Dril-Quip Posts Slight Dip in Profits, Higher 2Q 2009 Backlog

Dril-Quip has announced net income of $26.7 million, or $0.68 per diluted share, for the three months ended June 30, 2009, versus net income of $27.7 million, or $0.68 per diluted share, for the second quarter of 2008. Total revenues were $133.2 million for the quarter ended June 30, 2009 compared to $142.5 million for the same period in 2008. The reduction in revenues resulted from decreases of $6.2 million in revenues related to offshore rig equipment and $5.0 million in service revenues, offset by an increase of $1.9 million in subsea and surface equipment revenues. Operating income was $36.3 million in the second quarter of 2009 compared to $37.8 million in the second quarter of 2008. Operating income as a percentage of revenues increased to 27.3% for the quarter ended June 30, 2009 from 26.5% in the same quarter in 2008.

For the six months ended June 30, 2009, net income was $51.4 million, or $1.31 per diluted share, compared with net income of $53.1 million, or $1.29 per diluted share, for the same period in 2008. Revenues for the six months ended June 30, 2009 were $260.7 million compared to revenues of $275.0 million for the same period last year. The reduction in revenues resulted from decreases of $17.7 million in revenues related to offshore rig equipment and $2.9 million in service revenues, offset by an increase of $6.3 million in subsea and surface equipment revenues. Operating income was $71.0 million for the six months ended June 30, 2009 versus $72.5 million during the same period of 2008. Operating income as a percentage of revenues increased to 27.2% in 2009 from 26.4% in 2008.

In addition, the Company announced that its backlog at June 30, 2009 was approximately $618 million, compared to its June 30, 2008 backlog of approximately $560 million.

The Company expects its earnings per share for the quarter ending September 30, 2009 to approximate $0.60 to $0.70 per share, excluding any unusual or special charges.
 

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