Printer Friendly

APCO ARGENTINA REPORTS 3RD QUARTER NET INCOME OF 26 CENTS PER SHARE

 TULSA, Okla., Nov. 8 /PRNewswire/ -- Apco Argentina Inc. today reported unaudited net income of $ 1.9 million, or 26 cents per share, and $ 8.1 million, or $ 1.10 per share, for the three and nine months ended Sept. 30, 1993. This compares with unaudited net income of $ 2.3 million, or 31 cents per share and $ 7.7 million, or $ 1.04 per share, for the respective periods in 1992. The decrease in net income for the third quarter 1993, as compared with the same period in 1992, is due primarily to recording higher Argentine taxes during the period in 1993. The Argentine tax reform of 1992 eliminated the income tax previously withheld from Petrolera dividends. As a result, in the third quarter 1992, the remaining balance of dividend income taxes payable was credited to income. Although equity income from the company's investments in Entre Lomas was comparable, a drop in Entre Lomas oil prices during the third quarter 1993, combined with expenses of the exploration program currently underway, were offset by lower operating expenses in 1993 and hedging losses recorded in 1992.
 The increase in net income for the nine months ended Sept. 30, 1993, as compared with the same period in 1992, is due primarily to higher equity income from the company's Entre Lomas investments and lower general and administrative expenses.
 Equity income was higher due to the effect of a one time tax charge by Petrolera in 1992, reflecting an increase in income tax rates resulting from the aforementioned tax reform. Except for the one time tax charge by Petrolera, equity income from the company's investments in Entre Lomas for the two periods was comparable. Lower oil sales volumes in 1993 combined with expenses of the exploration program currently underway, were offset by lower operating expenses in 1993 and hedging losses recorded in 1992.
 -0- 11/8/93
 /CONTACT: Thomas Bueno of Apco Argentina, 918-588-2164/


CO: Apco Argentina Inc. ST: Oklahoma IN: OIL SU: ERN

SG -- SF012 -- 1689 11/08/93 10:34 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 8, 1993
Words:338
Previous Article:GWC CORPORATION REPORTS THIRD QUARTER 1993 EARNINGS
Next Article:WYSE TECHNOLOGY SHIPS FLAGSHIP MULTIPROCESSING SYSTEM WITH ROBUST UNIX OPERATING SYSTEM FROM SCO
Topics:

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