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

To: Timelord who wrote (19250)	4/15/1998 10:41:00 PM
From: Evan Dimmer	Read Replies (1) \| Respond to of 95453

Miners lift Australian stocks to new highs "Crude rally fuels oil/gas major's share price." biz.yahoo.com

To: Timelord who wrote (19250)	4/16/1998 1:43:00 AM
From: Czechsinthemail	Respond to of 95453

EARNINGS / National-Oilwell reports 1st 3 months Results HOUSTON, April 15 /CNW/ -- National-Oilwell, Inc. (NYSE: NOI) today announced first quarter 1998 revenues and operating income of $301.9 million and $35.3 million versus $206.7 million and $16.7 million for the same quarter in 1997. Net income in the first quarter of 1998 was $21.1 million ($0.40 per share) compared to $9.7 million ($0.19 per share) in the first quarter of 1997. Joel Staff, Chairman, President and CEO of the Company, stated "As a result of the continued strength of our products and technology segment, consolidated revenues for the first quarter of 1998 increased 46% over the same period in 1997, while operating income grew by 111%. Earnings per share also more than doubled to $O.40 for the quarter. While lower first quarter oil prices weakened demand in our distribution services segment in the shallow and heavy oil areas of North America, new equipment orders for deliveries in late 1998 and 1999 for offshore projects, which have a significantly longer term focus, remained strong." National-Oilwell is a worldwide leader in the design, manufacture and sale of machinery, equipment and downhole tools used in oil and gas drilling and production, as well as in the distribution to the oil and gas industry of maintenance, repair and operating products. Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by the Company with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. The following table sets forth comparative data (in thousands, except per share data): Quarter Ended March 31, 1998 1997 Revenues $301,852 $206,670 Operating income 35,299 16,696 Net income 21,137 9,699 Net income per share Basic $ 0.41 $ 0.19 (a) Diluted 0.40 0.19 (a) Average shares outstanding * Basic 51,982 50,436 Diluted 52,257 51,562 * Assumes exchange of all Dreco Exchangeable Shares (a) Adjusted for a two-for-one stock split paid in November l997