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TUBOSCOPE VETCO INTERNATIONAL ANNOUNCES SECOND QUARTER FINANCIAL RESULTS

TUBOSCOPE VETCO INTERNATIONAL ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
 HOUSTON, July 29 /PRNewswire/ -- Tuboscope Vetco International Corporation (NASDAQ-NMS: TUBO) today announced financial results for the three months ended June 30, 1992.
 The company reported net income of $1.1 million, or 5 cents per share (after preferred stock dividends of $175,000 and on weighted average shares of 18,222,272), for the second quarter of 1992, compared to net income of $1.2 million, or 10 cents per share (on weighted average shares of 12,034,991), for the second quarter of 1991.
 The company's reported second quarter revenue of $41.0 million was a $4.9 million, or 14 percent, increase over the second quarter of 1991. This revenue increase was due to a $11.9 million increase in international oilfield inspection operations, principally related to the acquisition of Vetco Services in October 1991. The international revenue increase was partially offset by a $7.7 million, or 35 percent, drop in North America oil country tubular goods inspection and coating services as the North American rig count fell to 681, a 26 percent reduction versus the second quarter of 1991. Pipeline Services revenue increased by $620,000 in the second quarter of 1992 compared to 1991 while revenue from Mill Systems and Sales was down $2.9 million mainly as the result of large mill equipment shipments which occurred in the second quarter of 1991.
 Despite the downturn in domestic operations, consolidated gross margin improved to 47.4 percent in the second quarter of 1992 compared to 46.3 percent in 1991 as a result of cost reductions implemented in the first quarter of 1992 and throughout 1991. Selling, administrative and general expense increased $1.3 million due to overhead costs associated with the acquired Vetco operations.
 Income before interest, taxes, and depreciation and amortization was $8.0 million for the second quarter of 1992, a 23 percent increase over the same period of 1991. Operating cash flow per share (defined as net income plus depreciation/amortization and provision for losses) per share was 24 cents (on 18,222,272 shares and after preferred stock dividends of $175,000) for the second quarter of 1992 compared to 27 cents (on 12,034,991 shares) for 1991.
 Tuboscope Vetco International 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.
 The company's common stock is traded on the NASDAQ National Market System under the symbol TUBO.
 Tuboscope Vetco International Corporation
 Consolidated Statements Of Operations (Unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 (in thousands, except share and per share data)
 Revenue:
 Sale of services $39,452 $31,673 $77,485 $63,971
 Sale of products 593 3,396 1,882 5,069
 Rental income 911 983 1,845 1,926
 Total 40,956 36,052 81,212 70,966
 Costs and Expenses:
 Cost of services
 sold 29,790 23,740 60,469 48,442
 Cost of products
 sold 210 1,941 696 2,938
 Selling,
 administrative
 and general 5,218 3,927 10,068 7,789
 Research and
 engineering costs 1,020 880 2,061 1,653
 Restructuring costs -- 770 1,010 1,070
 Total 36,238 31,258 74,304 61,892
 Operating profit 4,718 4,794 6,908 9,074
 Other expense
 (income):
 Interest expense 2,904 2,567 6,204 5,149
 Interest income (111) (38) (428) (68)
 Foreign exchange (617) 94 607 173
 Gain on sale of TKC -- -- (3,983) --
 Other, net 794 225 1,720 409
 Income, before income
 taxes 1,748 1,946 2,788 3,411
 Provision for
 income taxes 612 724 976 1,296
 Net income 1,136 1,222 1,812 2,115
 Dividends applicable
 to redeemable
 preferred stock 175 -- 350 --
 Net income applicable
 to common stock $ 961 $1,222 $1,462 $2,115
 Earnings per common
 share:
 Income before
 extraordinary item
 and after deduction
 of preferred stock
 dividends $ .05 $ .10 $ .08 $ .18
 Extraordinary item -- -- -- --
 Net income $ .05 $ .10 $ .08 $ .18
 Weighted average
 number of common
 shares outstanding 18,222,272 12,034,991 18,198,160 12,034,991
 Other Data:
 Depreciation and
 amortization 3,350 1,998 6,684 3,980
 TUBOSCOPE VETCO INTERNATIONAL CORPORATION
 Revenue by Product Line
 For the Three and Six Months Ended June 30, 1992 and 1991
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 (in thousands)
 Oilfield Services:
 Inspection $20,374 $13,432 $41,922 $28,426
 Coating 10,284 12,349 21,574 23,687
 TKC -- 1,157 -- 2,386
 Oilfield Services 30,658 26,938 63,496 54,499
 Industrial Inspection 3,477 -- 6,982 --
 Pipeline Services 5,431 4,811 8,197 9,639
 Mill Systems & Sales 1,390 4,303 2,537 6,828
 Total Revenue $40,956 $36,052 $81,212 $70,966
 -0- 7/29/92 R
 /CONTACT: M.R. Reid or R.L. Koons of Tuboscope Vetco International, 713-799-5100/
 (TUBO) CO: Tuboscope Vetco International Corporation ST: Texas IN: OIL SU: ERN


GK -- NY027R -- 4504 07/29/92 10:31 EDT
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