Arena Resources Announces Third Quarter and Nine Month 2002 Financial and Operating Results.Business Editors TULSA Tulsa (tŭl`sə), city (1990 pop. 367,302), seat of Tulsa co., NE Okla., on the Arkansas River east of its junction with the Cimarron; inc. 1898. , Okla.--(BUSINESS WIRE)--Nov. 20, 2002 Arena Resources Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ARRI) ("Arena") announced today financial results for the third quarter and nine months ended Sept. 30, 2002. Arena had net income of $264,151 before preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends on oil and gas revenues of $589,611 for the third quarter compared to $40,611 on revenues of $141,492 for the quarter ended Sept. 30, 2001. The company reported net income of $320,019 before preferred stock dividends on oil and gas revenues of $885,149 for the nine month period ended Sept. 30, 2002 compared to net income of $22,274 on revenues of $141,492 for the nine month period ended Sept. 30, 2001. Net income after preferred stock dividends for the third quarter was $86,317 or $0.02 per share compared to $13,664 for the quarter ended Sept. 30, 2001. Net loss after preferred stock dividends for the nine month period ended Sept. 30, 2002 was $68,972 or $0.02 per share compared to a net loss of $4,673 for the nine months ended Sept. 30, 2001. During the three months ended Sept. 30, 2002, all of the outstanding shares of preferred stock of Arena were converted into shares of common stock and the remaining preferred stock dividends in the amount of $177,834 were accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. and included as a reduction of net income for the quarter. Positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for the nine months ended Sept. 30, 2002 of $228,502, compared to $3,603 for the same period in 2001. Arena Resources Inc. is an oil and gas exploration, development and production company with current operations in Texas, Oklahoma Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). and Kansas. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 that involve a wide variety of risks and uncertainties, including, without limitations, statements with respect to the company's strategy and prospects. Readers and investors are cautioned that the company's actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the company's ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the company, and other factors that may be more fully described in additional documents set forth by the company. |
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