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LUFKIN INDUSTRIES ANNOUNCES 1991 EARNINGS AND DIVIDENDS FOR FIRST QUARTER 1992

          LUFKIN INDUSTRIES ANNOUNCES 1991 EARNINGS AND DIVIDENDS
                          FOR FIRST QUARTER 1992
    LUFKIN, Texas, Feb. 19 /PRNewswire/ -- Lufkin Industries, Inc. (NASDAQ: LUFK) today announced its earnings for 1991 reporting a 42 percent increase in sales in 1991 over 1990 and a 248 percent increase in earnings from continuing operations during 1991.  Net earnings increased from $2 million in 1990 to $6.9 million in 1991.
    In November 1991, the company announced its decision to exit the trailer business.  The company does not expect to generate any additional trailer-related losses other than those reported in its 1991 earnings.
    The significant improvement in sales and earnings for 1991 was the result of increased demand for the company's oilfield pumping units in the international marketplace.  During 1991, sales of these products to Russia and Latin America were $68.4 million compared to $6 million in 1990.
    The company also announced that its board declared a quarterly cash dividend of 40 cents per share on its common stock.  The dividend will be paid on March 10, 1992, to shareholders of record on March 1.
    Lufkin Industries, Inc. is the country's leading manufacturer of oil field pumping units.  The company designs, manufactures and sells oil field products, industrial and marine gearing products, commercial products and industrial supplies.
                  LUFKIN INDUSTRIES, INC. AND SUBSIDIARIES
                     Consolidated Statement of Earnings
                    (Unaudited; in thousands of dollars)
     Periods ended                  Three Months        Twelve Months
     Dec. 31                       1991     1990       1991      1990
    Sales                        $48,784  $43,986   $193,585  $135,895
    Cost and expenses            (47,344) (44,995)  (184,698) (138,114)
    Other income                     826    1,566      4,356     5,957
    Earnings from continuing
     operations before taxes       2,266      557     13,243     3,738
    Income taxes                    (804)    (182)    (4,274)    1,163
    Earns. from continuing opers.  1,462      375      8,969     2,575
    Loss from discontinued opers.,
     after tax benefits             (766)    (519)    (2,102)     (550)
    Net earnings                     696     (144)     6,867     2,025
    Earnings (loss) per share:(A)
     Continuing operations          $.22     $.06      $1.32      $.38
     Discontinued operations         .12     (.08)      (.31)     (.08)
    Total                           $.10    $(.02)    $(1.01)    $ .30
    Dividends per share(A)          $.40     $.40      $1.60     $1.53
    (A) -- Adjusted for 3-for-1 stock dividend distributed on Dec. 3, 1990.
    -0-                      2/19/92
    /CONTACT:  C. James Haley Jr., secretary-treasurer of Lufkin Industries, 409-637-5555/
    (LUFK) CO:  Lufkin Industries, Inc. ST:  Texas IN:  OIL SU:  ERN AH-CK -- NY087 -- 0701 02/19/92 18:30 EST
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Date:Feb 19, 1992
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