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H&H Oil Reports Loss of $827,000 in 4th Quarter

REGIONAL EARNINGS

March 09, 1993

H&H Oil Tool Co. Inc., the Santa Paula-based provider of energy equipment, reported a loss of $827,000 for the fourth quarter ended Dec. 31, citing a charge of $1.2 million for shutting down a year-old project that separates crude oil residues into recyclable, environmentally safe components.

In the fourth quarter of 1991, the company lost $655,000, part of which was attributed to the research and development of the project called Enhanced Oil Recycling Inc. H&H Oil said in early February that it was suspending the project because it was not profitable.

For the latest fourth quarter, H&H Oil reported revenue of $5.4 million, up 13% from $4.8 million in the same period a year earlier. But for all of 1992, the company had a loss of $1.8 million on revenue of $19.9 million, compared with a loss of $1.1 million on revenue of $22.9 million for 1991.

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