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NEWPARK REPORTS FIRST QUARTER EARNINGS DECLINE ON FLAT REVENUES

 METAIRIE, La., April 29 /PRNewswire/ -- Newpark Resources, Inc. (NASDAQ: NPRS) today reported first quarter earnings of $520,000, or $.06 per share, a decline of 67 percent compared to earnings of $1,350,000, or $.15 per share, in the corresponding period of 1992. Revenues of $15,958,000 during the first quarter ended March 31 were 4 percent above the $15,329,000 reported in the same period of the prior year. Per share amounts are based on a weighted average of 9,136,000 and 9,103,000 shares outstanding in 1993 and 1992, respectively.
 James D. Cole, president and chief executive officer, attributed the quarterly earnings decline to pricing pressures during the lowest levels of drilling activity recorded in the history of the industry, and to a fall-off in mediation revenue due primarily to customer uncertainty regarding the regulatory treatment of naturally occurring radioactive material. Cole said that "the regulatory issue is in the process of being resolved and should not impede the remediation market in the second half of the year."
 Newpark's president continued: "Throughout 1992 and during the first quarter, the company has continued its strategy of adding productive capacity and capabilities in order to properly position itself for anticipated market improvement in spite of the near term impact on earnings. Recent increases in natural gas prices have greatly improved the prospects for drilling activity. With the resurgence of natural gas exploration and development activity by our customers, we anticipate significant improvement in the market for drillsite-related environmental services and increased utilization of our productive capacity."
 Newpark Resources provides integrated environmental and oilfield services to the exploration and production industry.
 NEWPARK RESOURCES, INC.
 Statement of Operations
 (Unaudited, in 000s, except per share amounts)
 First quarter ended March 31 1993 1992
 Revenues $15,958 $15,329
 Net earnings 520 1,350
 Net earnings per common share .06 .15
 Weighted average shares outstanding 9,136 9,103
 Consolidated Revenues & Operating Profit by Industry Segment
 (thousands of dollars -- unaudited)
 Three months ended March 31 1993 1992
 Industry Segments Revenue Operating Revenues Operating
 profit profit
 Environmental services $10,527 $ 976 $10,395 $ 1,171
 Oilfield services 1,743 235 1,675 502
 Marine services 3,688 233 3,259 115
 Total 15,958 1,444 15,329 1,788
 General and administrative
 expenses -- 489 -- 508
 Operating income -- 955 -- 1,280
 Net interest expense
 (income) -- 435 -- (70)
 Net income -- 520 -- 1,350
 The 1992 segment operating profits reported herein have been restated to reflect expense allocation adjustments effected Dec. 31, 1992.
 -0- 4/29/93
 /CONTACT: Matthew W. Hardey, vice president of finance of Newpark Resources, Inc., 504-838-8222/
 (NPRS)


CO: Newpark Resources, Inc. ST: Louisiana IN: OIL SU: ERN

TS-LR -- NY032 -- 2553 04/29/93 10:28 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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