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H & H REPORTS 13 PERCENT INCREASE IN THIRD QUARTER REVENUES

 SANTA PAULA, Calif., Nov. 10 /PRNewswire/ -- H & H Oil Tool Co. Inc. (NASDAQ: HHOT) today reported sharply improved operating results for the third quarter and nine months ended Sept. 30, 1993.
 Net income for the third quarter rose to $516,000, equal to $.16 per share. This compares to net income of $33,000, equal to $.01 per share, for the same period in 1992. Revenues increased 13 percent to $5,768,000 from $5,121,000 last year.
 For the year-to-date period, the company posted net income of $974,000, equal to $.30 per share, compared with a net loss of $932,000, equal to $.29 per share, a year ago. Revenues were $15,856,000, up 9 percent from $14,483,000 in 1992.
 Henry H. Rushing, president and chief executive officer, said that there has been an increase in drilling, production and workover activity as a result of continued stability of natural gas prices. He added that the company recently opened a new facility to better serve customers throughout the West Central area of Wyoming.
 Rushing noted that H & H's financial position continues to strengthen with working capital of $3,565,000 and a current ratio of 2.5 to 1.0, at the close of the quarter. Operating cash flows enabled the company to pay down debt and reduce its debt-to-equity ratio to 21 percent from 40 percent at the end of 1992. H & H also purchased $1,598,000 of capital assets during the first nine months of the year, a significant increase from last year.
 "In spite of volatile oil prices and the continuing challenges of the oilfield industry, we are providing superior service and value to our customers while increasing bottom line results," said Rushing.
 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 Operations
 (Thousands, except share data)
 (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992(a) 1993 1992(a)
 Revenues
 Rental $5,176 $4,564 $13,790 $12,902
 Sales 592 557 2,066 1,581
 Total 5,768 5,121 15,856 14,483
 Cost and expenses
 Operating 3,316 3,029 8,954 9,007
 Cost of sales 401 376 1,376 1,026
 Depreciation and
 amortization 866 792 2,510 2,473
 General and
 administrative 589 593 1,776 2,009
 Total 5,172 4,790 14,616 14,515
 Operating income (loss) 596 331 1,240 (32)
 Interest 61 105 212 340
 Research and development-
 Processing plant --- 178 --- 521
 Income (loss) before
 income taxes 535 48 1,028 (893)
 Income tax provision 19 15 54 39
 Net income (loss) $516 $33 $974 ($932)
 Net income (loss)
 per share $.16 $.01 $.30 ($.29)
 Weighted average
 shares outstanding 3,316,769 3,264,534 3,293,961 3,263,828
 (a) Certain 1992 amounts have been reclassified to conform with 1993 annual classifications.
 -0- 11/10/93
 /CONTACT: Henry H. Rushing of H & H Oil Tool, 805-525-6679; or Kim P. Feazle or Roger S. Pondel of Pondel Parsons & Wilkinson, 310-207-9300/
 (HHOT)


CO: H & H Oil Tool Co. Inc. ST: California IN: OIL SU: ERN

MF-JL -- LA011 -- 2600 11/10/93 09:03 EST
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Date:Nov 10, 1993
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