H & H Oil Tool Co., citing the continued decline in domestic oil field activity, reported a loss of $474,000 for the second quarter ended June 30, compared with a net income of $13,000 a year earlier.
The Santa Paula-based company, which rents equipment to the energy industry, said revenue fell 28% during the quarter, to $4.4 million from $6.1 million a year earlier.
For the six months ended June 30, H & H posted a loss of $965,000 on revenue of $9.4 million. That compares with earnings of $398,000 on revenue of $12.5 million in the first half of last year.
Henry Rushing, the company's president, said that the U.S. rig count in June was 596, the lowest in 50 years. But he said the company cut operating expenses by 20% in the last quarter.
