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ORANGE COUNTY EARNINGS

April 27, 1993

Varco International Inc.: The Orange manufacturer of oil and gas drilling machinery and equipment posted a profit of $1.3 million, or 4 cents a share, for the first quarter. That compared to earnings of $4.5 million, or 13 cents a share, for the same period last year. Three-month revenue was $45.8 million, down from $47.3 million. The 1992 figures included a onetime tax credit of $2 million, or 6 cents a share, from an accounting change.

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