H & H Oil Tool Posts $585,000 Earnings for ’90
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H & H Oil Tool Co. Inc. in Santa Paula reported a profit for 1990, despite a loss in the fourth quarter. The company, which rents drilling equipment to oil companies, said the 1990 results benefited from increased oil field and natural gas drilling and from its 1989 acquisition of Midway Fishing Tool Co. It blamed the fourth-quarter loss on research and development costs on a process for separating crude oil residues.
In the fourth quarter that ended Dec. 31, H & H lost $246,000, while revenues increased 19% from a year earlier to $6.2 million. In the fourth quarter of 1989, the company lost $18,000 on $5.2 million in revenues.
For the year, H & H reported earnings of $585,000, compared with a 1989 loss of $566,000. Revenues rose 30% to $23.3 million from $18 million.
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