Belden & Blake Corporation registers record first quarter results; income from continuing operations increases 303%.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 6, 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 quarterly 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 $3.4 million, or $.30 per common share, for the first quarter of 1996 compared to income from continuing operations of $851,000, or $.12 per share for the first quarter of 1995. A weighted average of 11.2 million shares were outstanding in the first quarter of 1996, compared to a weighted average of 7.1 million shares outstanding for the same period of 1995. 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 from producing properties acquired in 1995 and from wells drilled in 1994 and 1995. Revenues Grow 85% Revenues for the first quarter of 1996 increased 85 percent to a quarterly record of $39.0 million compared to revenues of $21.1 million for 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 156% in the first quarter of 1996 to $13.8 million compared with $5.4 million for the comparable period in 1995. Production Increases 105% During the quarter ended March 31, 1996, the company produced 7.4 Bcfe (billion cubic feet equivalent) compared to its production of 3.6 Bcfe for the quarter ended March 31, 1995. This is the highest quarterly production recorded by the company since its formation. Natural gas sales volumes increased to 6.4 Bcf, a 119% increase over gas volumes in the first quarter of 1995. Oil volumes for the first quarter of 1996 increased 53,000 barrels, a 46% increase, to 171,000 barrels compared to the first quarter of 1995. These volume increases were primarily due to production from the company's 1995 acquisitions and wells drilled in 1994 and 1995. The average price paid for the company's natural gas in the first quarter of 1996 increased $.12 per Mcf (thousand cubic feet) to $2.59 per Mcf compared to the same period in 1995. Average oil prices during the first quarter increased $1.04 per barrel barrel: see English units of measurement. , to $17.74 per barrel compared to the first quarter a year ago. Total Assets Rise 72% At March 31, 1996, working capital totaled $24.7 million and total assets were $297 million compared to $15.9 million and $172 million, respectively, at March 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. reached a record of $146 million at March 31, 1996, compared to $82 million for the comparable period in 1995. "The very positive impact of our 1995 acquisitions and drilling results is clearly evident in the first quarter of 1996," 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 AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands)
Three months
ended March 31,
1996 1995
Revenues
Oil and gas sales $ 19,678 $ 9,207
Gas marketing and gathering 13,201 8,916
Oilfield sales and service 5,480 2,748
Interest and other 633 182
38,992 21,053
Expenses
Production expense 4,144 2,269
Production taxes 794 365
Cost of gas and gathering expense 11,257 7,902
Oilfield sales and service 5,101 2,740
Exploration expense 1,530 895
General and administrative expense 1,218 949
Interest expense 2,011 1,136
Depreciation, depletion and amortization 7,568 3,451
33,623 19,707
Income from continuing operations
before income taxes 5,369 1,346
Provision for income taxes 1,944 495
Income from continuing operations 3,425 851
Loss from discontinued operations -- (112) Net income $ 3,425 $ 739 Per common share: Continuing operations $ 0.30 $ 0.12 Discontinued operations -- (0.02) Net income $ 0.30 $ 0.10 Weighted average common shares outstanding 11,161 7,102
OPERATIONAL SUMMARY
(in thousands, except price data)
Sales volumes
Gas (Mcf) 6,412 2,927
Oil (Bbls) 171 118
Average Selling Price
Gas (per Mcf) $ 2.59 $ 2.47
Oil (per Bbl) 17.74 16.70
BELDEN & BLAKE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, December 31,
1996 1995
(Unaudited)
ASSETS
Current assets $ 59,966 $ 54,150
Property and equipment, net 226,098 231,528
Other assets 10,938 11,620
$ 297,002 $ 297,298
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 35,223 $ 36,791
Long-term liabilities 106,493 110,523
Deferred income taxes 9,159 7,693
Shareholders' equity 146,127 142,291
$ 297,002 $ 297,298
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three months ended March 31
1996 1995
Cash flows from operating activities:
Net income $ 3,425 $ 739
Depreciation, depletion and amortization 7,568 3,499
Deferred income taxes 1,232 223
Other 408 157
Changes in operating assets and
liabilities (7,180) (1,085)
Net cash provided by operating activities 5,453 3,533
Net cash used in investing activities (3,303) (13,604) Net cash (used in) provided by financing activities (4,063) 13,786 Net (decrease) increase in cash and cash equivalents (1,913) 3,715 Cash and cash equivalents at beginning of period 12,322 3,649 Cash and cash equivalents at end of the period $ 10,409 $ 7,364 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, 330/499-1660 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion