GeoResources, Inc. Reports Third Quarter and Nine Months Results
WILLISTON, N.D., Nov. 17 /PRNewswire-FirstCall/ -- GeoResources,
Inc., today announced financial results for the quarter and nine
months ended September 30, 2003. The company reported net income
for the quarter of $171,153 or $0.05 per share on revenue of
$1,216,015 versus net income of $103,994 or $0.03 per share on
revenue of $1,063,495 in the comparable quarter of 2002. Earnings
before interest, taxes, depreciation, depletion and amortization
(EBITDA) for the quarter was $431,154 versus EBITDA of $361,806 in
the third quarter of 2002. 1 Oil and natural gas prices received
during the quarter averaged $25.87 per barrel of oil equivalent
(BOE), an increase of 8% over the year ago quarter. The price
increase completely offset a small sales volume decline to 33,976
BOE for the quarter. The company sold 1,468 tons of leonardite
during the quarter at an average price of $88.79 per ton. Drilling
revenue was $206,787 during the quarter versus $3,188 a year ago.
For the nine-month period, the company reported a net income of
$400,328 or $0.11 per share versus a net loss of $34,789 or $0.01
per share for the nine months ended September 30, 2002. EBITDA for
the nine months was $1,057,869 versus $631,488 for the same period
in 2002. Year-to-date sales of 100,516 BOE at an average price of
$26.19 per BOE represents an increase in price of 31% from the
prior year, contributing to a 26% revenue increase. Leonardite
sales for the nine months equaled 4,871 tons, just 1% less than the
same period in 2002. The average price of $91.36 per ton was flat
when compared to first nine months of 2002. Drilling revenue for
the nine months totaled $206,787 as compared to $177,599 during the
same period in 2002. During the third quarter, GeoResources began
drilling the Anderson et al #3-24 in the Leonard Field in Bottineau
County. The well is currently being completed in the Madison
formation and should be connected to sales before year-end. A
second well planned for the Leonard field may not commence before
year-end because the Western Star drilling rig is currently under
contract with another operator. Western Star has drilled a total of
five wells this year, three for GeoResources and two for third
party operators. Commenting on the results, company President J. P.
Vickers said, "During this period of high commodity prices we are
focused on maintaining our cost structure and improving
profitability. Although our lease operating expenses have increased
slightly as a result of higher production taxes and increased
workover activity, we have kept our general and administrative
costs flat while our depreciation expense has declined. We continue
to implement secondary recovery strategies that we believe will
ultimately add to our production and extend the life of our
properties." GeoResources, Inc. is a Williston, North Dakota-based
diversified natural resources company engaged in three principal
business segments - oil and gas exploration, development and
production; oil and gas drilling; and leonardite mining and the
manufacture of leonardite-based products. GeoResources, Inc. is
traded on the NASDAQ Small Cap Market under the symbol "GEOI." 1)
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 Quarter Ended September 30, September 30, 2003 2002
Income (loss) before cumulative effect of change in accounting
principles. $171,153 $103,994 Add back: Interest expense 21,837
25,443 Income tax 19,000 7,000 Depreciation and amortization
219,164 225,369 EBITDA $431,154 $361,806 Nine Months Ended Nine
Months Ended September 30, September 30, 2003 2002 Income (loss)
before cumulative effect of change in accounting principles.
$423,328 $(34,789) Add back: Interest expense 66,428 66,397 Income
tax 13,000 (43,000) Depreciation and amortization 555,113 642,880
EBITDA $1,057,869 $631,448 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, 2002, for meaningful
cautionary language disclosure. GEORESOURCES, INC., AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30,
2003 2002 2003 2002 OPERATING REVENUES: Oil and gas $878,889
$858,197 $2,632,859 $2,096,737 Leonardite 130,339 202,110 445,029
446,180 Drilling 206,787 3,188 206,787 177,599 1,216,015 1,063,495
3,284,675 2,720,516 OPERATING COSTS AND EXPENSES: Oil and gas
production 426,967 396,925 1,263,489 1,159,452 Cost of leonardite
sold 133,620 161,106 460,668 429,611 Drilling costs 118,702 7,378
118,702 131,459 Depreciation and depletion 219,164 225,369 555,113
642,880 Selling, general and administrative 109,531 141,681 405,963
394,164 1,007,984 932,459 2,803,935 2,757,566 Operating income
(loss) 208,031 131,036 480,740 (37,050) OTHER INCOME (EXPENSE):
Interest expense (21,837) (25,443) (66,428) (66,397) Interest
income 461 451 8,168 11,558 Other income, net 3,498 4,950 13,848
14,100 (17,878) (20,042) (44,412) (40,739) Income (loss) before
income taxes 190,153 110,994 436,328 (77,789) Income tax (expense)
benefit (19,000) (7,000) (13,000) 43,000 Income (loss) before
cumulative effect of change in accounting principle 171,153 103,994
423,328 (34,789) Cumulative effect on prior years accounting
change, net of tax -- -- (23,000) -- Net income (loss) $171,153
$103,994 $400,328 $(34,789) EARNINGS PER SHARE: Income (loss)
before cumulative effect of accounting change $.05 $.03 $.12 $(.01)
Cumulative effect of accounting change -- -- (.01) -- Net income
(loss), basic and diluted $.05 $.03 $.11 $(.01) PRO FORMA AMOUNTS,
assuming retroactive application of new accounting method: Net
income (loss) $171,153 $87,170 $423,328 $(75,965) Net income (loss)
per share, basic and diluted $.05 $.02 $.12 $(.02) DATASOURCE:
GeoResources, Inc. CONTACT: Cathy Kruse of GeoResources, Inc.,
+1-701-572-2020, Web site: http://www.georesources.net/
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