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PARKER REPORTS INCREASED REVENUE, WRITEOFF

 PARKER REPORTS INCREASED REVENUE, WRITEOFF
 TULSA, Okla., Oct. 16 /PRNewswire/ -- For its fiscal year 1992


(ended Aug. 31), Parker Drilling Company (NYSE: PKD) announced increased revenue of $123,332,000 as compared to $112,818,000 a year ago. "These numbers reflect an improvement in drilling operations over 1991," said Robert L. Parker Jr., president and chief executive officer. "However, due to our previously announced writedown of $19,257,000 we will post a net loss of $11,166,000 as compared to last year's net income of $3,161,000."
 Per share results reflect a net loss of $.21 compared to per share net income of $.06 reported for the prior year.
 "In the fourth quarter Parker initiated plans to dispose of inventories and rig components that were unlikely to be used," Parker explained. "This will result in cash for reinvestment in our ongoing drilling business and for modest savings in future operating expenses," he added.
 Parker Drilling is a worldwide oil and gas drilling contractor.
 PARKER DRILLING COMPANY FINANCIAL HIGHLIGHTS
 (In thousands except per share data)
 Fiscal 1992 Fiscal 1991 Fiscal 1992 Fiscal 1991
 Fourth Qtr. Fourth Qtr. Year End Year End
 Revenue $ 32,543 $ 29,606 $123,332 $112,818
 Operating
 Income
 (Loss) $(19,057) $ (3,682) $(17,063) $ (6,065)
 Income (Loss)
 From Continuing
 Operations $(17,007) $ 373 $(11,l66) $ 1,977
 Net Income
 (Loss)A $(17,007) $ 373 $(11,166) $ 3,161
 Earnings (Loss)
 Per Share:
 Income (Loss) From
 Continuing
 Operations $ (0.33) $ 0.01 $ (0.21) $ 0.04
 Net Income
 (Loss) $ (0.33) $ 0.01 $ (0.21) $ 0.06
 A -- Includes provision for reduction in carrying value of certain assets of $19,257,000 in the fourth quarter of fiscal 1992 and $3,268,000 in the fourth quarter of fiscal 1991.
 -0- 10/16/92
 /CONTACT: Tim Colwell, director of Public Relations, 918-585-8221, of Parker Drilling/
 (PKD) CO: Parker Drilling Co. ST: Oklahoma IN: OIL SU: ERN


TM -- SF006 -- 1028 10/16/92 14:28 EDT
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Date:Oct 16, 1992
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