H&H; Oil Tool Shows Small Quarterly Profit

H&H; Oil Tool Co., citing continued cost reductions, eked out a small profit in the third quarter ended Sept. 30, contrasted with a year-earlier loss of $892,000.

The Santa Paula-based company, which rents drilling and other equipment to the energy industry, said its quarterly net income of $33,000 came on revenue of $5.15 million, down 8% from $5.63 million a year earlier.

Henry Rushing, president and chief executive officer, attributed the drop in revenue to an 18% decline in rig activity in the company’s area of operations. However, Rushing said revenue was up in the third quarter from the first or second quarters because of increased natural gas activity in the Rocky Mountains.

Through nine months ended Sept. 30, H&H; had a loss of $932,000 on revenue of $14.6 million. In the same period a year earlier, the company lost $494,000 on revenue of $18.1 million.