Varco International Inc. reported net income of...

Varco International Inc. reported net income of $784,000 for the second quarter, a 5% decline from the $824,000 posted for the same period last year. Revenue rose 37%, to $23.8 million from $17.4 million. For the first six months of 1989, net income dropped 44%, to $904,000 from $1.6 million for the first half of 1988. Revenue rose 30%, to $43.5 million from $33.4 million. Chairman W.B. Reinhold said the company’s financial results “reflect a lethargic market.” The revenue increase was due primarily to the acquisition of the BJ Machinery Division from Baker Hughes Inc. in September, 1988. Orange-based Varco manufactures oil drilling tools and equipment.