Printer Friendly

ALLIANCE WELL SERVICE REPORTS FIRST QUARTER RESULTS

 ALLIANCE WELL SERVICE REPORTS FIRST QUARTER RESULTS
 LIBERTY, Texas, April 17 /PRNewswire/ -- Alliance Well Service,


Inc., (NASDAQ: AWSI) today reported their results of operations for the first quarter of 1992:
 Three Months Ended
 March 31,
 1992 1991
 Revenues $ 20,000 $971,000
 Net loss $(360,000) $(53,000)
 Loss per share $ (.03) $ (.00)
 Gregory E. Fourticq, president of Alliance, stated that the reduced 1992 revenues reflect the effect of the sale on May 28, 1991 of substantially all of the company's operating assets to Pride Petroleum Services, Inc. The company has invested the net cash proceeds from the sale in certificates of deposit and other interest bearing bank accounts, while seeking a merger or acquisition opportunity. The company is continuing to explore merger and acquisition possibilities with several candidates.
 The company also announced that in April 1992, a New Mexico jury returned a verdict against Alliance Well Service, dba Monument Well Service, and Kenco Oil Tools for negligence as a result of both companies performing work on the wrong gas well in April 1989. The operator of the well alleged significant damage, while experts hired by the defendants attested to minimal damage in the range of $30,000 to $50,000. The jury, in a 10 to two vote, entered a judgment for damages of $265,000 against Alliance and $177,000 against Kenco. In connection with this verdict, Alliance has recorded a $300,000 charge as of March 31, 1992. Management of Alliance does not believe that the judgment is warranted and expects to file an appeal.
 -0- 4/17/92
 /CONTACT: Nelson R. Jones of Alliance Well Service, 409-336-8831/
 (AWSI) CO: Alliance Well Service, Inc. ST: Texas IN: OIL SU: ERN


KD -- NY021 -- 9736 04/17/92 16:05 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 17, 1992
Words:292
Previous Article:FIRST NATIONAL BANK IN MACOMB COUNTY PIONEERS SUNDAY BANKING IN 2 BRANCHES
Next Article:AS THE DOW WOWS, INVESTORS GO FOR GROWTH


Related Articles
ALLIANCE IMAGING REPORTS EIGHTFOLD INCREASE IN NET INCOME FOR THE FIRST QUARTER ENDED MARCH 31, 1992
ALLIANCE IMAGING REPORTS FIRST QUARTER FINANCIAL RESULTS
MCI LEADS INDUSTRY VOLUME AND REVENUE GAINS IN FIRST QUARTER
ALLIANCE IMAGING REPORTS TURNAROUND IN FIRST QUARTER EARNINGS
PR Newswire Southwest Summary, Thursday, May 13, to 12:00 EDT.
PR Newswire Southwest Summary, Thursday, April 20, to 1:00 p.m. EDT.
Alliance Capital Announces Record Financial Results for First Quarter 2000 and Record Assets Under Management of $394 Billion.
PR Newswire Southwest Summary, Tuesday, April 25, to 1:00 p.m. EDT.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters