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National-Oilwell Announces First Quarter Results

April 18, 1997 at 12:00 AM EDT
HOUSTON, TX, APRIL 18, 1997 - - National-Oilwell, Inc. (NOI/NYSE) today announced first quarter 1997 revenues and operating income of $176.2 million and $11.3 million versus $141.1 million and $5.3 million for the same quarter in 1996. Net income in the first quarter of 1997 was $6.0 million ($0.33 per share) compared to $1.4 million ($0.10 per share) in the first quarter of 1996.

Joel Staff, Chairman, President and CEO of the Company, stated “First quarter comparisons were quite favorable as consolidated revenues were up 25% and operating income more than doubled over the first quarter of 1996. Activity levels in 1997 remain comparable to the levels achieved in the third and fourth quarters of 1996, as we have not experienced the seasonal downturn that historically has affected our industry during this period. Revenues and operating income in our oilfield equipment segment increased 31% and 154% over the first quarter of 1996 as demand for new equipment, especially high horsepower mud pumps, continues to be strong. Our backlog for new equipment at March 31, 1997 totaled $ 42.5 million, compared to $15.7 million a year ago. Distribution services revenues were also up sharply, reflecting an increase of 22% over the prior year that resulted in a 46% increase in operating income in the segment.”

National-Oilwell is a worldwide leader in the design, manufacture and sale of machinery and equipment and in the distribution of maintenance, repair and operating products used in oil and gas drilling and production. The company’s machinery and equipment include drawworks, mud pumps and power swivels, which are the major mechanical components of rigs used to drill oil and gas wells. Many of these components are designed specifically for applications in offshore, extended reach and deep land drilling. The Company distributes products and provides services, including complete customer inventory procurement and management, from a network of approximately 120 service centers and from its Houston headquarters.

The following table sets forth comparative data (in thousands, except per share data):

Quarter Ended
March 31,
1997 1996
Revenues $  176,154 $  141,144
Operating income 11,284 5,273
Net Income 6,041 1,434
Average shares outstanding 18,190 13,590
Net income per share $        0.33 $        0.10