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H & H REPORTS PROFITABLE QUARTERLY RESULTS

 SANTA PAULA, Calif., May 12 /PRNewswire/ -- H & H Oil Tool Co. Inc. (NASDAQ: HHOT) today reported profitable operating results for the first quarter ended March 31, 1993. Net income was $349,000, equal to $.11 per share, on revenues of $5,245,000. This compares with a net loss of $491,000, equal to $.15 per share, on revenues of $4,967,000, for the same period last year.
 "Revenues rose significantly in the Rocky Mountain region as a result of completion work on gas wells drilled during the previous quarter," said Henry H. Rushing, president and chief executive officer. "However, California is still suffering from depressed oil-field activity levels.
 "While consolidated revenues were up 5 percent from the 1992 first quarter, operating results improved substantially due to successful cost management throughout the company," added Rushing. "Operating costs and general and administrative expenses were reduced 11 and 22 percent, resulting in savings of $363,000 and $161,000. Many long-standing company-wide productivity programs are also paying dividends.
 "For example, effective safety and training programs provide a safe and productive work environment which contributes to reduced costs and an efficient workforce," said Rushing. "Additionally, H & H's equipment replacement and refurbishment policies, and repair and maintenance program, significantly reduce untimely and costly delays associated with equipment breakdowns. These programs also benefit our customers, resulting in the best total value for both our customers and H & H."
 Rushing also noted that the first quarter earnings and cashflow bolstered the company's already strong balance sheet. Total outstanding debt was reduced by $811,000, or 18 percent. This resulted in a debt-to-equity ratio of 32 percent at March 31, 1993, vs. 40 percent at the end of 1992. $458,000 in capital expenditures was used to replace and purchase additional rental tools and equipment.
 "While uncertainty reigns in the oil industry, H & H is capitalizing on profitable opportunities and building upon our continuous improvement programs," concluded 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
 March 31,
 1993 1992
 Revenues
 Rental $4,435 $4,457
 Sales 810 510
 Total 5,245 4,967
 Cost and expenses
 Operating 2,873 3,236
 Cost of sales 522 327
 Depreciation and amortization 820 871
 General and administrative 579 740
 Total 4,794 5,174
 Operating income (loss) 451 (207)
 Interest 79 120
 Research and development --- 142
 Net income (loss) before income taxes 372 (469)
 Income tax provision 23 22
 Net income (loss) $349 ($491)
 Net earnings (loss) per share $.11 ($.15)
 Weighted average shares outstanding 3,270,378 3,262,769
 -0- 5/12/93
 /CONTACT: Henry H. Rushing, president & CEO of H & H Oil Tool, 805-525-6679; or Kim P. Feazle or Roger S. Pondel of Pondel Parsons & Wilkinson, 310-207-9300, for H & H Oil Tool/
 (HHOT)


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

MS-JL -- LA007 -- 7391 05/12/93 09:02 EDT
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Date:May 12, 1993
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