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.