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EARNINGS

Varco Cuts Losses Slightly to $2.5 Million

July 17, 1987

Varco International Inc., an Orange-based maker of oil and gas drilling equipment, on Thursday posted a net loss of $2.5 million for the second quarter. The results reflected a modest improvement from the net loss of $2.9 million reported in the second quarter of 1986.

Net revenues for the quarter fell 36% to $7.6 million, from $11.9 million in the comparable 1986 quarter.

For the first six months of 1987, Varco lost $4.7 million, compared with a loss of $2.8 million a year earlier. Revenues fell 43% to $15.4 million from $26.9 million during the first half of 1986.

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