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H & H REPORTS SECOND QUARTER RESULTS; REVENUES UP 10 PERCENT

 SANTA PAULA, Calif., Aug. 11 /PRNewswire/ -- H & H Oil Tool Co. Inc. (NASDAQ: HHOT) today reported continued positive results for the second quarter and six months ended June 30, 1993.
 The company posted net income of $109,000, equal to $.03 per share, for the three-month period. This compares with a net loss of $474,000, equal to $.15 per share, for the corresponding period a year ago. Revenues increased 10 percent to $4,843,000 from $4,395,000 last year.
 For the first half of 1993, H & H reported net income of $458,000, equal to $.14 per share, compared with a net loss of $965,000, equal to $.30 per share, for the same period last year. Revenues were $10,088,000, compared with $9,362,000 in 1992.
 Henry H. Rushing, president and chief executive officer, said the second quarter and six-month earnings reflect H & H's continued effective cost management which favorably impacted operating results in spite of pricing pressures and the ongoing weakness in the domestic oilfield industry.
 Revenues from the Rocky Mountain region were up from last year due to increased natural gas activity resulting from continued strong natural gas prices. However, California operations remained weak during the second quarter reflecting an all-time low in the number of working drilling rigs in the United States, compounded by a challenging California business environment, Rushing noted.
 "In spite of severe oilfield industry pricing pressures and the continuing decline in oilfield activity, H & H posted its second consecutive profitable quarter in 1993 and reduced its total debt-to- equity ratio to 27 percent from 40 percent at the end of 1992," said Rushing. "Our success in the oilfield industry over the past 40 years is a result of our ability to continually provide quality service to our customers despite the challenging industry environment."
 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 Six Months Ended
 June 30, June 30,
 1993 1992(a) 1993 1992(a)
 Revenues
 Rental $4,179 $3,881 $8,614 $8,338
 Sales 644 514 1,474 1,024
 Total 4,843 4,395 10,088 9,362
 Cost and expenses
 Operating 2,765 2,742 5,638 5,978
 Cost of sales 453 323 975 650
 Depreciation and
 amortization 824 810 1,644 1,681
 General and
 administrative 608 676 1,187 1,416
 Total 4,650 4,551 9,444 9,725
 Operating income
 (loss) 193 (156) 644 (363)
 Interest 72 115 151 235
 Research and
 development-
 processing plant --- 201 --- 343
 Income (loss)
 before income taxes 121 (472) 493 (941)
 Income tax provision 12 2 35 24
 Net income (loss) $109 ($474) $458 ($965)
 Net earnings (loss)
 per share $.03 ($.15) $.14 ($.30)
 Weighted average
 shares
 outstanding 3,293,775 3,264,534 3,283,153 3,263,525
 (a) Certain 1992 amounts have been reclassified to conform with 1992 annual classifications.
 -0- 8/11/93
 /CONTACT: Henry H. Rushing, president and CEO of H & H Oil Tool Co, 805-525-6679; or Kim P. Feazle or Roger S. Pondel 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

JL-MF -- LA007 -- 1519 08/11/93 09:01 EDT
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Publication:PR Newswire
Date:Aug 11, 1993
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