GeoResources, Inc. Reports Second Quarter and Six-Month Results
WILLISTON, N.D., Aug. 16 /PRNewswire-FirstCall/ -- GeoResources,
Inc., (NASDAQ:GEOI), today reported second quarter 2004 net income
of $234,000, or $0.06 per basic and diluted share, on revenue of
$1,634,000, compared to a 2003 net income of $67,000, or $0.02 per
basic and diluted share, on revenue of $1,035,000. Earnings before
interest, taxes, depreciation, depletion and amortization (EBITDA)
for the second quarter 2004 was $483,000, compared to $292,000 for
the second quarter 2003. (1) First-half 2004 net income was
$317,000, or $0.09 per basic and diluted share, on revenue of
$2,786,000, versus a net income of $229,000, or $0.06 per basic and
diluted share, on revenue of $2,170,000 in the first half of 2003.
EBITDA for the first half 2004 was $748,000, compared to $627,000
the first half 2003. Higher commodity prices, which averaged $31.95
per barrel of oil equivalent (BOE) for the first half of the year,
were the primary driver of the improved results. GeoResources sold
a total of 31,000 BOE, or 337 BOE per day, during the second
quarter 2004, compared to 34,000 BOE, or 374 BOE per day, in the
second quarter 2003. The reduced production sold was attributable
to normal production declines that were not offset by new
production. Although sales volumes were lower, the company received
substantially higher average oil value per BOE resulting in an
increase of $187,000, or 22%, for the three-months ended June 30,
2004, and $163,000, or 9%, for the six- months ended June 30, 2004,
compared to the same periods in 2003 in spite of the lower sales
volumes. Leonardite revenue increased $94,000, or 46%, and
$135,000, or 32%, respectively, for the three-and six-month periods
ended June 30, 2004, compared to the prior periods due to higher
production sold. Production increased 722 tons, or 42%, and 1,074
tons, or 32%, respectively, for the three- and six-month periods
ended June 30, 2004 compared to the equivalent periods in 2003.
During the first half of 2004, Western Star Drilling Company
drilled one well for GeoResources, one for another operator and
initiated another well for a second operator. This compares to two
wells drilled for GeoResources in the first half of 2003. J.P.
Vickers, President of GeoResources, said, "Continued strength in
the oil and gas market led to a successful second quarter at
GeoResources. We increased production at our Leonardite operations
by 722 tons, or 42%. Our customer-base continues to drill using
Western Star Drilling Company, which further bodes well for
GeoResources. We continue to explore new opportunities to
strengthen our operations and make 2004 a highly profitable year."
(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 June 30, 2004 June 30, 2003 Net income
$234,000 $67,000 Add back Accounting change -- -- Interest expense
20,000 22,000 Income tax 23,000 27,000 Depreciation and
amortization 206,000 176,000 EBITDA $483,000 $292,000 Six Months
Ended Six Months Ended June 30, 2004 June 30, 2003 Net Income
$317,000 $229,000 Add back: Accounting change -- 23,000 Interest
expense 39,000 45,000 Income tax 29,000 (6,000) Depreciation and
amortization 363,000 336,000 EBITDA $748,000 $627,000 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 STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, 2004 2003
2004 2003 OPERATING REVENUES: Oil and gas sales $1,020,635 $833,396
$1,916,960 $1,753,970 Leonardite sales 295,296 201,668 550,532
416,001 Drilling revenue 318,081 -- 318,081 -- 1,634,012 1,035,064
2,785,573 2,169,971 OPERATING COSTS AND EXPENSES: Oil and gas
production 403,256 391,410 863,740 836,522 Cost of leonardite sold
245,297 201,270 503,431 428,359 Drilling costs 316,898 -- 365,053
-- Depreciation and depletion 206,110 175,760 362,968 335,949
Selling, general and administrative 200,366 162,560 325,354 296,432
1,371,927 931,000 2,420,546 1,897,262 Operating income 262,085
104,064 365,027 272,709 OTHER INCOME (EXPENSE): Interest expense
(20,231) (22,461) (38,626) (44,591) Interest income 9,852 7,530
10,158 7,707 Other income, net 4,950 4,950 9,900 10,350 (5,429)
(9,981) (18,568) (26,534) Income before income taxes 256,656 94,083
346,459 246,175 Income tax (expense) benefit (23,000) (27,000)
(29,000) 6,000 Income before cumulative effect of change in
accounting principle 233,656 67,083 317,459 252,175 Cumulative
effect on prior years accounting change, net of tax -- -- --
(23,000) Net income $233,656 $67,083 $317,459 $229,175 EARNINGS PER
SHARE: Income before cumulative effect of accounting change $.06
$.02 $.09 $.07 Cumulative effect of accounting change -- -- --
(.01) Net income, basic and diluted $.06 $.02 $.09 $.06 DATASOURCE:
GeoResources, Inc. CONTACT: Cathy Kruse of GeoResources, Inc.,
+1-701-572-2020, or
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