Baker International’s Yearly Net Up Modestly

Baker International, reflecting the continued slump in oil drilling activity, reported modest earnings and revenue gains during fiscal 1985 but said its earnings were virtually flat during the fourth quarter.

The Orange-based oil tool company had net income of $87.7 million during the 12 months ended Sept. 30, an increase of 19.5% from net income of $70.6 million in fiscal 1984. Revenue totaled $1.9 billion, compared to revenue of $1.8 billion during 1984.

Fourth-quarter earnings rose slightly to $26 million from $24.6 million last year. Revenue was $503.9 million, a slight improvement from fourth-quarter 1984 revenue of $481.7 million.

Although Baker’s earnings showed little improvement during the year-to-year period, company officials said the less-than-stellar results during 1985 came as no surprise.

“Earnings for the year were about on line with our expectations, although in the United States, drilling activity in the second half was lower than we had anticipated,” E. H. Clark Jr., Baker’s chairman, said in a prepared statement.