Dril-Quip Sees Revenues Increase 64%

Dril-Quip has net income of $9.8 million, or $0.54 per share for the three months ended September 30, 2005, versus net income of $3.3 million, or $0.19 per share for the third quarter of 2004. Total revenues increased approximately 64% to $95.3 million for the quarter ended September 30, 2005 from $58.2 million for the same period in 2004 as the Company experienced strong worldwide demand for its products and services. Operating income increased to $15.1 million in the third quarter of 2005 from $4.8 million in the third quarter of 2004. As a percentage of revenues, operating income increased to approximately 16% in 2005 from approximately 8% in 2004.

For the nine months ended September 30, 2005, net income was $20.9 million, or $1.16 per share, compared with net income of $8.6 million, or $0.50 per share, for the same period in 2004. Revenues for the nine months ended September 30, 2005 were $245.9 million, up approximately 49% when compared to revenues of $164.5 million for the same period last year. Operating income increased to $31.4 million for the nine months ended September 30, 2005 from $13.1 million during the same period of 2004.

In addition, the Company announced that its backlog at September 30, 2005 was approximately $234 million, compared to its September 30, 2004 backlog of approximately $104 million. The Company expects its earnings per share for the quarter ending December 31, 2005 to approximate $0.50 to $0.55 per share, excluding any unusual or special charges.
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