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PRIDE PETROLEUM SERVICES REPORTS PROFIT FOR FIRST QUARTER OF 1992

 PRIDE PETROLEUM SERVICES REPORTS PROFIT FOR FIRST QUARTER OF 1992
 HOUSTON, April 28 /PRNewswire/ -- Pride Petroleum Services, Inc. (NASDAQ: PRDE) reported net earnings of $153,000 or $.01 per share on revenues of $23,969,000 for the three months ended March 31, 1992 compared to net earnings of $1,104,000 or $.07 per share on revenues of $29,009,000 for the same period of 1991. The company said that the lower comparative results were due to the continuing depressed economic conditions in the domestic oil and gas industry.
 Contributing to the less than desirable operating results was the fifth consecutive quarterly decline in rig hours worked. Domestic rig hours worked were 157,035 in the quarter ended March 31, 1992 compared to 193,747 in the same quarter a year ago and 166,111 in the fourth quarter of 1991.
 Pride's financial condition at March 31, 1992 remains strong and the company is effectively debt-free. In the most recent quarter, working capital increased $1.1 million to $24.3 million resulting in a current ratio of 2.9 to 1.
 Pride Petroleum Services, Inc., headquartered in Houston, is one of the largest well servicing contractors in the United States.
 PRIDE PETROLEUM SERVICES, INC.
 Consolidated Statement of Operations
 (unaudited)
 Three Months Ended
 March 31,
 1992 1991
 Revenues $23,969,000 $29,009,000
 Earnings from operations 58,000 1,655,000
 Net earnings 153,000 1,104,000
 Net earnings per common share $ .01 $ .07
 Average shares of common stock
 and common stock equivalents
 outstanding 16,252,000 16,405,000
 -0- 4/28/92
 /CONTACT: Eugene C. Fowler, VP and CFO, Pride Petroleum Services, 713-871-8567; or Pat Hoyt of Hoyt & Associates, 713-665-2549, for Pride Petroleum Services/
 (PRDE) CO: Pride Petroleum Services Inc. ST: Texas IN: OIL SU: ERN


SH -- NY114 -- 3958 04/28/92 15:35 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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