Dril-Quip, Inc. Reports Q4 EPs of $0.67 vs. $0.70

Dril-Quip, Inc. DRQ today announced net income of $20.9 million, or $0.52 per diluted share for the three months ended December 31, 2010, versus net income of $28.7 million, or $0.72 per diluted share for the fourth quarter of 2009. The fourth quarter 2010 results include an after-tax charge of $4.8 million, or $0.12 per diluted share, related to the recognition of employment contract termination expenses resulting from the termination of Larry E. Reimert's employment as Co-Chief Executive Officer of the Company due to health related issues. In addition, the fourth quarter 2010 results include an after-tax charge of $1.3 million or $0.03 per diluted share, related to the settlement of assessments regarding state taxes on the importation of goods into the State of Rio de Janeiro, Brazil. Total revenues were $141.6 million during the quarter ended December 31, 2010 compared to $141.3 million for the same period in 2009.