H & H Oil Tool Loses $655,000 in 4th Quarter
H & H Oil Tool Co., citing lower oilfield-drilling activity, reported a fourth-quarter loss of $655,000 that widened from a year-earlier loss of $246,000.
The company, which rents equipment to the energy industry, said the loss came on a 23% drop in its revenue in the quarter that ended Dec. 31, to $4.76 million from $6.22 million a year earlier.
For all of 1991, H & H Oil Tool suffered a $1.15-million loss, compared with a profit of $585,000 the previous year, and its annual revenue dipped to $22.9 million from $23.3 million.
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