To All!
Tuesday February 17, 7:55 am Eastern Time
Company Press Release
SOURCE: Dril-Quip, Inc.
Dril-Quip, Inc. Announces Results for Year-End 1997
HOUSTON, Feb. 17 /PRNewswire/ -- Dril-Quip, Inc. (NYSE: DRQ - news), today announced 1997
net income of $12.9 million, an increase of 42% over 1996 net income of $9.1 million. Earnings per
share were $0.87 for 1997 compared with $0.63 for 1996. Revenues for the twelve months ended
December 31, 1997 were $146.8 million, up 27% from $115.9 million for 1996.
For the three months ended December 31, 1997, net income totaled $4.3 million, an increase of 40%
over net income of $3.06 million for the fourth quarter of 1996. Earnings per share for the 1997 fourth
quarter were $0.26 compared with $0.21 for the same period in 1996. Revenues for the three months
ended December 31, 1997 were $40.2 million, up 23% from $32.7 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)
Quarter Ended Year Ended
December 31, December 31,
1997 1996 1997 1996
Revenues $40,150 $32,663 $146,823 $115,864
Cost and expenses 33,554 27,480 125,271 99,865
Operating income 6,596 5,183 21,552 15,999
Interest expense (income) (120) 694 2,027 2,647
Income before income taxes 6,716 4,489 19,525 13,352
Income tax provision 2,411 1,424 6,587 4,234
Net income $4,305 $3,065 $12,938 $9,118
Diluted earnings per share $0.26 $0.21 $0.87 $0.63
Weighted average shares 16,454 14,370 14,895 14,370
SOURCE: Dril-Quip, Inc. |
