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Varco International

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BUSINESS
October 15, 1999
The Orange-based maker of oil rig equipment posted net income of $10.3 million, or 16 cents a share, down 31% from the $15 million, or 23 cents a share, reported for the like period last year. Revenue declined 26% to $140.4 million. Varco said the continued low level of worldwide drilling activity and the absence of new rig construction contributed to lower orders. In the first half, Varco fired about 740 workers--25% of its workers.
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BUSINESS
April 20, 2000
The Orange-based manufacturer of drilling equipment and machinery and rig instrumentation reported first-quarter net income of $6 million, or 9 cents a share, down 49% from the $11.7 million, or 18 cents a share, for the first quarter of 1999. Revenue declined 37% to $96.3 million.
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BUSINESS
January 17, 1996
The price of Varco International's common stock dropped 14% Tuesday, a day after the Orange-based oil drilling toolmaker said it expected its fourth-quarter earnings to fall 50% below analysts' expectations. Varco shares closed Tuesday at $9.25, down $1.50 for the day in heavy trading on the New York Stock Exchange. Nearly 2 million shares changed hands, about 15 times the stock's average daily volume for the past three months. Varco made the announcement after the stock exchanges closed
BUSINESS
March 24, 2000 | Dow Jones
Investors of Varco International began shedding shares Thursday after the Orange oil equipment company agreed to a merger that would pay shareholders less than the stock's closing price Wednesday. Varco's stock, which closed Wednesday at $15.56, fell $2.50 on Thursday, closing at $13.06 a share in heavy trading on the New York Stock Exchange. Under the merger agreement, Houston-based Tuboscope will swap 0.
BUSINESS
November 7, 1997 | Bloomberg News
Varco International Inc. said it will split its stock 2-for-1 and adopted a shareholder rights plan. The Orange-based maker of oil- and gas-well drilling products said its stock split is payable Dec. 4 to shareholders of record Nov. 20. Varco said it also has adopted a shareholder rights plan, giving one preferred stock purchase right for each share of common stock, payable as a dividend Nov. 25 to shareholders of record at the end of that business day.
BUSINESS
April 18, 1995
Varco International Inc., an Orange-based manufacturer of oil and gas well-drilling equipment, reported first-quarter profit of $2.9 million, or 9 cents a share, up 21% from the $2.4 million, or 7 cents a share, for last year's first three months. Quarterly revenue rose 12% to $57.6 million this year from $51.3 million. The company attributed the revenue gain to increases in the drilling systems division and the inclusion of $2.9 million from an acquisition last November.
BUSINESS
March 4, 1986 | ROBERT HANLEY
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.
BUSINESS
March 2, 1989 | LESLIE BERKMAN, Times Staff Writer
Varco International Inc., an Orange-based maker of oil-drilling equipment, earned $2.3 million in 1988--its first profitable year since 1981. The 1988 results show a sharp reverse from 1987, when Varco lost $6 million, but a far cry from the $21 million the company earned in 1981. The following year, plummeting oil prices sent the industry into a prolonged slump from which Varco is just emerging. Varco Chairman W. B.
BUSINESS
July 20, 1999 | From Times Staff and Wire Reports
Varco International Inc., a maker of oil rig equipment, said Monday it fired about 740 workers in the first half as the lingering effect of lower crude prices reduced demand for its products. Varco, which is headquartered in Orange, said it fired 25% of its work force of 2,951. Most of the jobs were manufacturing-related, though some administrative positions also were cut, said Richard Kertson, a Varco spokesman.
BUSINESS
May 24, 1998
* George Boyadjieff has been elected chairman of Varco International Inc., an Orange-based designer and manufacturer of drilling equipment and machinery and rig instrumentation for oil and gas well drilling. He succeeds W.B. Reinhold, who is retiring. Boyadjieff will remain president and chief executive, a position he has held since 1991. Reinhold has been chairman since 1976, and was chief executive from 1970 until 1991. * Scott A.
BUSINESS
November 7, 1997 | Bloomberg News
Varco International Inc. said it will split its stock 2-for-1 and adopted a shareholder rights plan. The Orange-based maker of oil- and gas-well drilling products said its stock split is payable Dec. 4 to shareholders of record Nov. 20. Varco said it also has adopted a shareholder rights plan, giving one preferred stock purchase right for each share of common stock, payable as a dividend Nov. 25 to shareholders of record at the end of that business day.
BUSINESS
February 14, 1997
Varco International Inc. said Thursday that profit and sales surged to record highs last year. The manufacturer of drilling equipment for oil and gas wells reported 1996 net income of $24.5 million, or 77 cents a share, 70% higher than the $14.4 million, or 46 cents a share, for 1995. Revenue increased 35% to $368.4 million from $273.7 million. For the fourth quarter, net income rose to $8.7 million, or 27 cents a share, from $2.4 million, or 8 cents a share, for the 1995 fourth quarter.
BUSINESS
October 15, 1996
Varco International Inc., which makes oil and gas drilling equipment and machinery, posted sharply higher profit and revenue for the third quarter. The company said it has benefited from an increase in worldwide drilling activity and an improved offshore drilling climate. The company said use of its offshore rig fleet has increased, leading to higher day rates and improved financial results. Net income for the quarter rose 95% to $7.2 million, or 22 cents a share, from $3.
BUSINESS
January 17, 1996
The price of Varco International's common stock dropped 14% Tuesday, a day after the Orange-based oil drilling toolmaker said it expected its fourth-quarter earnings to fall 50% below analysts' expectations. Varco shares closed Tuesday at $9.25, down $1.50 for the day in heavy trading on the New York Stock Exchange. Nearly 2 million shares changed hands, about 15 times the stock's average daily volume for the past three months. Varco made the announcement after the stock exchanges closed
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