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HAWKINS ENERGY CORPORATION ANNOUNCES RESULTS FOR FIRST QUARTER 1993

 TULSA, Okla., May 14 /PRNewswire/ -- Hawkins Energy Corp. (NASDAQ: HECI) today reported revenues of $828,000 for the first quarter of 1993, a 27-percent decrease over results for the first quarter of 1992. The company reported a net loss of $44,000, $0.01 per share for the first quarter of 1993, compared with a net income of $111,000, $0.03 per share, during the first quarter of 1992 due entirely to a $348,000 decline in compressor sales. However, results for the first quarter of 1992 included the cumulative effect of an accounting change for income taxes which resulted in a benefit of $216,000 (0.06 per share). The company adopted the Statement of Financial Accounting Standards (SFAS) No. 109, "Accounting for Income Taxes," effective Jan. 1, 1992. Prior to the accounting change, the company's net loss during the first quarter 1992 was $105,000 (0.03 per share) versus $44,000 (0.01 per share) during the first quarter 1993. This improvement resulted from lower general and administrative and interest expense.
 The company recently announced its intent to acquire Mid-South Compressors Inc. and Owens Compression Inc. It is expected that both these transactions will close during the second quarter of 1993, after which time Hawkins Energy's gas compression business will serve a substantially larger geographic market.
 Hawkins Energy Corp. is a Tulsa-based, publicly held energy company engaged in oil and gas production and the remanufacturing, sales, and leasing of gas compressors through its wholly owned subsidiary, Equity Compressors Inc. Hawkins Energy's common shares are listed on NASDAQ under the symbol HECI. The company currently has approximately 3.7 million of common stock outstanding.
 HAWKINS ENERGY CORP.
 For 3 Months Ending March 31,
 1993 1992
 (In thousands except
 per share amounts)
 Total Revenues $ 828 $ 1,133
 Loss before cumulative
 effect of accounting change $ (44) $ (105)
 Net income (Loss) $ (44) $ 111
 Income (Loss) per Common Share $ (0.01) $ 0.03
 Income (Loss) per Common Share
 before cumulative effect of
 accounting change $ (0.01) $ (0.03)
 Weighted average common
 shares outstanding 3,713 3,732
 -0- 5/14/93
 /CONTACT: Clifford S. Lewis, vice president, treasurer and secretary of Hawkins Energy, 918-587-5815/
 (HECI)


CO: Hawkins Energy Corp. ST: Oklahoma IN: OIL SU: ERN

TM -- SF014 -- 8855 05/14/93 17:54 EDT
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Publication:PR Newswire
Date:May 14, 1993
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