Belden & Blake Corporation registers record second quarter and six month results; second quarter income from continuing operations increases 214%.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)--Aug. 5, 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 second quarter 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 second quarter of 1996. This compares to income from continuing operations of $1.1 million, or $.14 per common share, for the second quarter of 1995. The primary drivers of the increase in income from continuing operations were substantial increases in oil and gas production and higher average prices for 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 109% in the second quarter of 1996 to $12.8 million, or $1.14 per common share, compared with $6.1 million, or $.85 per common share, for the comparable period in 1995. Revenues for the second quarter of 1996 increased 51% to $33.6 million compared to revenues of $22.3 million for the second quarter of 1995. A weighted average of 11.2 million shares were outstanding in the second 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 four million common shares in August of 1995. Second Quarter Production Increases 74% During the quarter ended June June: see month. 30, 1996, the company produced 7.0 Bcfe (billion cubic feet equivalent) of natural gas compared to its production of 4.0 Bcfe for the quarter ended June 30, 1995. Natural gas sales volumes increased to 5.9 Bcf, an 80% increase over gas volumes in the second quarter of 1995. Oil volumes for the second quarter of 1996 increased 62,000 barrels, a 49% increase, to 186,000 barrels compared to the second quarter of 1995. These volume increases were primarily due to production from the company's 1995 acquisitions and wells drilled in 1995. The average price paid for the company's natural gas in the second quarter of 1996 increased $.19 per Mcf (thousand cubic feet) to $2.48 per Mcf compared to the same period in 1995. Average oil prices during the second quarter increased $2.62 per barrel barrel: see English units of measurement. , to $20.33 per barrel compared to the second quarter a year ago. Six-Month Income From Continuing Operations Increases 253% Income from continuing operations for the six months ended June 30, 1996, was $6.8 million, or $.60 per common share, on revenues of $72.6 million, compared to income from continuing operations of $1.9 million, or $.26 per common share, on revenues of $43.3 million for the first six months of 1995. Natural gas volumes for the first six months of 1996 rose 98% to 12.3 Bcf while gas prices increased $.16 per Mcf to $2.54 per Mcf compared to the same period in 1995. Oil volumes were up 115,000 barrels, or 48%, during the six-month period in 1996. The average price paid for the company's oil production was up $1.87 to $19.09 per barrel. "Through June 30, 1996, the company produced a record 14.5 Bcfe of natural gas. We expect 1996 production to reach approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 30 Bcfe, nearly a 50% increase over 1995," said Henry S. Belden Belden may refer to:
Discretionary Cash Flow Jumps 131% Discretionary cash flow for the six months ended June 30, 1996 increased 131% to $26.5 million, or $2.37 per common share, compared to $11.5 million, or $1.60 per common share, for the comparable period in 1995. "Discretionary cash flow in the first six months of 1996, equaled 86% of total discretionary cash flow reported for all of 1995. Based on current prices and budgeted production for the remainder of 1996, we would expect our discretionary cash flow to be in excess of $50 million -- which will more than fund our expanded 1996 capital expenditures, currently planned at $37 million. Our strong cash flow has enabled us to reduce debt by over $10 million in the first six months of 1996," Mr. Belden continued. At June 30, 1996, working capital totaled $23.4 million and total assets were $293.5 million compared to $14.2 million and $189.8 million, respectively, at June 30, 1995. At December December: see month. 31, 1995, working capital totaled $17.4 million and total assets were $297.3 million. 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 $149.6 million at June 30, 1996, compared to $83.0 million for the comparable period in 1995 and $142.3 million at December 31, 1995. Record Level of Drilling Activity During the first half of 1996, the company drilled 58 of the approximately 200 wells planned for 1996, compared to 40 wells drilled during the comparable period in 1995. Forty-one wells were drilled to four different shallow This article or section may contain original research or unverified claims. Please help Wikipedia by adding references. See the for details. This article has been tagged since October 2007. Shallow means not very deep. blanket blanket, sheet, usually of heavy woolen, or partly woolen, cloth, for use as a shawl, bed covering, or horse covering. The blanketmaking of primitive people is one of the finest remaining examples of early domestic artwork. formations in four states with a 100% success rate. Seventeen Seventeen novel of young love. [Am. Lit.: Booth Tarkington Seventeen in Magill I, 882] See : Adolescence wells were drilled to seven targeted less developed and deeper formations in three states. Twelve of these wells were completed as producers for a success rate of 71%. "We are very encouraged by our drilling results to date," said Ronald L. Clements Clements is a name that can refer to the following: People First Name Surname
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. added through drilling in the first six months of 1996 totaled 99% of first half production -- with less than one third of the planned wells drilled. For the year, we expect to replace approximately 120% to 125% of the company's 1996 production through drilling," Mr. Clements continued. The forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. above regarding future operating and financial performance involve risks and uncertainties that include, but are not limited to, the company's future production and cost of operation, the market demand for, and prices of, oil and natural gas, results of the company's future drilling and gas marketing activity, the uncertainties of reserve estimates, environmental risks, and other factors detailed in the company's filings with the Securities and Exchange Commission. 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)
June 30 December 31
1996 1995
(Unaudited)
ASSETS
Current assets $ 56,591 $ 54,150
Property and equipment, net 226,014 231,528
Other assets 10,928 11,620
$ 293,533 $ 297,298
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 33,181 $ 36,791
Long-term liabilities 100,497 110,523
Deferred income taxes 10,242 7,693
Shareholders' equity 149,613 142,291
$ 293,533 $ 297,298
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Six months ended June 30
1996 1995
Cash flows from operating activities:
Net income $ 6,827 $ 1,655
Depreciation, depletion and amortization 14,701 7,500
Deferred income taxes 2,145 501
Other 674 674
Changes in operating assets and
liabilities (2,283) (1,240)
Net cash provided by operating activities 22,064 9,090
Net cash used in investing activities (10,064) (29,729) Net cash (used in) provided by financing activities (11,753) 24,013 Net increase in cash and cash equivalents 247 3,374 Cash and cash equivalents at beginning of period 12,322 3,649 Cash and cash equivalents at end of the period $ 12,569 $ 7,023
BELDEN & BLAKE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share data)
Three months Six months
ended June 30 ended June 30
1996 1995 1996 1995
Revenues
Oil and gas sales $ 18,512 $ 9,767 $ 38,190 $ 18,974
Gas marketing and gathering 8,588 8,789 21,789 17,705
Oilfield sales and service 5,442 3,508 10,922 6,256
Interest and other 1,108 232 1,741 414
33,650 22,296 72,642 43,349
Expenses
Production expense 4,341 2,269 8,485 4,538
Production taxes 717 408 1,511 773
Cost of gas and gathering exp 6,870 7,351 18,127 15,253
Oilfield sales and service 5,051 3,327 10,152 6,067
Exploration expense 1,343 919 2,873 1,814
General and admin. expense 1,395 1,065 2,613 2,014
Interest expense 1,813 1,316 3,824 2,452
Depr., depletion and amort. 7,133 3,925 14,701 7,376
28,663 20,580 62,286 40,287
Income from continuing operations
before income taxes 4,987 1,716 10,356 3,062
Provision for income taxes 1,585 633 3,529 1,128
Income from continuing
operations 3,402 1,083 6,827 1,934
Loss from discontinued
operations -- (167) -- (279)
Net income $ 3,402 $ 916 $ 6,827 $ 1,655 Per common share: Continuing operations $ 0.30 $ 0.14 $ 0.60 $ 0.26 Discontinued operations -- (0.02) -- (0.04) Net income $ 0.30 $ 0.12 $ 0.60 $ 0.22 Weighted average common shares outstanding 11,171 7,106 11,166 7,104 OPERATIONAL SUMMARY (in thousands, except price data) Sales volumes Gas (Mcf) 5,935 3,300 12,347 6,227 Oil (Bbls) 186 124 357 242 Average Selling Price Gas (per Mcf) $ 2.48 $ 2.29 $ 2.54 $ 2.38 Oil (per Bbl) 20.33 17.71 19.09 17.22 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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