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MAVERICK TUBE ANNOUNCES QUARTERLY RESULTS AND STOCK SALE

 MAVERICK TUBE ANNOUNCES QUARTERLY RESULTS AND STOCK SALE
 ST. LOUIS, July 28 /PRNewswire/ -- Maverick Tube Corporation


(AMEX: MAV) announced today the results for its third quarter and year- to-date ended June 30, 1992. The company reported a net loss during the quarter of $137,000, and a year-to-date net loss of $3.1 million. The year-to-date loss was largely the result of the inclusion of a $5.1 million charge to earnings ($3.3 million after tax or $0.59 per share) resulting from the decision to relocate manufacturing operations. The losses per share for the third quarter and year-to-date respectively were $0.02 and $0.55, compared to a loss of $0.03 the same quarter the previous year and earnings of $0.81 for the year to date in fiscal 1991. Excluding the restructuring charge, year to date earnings would have been $186,000 or $0.03 per share.
 Maverick also announced that it has completed the financing arrangements for its new facility in Arkansas. The company entered into a new $15 million, revolving loan agreement with Harris Trust and Savings Bank and Mercantile Bank for working capital needs, an $8.3 million, seven year term loan with CIT Financial, and a $6 million, 15 year taxable bond arrangement with the Arkansas Finance Development Authority. Also included in the new financing was the sale of an additional $2.8 million in common stock, in a private placement to both new and existing shareholders.
 Sales for the quarter and year-to-date were $23.1 million and $65.6 million, respectively, compared to sales of $24.8 million and $103.0 million in the same periods of fiscal 1991. Shipments in the quarter exceeded the previous period's shipments by 13 percent, and second quarter shipments by 23 percent.
 Third quarter results as compared to a year ago were severely hampered by 14 percent lower selling prices. U.S. drilling activity for the quarter declined by 25 percent to record low levels from the same quarter the previous year. Maverick's selling prices fell by 7 percent during the quarter, due primarily to intense competition for the reduced demand for OCTG products.
 Gregg Eisenberg, president and CEO noted "While the rig count dropped to a low of 596 rigs during June, we are definitely seeing some signs of a rebound. Drilling activity since has increased back to 688 rigs, and there are signs of continuing improvement. Operating efficiencies were excellent in the past quarter, and we got the first benefit of a large export sales. These helped offset the effect of the drop in selling prices. We were also pleased with the completion of long term financing on the new plant. The sale of additional equity will further strengthen our balance sheet.
 Maverick Tube Corporation is a St. Louis, based manufacturer of tubular products used in the energy industry in drilling, production and surface transportation applications.
 MAVERICK TUBE CORPORATION
 Selected Consolidated Financial Data
 For the third quarter ended June 30, 1992


(In thousands, except shipments and per share data - Unaudited)
 Third Quarter Nine Months
 1992 1991 1992 1991
 Shipments (Tons) 42,213 37,259 112,203 154,425
 Net Sales $23,074 $24,765 $65,641 $103,048
 Gross Profit $1,103 $858 $4,275 $10,511
 Restructuring Charge 0 0 $5,074 0
 Income From Operations $(53) $(277) $(4,338) $6,685
 Net Earnings (A) $(137) $(185) $(3,056) $3,735
 Earnings Per Share (B) $(0.02) $(0.03) $(0.55) $0.81
 Wtd. Avg. No. Shares 5,578 5,578 5,578 4,589
 (A) Net year-to-date earnings in fiscal 1992 prior to the restructuring charge would have been $186,000.
 (B) Year-to-date EPS in fiscal 1992 prior to restructuring charge would have been $0.03.
 -0- 7/28/92
 /CONTACT: Charles O. Struckhoff, vice president administration & secretary investor relations, 314-537-1314/
 (MAV) CO: Maverick Tube Corporation ST: Missouri IN: OIL SU: ERN


SH -- NY035 -- 4020 07/28/92 11:03 EDT
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Date:Jul 28, 1992
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