Dril-Quip Says Results for Year End 2005 Up

Dril-Quip, Inc. (NYSE: DRQ) reported net income of $11.7 million, or $0.63 per diluted share for the three months ended December 31, 2005, versus net income of $3.9 million, or $0.22 per diluted share for the fourth quarter of 2004. Total revenues increased approximately 66% to $94.9 million for the quarter ended December 31, 2005 from $57.1 million for the same period in 2004 as the Company continued to experience strong worldwide demand for its products and services. Operating income increased to $17.8 million in the fourth quarter of 2005 from $5.2 million in the fourth quarter of 2004. As a percentage of revenues, operating income increased to approximately 19% in 2005 from approximately 9% in 2004.

For the twelve months ended December 31, 2005, net income was $32.6 million, or $1.80 per diluted share, compared with net income of $12.5 million, or $0.72 per diluted share, for the same period in 2004. Revenues for the twelve months ended December 31, 2005 were $340.8 million, up approximately 54% when compared to revenues of $221.6 million for the same period last year. Operating income increased to $49.2 million for the twelve months ended December 31, 2005 from $18.3 million during the same period of 2004.

In addition, the Company announced that its backlog at December 31, 2005 was approximately $248 million, compared to its December 31, 2004 backlog of approximately $127 million. Based upon the increased number of shares outstanding resulting from the Company's recent common stock offering, the Company expects its earnings per share for the quarter ending March 31, 2006 to approximate $0.55 to $0.65 per share, excluding any unusual or special charges.

Dril-Quip is a leading manufacturer of highly engineered offshore drilling and production equipment, which is well suited for use in deepwater, harsh environment and severe service applications.
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