Varco International Inc. of Orange reported net...

Varco International Inc. of Orange reported net income of $120,000 for the first quarter, down from the $788,000 reported for that period last year. Revenue rose 22% to $19.7 million from $16.1 million. The company said the results for the quarter reflect the acquisition of the BJ Machinery Division, which was concluded last September. W.B. Reinhold, Varco chairman, said: “In spite of the continuing weakness in drilling activity, our level of business is relatively flat, and we remain profitable. Given the continuing uncertainty which pervades our markets, these represent substantial accomplishments.” Varco manufactures tools and equipment used in the petroleum industry.