TMBR/Sharp Reports Results for Second Quarter, Six Months

TMBR/Sharp Reports Results for Second Quarter, Six Months 


MIDLAND, Texas, Nov. 14  /PRNewswire-FirstCall/ -- TMBR/Sharp Drilling, Inc. 
today reported net income for the fiscal second quarter ended September 30, 2003
of $608,000, or 11 cents per basic and diluted share, on revenues of $10.7
million, compared to net income of $1.3 million, or 25 cents per basic share (24
cents diluted), on revenues of $9.7 million for the comparable quarter of last
fiscal year.

For the six months ended September 30, 2003, TMBR/Sharp reported net income of
$1.9 million, or 34 cents per share (32 cents diluted), vs. $2.4 million, or 45
cents per basic share (43 cents diluted), in the year-earlier period.  Revenues
were $22.8 million compared to $19.2 million.

Thomas C. Brown, Chairman of the Board, commented that the earnings for the six
months ended September 30, 2003 were negatively affected by merger costs of
approximately $900,000, deferred taxes of approximately $874,000 and increased
depreciation, depletion and amortization expenses.

Oil and gas sales volumes were relatively flat over the same quarter a year ago,
but oil and gas revenues increased by 46% due to higher product prices-$29.45
per barrel for oil vs. $22.82, and $4.84 per mcf of natural gas vs. $2.40 a year
ago.

                             (Table follows)


                 (In thousands, except per share amounts)

                                 Three months ended      Six months ended
                                   September 30:          September 30:
                                  2003       2002       2003      2002
  Revenues                      $10,671     $9,747     $22,804    $19,175
  Net income before cumulative
   effect of change in
   accounting principle            $608     $1,343      $1,803     $2,414
  Cumulative effect of change,
   net of related tax benefit
   of approximately $33            $---       $---         $64       $---
  Net income                       $608     $1,343      $1,867     $2,414

  Per share:
    Basic
      Before cumulative effect
       of change                   $.11       $.25        $.33       $.45
      Cumulative effect of change  $---       $---        $.01       $---
  Net income                       $.11       $.25        $.34       $.45

    Diluted
      Before cumulative effect
       of change                   $.11       $.24        $.31       $.43
      Cumulative effect of change  $---       $---        $.01       $---
  Net income                       $.11       $.24        $.32       $.43
  Weighted average shares
   outstanding
      Basic                       5,500      5,420       5,494      5,412
      Diluted                     5,769      5,642       5,750      5,637


DATASOURCE: TMBR/Sharp Drilling, Inc.



CONTACT:  Patricia R. Elledge, Chief Financial Officer of TMBR-Sharp

Drilling, Inc., [phone], or  ; or Larry Howell of The

Howell Group, [phone], or  , for TMBR-Sharp

Drilling, Inc.

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