GeoResources, Inc. Reports 2004 Results WILLISTON, N.D., March 4
/PRNewswire-FirstCall/ -- GeoResources, Inc. (NASDAQ:GEOI) today
reported 2004 net income increased to $1,105,846 or $0.30 per share
on revenue of $6,820,125 compared to 2003 net income of $446,563 or
$0.12 per share on revenue of $4,842,952. Earnings before interest,
taxes, depreciation, depletion and amortization (EBITDA) for the
year was $2,157,154, a 63% increase from the prior year. For the
fourth quarter, the company reported net income of $369,459 or
$0.10 per share on revenue of $2,227,885 versus net income of
$46,235 or $0.01 per share on revenue of $1,405,465 in the fourth
quarter of 2003. EBITDA for the quarter was $710,782. Oil and gas
revenue was $4,452,114 on production of 123,831 net BOE, for an
average realized price of $35.95 per BOE. In 2003 the company
generated $3,614,592 of revenue on 137,237 BOE, an average of
$26.33 per BOE. Proved developed reserves were 1,717,000 BOE,
slightly higher than 2003, but proved undeveloped reserves were
lower, yielding total reserves of 2,407,000 BOE at year-end 2004
versus 2,523,000 BOE at year-end 2003. The after tax SEC PV-10
value of those reserves increased to $27.0 million due to higher
year-end commodity prices. The Company's leonardite business
generated operating income before depreciation of $122,496 on
$1,290,644 of revenue in 2004. This compares to an operating loss
before depreciation in 2003 of $28,154 on $822,219 of revenue. The
improvement resulted from higher prices and increased tonnage as a
result of increased drilling. GeoResources' drilling subsidiary,
Western Star Drilling Company, reported operating income before
depreciation of $68,316 on revenue of $1,077,367 versus operating
income before depreciation of $36,272 on revenue of $406,141 in
2003. EBITDA is defined as earnings before interest, income taxes,
depreciation and amortization, EBITDA should not be considered as
an alternative to net income (as an indicator of operating
performance) or as an alternative to cash flow (as a measure of
liquidity or ability to service debt obligations) and is not in
accordance with, nor superior to, generally accepted accounting
principles, but provides additional information for evaluating us.
Our measure of EBITDA may not be the same as similar measures
described by other companies. EBITDA is calculated as follows:
Quarter Ended Year Ended December 31, 2004 December 31, 2004 Net
Income (Unaudited) $369,459 $1,105,846 Add back: Interest expense
30,746 91,363 Income tax expense 39,287 117,287 Depreciation and
amortization 271,290 842,658 EBITDA $710,782 $2,157,154 About
GeoResources, Inc. GeoResources, Inc., a Williston, North Dakota
based natural resources company is engaged in three principal
business segments -- oil and gas exploration and production; oil
and gas drilling; and mining and processing to make
leonardite-based products. Information herein contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which can be identified
by words such as "may," "will," "expect," "anticipate," "estimate"
or "continue," or comparable words. In addition, all statements
other than statements of historical facts that address activities
that the Company expects or anticipates will or may occur in the
future are forward-looking statements. Readers are encouraged to
read the SEC reports of the Company, particularly its Form 10-KSB
for the Fiscal Year Ended December 31, 2003, for meaningful
cautionary language disclosure. GEORESOURCES, INC., AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2004 AND 2003
(Unaudited) ASSETS CURRENT ASSETS: 2004 2003 Cash and equivalents
$715,551 $343,419 Trade receivables, net 1,030,716 1,084,678
Inventories 235,405 233,306 Prepaid expenses 65,762 35,335 Total
current assets 2,047,434 1,696,738 PROPERTY, PLANT AND EQUIPMENT,
at cost: Oil and gas properties, using the full cost method of
accounting: Properties being amortized 25,997,466 24,711,298
Properties not subject to amortization 213,921 280,565 Drilling rig
and equipment 1,533,838 1,176,940 Leonardite plant and equipment
3,284,466 3,267,634 Other 756,535 761,211 31,786,226 30,197,648
Less accumulated depreciation, depletion, amortization and
impairment (21,113,489) (20,310,113) Net property, plant and
equipment 10,672,737 9,887,535 TOTAL ASSETS $12,720,171 $11,584,273
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts
payable $996,624 $985,766 Accrued expenses 382,693 404,485 Current
maturities of capital lease obligations 64,286 -- Current
maturities of long-term debt 518,750 479,457 Total current
liabilities 1,962,353 1,869,708 CAPITAL LEASE OBLIGATIONS, less
current maturities 54,847 -- LONG-TERM DEBT, less current
maturities 1,205,729 1,599,479 ASSET RETIREMENT OBLIGATIONS
1,893,510 1,735,200 DEFERRED INCOME TAXES 524,000 406,000 Total
liabilities 5,640,439 5,610,387 STOCKHOLDERS' EQUITY: Common stock,
par value $.01 per share; authorized 10,000,000 shares; issued and
outstanding, 3,723,977 and 3,723,977 shares, respectively 37,240
37,240 Additional paid-in capital 295,932 295,932 Retained earnings
6,746,560 5,640,714 Total stockholders' equity 7,079,732 5,973,886
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $12,720,171 $11,584,273
GEORESOURCES, INC., AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002 (Unaudited)
2004 2003 2002 OPERATING REVENUES: Oil and gas $4,452,114
$3,614,592 $2,980,228 Leonardite 1,290,644 822,219 726,920 Drilling
1,077,367 406,141 280,538 6,820,125 4,842,952 3,987,686 OPERATING
COSTS AND EXPENSES: Oil and gas production 1,922,479 1,786,379
1,619,049 Cost of leonardite sold 1,168,148 850,373 726,552
Drilling costs 1,009,051 369,869 237,729 Depreciation, depletion
and amortization 842,658 759,907 696,857 Selling, general and
administrative 594,017 537,141 545,368 5,536,353 4,303,669
3,825,555 Operating income 1,283,772 539,283 162,131 OTHER INCOME
(EXPENSE): Interest expense (91,363) (84,432) (95,635) Interest
income 10,697 8,362 11,635 Other income and losses, net 20,027
18,898 18,955 (60,639) (57,172) (65,045) Income before income taxes
1,223,133 482,111 97,086 INCOME TAX EXPENSE 117,287 12,548 5,712
Income before cumulative effect of change in accounting principle
1,105,846 469,563 91,374 Cumulative effect on prior years
accounting change, net of tax -- (23,000) -- Net income $1,105,846
$446,563 $91,374 EARNINGS PER SHARE: Income before cumulative
effect of accounting change $.30 $.13 $.02 Cumulative effect of
accounting change -- (.01) -- Net income, basic and diluted $.30
$.12 $.02 Weighted average number of shares outstanding 3,723,977
3,748,396 3,787,750 Dilutive potential shares - Stock options -- --
-- Adjusted weighted average shares 3,723,977 3,748,396 3,787,750
DATASOURCE: GeoResources, Inc. CONTACT: Cathy Kruse of
GeoResources, Inc., +1-701-572-2020, Web site:
http://www.georesources.net/
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