American International Petroleum announces second quarter results.NEW YORK--(BUSINESS WIRE)--Aug. 12, 1996--American International Petroleum Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 announced results of operations for the second quarter of 1996. The Company's revenues for the first half ended June 30, 1996 increased by 75% to $1,890,000 from $1,077,000 in the same period last year, reducing its net loss to $782,000, or $.03 per share on 26,364,473 weighted average shares outstanding. This compares with a net loss of $2,028,000, or $.10 per share on 20,619,826 weighted average shares outstanding for the first half of 1995. The improvements in 1996 versus the prior year period were attributable primarily to a significant increase in the Company's refinery lease fees and a 26% reduction in general and administrative expenses in the first six months of 1996 as compared to the same period in 1995. For the second quarter ended June 30, 1996 revenues increased 33% to $966,000 from $729,000 in the second quarter of 1995, reducing the net loss for the second quarter of 1996 to $470,000, or $.02 per share on 26,767,464 weighted average shares outstanding. This compares with a net loss of $754,000, or $.03 per share on 22,140,591 weighted average shares outstanding in the second quarter of 1995. Commenting on the results, Dr. George N. Faris, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "We are very pleased with the significant decreases in the net losses for both the quarter and six month periods. The Company continues to experience positive operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. and expects to achieve breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations on an operating basis by year-end with operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. before income tax, depreciation and amortization by early 1997." American International Petroleum Corporation is engaged in oil and natural gas exploration and production in Colombia and Peru, South American and in 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 in Louisiana. -0-
AMERICAN INTERNATIONAL PETROLEUM CORPORATION
Financial Summary
Three Months Ended June 30, Six Months Ended June 30,
1996 1995 1996 1995
Revenues $966,000 $729,000 $1,890,000 $1,077,000
Expenses $1,436,000 $1,484,000 $2,672,000 $3,105,000
Net Loss $(470,000) $(755,000) $(782,000) $(2,028,000)
Loss Per Share
Earnings Per
Share $(0.02) $(0.03) $(0.03) $(0.10)
Weighted Average
Shares
Outstanding 26,767,464 22,140,591 26,364,473 20,619,826
Operating Statistics:
Refinery Operations: Three Months Six Months
Ended June 30, Ended June 30,
1996 1995 1996 1995
Refinery Lease
Fees $479,000 $361,000 $1,047,000 $380,000
Average Daily
Throughput
(bbls) 10,641 10,024 11,594 9,948
Average Throughput
Fee $0.50 $0.40 $0.50 $0.40
Oil and Gas Operations: Average Net Production (bbls) 36,000 40,000 73,000 79,000 Realized Price Per Barrel $9.28 $7.93 $8.77 $7.91 Production Cost Per Barrel $2.78 $2.87 $2.90 $2.61 DD&A Per Barrel $3.77 $3.86 $3.77 $3.86 CONTACT: American International Petroleum Corp., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Denis Denis, king of Portugal: see Diniz. J. Fitzpatrick, CFO See Chief Financial Officer. , 800/298-AIPC |
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