
 Cost and Expenses:
 Operating 2,935 3,650 6,171 7,124
 Cost of sales 323 501 650 967
 Depreciation and
 amortization 849 822 1,756 1,642
 General and
 administration 692 767 432 1,518
 Interest 115 128 235 253
 Research and
 development --- 242 106 417
 Total Costs and
 Expenses 4,914 6,110 10,350 11,921
 Income (Loss)
 Before Income
 Taxes and
 Extraordinary
 Item (472) 21 (941) 558
 Income Tax
 Provision 2 8 24 237
 Net Income (Loss)
 Before
 Extraordinary
 Item (474) 13 (965) 321
 Extraordinary
 Item - tax
 benefit --- --- --- 77
 Net Income (Loss) ($474) $13 ($965) $398
 Earnings (Loss)
 per Common Share
 Before
 Extraordinary
 Item ($.15) $.00 ($.30) $.10
 Extraordinary
 Item .00 .00 .00 .02
 Net Earnings
 (Loss) per
 Share ($.15) $.00 ($.30) $.12
 Weighted Average
 Shares
 Outstanding 3,264,534 3,255,794 3,263,525 3,254,999
 -0- 8/12/92
 /CONTACT: Henry H. Rushing, president and CEO of H & H Oil Tool Co., 805-525-6679; or Roger S. Pondel or Kim P. Feazle of Pondel Parsons & Wilkinson, 310-207-9300, for H & H Oil Tool Co./
 (HHOT) CO: H & H Oil Tool Co. Inc. ST: California IN: OIL SU: ERN


KJ -- LA014 -- 9254 08/12/92 09:03 EDT
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Publication:PR Newswire
Date:Aug 12, 1992
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