H&H; Oil Tool Posts Profit in 1st Quarter

H&H; Oil Tool Co. said completion work on several Rocky Mountain wells and cost-cutting measures helped it turn a first-quarter profit of $349,000, compared with a $491,000 net loss a year ago.

The Santa Paula-based company rents equipment to oil, gas and geothermal companies.

H&H; said it managed the profit for the three months that ended March 31 despite a 5% drop in revenue, to $4.4 million from $4.9 million.