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TUBOSCOPE ANNOUNCES FINANCIAL RESULTS FOR FOURTH QUARTER AND FISCAL YEAR ENDED DEC. 31, 1991

 TUBOSCOPE ANNOUNCES FINANCIAL RESULTS FOR
 FOURTH QUARTER AND FISCAL YEAR ENDED DEC. 31, 1991
 HOUSTON, Feb. 6 /PRNewswire/ -- Tuboscope Corporation (NASDAQ: TUBO) today announced financial results for the fourth quarter and fiscal year ended Dec. 31, 1991.
 The company reported net income of $1,015,000, or 6 cents a share (on weighted average shares of 14,515,175 and after dividends of $124,000), for the fourth quarter of 1991. During the quarter, the company incurred after-tax costs of $927,000, or 6 cents a share, associated with the integration of the Vetco Services acquisition and continued downsizing of U.S. operations in response to the decline in North American drilling activity. Excluding these charges, net income would have been 12 cents a share. Interest expense in the quarter increased by $907,000 compared to the prior year and by $1,086,000 compared to the prior quarter as the Vetco Services acquisition was primarily funded by debt. Net income for the fourth quarter of 1990 was $2,417,000 or 20 cents per share (on weighted average shares of 12,034,991).
 Compared to the fourth quarter 1990, revenue increased by $9,353,000, or 25 percent, due to the acquisition of Vetco Services. Excluding Vetco Services, revenue declined by $7,766,000, or 21 percent as the average rig count in the United States and Canada dropped 29 percent.
 Gross profit percent, excluding Vetco, showed a small improvement during the fourth quarter, compared both to the third quarter 1991 and fourth quarter 1990, as cost reduction efforts implemented throughout 1991 began to have a positive impact later in the year. Gross profit percent increased despite a drop in revenue.
 Net income for the year was $4,546,000, or 35 cents a share (on weighted average shares of 12,665,537 and after dividends of $124,000), a 33 percent improvement over 1990 net income of $3,408,000, or 29 cents a share (on weighted average shares of 10,187,749 and after dividends of $452,000). Net income in 1991 included after-tax costs of $2,021,000, or 16 cents a share, related to downsizing and consolidating U.S. operations, and expenses related to consolidating Tuboscope and Vetco Services operations.
 For the year 1991, sales were $151,769,000, an increase of 18 percent, or $23,432,000, over 1990. This includes Vetco Services revenue of $17,119,000. Excluding Vetco, revenue increased 5 percent as coating services revenue was 16 percent higher than 1990, a result of strong performance in all major markets, particularly during the first nine months of the year. The company's results were also aided by a $3.7 million, or 77 percent, increase in mill equipment sales with shipments to China contributing most of the gain. These results were slightly offset by a 6 percent drop in inspection revenue.
 Tuboscope supplies worldwide inspection and coating services for oil country tubular goods, provides in-service inspection of oil, gas, and products pipelines, and provides in-line inspection equipment to manufacturers of oil country tubulars. Headquartered in Houston, the company employs more than 2,000 personnel worldwide and has operations in over 42 countries.
 TUBOSCOPE CORPORATION
 Consolidated Statements of Operations
 (In thousands)
 Periods ended Three Months Years
 Dec. 31 1991 1990 1991 1990
 (unaudited) (audited)
 Revenue $47,104 $37,751 $151,769 $128,337
 Operating profit 4,846 6,736 18,963 18,610
 Income before income
 taxes and extraordinary
 items: 1,541 3,904 7,330 6,404
 Net income 1,015 2,417 4,546 3,408
 Earnings per common
 share $0.06 $0.20 $0.35 $0.29
 Depreciation and
 amortization 3,225 1,849 9,235 7,130
 Revenue by Product Line
 Periods ended Three Months Years
 Dec. 31 1991 1990 1991 1990
 Oilfield services:
 Inspection $21,463 $15,449 $62,128 $53,845
 Coating 12,814 11,656 49,729 41,134
 TKC 820 1,536 3,949 5,452
 Oilfield services 35,097 28,641 115,806 100,431
 Industrial inspection 3,970 -- 3,970 --
 Pipeline 4,737 6,066 20,174 19,824
 Mill service 3,300 3,044 11,819 8,082
 Total revenue 47,104 37,751 151,769 128,337
 -0- 2/6/92
 /CONTACT: M.R. Reid or R.L. Koons of Tuboscope, 713-799-5100/
 (TUBO) CO: Tuboscope Corporation ST: Texas IN: OIL SU: ERN


CK -- NY064 -- 7732 02/06/92 12:23 EST
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Date:Feb 6, 1992
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