Although it still lost money--$1.7 million in 1985--Varco International Inc. on Monday showed that it has been steadily treading the road to recovery despite continuing bad times for oil industry companies overall. That loss, after all, looks good when compared to Varco's 1984 loss of $17.8 million.
And for the fourth quarter, its second consecutive profitable period following a string of losses, the oil drilling equipment firm posted net earnings of $504,000, compared with a loss of $1.8 million a year earlier.
Revenues for the year rose slightly to $60.6 million from $59.6 million in 1984, while fourth-quarter sales of $15.8 million were almost unchanged from $15.6 million.
The Orange-based company, which specializes in a unique top-drive oil rig drill motor, said the improved results in 1985 were due largely to aggressive cost- and debt-cutting measures, coupled with a steady demand for the company's drilling system.