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VARCO INTERNATIONAL REPORTS FIRST QUARTER RESULTS

 ORANGE, Calif., April 21 /PRNewswire/ -- Varco International Inc. (NYSE: VRC) today reported net income of $1.3 million, or $.04 per share, on revenues of $45.8 million for the first quarter ended March 31. For the first quarter of 1992, net income was $4.5 million, or $.13 per share, on revenues of $47.3 million. Results for the first quarter of last year were favorably impacted by the adoption of FASB Statement No. 109, Accounting for Income Taxes. The net effect of this change in accounting methodology was an extraordinary tax credit of $2.0 million, or $.06 per share.
 Results for the first quarter of this year include the Shaffer Division, which was acquired in July of last year. Shaffer contributed $10.3 million of revenue in the most recent quarter. Revenues of the Varco Drilling Systems Division declined to $14.2 million in the first quarter of 1993, from $21.9 million a year ago; and revenues of the Varco BJ Oil Tools Division were $10.4 million vs. $14.9 million in the initial quarter of last year. The Martin-Decker/TOTCO Instrumentation Division recorded revenues of $10.7 million the quarter just ended, up modestly from $10.5 million a year ago.
 Incoming orders totaled $42.3 million for the first quarter, and backlog was $37.2 million at March 31.
 In commenting on the above results, Varco President and Chief Executive Officer George Boyadjieff, noted that, "Worldwide drilling activity was relatively weak during the first quarter. The normal seasonal decline in U.S. drilling was exaggerated by the expiration, at the end of last year, of certain tax credits for natural gas drilling. International drilling activity remains below that experienced during the first three months of last year.
 "Our financial condition remains very strong. Under the present market conditions we will continue to emphasize cost containment, and focus our selling efforts on the areas of greatest opportunity," Boyadjieff concluded.
 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.
 Financial Summary
 (In $000s, except per share)
 Quarter ended March 31,
 1993 1992
 Revenues $45,813 $47,328
 Income before income taxes
 and cumulative effect of
 change in accounting
 for income taxes 2,098 3,366
 Cumulative effect of change
 in accounting for income taxes --- 2,036
 Net income 1,349 4,464
 Net income per share .04 .13
 Shares used to calculate
 per share amounts (000) 33,331 32,936
 -0- 4/21/93
 /CONTACT: Richard Kertson, VP-finance & CFO of Varco International, 714-978-1900/
 (VRC)


CO: Varco International Inc. ST: California IN: OIL SU: ERN

JL-KJ -- LA033 -- 8894 04/21/93 15:39 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
Words:455
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