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MAVERICK TUBE CORPORATION: PROFITABILITY UP WITH INCREASED RIG COUNT

 ST. LOUIS, Jan. 18 /PRNewswire/ -- Maverick Tube Corporation (AMEX: MAV) announced today the results for its first quarter of fiscal 1993. The company reported net income during the quarter of $1.2 million or $0.19 per share, up from the profit reported in the same quarter last year of $192,000 or $0.03 per share. Net sales increased to $36.1 million for the quarter, up from $22.4 million the year before.
 First quarter results as compared to a year ago were helped by a surge in U.S. drilling activity. Drilling for the quarter increased to an average of 867 rigs, up by 9 percent from the same quarter the previous year, and 25 percent over the previous quarter. At the end of December, the Baker Hughes rig count stood at 922. Maverick's selling prices continued to improve marginally during the quarter, as domestic producers benefited from low import rates and tightened supplies from inventory.
 Gregg Eisenberg, president and CEO noted "Naturally we are pleased with the increase in drilling we saw during the quarter. The increase was led by a large increase in natural gas drilling which we believe was the result of both higher natural gas prices and expiring federal tax credits. The increase in domestic drilling made it possible to achieve comparable sales rates to those we had the previous quarter when sales, to a former Soviet republic, were $5.5 million. Revenues improved as a result of improved pricing and product mix. Lower raw material costs also helped to increase margins and profitability over Maverick's previous quarter."
 Eisenberg also noted "Maverick's move to Arkansas picked up speed in December with the completion of our new building and the ending of casing production in Union, Missouri. The project remains on schedule for a March start up in Arkansas. To date, training of operating personnel in Arkansas suggests a good start up when operations commence."
 Maverick Tube Corporate is a St. Louis, Missouri, 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 First Quarter Ended Dec. 31, 1992
 (In thousands, except shipments and per share data)
 Unaudited
 First Quarter
 Periods ended Dec. 31 1993 1992
 Shipments (Tons) 61,296 35,568
 Net Sales $36,102 $22,494
 Gross Profit $3,370 $1,590
 Restructuring Charge 0 0
 Income From Operations $1,602 $447
 Net Earnings $1,168 $192
 Earnings Per Share $ 0.19 $ .03
 Weighted Average 6,140 5,578
 Number Shares
 -0- 1/18/92
 /CONTACT: Charles O. Struckhoff, vice president administration & secretary of Maverick Tube Corporation, investor relations, 314-537-1314/
 (MAV)


CO: Maverick Tube Corporation ST: Missouri IN: SU: ERN

TM -- NY071 -- 6040 01/18/93 18:00 EST
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Publication:PR Newswire
Date:Jan 18, 1993
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