American International Petroleum Reports Third Quarter and Nine Months Results.Business/Energy Editors NEW YORK--(BUSINESS WIRE)--Nov. 15, 2001 American International Petroleum Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AIPN AIPN Association of International Petroleum Negotiators AIPN Australian Injury Prevention Network AIPN Advanced Industrial Property Network (Japanese Patent Office) AIPN Asian Industrial Property Network ) today reported revenues of $8,419,000 for the third quarter ended September 30, 2001, compared to $345,000 for the year ago third quarter. The refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar division achieved positive operating cash flows Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. of approximately $486,000 for the quarter just ended, compared to negative operating cash flows of about $84,000 for the same period last year. The net loss for the quarter just ended was $1,759,000, or $(.01) per share, compared to a loss of $3,107,000, or $(.03) per share, for the year ago quarter. The loss for the quarter just ended includes non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $613,000 versus $954,000 for the year ago period. Weighted average shares outstanding were 164,895,000 for the quarter just ended. Revenues for the nine months ended September 30, 2001, were $16,379,000 versus revenues of $2,828,000 for the same period last year. Operating Cash Income of approximately $1,044,000 was generated for the nine month period just ended, compared to negative Operating Cash Income of $556,000 for the same period last year. The net loss for the nine months just ended was $6,671,000, or $(.04) per share, compared to a loss of $9,854,000, or $(.09) per share, for last year's like period. The loss for the nine month period just ended includes non-cash charges of $2,951,000 versus $2,871,000 for the year ago period. Weighted average shares outstanding were 154,993,000 for the nine months just ended. Separately, the Company announced its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , American International Petroleum Kazakhstan, received approval of its request for an extension, through November 2002, of the exploration contract and minimum work program for License 953, from the Kazakhstan Ministry of Energy and Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature . American International Petroleum Kazakhstan, a wholly-owned subsidiary of the Company, owns two licenses in the Republic of Kazakhstan: Production License 1551, the Shagyryl-Shomyshty gas field, in which it has a 100% working interest, and exploration License 953, a 4.7 million acre exploration block, in which AIPC AIPC Androgen-Independent Prostate Cancer AIPC American Italian Pasta Company (Kansas City, MO) AIPC Aquidneck Island Planning Commission (Rhode Island) has a 70% working interest. American International Petroleum Corporation is a diversified diversified (di·verˑ·s petroleum company which, through various wholly owned subsidiaries, is involved in oil and gas exploration and development in the Republic of Kazakhstan, and in refining, marketing and transportation of its refined products in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. .
AMERICAN INTERNATIONAL PETROLEUM CORPORATION
STATEMENT OF CONSOLIDATED INCOME
Third Quarter ended Nine Months ended
September 30 September 30
2001 2000 2001 2000
------ ------ ------ ------
Revenues $8,419,000 $345,000 $16,379,000 $2,828,000
Operating
Cash
Income $486,000 $(84,000) $1,044,000 $(556,000)
Net Loss a.$(1,759,000) a.$(3,107,000) b.$(6,671,000) b.$(9,854,000)
Loss per
share $(.01) $(.03) $(.04) $(.09)
Weighted
average
shares
outstanding 164,895,000 109,585,000 154,993,000 105,258,000
(a.) Includes non-cash charges of $613,000 in the third quarter of
2001 compared to $954,000 for the year ago quarter 2000.
(b.) Includes non-cash charges of $2,951,000 in the nine months of
2001 compared to $2,871,000 in the comparable nine months of 2000.
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