Abraxas Revises 2005 Earnings Upward by 13%.SAN ANTONIO San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. -- Abraxas Petroleum Corporation (AMEX AMEX See: American Stock Exchange :ABP 1. (networking) ABP - Alternating bit protocol. 2. ABP - Microsoft Address Book Provider. ) today announced that due to a change in the accounting treatment related to the sale of Grey Wolf shares owned by Abraxas in Grey Wolf's initial public offering that closed on February 28, 2005, the Company's 2005 net income was $2.2 million higher than the $16.9 million (or $0.43 per share) the Company disclosed on March 6, 2006. As a result, the Company's net income increased to $19.1 million ($0.49 per share) for 2005. This item is non-cash and relates exclusively to discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . As a result of this accounting change, the Company filed a Form 12b-25 today with the Securities and Exchange Commission (SEC) to report that it anticipates filing its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2005 no later than March 31, 2006, as the Company is still in the process of providing information necessary for the independent auditors Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. to complete their audits. The Annual Report was due March 16, 2006. Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploitation and production company with operations in Texas and Wyoming. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas' actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for natural gas and crude oil. In addition, Abraxas' future natural gas and crude oil production is highly dependent upon Abraxas' level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas' control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas' filings with the Securities and Exchange Commission during the past 12 months. |
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