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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Redman who wrote (8190)	1/15/1998 9:41:00 AM
From: Evan Dimmer	Respond to of 95453

It looks like we are going to have another good day, as long as the DOW doesn't drag us down. Let's hope that the RDC interview goes good!

To: Redman who wrote (8190)	1/15/1998 9:48:00 AM
From: Teddy	Read Replies (1) \| Respond to of 95453

Maverick Tube Corporation Reports Record First Quarter 1998 Results ST. LOUIS, Jan. 15 /PRNewswire/ -- Maverick Tube Corporation (Nasdaq: MAVK) announced today its results for its first quarter ended December 31, 1997. The Company reported record net income during the quarter of $6.6 million or $0.42 earnings per diluted share, up from the profit reported in the same quarter last year of $2.6 million or $0.18 per share. Net sales were $86.5 million for the quarter, up from $64.2 million the year before. Total revenues during the first quarter from sales of the Company's energy related products increased by 34% compared to the first quarter of fiscal 1997. Drilling rates in the United States during the quarter were up 18% in comparison to the previous year while drilling increased by 38% in Canada. First quarter revenues from the sale of industrial products increased by 38% compared to the same quarter last year. Gregg Eisenberg, President and CEO said "I was very pleased with the record profit we generated for the quarter, resulting from the continued strength in demand for our products. Our energy related product prices rose slightly and were well above year ago levels. Our operating costs were very good and product costs will be further reduced in the future when we get the full benefit of previously announced steel cost decreases." Eisenberg went on to say, "Naturally we are monitoring the recent decline in oil prices and the possible future impact that any continuation of this may have on our business. Thus far, we have not seen any announced reductions in 1998 drilling budgets by our end user customers." Maverick Tube Corporation is a St. Louis, Missouri, based manufacturer of tubular products used in the energy industry in drilling, production and surface transportation applications as well as industrial tubing products (HSS and standard pipe) used in various industrial applications. MAVERICK TUBE CORPORATION SELECTED CONSOLIDATED FINANCIAL DATA For the First Quarter Ended December 31, 1997 (in thousands, except rig count, tons shipped and per share data) (Unaudited) First Quarter 1998 1997 Average U.S. Rig Count 997 845 Tons shipped 134,104 105,835 Net sales $86,479 $64,190 Gross profit 13,774 6,663 Income from operations 10,577 3,995 Pre-tax income 10,186 3,477 Net income $6,570 $2,608 Diluted earnings per share (1) $0.42 $0.18 Basic earnings per share (1) $0.43 $0.18 Weighted average number shares (1) 15,435 14,944 Working capital 47,725 38,835 Property, plant and equipment 56,991 53,267 Total assets 157,388 135,879 Long-term debt 20,745 30,340 Stockholders' equity 84,599 59,854 Depreciation and amortization 1,416 1,356 (1) Earnings per share and weighted average number of shares has been adjusted to reflect the two for one stock dividend distributed on August 21, 1997. /CONTACT: Gregg Eisenberg, President & CEO of Maverick Tube Corporation, 314-537-1314/