Belden & Blake Corporation announces 1995 first 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)--May 3, 1995--Belden & Blake 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 : BELD BELD Braintree Electric Light Department (Massachusetts) BELD Battlefield Environment Laser Designator ) today reported that revenues for the first quarter ended March 31, 1995 increased 8 percent to $22.4 million compared to revenues of $20.7 million for the first quarter of 1994. Net income for the 1995 period decreased 8 percent to $739,216 compared to net income of $807,241 during the first quarter of 1994. Net income was $.10 per share during the first quarter of 1995, compared to net income of $.11 per share in the first quarter of 1994. The decrease in net income was largely attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a 35 percent increase in exploration expense associated with the company's increased exploration activity in the first quarter of 1995. Discretionary cash flow Discretionary cash flow Cash flow that is available after the funding of all positive net present value (NPV) capital investment projects; it is available for paying cash dividends, repurchasing common stock, retiring debt, and so on. , defined as net income plus exploration expense and 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. , increased 16 percent in the first quarter of 1995 to $5.4 million compared with $4.6 million for the comparable period in 1994. During the first quarter of 1995, natural gas sales volumes increased 30 percent to 2.9 Bcf (billion cubic feet) when compared with the same period in 1994. The increase in gas production was the direct result of the Company's acquisition of certain Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). and Appalachian Ap`pa`la´chi`an 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 producing properties in 1995, and production brought on stream by the Company's 1994 drilling program. The average sales price paid for the Company's natural gas in the first quarter of 1995 decreased $.24 per Mcf (thousand cubic feet) to $2.47 per Mcf. Despite the lower price, the increase in gas volumes resulted in a net increase of $1.1 million in 1995 first quarter gas sales compared to the same period of 1994. Sales volumes of crude oil for the first quarter of 1995 increased 10 percent to 117,671 barrels compared to the same period in 1994. Crude oil prices increased $2.32 per barrel barrel: see English units of measurement. to $16.70 per barrel compared to the first quarter of 1994. Higher oil prices and volumes increased revenues by $430,000 in the first quarter of 1995 compared to the year-earlier period. At March 31, 1995, working capital totaled $15.9 million and total assets were $172 million compared to $13.1 million and $137 million, respectively, at March 31, 1994. 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. rose 5 percent to $82 million from $78 million at March 31, 1994. Belden Belden may refer to:
Belden & Blake Corporation
Summary of Operations
Three Months
Ended March 31,
1995 1994
Revenues
Oil and gas sales $ 9,206,656 $ 7,654,882
Gas marketing and gathering 8,915,885 9,954,646
Oilfield sales and service 4,120,760 3,011,073
Interest and other 181,985 86,107
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Total revenues 22,425,286 20,706,708
Expenses
Production expense 2,633,514 2,162,234
Cost of gas and gathering expense 7,901,476 8,863,083
Oilfield sales and service 4,210,353 3,002,447
Exploration expense 894,930 661,705
General and administrative expense 949,239 954,858
Interest expense 1,162,990 923,710
Depreciation, depletion and
amortization 3,499,425 2,834,774
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Total expenses 21,251,927 19,402,811
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Income before income taxes 1,173,359 1,303,897
Provision for income taxes 434,143 496,656
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Net income $ 739,216 $ 807,241
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Preferred dividends $ 45,000 $ 45,000
Net income per common share(1) $ .10 $ .11
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Weighted average common shares
outstanding 7,101,705 7,066,447
Operational Summary ___________________ Sales Volumes Gas (Mcf) 2,927,426 2,256,577 Oil (Bbls) 117,671 106,801 Average Selling Price _____________________ Gas (per Mcf) $ 2.47 $ 2.71 Oil (per Bbl) 16.70 14.38 (1) Net income per common share is computed by subtracting preferred dividends from net income and dividing the difference by the weighted average number of common and common equivalent shares outstanding. Condensed Balance Sheets
March 31, 1995 March 31, 1994
Current assets $ 31,979,397 $ 24,246,494
Property and equipment, net 137,501,125 111,126,327
Other assets 2,841,467 2,037,157
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$172,321,989 $137,409,978
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Current liabilities $ 16,088,043 $ 11,181,700
Long-term liabilities 67,215,379 43,583,698
Deferred income taxes 6,929,774 4,637,389
Shareholders' equity 82,088,793 78,007,191
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$172,321,989 $137,409,978
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______________ _______________
Common shares outstanding 7,106,246 7,084,737 CONTACT: Belden & Blake Corp., North Canton Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by P. Faber FABER Flexion, Abduction, External Rotation , 216/499-1660 |
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