Dril-Quip Announces Results for First Quarter 2004

Dril-Quip, Inc. (NYSE: DRQ) announced net income of $2.5 million, or $0.15 per share, for the quarter ended March 31, 2004, versus net income of $2.1 million, or $0.12 per share, for the first quarter of 2003. Total revenues for the quarter ended March 31, 2004 were $53.4 million, compared with revenues of $55.2 million for the same period in 2003. Operating income, which increased from $3.5 million in the first quarter of 2003 to $4.2 million in the first quarter of 2004, increased as a percentage of revenues from approximately 6% to 8%. This increase was primarily due to improved sales margins resulting from manufacturing efficiencies and changes in product mix.

Based upon conditions currently existing in the oil service sector, the Company expects its earnings per share for the quarter ended June 30, 2004 to approximate $0.13 to $0.15 per share, excluding any unusual or special charges. In addition, the Company announced that as of March 31, 2004 its backlog was approximately $78 million, compared to its March 31, 2003 backlog of $92 million and its December 31, 2003 backlog of $64 million.
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