TBDI Tmbr/Sharp Drilling (MM)

TMBR/Sharp Reports Results for Second Quarter, Six Months MIDLAND, Texas, Nov. 14 /PRNewswire-FirstCall/ -- TMBR/Sharp Drilling, Inc. today reported net income for the fiscal second quarter ended September 30, 2003 of $608,000, or 11 cents per basic and diluted share, on revenues of $10.7 million, compared to net income of $1.3 million, or 25 cents per basic share (24 cents diluted), on revenues of $9.7 million for the comparable quarter of last fiscal year. For the six months ended September 30, 2003, TMBR/Sharp reported net income of $1.9 million, or 34 cents per share (32 cents diluted), vs. $2.4 million, or 45 cents per basic share (43 cents diluted), in the year-earlier period. Revenues were $22.8 million compared to $19.2 million. Thomas C. Brown, Chairman of the Board, commented that the earnings for the six months ended September 30, 2003 were negatively affected by merger costs of approximately $900,000, deferred taxes of approximately $874,000 and increased depreciation, depletion and amortization expenses. Oil and gas sales volumes were relatively flat over the same quarter a year ago, but oil and gas revenues increased by 46% due to higher product prices-$29.45 per barrel for oil vs. $22.82, and $4.84 per mcf of natural gas vs. $2.40 a year ago. (Table follows) (In thousands, except per share amounts) Three months ended Six months ended September 30: September 30: 2003 2002 2003 2002 Revenues $10,671 $9,747 $22,804 $19,175 Net income before cumulative effect of change in accounting principle $608 $1,343 $1,803 $2,414 Cumulative effect of change, net of related tax benefit of approximately $33 $--- $--- $64 $--- Net income $608 $1,343 $1,867 $2,414 Per share: Basic Before cumulative effect of change $.11 $.25 $.33 $.45 Cumulative effect of change $--- $--- $.01 $--- Net income $.11 $.25 $.34 $.45 Diluted Before cumulative effect of change $.11 $.24 $.31 $.43 Cumulative effect of change $--- $--- $.01 $--- Net income $.11 $.24 $.32 $.43 Weighted average shares outstanding Basic 5,500 5,420 5,494 5,412 Diluted 5,769 5,642 5,750 5,637 DATASOURCE: TMBR/Sharp Drilling, Inc. CONTACT: Patricia R. Elledge, Chief Financial Officer of TMBR-Sharp Drilling, Inc., +1-214-368-1592, or ; or Larry Howell of The Howell Group, +1-432-699-5050, or , for TMBR-Sharp Drilling, Inc.

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