VARCO INTERNATIONAL ANNOUNCES EARNINGS
VARCO INTERNATIONAL ANNOUNCES EARNINGS ORANGE, Calif., April 30 /PRNewswire/ -- Varco International Inc.
(NYSE: VRC) today reported net income of $2.4 million, $.07 per share, on revenues of $47.3 million for the first quarter ended March 31. For the first quarter of 1991, net income was $3.2 million, $.11 per share and revenues were $46.4 million.
Incoming orders for the first quarter of 1992 totaled $38.2 million as compared to $51.9 million in the first quarter a year ago and $36.5 million in the fourth quarter of last year. Backlog at March 31 was approximately $27.4 million. First quarter results were negatively impacted by a decline in revenues and profits at the Martin-Decker/TOTCO Instrumentation Division, as the products of this division have typically carried relatively higher margins. This revenue decline is due primarily to sharply lower drilling activity in the United States. Revenues for the most recent quarter were $10.5 million, vs. $14.0 million in the first quarter of 1991. Sales of the Drilling Systems Division were $21.9 million in the first quarter, as compared to $18.9 million in the comparable quarter a year ago; and sales of the Varco BJ Oil Tools Division increased to $14.9 million in the first quarter of this year from $13.3 million during the similar period a year ago. Varco President and Chief Executive Officer George Boyadjieff said, "Our first quarter results began to reflect the slow down in drilling activity which started in mid-1991. With continuing uncertainty in our market we will continue to focus on reducing our cost structure and concentrate our selling efforts on those areas of greatest opportunity." Varco International Inc. is a leading manufacturer of drilling machinery, equipment and instrumentation used in the oil and gas industry throughout the world. VARCO INTERNATIONAL INC. (In $000s except per share) 1992 1991 Quarter Ended March 31: Revenues $47,328 $46,445 Income before income taxes 3,366 3,940 Net income 2,428 3,214 Net income per share .07 .11 Shares used to calculate per share amounts (000) 32,936 29,177 -0- 4/30/92 /CONTACT: Richard Kertson of Varco, 714-978-1900/ (VRC) CO: Varco International Inc. ST: California IN: OIL SU: ERN
KJ-CH -- LA019 -- 4939 04/30/92 12:34 EDT
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|Date:||Apr 30, 1992|
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