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MAVERICK TUBE CORPORATION QUARTERLY RESULTS IMPROVED AS DRILLING PICKS UP

 MAVERICK TUBE CORPORATION
 QUARTERLY RESULTS IMPROVED AS DRILLING PICKS UP
 ST. LOUIS, Nov. 9 /PRNewswire/ -- Maverick Tube Corporation (AMEX: MAV) announced today the results for its fourth quarter and full year ended Sept. 30, 1992. The company reported a profit during the quarter of $355,000 and a year-to-date net loss of $2.7 million. The year-to-date loss was the result of the inclusion of a $5.1 million charge to earnings ($3.5 million after tax or $0.61 per share) resulting from the decision to relocate manufacturing operations. Fourth quarter profit reflects a $200,000 reduction in the estimated income tax benefit attributable to the restructuring charge due to the impact of the alternative minimum tax.
 The income per share for the fourth quarter was $0.06 while the fiscal year saw a loss per share of $0.47, compared to a loss of $0.20 the same quarter the previous year and earnings of $0.54 for fiscal 1991. Excluding the restructuring charge, quarterly earnings would have been $886,000 or $0.14 per share, while fiscal year earnings would have been $1.1 million or $0.19 per share.
 Sales increased to $33.3 million for the quarter from $23.0 million in both the third quarter, 1992 and the fourth quarter, 1991. Full year sales were $99 million during fiscal 1992 as compared to $126 million in fiscal 1991.
 Fourth quarter results as compared to a year ago continued to be hampered by 10 percent lower selling prices. U.S. drilling activity for the quarter declined to an average of 677 rigs, down by 20 percent from the same quarter the previous year, but improved by 6.8 percent over the previous quarter, in recent weeks, drilling activity has moved ahead of the levels of one year ago. Maverick's selling prices rebounded slightly during the quarter, as competition lessened for the increased demand for OCTG products.
 Gregg Eisenberg, president and CEO noted "I am encouraged by the recent improvements in the market. Drilling activity in October 1992 has gone back over 800 rigs, and may improve further seasonally through year end. Pricing has moved up a little and competition from inventories and imports has slowed. Operating efficiencies were again excellent in the past quarter, and we got the benefit of $6 million in export sales. These combined to bring Maverick back into profitability in spite of historic low drilling levels."
 Eisenberg also noted, "Maverick's new plant construction in Arkansas continues to go well. The project, now budgeted at $13 million, should start up operations in early March of 1993. We are anxiously awaiting the expected benefits of the project."
 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 fourth quarter ended Sept. 30, 1992
 (Unaudited, in thousands, except shipments and per share data)
 Fourth Quarter Twelve Months
 1992 1991 1992 1991
 Shipments (Tons) 60,270 36,969 172,473 191,394
 Net Sales $33,300 $22,980 $ 98,941 $126,029
 Gross Profit $ 2,321 $ 8 $ 6,600 $ 10,522
 Restructuring Charge 0 0 $ 5,074 0
 Income From Operations $ 1,116 $(1,335) $ (3,214) $ 5,350
 Net Earnings (a),(b) $ 355 $(1,130) $ (2,700) $ 2,603
 Earnings Per Share (c) $ 0.06 $ (0.20) $ (0.47) $ 0.54
 Weighted Average
 Number Shares 6,140 5,578 5,718 4,838
 (a) Net earnings in the fourth quarter of 1992 and the full year have been reduced by a $200,000 adjustment to the future tax benefits resulting from the restructuring charge. For the full year, earnings after tax were reduced by $3.5 million due to the restructuring charge.
 (b) Net earnings in fiscal 1992 excluding the restructuring charge would have been $886,000 for the quarter and $1.1 million for the full year.
 (c) EPS in fiscal 1992 excluding the restructuring charge would have been $0.14 for the quarter and $0.19 for the full year.
 -0- 11/9/92
 /CONTACT: Charles O. Struckhoff, vice president administraton & secretary, investors relations of Maverick Tube, 314-537-1314/
 (MAV) CO: Maverick Tube Corporation ST: Missouri IN: OIL SU: ERN


MA -- NY052 -- 8634 11/09/92 11:05 EST
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Date:Nov 9, 1992
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