To All,
Good News, Earnings are out!
Dril-Quip, Inc. Announces Third Quarter Results
HOUSTON, Nov. 11 /PRNewswire/ -- Dril-Quip, Inc. (NYSE: DRQ - news), today announced
third quarter 1997 net income of $3.52 million, an increase of 76% over net income of $1.99 million in
the prior year's third quarter. Earnings per share were $0.24 compared with $0.14 for the same
period in 1996. Revenues for the third quarter 1997 were $38.0 million, up 36% from $27.9 million in
1996.
For the nine months ended September 30, 1997, net income totaled $8.63 million, an increase of 42%
over net income of $6.05 million for the first nine months of 1996. Earnings per share for the nine
month period were $0.60 compared with $0.42 for the same period in 1996. Revenues for the nine
months ended September 30, 1997 were $106.7 million, up 28% from $83.2 million in 1996.
On October 28, 1997, Dril-Quip sold 2,875,000 shares of Common Stock in an initial public offering,
resulting in 17,245,000 total outstanding shares of Common Stock.
Dril-Quip management attributes this improvement in revenues primarily to strong demand for its
products due to expanded drilling and production activities in offshore areas throughout the world,
along with increased manufacturing capacity, prices and project related sales of new products.
Dril-Quip is a leading manufacturer of highly engineered offshore drilling and production equipment
which is well suited for use in deepwater, harsh environment and severe service applications.
Dril-Quip, Inc.
Comparative Consolidated Statements of Income
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Revenues $38,004 $27,855 $106,673 $83,201
Cost and expenses 32,044 24,285 91,717 72,385
Operating income 5,960 3,570 14,956 10,816
Interest expense 747 652 2,147 1,953
Income before income taxes 5,213 2,918 12,809 8,863
Income tax provision 1,693 925 4,176 2,810
Net income $ 3,520 $ 1,993 $ 8,633 $ 6,053
Earnings per share $ 0.24 $ 0.14 $ 0.60 $ 0.42
Weighted average shares 14,370 14,370 14,370 14,370
SOURCE: Dril-Quip, Inc. |
