Belden & Blake Corporation has record fourth quarter and 1996 earnings and cash flow.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)--Feb. 24, 1997-- Fourth Quarter Income 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 Increases 90% Belden Belden may refer to:
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 of $4.7 million, or $.42 per common share, for the fourth quarter of 1996, compared to income from continuing operations of $2.5 million, or $.22 per common share, for the comparable period 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 substantial increases in oil and gas production and higher average prices paid for the company's oil and gas. 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 55% in the fourth quarter of 1996 to $15.6 million, or $1.39 per common share, compared with $10.1 million, or $.90 per common share, for the comparable period in 1995. Revenues for the fourth quarter of 1996 increased 18% to $43.2 million, compared to revenues of $36.7 million for the fourth quarter of 1995. During the quarter ended December December: see month. 31, 1996, the company produced 7.9 Bcfe (billion cubic feet equivalent) of natural gas compared to its production of 6.8 Bcfe for the quarter ended December 31, 1995. Natural gas sales volumes increased 16% to 6.8 Bcf while oil volumes increased 21% to 180,000 barrels compared to the fourth quarter of 1995. The average price paid for the company's natural gas in the fourth quarter of 1996 increased $.55 per Mcf (thousand cubic feet) to $2.67 per Mcf compared to the same period in 1995. Average oil prices during the fourth quarter increased $5.99 per barrel barrel: see English units of measurement. , to $22.61 per barrel compared to the same period in 1995. Increases in prices received for the company's oil and natural gas added $4.8 million in revenue over the 1995 period. Increases in oil and gas sales volumes contributed an additional $2.5 million in revenue. "We substantially exceeded our expectations during the fourth quarter of 1996," said Henry S. Belden IV, Chairman and Chief Executive Officer. "The fourth quarter results represent the best quarterly financial and operating performance in the company's history," Mr. Belden continued. 1996 Income From Continuing Operations Increases 143% Income from continuing operations for the year ended December 31, 1996, was a record $15.2 million, or $1.34 per common share. This compares to income from continuing operations of $6.3 million, or $.69 per common share, for the year ended December 31, 1995. 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) in 1996 was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $439,000, or $.04 per common share, compared to a loss of $1.1 million, or $.13 per common share during 1995. Discretionary cash flow increased 79% to a record $54.8 million, or $4.89 per common share during 1996, compared with $30.7 million, or $3.47 per common share in 1995. Revenues for the year increased 39% to $153.2 million compared to revenues of $110.1 million during 1995. "When we formed the company in 1992, our stated goal was to provide our shareholders with average annual growth in earnings per share of 20% over a five-year period. From 1992 through 1996, we achieved a growth rate of 28%. During the same period, discretionary cash flow grew at a rate of 61% and 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. grew at a 34% rate," stated Mr. Belden. "We achieved our original goal by implementing a balanced and comprehensive strategy that allows the company to grow during all business cycles and climates that impact the oil and gas industry. We will remain focused on that strategy as we move forward," Mr. Belden continued. 1996 Production Increases 46% During the year ended December 31, 1996, the company produced a record 29.7 Bcfe compared to its production of 20.3 Bcfe for the year ended December 31, 1995. Natural gas sales volumes increased to 25.4 Bcf, a 50% increase over gas volumes in 1995. Oil volumes increased 163,000 barrels (29%) to 719,000 barrels in 1996. These volume increases were primarily due to the company's 1995 acquisitions and production from wells drilled in 1995 and 1996. The average price paid for the company's natural gas in 1996 increased $.35 per Mcf to $2.56 per Mcf compared to 1995. Average oil prices increased $3.46 per barrel, to $20.24 per barrel compared to a year ago. "In 1996 we clearly began to see the benefits of our 1995 and 1996 drilling programs and our 1995 acquisitions," said Ronald L. Clements Clements is a name that can refer to the following: People First Name Surname
At December 31, 1996, the company had proved gas reserves of 289 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 7.4 million barrels, or total reserves of 333 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. 1996 reserves were 20% greater than the 277 Bcfe of proved reserves at December 31, 1995. The company added 40.4 Bcfe of reserves at a cost of $36.9 million through its 1996 drilling program -- replacing 136% of the company's 1996 production. The company also purchased 10.2 Bcfe of reserves in 1996 at a cost of $4.3 million. In aggregate, the reserve additions of 50.6 Bcfe equaled 170% of the company's 1996 production. Balance Sheet Grows Stronger At December 31, 1996, working capital totaled $22.1 million and total assets were $303.8 million compared to $17.4 million and $297.3 million, respectively, at December 31, 1995. 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, 1996 increased to $158.9 million from $142.3 million at December 31, 1995. During 1996, the company reduced the balance owed on its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility by approximately $8 million. 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. , 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 Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. Basins. -0-
BELDEN & BLAKE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three months Year
ended December 31, ended December 31,
1996 1995 1996 1995
Revenues
Oil and gas sales $ 22,226 $ 14,929 $ 79,491 $ 46,853
Gas marketing and gathering12,903 13,520 44,527 40,436
Oilfield sales and service 6,934 7,611 25,517 20,066
Interest and other 1,144 621 3,700 2,712
________ ________ _________ ________
43,207 36,681 153,235 110,067
Expenses
Production expense 5,064 3,629 18,098 11,756
Production taxes 909 628 3,168 2,060
Cost of gas and gathering 11,414 11,323 37,556 33,831
Oilfield sales and service 6,356 6,726 23,142 18,266
Exploration expense 1,657 1,546 6,064 4,924
General and administrative 1,514 1,176 4,573 3,802
Interest expense 1,796 2,060 7,383 6,073
Depreciation, dep. & amort. 7,811 6,872 29,752 19,717
Franchise,prop.&other taxes 409 270 1,739 1,228
________ ________ _________ ________
36,930 34,230 131,475 101,657
________ ________ _________ ________
Income from continuing operations
before income taxes 6,277 2,451 21,760 8,410
Prov.(benefit) for inc tax 1,535 (45) 6,566 2,150
________ ________ _________ ________
Income from continuing oper. 4,742 2,496 15,194 6,260
Loss from discontinued op. -- (185) (439) (1,139)
________ ________ _________ ________
Net income $ 4,742 $ 2,311 $ 14,755 $ 5,121
________ ________ _________ ________
________ ________ _________ ________
Earnings (loss) per common share:
Continuing operations $ 0.42 $ 0.22 $ 1.34 $ 0.69
Discontinued operations -- (0.02) (0.04) (0.13)
________ ________ _________ ________
Net income $ 0.42 $ 0.20 $ 1.30 $ 0.56
________ ________ _________ ________
________ ________ _________ ________
Weighted average common
shares outstanding 11,202 11,136 11,176 8,785
________ ________ _________ ________
________ ________ _________ ________
OPERATIONAL SUMMARY
(in thousands, except price data)
Sales volumes
Gas (Mcf) 6,789 5,874 25,410 16,961
Oil (Bbls) 180 149 719 556
Average Selling Price
Gas (per Mcf) $ 2.67 $ 2.12 $ 2.56 $ 2.21
Oil (per Bbl) 22.61 16.62 20.24 16.78
BELDEN & BLAKE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31
1996 1995
ASSETS
Current assets $ 56,724 $ 54,150
Property and equipment, net 237,336 231,528
Other assets 9,703 11,620
__________ __________
$ 303,763 $ 297,298
__________ __________
__________ __________
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 34,614 $ 36,791
Long-term liabilities 97,642 110,523
Deferred income taxes 12,589 7,693
Shareholders' equity 158,918 142,291
__________ __________
$ 303,763 $ 297,298
__________ __________
__________ __________
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year ended December 31
1996 1995
Cash flows from operating activities:
Net income $ 14,755 $ 5,121
Depreciation, depletion and amortization 29,752 20,154
Deferred income taxes 4,232 488
Other 1,845 1,244
Changes in operating assets and liabilities (4,053) (5,058)
__________ __________
Net cash provided by operating activities 46,531 21,949
Net cash used in investing activities (40,095) (123,970)
Net cash (used in) provided by financing act. (10,152) 110,694
__________ __________
Net (decrease)increase in cash and cash equiv. (3,716) 8,673
Cash and cash equivalents at beginning of year 12,322 3,649
__________ __________
Cash and cash equivalents at end of year $ 8,606 $ 12,322
__________ __________
__________ __________
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 , 330/499-1660 |
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