Belden & Blake Corporation announces record 1995 results; fourth quarter income from continuing operations increases 125 percent.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)--March 4, 1996--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 record earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $2.5 million, or $.22 per common share, for the fourth quarter of 1995, compared to income from continuing operations of $1.1 million or $.15 per share for the comparable period of 1994. A weighted average of 11.1 million shares were outstanding in the fourth quarter of 1995, compared to a weighted average of 7.1 million shares outstanding for the same period of 1994. The increase in average shares outstanding is primarily the result of the company's sale of 4 million common shares in August of 1995. The increase in income from continuing operations is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to additional oil and gas production resulting from producing properties acquired in 1995 and from production generated by the company's 1994 and 1995 drilling programs. Loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. (net of tax benefit) for the fourth quarter of 1995 totaled $175,000, or $.02 per share. This compares to a loss from discontinued operations (net of tax benefit) of $254,000, or $.04 per share for the 1994 period. Revenues for the fourth quarter of 1995 increased 86 percent to $35.8 million compared to revenues of $19.2 million for the fourth quarter of 1994. 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 105 percent in the fourth quarter of 1995 to $10.1 million compared with $4.9 million for the comparable period in 1994. 1995 Income From Continuing Operations Increases 50 Percent Income from continuing operations for the year ended December December: see month. 31, 1995, was a record $6.3 million, or $.69 per share. This compares to income from continuing operations of $4.2 million, or $.57 per share, for the year ended December 31, 1994. Loss from discontinued operations (net of tax benefit) in 1995 was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.1 million, or $.13 per share, compared to $337,000, or $.05 per share during 1994. Revenues for the year increased 39 percent to $110.1 million compared to revenues of $79.4 million during 1994. Discretionary cash flow was $30.7 million during 1995, compared with $20.2 million in 1994. 1995 Production Increases 62 Percent During the year ended December 31, 1995, the company produced a record 20.3 Bcfe (billion cubic feet equivalent) compared to its production of 12.5 Bcfe for the year ended December 31, 1994. Natural gas sales volumes increased to 17.0 Bcf, a 77 percent increase over gas volumes in 1994. Oil volumes increased 60,000 barrels (12%) to 556,000 barrels in 1995. These volume increases were primarily due to the company's 1995 acquisitions and production from wells drilled in 1994 and 1995. The average price paid for the company's natural gas in 1995 decreased $.37 per Mcf (thousand cubic feet) to $2.21 per Mcf compared to 1994. Average oil prices increased $.80 per barrel barrel: see English units of measurement. , to $16.78 per barrel compared to a year ago. At December 31, 1995, the company had proved gas reserves of 239.4 Bcf and proved oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally of 6.3 million barrels, or total reserves of 277.1 Bcfe. Year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1995 reserves were 88 percent greater than the 147.7 Bcfe of proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. at December 31, 1994. The company purchased 124.5 Bcfe of reserves in 1995 at a cost of $79.5 million. The company also added 23.7 Bcfe at a cost of $20.4 million through its 1995 drilling program. In aggregate, the reserve additions of 148.2 Bcfe equaled 730 percent of the company's 1995 production. Total Assets Double in 1995 At December 31, 1995, working capital totaled $17.4 million and total assets were $297 million compared to $13.6 million and $148 million, respectively, at December 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. at December 31, 1995 increased to $142 million from $81 million at December 31, 1994. "This was a historic year for us. We more than doubled the assets of the company. We more than replaced 1995 production through drilling alone. Despite a 14% drop in gas prices, our earnings and cash flow were at record levels in 1995. By year-end we were producing at a rate of almost 80 million cubic feet equivalent per day," said Henry S. Belden Belden may refer to:
Belden & Blake Corporation is actively engaged in producing oil and natural gas, acquiring producing oil and gas properties, exploratory and development drilling and gas gathering and marketing in the 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. and Michigan Basins The Michigan Basin is a geologic basin centered on the lower peninsula of the US state of Michigan. The feature is represented by a nearly circular pattern of geologic sedimentary strata in the area with a nearly uniform structural dip toward the center of the peninsula. . -0-
BELDEN & BLAKE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31
1995 1994
ASSETS
Current assets $ 54,150 $ 26,093
Property and equipment, net 231,528 119,175
Other assets 11,620 2,905
$ 297,298 $ 148,173
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 36,791 $ 12,481
Long-term liabilities 110,523 47,858
Deferred income taxes 7,693 6,692
Shareholders' equity 142,291 81,142
$ 297,298 $ 148,173
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year ended December 31
1995 1994
Cash flows from operating activities: Net income $ 5,121 $ 3,843 Depreciation, depletion and amortization 20,154 12,021 Deferred income taxes 488 1,570 Other 1,244 450 Changes in operating assets and liabilities (5,058) (2,175) Net cash provided by operating activities 21,949 15,709 Net cash used in investing activities (123,970) (37,286) Net cash provided by financing activities 110,694 2,982 Net increase (decrease) in cash and cash equivalents 8,673 (18,595) Cash and cash equivalents at beginning of year 3,649 22,244 Cash and cash equivalents at end of year $ 12,322 $ 3,649
BELDEN & BLAKE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three months Year
ended December 31, ended December 31,
1995 1994 1995 1994
Revenues
Oil and gas sales $ 14,929 $ 7,953 $ 46,853 $ 32,574
Gas marketing and gathering 12,657 6,968 40,436 33,072
Oilfield sales and service 7,611 4,127 20,066 13,157
Interest and other 621 162 2,709 559
35,818 19,210 110,064 79,362
Expenses
Production expense 4,284 2,336 13,979 9,292
Cost of gas and
gathering expense 10,457 6,258 34,079 29,134
Oilfield sales and service 6,750 3,646 18,404 12,264
Exploration expense 1,545 826 4,938 2,807
General and administrative
expense 1,398 801 4,464 3,966
Interest expense 2,060 843 6,073 3,503
Depreciation, depletion
amortization 6,872 2,885 19,717 11,886
33,366 17,595 101,654 72,852
Income from continuing
operations
before income taxes 2,452 1,615 8,410 6,510
Provision (benefit) for
income taxes (34) 510 2,150 2,330
Income from continuing
operations 2,486 1,105 6,260 4,180
Loss from discontinued
operations (175) (254) (1,139) (337)
Net income $ 2,311 $ 851 $ 5,121 $ 3,843 Per common share: Continuing operations $ 0.22 $ 0.15 $ 0.69 $ 0.57 Discontinued operations (0.02) (0.04) (0.13) (0.05) Net income $ 0.20 $ 0.11 $ 0.56 $ 0.52 Weighted average common shares outstanding 11,136 7,085 8,785 7,080
OPERATIONAL SUMMARY
(in thousands, except price data)
Sales volumes
Gas (Mcf) 5,874 2,358 16,961 9,563
Oil (Bbls) 149 124 556 496
Average Selling Price
Gas (per Mcf) $ 2.12 $ 2.51 $ 2.21 $ 2.58
Oil (per Bbl) 16.62 16.38 16.78 15.98
CONTACT: Belden & Blake Corporation, 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 , Vice President, 216/497-5471 ext. 177 |
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