Dril-Quip Sees 24% Increase in Results for 2001



Dril-Quip, Inc. announced revenue of $52.5 million for the three months ended December 31, 2001, an increase of 16% over revenues of $45.1 million for the fourth quarter of 2000. Net income was $3.2 million for the quarter ended December 31, 2001 compared with $2.9 million for the same period in 2000. Earnings per share for the 2001 fourth quarter were $0.18 verses $0.16 for the same period in 2000.

For the year ended December 31, 2001, revenues totaled $202.9 million, an increase of 24% over revenues of $164.0 million for the same period in 2000. Net income for the twelve months ended December 31, 2001 was $12.2 million, up from $11.0 million for the same period in 2000. Earnings per share for 2001 were $0.70 compared with $0.63 for 2000.

In addition, the Company announced that as of December 31, 2001, its backlog stood at $120 million, an increase of 29% over its December 31, 2000 backlog of $93 million. However, the Company expects that the current weakness in the oil service sector will continue at least through the first half of 2002. As a result, the Company currently expects its results of operations for the first quarter 2002 to approximate results of operations experienced in the first quarter of 2001. Earnings in the first quarter of 2001 were $0.16 per share.