We recommend the purchase of Oil States International Inc. (OIS @ $10.59). OIS is a provider of specialty products and services to the oil and gas drilling and production companies throughout the world. For the fiscal year ended 12/31/01, revenues rose from $304.5 million to $671.2 million. Net income before extraordinary item. and applicable to Common rose from $1.1 million to $43.4 million. We estimate OIS to earn $.65 per share on revenue of $680 million this year and $.85 next year. Projecting an average earnings growth rate of 18%, we estimate OIS's current PEG ratio to be 1.0x, substantially below that of its peers'.
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