Belden & Blake Corp. announces third quarter results.NORTH CANTON North Canton, city (1990 pop. 14,748), Stark co., NE Ohio, a suburb of Canton; settled c.1815, inc. as a city 1961. Vacuum cleaners and industrial die castings are among the city's manufactures. , Ohio--(BUSINESS WIRE)--Nov. 1, 1994--Belden & Blake Corp. (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 :BELD BELD Braintree Electric Light Department (Massachusetts) BELD Battlefield Environment Laser Designator ) today reported earnings of $1.1 million for the third quarter and $3.0 million for the nine months ended Sept. 30, 1994. Third Quarter Results: Net income for the third quarter of 1994, was $1.1 million on revenues of $21.7 million, compared to net income of $1.0 million on revenues of $17.4 million during the third quarter of 1993. On a per share basis, net income was 15 cents per common share during the third quarter of 1994, compared to net income of 14 cents per common share in the third quarter of 1993. Cash flow generated by operations was $3.2 million for the 1994 period, up 45 percent from $2.2 million for the same period in 1993. During the third quarter of 1994, natural gas sales volumes were 2.5 Bcf (billion cubic feet), a 32 percent increase over the same period in 1993. The increase in gas production was primarily due to the company's acquisitions of producing oil and gas properties in 1994. The average sales price paid for the company's natural gas in the third quarter of 1994, decreased 14 cents per Mcf (thousand cubic feet) to $2.41 per Mcf from the same period in 1993. Deliveries of crude oil for the third quarter of 1994 totaled 120,291 barrels, a 25 percent increase over the same period in 1993. The increase in oil volume was primarily due to production generated from wells drilled to the less developed Knox group of formations in Ohio. The production from the Knox formations is largely the result of the company's 1993 and 1994 drilling programs. Average crude oil prices were $17.26 per barrel barrel: see English units of measurement. during the third quarter of 1994 compared to the $17.06 in the third quarter of 1993. In the three months ending Sept. 30, 1994, the company completed a number of small acquisitions which in aggregate added the equivalent of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 4.5 Bcf of natural gas to the company's proved developed reserve base. The reserves added were acquired for $3.5 million, or an average cost of 78 cents per equivalent Mcf of gas. The reserves acquired represent approximately 140 percent of the company's 1994 third quarter production. Nine-Month Results: The company's net income increased 18 percent during the first nine months of 1994, despite a $1.82 per barrel decrease in the average oil price compared to the same period in 1993. For the nine months ended Sept. 30, 1994, the company earned net income of $3.0 million, or 40 cents per common share with a weighted average 7.1 million shares outstanding, compared to net income of $2.5 million, or 47 cents per common share with a weighted average of 5.1 million shares outstanding during the first nine months of 1993. The substantial increase in average shares outstanding is primarily the result of the company's sale of 3.45 million common shares in May 1993. Total revenues for the first nine months of 1994 were $62.9 million compared to $53.5 million during the comparable period in 1993. Cash flow generated by operations was $12.5 million during the 1994 nine-month period, an increase of 87 percent from $6.7 million during the same period in 1993. During the first nine months of 1994, deliveries of crude oil increased 10 percent to 372,098 barrels compared to the previous period. The average price per barrel decreased from $17.67 in the 1993 period to $15.85 in the comparable period of 1994. Natural gas volumes for the first nine months of 1994 increased 31 percent to 7.2 Bcf with an average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. of $2.60 per Mcf, compared to volumes of 5.5 Bcf and an average selling price of $2.52 per Mcf during the same period in 1993. At Sept. 30, 1994, working capital totaled $14.3 million and total assets were $145 million compared to $6.7 million and $111 million, respectively, at Sept. 30, 1993. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. increased to $80.3 million at Sept. 30, 1994, from $75.9 million at Sept. 30, 1993. Belden Belden may refer to:
a. 1. Of or pertaining to a chain of mountains in the United States, commonly called the Allegheny ltname> mountains. Noun 1. Basin BASIN Boulder Area Sustainability Information Network (Boulder, Colorado) BASIN Brothers And Sisters In Need . -0-
Belden & Blake Corp.
Summary of Operations
Three Months Nine Months
Ended Sept. 30, Ended Sept. 30,
1994 1993(1) 1994 1993(1)
Revenues
Oil and gas sales $ 8,069,062 $ 6,466,129 $24,616,133 $19,863,718
Gas marketing and
gathering 8,397,772 7,765,518 26,123,864 25,289,876
Oilfield sales and
service 4,968,730 3,059,593 11,733,736 7,801,124
Interest and other 269,591 141,971 400,903 535,843
___________ ___________ ___________ ___________
Total revenues 21,705,155 17,433,211 62,874,636 53,490,561
Expenses
Production expense 2,379,177 1,756,080 6,946,510 5,592,222
Cost of gas and
gathering expense 7,191,187 6,843,692 22,875,597 22,216,448
Oilfield sales and
service 4,763,971 2,865,493 11,311,187 7,361,546
Exploration expense 732,366 677,205 1,995,031 1,571,919
General and
administrative
expense 1,008,679 877,643 3,164,317 3,037,305
Interest expense 888,171 486,032 2,723,771 2,592,637
Depreciation, depletion
and amortization 3,059,326 2,303,705 9,089,916 7,066,027
___________ ___________ ___________ ___________
Total expenses 20,022,877 15,809,850 58,106,329 49,438,104
___________ ___________ ___________ ___________
Income before income
taxes 1,682,278 1,623,361 4,768,307 4,052,457
Provision for income
taxes 602,341 619,176 1,776,203 1,526,315
___________ ___________ ___________ ___________
Net income $ 1,079,937 $ 1,004,185 $ 2,992,104 $ 2,526,142
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Preferred dividends $ 45,000 $ 45,000 $ 135,000 $ 135,000
Net income per
common share(2) $ .15 $ .14 $ .40 $ .47
Weighted average
shares outstanding 7,084,737 7,030,756 7,078,707 5,129,006
Operational Summary
___________________
Sales volumes
Gas (Mcf) 2,491,248 1,887,469 7,205,244 5,495,513
Oil (Bbls) 120,291 96,610 372,098 339,354
Average selling price
Gas (per Mcf) $ 2.41 $ 2.55 $ 2.60 $ 2.52
Oil (per Bbl) 17.26 17.06 15.85 17.67
(1) Certain reclassifications have been made to the 1993 amounts to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the presentation in 1994. (2) Primary and fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. . Net income per common share is computed by subtracting preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) from net income and dividing the difference by the weighted average number of shares of common stock outstanding. CONTACT: Belden & Blake Corp., North Canton Patricia A. Harcourt Harcourt may refer to: People with the surname Harcourt:
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