Printer Friendly

VARCO INTERNATIONAL ANNOUCES RESULTS FOR SECOND QUARTER 1992

 VARCO INTERNATIONAL ANNOUCES RESULTS FOR SECOND QUARTER 1992
 ORANGE, Calif., July 30 /PRNewswire/ -- Varco International Inc. (NYSE: VRC) today reported results of operations for the second quarter ended June 30. Net income for the quarter was $246,000, $.01 per share, on revenues of $37.4 million. For the second quarter of 1991 net income was $3.4 million, $.12 per share, on revenues of $56.0 million.
 For the six months ended June 30, net income was $2.7 million, $.08 per share, vs. $6.6 million, $.23 per share, for the comparable period of 1991. Revenues for the most recent six months were $84.8 million as compared to $102.4 million during the similar period of 1991.
 Incoming orders for the second quarter of 1992 totaled $33.7 million vs. the $50.9 million booked during the second quarter a year ago. Backlog at June 30 was approximately $23.8 million.
 Second quarter revenues were below the comparable 1991 period in each of Varco's three divisions. The decline was most pronounced in the Drilling Systems Division where second quarter sales were $12.2 million vs. $26.3 million a year ago. Sales of the Varco BJ Oil Tools Division declined modestly from year to year, to $15.0 million from $15.8 million in 1991; and revenues of the Martin- Decker/TOTCO Instrumentation Division were $10.1 million in the most recent quarter as compared to $13.7 million in the second quarter a year ago.
 Separately, Varco International Inc. also announced today that its wholly owned subsidiary, Varco International Finance N.V., will redeem all $20 million outstanding principal amount of its 8 1/2 percent convertible subordinated debentures due 1996. The redemption date is Sept. 9, 1992, and the redemption price is equal to 100 percent of the principal plus accrued interest to the date of redemption. The debentures are convertible into Varco common stock at a conversion price of $30.50 per share.
 In commenting on the second quarter results, Varco President and Chief Executive Officer George Boyadjieff said, "The extremely depressed level of drilling activity in the United States, particularly in the Gulf of Mexico, together with reduced activity in certain key international markets, is the principal reason for our reduced revenues and profits. The impact on the higher dollar value capital equipment sold by our Drilling Systems Division has been particularly severe."
 "We are continuing to reduce our cost structure consistent with this revenue decline. However, we also continue to believe that our longer term success depends upon our ability to develop and provide products and technology which enhance the safety and productivity of the drilling process, and we remain committed to that strategy," Boyadjieff emphasized.
 VARCO INTERNATIONAL INC.
 (In thousands except per share)
 1992 1991
 Quarter Ended June 30:
 Revenues $37,444 $55,982
 Income before income taxes 246 4,263
 Net income 246 3,424
 Net income per share .01 .12
 Shares used to calculate
 per share amounts 32,996 29,636
 Six Months Ended June 30:
 Revenues $84,772 $102,427
 Income before income taxes 3,613 8,203
 Net income 2,675 6,638
 Net income per share .08 .23
 Shares used to calculate
 per share amounts 32,966 29,408
 Varco International Inc. is a leader in the design and manufacture of drilling equipment and machinery and rig instrumentation for oil and gas well drilling worldwide.
 -0- 7/30/92 R
 /CONTACT: Richard Kertson of Varco, 714-978-1900/
 (VRC) CO: Varco International Inc. ST: California IN: OIL SU: ERN


KD-AL -- LA025 -- 5347 07/30/92 17:48 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 30, 1992
Words:600
Previous Article:NEW HOME SALES UP IN JUNE
Next Article:CWA, IBEW MEMBERS GIVE LEADERS STRIKE AUTHORIZATION AT BELL ATLANTIC
Topics:


Related Articles
VARCO INTERNATIONAL INC. REPORTS EARNINGS
VARCO INTERNATIONAL ANNOUCES RESULTS FOR SECOND QUARTER 1992
VARCO INTERNATIONAL INC. ANNOUNCES RESULTS
VARCO INTERNATIONAL REPORTS FOURTH QUARTER AND YEAR-END RESULTS
VARCO INTERNATIONAL INC. ANNOUNCES EARNINGS
VARCO INTERNATIONAL REPORTS THIRD QUARTER RESULTS
VARCO INTERNATIONAL REPORTS RESULTS
VARCO INTERNATIONAL REPORTS FIRST QUARTER EARNINGS
VARCO INTERNATIONAL INC. REPORTS THIRD QUARTER EARNINGS
VARCO ANNOUNCES RESULTS OF OPERATIONS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters