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WEATHERFORD INTERNATIONAL REPORTS SECOND QUARTER EARNINGS

 WEATHERFORD INTERNATIONAL REPORTS SECOND QUARTER EARNINGS
 HOUSTON, July 28 /PRNewswire/ -- Weatherford (AMEX: WII) reported today second quarter 1992 net income of $3.5 million, or $0.08 per common share, compared to a net loss of $7.3 million, or $(0.19) per common share, for the same period last year.
 The net loss for the second quarter 1991 included nonrecurring expenses of $10.5 million, or $(0.27) per common share, $2 million of which was recorded as additional income tax expense.
 Second quarter 1992 revenues decreased to $49.6 million from $50.8 million recorded during second quarter 1991 primarily as a result of low levels of domestic drilling activity. Domestic revenues declined 25 percent to $14.7 million during second quarter 1992 compared to the same quarter last year. However, international revenues increased 12 percent to $35 million for the same periods. International service revenues continued to improve as a result of increased activity and some strengthening of pricing in selected areas where the company operates. Operating income for second quarter 1992 was $4.8 million compared to an operating loss of $3.0 million in second quarter 1991 which included $8.5 million of nonrecurring expenses.
 Weatherford is a diversified international energy service and manufacturing company that provides tubular running and fishing services, sells products and equipment and rents specialized equipment and fishing tools to the oil and gas industry.
 The results are:
 (In thousands of U.S. dollars, except per share amounts)
 Qtr. ended June 30 1992 1991
 Revenues $49,638 $50,836
 Operating income (loss)(b) 4,774 (2,999)
 Income (loss) before income taxes(b) 4,527 (3,483)
 Net income (loss)(b) 3,498 (7,278)
 Income (loss) per common and common
 equiv. share(a)(b) $ 0.08 $ (0.19)
 Weighted average common and common
 equivalent shares outstanding 39,704 39,325
 6 mos. ended June 30 1992 1991
 Revenues $97,961 $102,545
 Operating income(b) 9,164 956
 Income (loss) before income taxes(b) 8,623 (21)
 Net income (loss)(b) 6,153 (4,561)
 Income (loss) per common and common
 equiv. share(a)(b) $ 0.14 $ (0.14)
 Weighted average common and common
 equivalent shares outstanding 39,623 39,182
 (a) Income (loss) per common and common equivalent share is computed on the basis of the weighted average number of shares of common stock and common stock equivalents (if dilutive) outstanding during the respective periods. For purposes of this calculation, preferred stock dividends of $384,000 ($0.01 per common share) have been deducted from net income or added to the net loss, as applicable, for the three-month periods ended June 30, 1992 and 1991. Preferred stock dividends of $769,000 ($0.02 per common share) have been deducted from net income or added to the net loss, as applicable, for the six month periods ended June 30, 1992 and 1991. Fully diluted earnings per share are considered to be equal to primary earnings per share in all periods presented because the effects of potentially dilutive securities that are not common stock equivalents were either anti-dilutive or immaterial.
 (b) Net loss for the three-month and six-month periods ended June 30, 1991 includes $10,500,000, or $(0.27) per common share, of nonrecurring expenses, of which $2,000,000 represents additional income tax expense.
 -0- 7/28/92
 /CONTACT: Norman W. Nolen, chief financial officer of Weatherford, 713-439-9400/
 (WII) CO: Weatherford International Incorporated ST: Texas IN: OIL SU: ERN


BR-TG -- AT003 -- 3866 07/28/92 09:00 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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