|
SECURITY: DRQ (Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
Dril-Quip, Inc. is one of
the world's leading manufacturers of precision-engineered offshore drilling
and production equipment that is well suited for use in deepwater, harsh
environments and severe service applications. The Company designs and manufactures
subsea, surface and offshore rig equipment for use by oil and gas companies
in offshore areas throughout the world. Dril-Quip also provides installation
and reconditioning services as well, as rental running tools for use with
its products.
Dril-Quip,
Inc. Announces Results for Fourth Quarter and Year End 2006
HOUSTON,
Feb. 27 /PRNewswire-FirstCall/ -- Dril-Quip, Inc. (NYSE: DRQ) today announced
net income of $24.9 million, or $0.61 per diluted share for the three months
ended December 31, 2006, versus net income of $11.7 million, or $0.32 per
diluted share for the fourth quarter of 2005. Total revenues increased
approximately 25% to $118.3 million for the quarter ended December 31,
2006 from $94.9 million for the same period in 2005 as the Company continued
to experience strong worldwide demand for its products and services. Operating
income increased to $33.8 million in the fourth quarter of 2006 from $17.8
million in the fourth quarter of 2005. As a percentage of revenues, operating
income increased to approximately 29% in 2006 from approximately 19% in
2005.
For
the twelve months ended December 31, 2006, net income was $86.9 million,
or $2.15 per diluted share, compared with net income of $32.6 million,
or $0.90 per diluted share, for the same period in 2005. Revenues for the
twelve months ended December 31, 2006 were $442.7 million, up approximately
30% when compared to revenues of $340.8 million for the same period last
year. Operating income increased to $122.4 million for the twelve months
ended December 31, 2006 from $49.2 million during the same period of 2005.
All
share and earnings per share data contained in this press release have
been restated to reflect the increased number of common shares outstanding
resulting from the Company's two-for-one stock split, accomplished through
a stock dividend, on October 5, 2006 to stockholders of record as of September
21, 2006.
In
addition, the Company announced that its backlog at December 31, 2006 was
approximately $336 million, compared to its December 31, 2005 backlog of
approximately $248 million. The Company expects its earnings per share
for the quarter ending March 31, 2007 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.
|
