H & H Oil Shows 40% Drop in 2nd-Quarter Income
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H & H Oil Tool Co. reported second-quarter income of $65,000, down 40% from $109,000 the previous year. Revenue for the quarter, which ended June 30, was $5.1 million, up 6% from $4.8 million for the same period a year earlier.
For the six months, the Santa Paula company earned $73,000, down 84% from $458,000 for the first six months of last year. The decline was on revenue of $10.2 million compared to $10.1 million a year earlier.
The company attributed the lower six-month earnings to increased equipment maintenance and personnel costs.
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