Belden & Blake Corporation reports record third quarter 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)--Nov. 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 third 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 $3.6 million, or $.32 per common share, for the third quarter of 1996. This compares to income from continuing operations of $1.8 million, or $.18 per common share, for the third quarter of 1995. The third quarter results were also a record for continuing operations for any quarter in the company's history. The increase in income from continuing operations was primarily due to substantial increases in oil and gas production and higher average prices paid for the company's oil and gas. 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 third quarter of 1996 totaled $439,000, or $.04 per common share. This compares to a loss from discontinued operations (net of tax benefit) of $678,000, or $.07 per common share for the 1995 period. 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 39% in the third quarter of 1996 to $12.7 million, or $1.13 per common share, compared with $9.1 million, or $.93 per common share, for the comparable period in 1995. Revenues for the third quarter of 1996 increased 24% to $37.4 million compared to revenues of $30.0 million for the third quarter of 1995. A weighted average of 11.2 million common shares were outstanding in the third quarter of 1996, compared to a weighted average of 9.7 million common shares outstanding for the same period of 1995. The increase in average common shares outstanding is primarily the result of the company's sale of four million common shares in August of 1995. Third Quarter Production Increases 26% During the quarter ended September September: see month. 30, 1996, the company produced 7.4 Bcfe (billion cubic feet equivalent) of natural gas compared to its production of 5.9 Bcfe for the quarter ended September 30, 1995. Natural gas sales volumes increased 29% to 6.3 Bcf, resulting in an increase in gas sales of $3.0 million. Oil volumes for the third quarter of 1996 increased to 181,000 barrels compared to 165,000 barrels in the third quarter of 1995. These volume increases were primarily due to production from the company's 1995 acquisitions and wells drilled in 1995 and 1996. The average price paid for the company's natural gas in the third quarter of 1996 increased $.35 per Mcf (thousand cubic feet) to $2.46 per Mcf compared to the same period in 1995. Average oil prices during the third quarter increased $3.87 per barrel barrel: see English units of measurement. , to $20.14 per barrel compared to the third quarter a year ago. Nine Month Income From Continuing Operations Increases 178% Income from continuing operations for the nine months ended September 30, 1996, was $10.5 million, or $.92 per common share, on revenues of $110.0 million, compared to income from continuing operations of $3.8 million, or $.45 per common share, on revenues of $73.4 million for the first nine months of 1995. A weighted average of 11.2 million common shares were outstanding during the nine month period of 1996, compared to a weighted average of 8.0 million common shares outstanding for the same period of 1995. Natural gas volumes for the first nine months of 1996 rose 68% to 18.6 Bcf while gas prices increased $.25 per Mcf to $2.51 per Mcf compared to the same period in 1995. Oil volumes were up 132,000 barrels, or 32%, during the nine month period in 1996. The average price paid for the company's oil production was up $2.61 to $19.44 per barrel. Through September 30, 1996, the company produced a record 21.9 Bcfe of natural gas. Discretionary Cash Flow Increases 90% Discretionary cash flow for the nine months ended September 30, 1996 increased 90% to $39.2 million, or $3.50 per common share, compared to $20.6 million, or $2.56 per common share, for the comparable period in 1995. At September 30, 1996, working capital totaled $20.4 million and total assets were $296.4 million compared to $26.2 million and $288.8 million, respectively, at September 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 $152.9 million at September 30, 1996, compared to $140.1 million for the comparable period in 1995 and $142.3 million at December 31, 1995. Drilling and Acquisition Activity "During the third quarter of 1996, the company drilled 62 wells, which represents more wells drilled than in the first two quarters combined," said Ronald L. Clements Clements is a name that can refer to the following: People First Name Surname
Through the first nine months of 1996, the company drilled 120 wells. Seventy-nine 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. Forty-one wells were drilled to seven targeted less developed and deeper formations in three states. Twenty-six of these wells were completed as producers for a success rate of 63%. "Our fourth quarter drilling schedule is on target to meet our goal of drilling approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 200 wells in 1996. 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. added through drilling through September 30, 1996, are estimated at 21.4 Bcfe -- replacing 98% of our 1996 production to that date," Mr. Clements continued. Also during the third quarter of 1996, the company acquired an estimated six Bcf of gas and 205,000 barrels of 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 in three separate transactions. The most recent purchase, completed in September, was the company's first acquisition in the 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. Basin BASIN Boulder Area Sustainability Information Network (Boulder, Colorado) BASIN Brothers And Sisters In Need . The 97 natural gas wells acquired in northwestern north·west n. 1. Abbr. NW The direction or point on the mariner's compass halfway between due north and due west, or 45° west of due north. 2. An area or region lying in the northwest. 3. Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. , produce primarily from the New Albany New Albany, city (1990 pop. 36,322), seat of Floyd co., S Ind., near the falls of the Ohio River opposite Louisville, Ky.; inc. 1819. The city was a shipbuilding center in the 19th cent., and the riverboats Robert E. Lee and Eclipse were built there. Shale formation. The New Albany Shale has very similar operating characteristics to shale formations the company is currently producing from in the adjacent 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. . 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 Belden may refer to:
BELDEN & BLAKE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share data)
Three months Nine months
ended September 30 ended September 30
1996 1995 1996 1995
________ ________ _________ ________
Revenues
Oil and gas sales $ 19,075 $ 12,949 $ 57,265 $ 31,924
Gas marketing and gathering 9,835 9,212 31,624 26,916
Oilfield sales and service 7,661 6,200 18,583 12,455
Interest and other 813 1,674 2,554 2,088
________ ________ _________ ________
37,384 30,035 110,026 73,383
Expenses
Production expense 4,712 3,725 13,197 8,263
Production taxes 748 659 2,259 1,432
Cost of gas and gathering exp 8,221 7,507 26,348 22,759
Oilfield sales and service 6,832 5,587 16,984 11,654
Exploration expense 1,548 1,579 4,421 3,392
General and admin. expense 1,193 1,052 3,806 3,066
Interest expense 1,763 1,561 5,587 4,013
Deprec., depletion and amort. 7,240 5,469 21,941 12,845
________ ________ _________ ________
32,257 27,139 94,543 67,424
________ ________ _________ ________
Income from continuing operations
before income taxes 5,127 2,896 15,483 5,959
Provision for income taxes 1,502 1,063 5,031 2,195
________ ________ _________ ________
Income from continuing
operations 3,625 1,833 10,452 3,764
Loss from discontinued
operations (439) (678) (439) (954)
________ ________ _________ ________
Net income $ 3,186 $ 1,155 $ 10,013 $ 2,810
________ ________ _________ ________
________ ________ _________ ________
Per common share:
Continuing operations $ 0.32 $ 0.18 $ 0.92 $ 0.45
Discontinued operations (0.04) (0.07) (0.04) (0.12)
________ ________ _________ ________
Net income $ 0.28 $ 0.11 $ 0.88 $ 0.33
________ ________ _________ ________
________ ________ _________ ________
Weighted average common
shares outstanding 11,171 9,741 11,168 7,993
________ ________ _________ ________
________ ________ _________ ________
OPERATIONAL SUMMARY
(in thousands, except price data)
Sales volumes
Gas (Mcf) 6,274 4,861 18,621 11,088
Oil (Bbls) 181 165 539 407
Average selling price
Gas (per Mcf) $ 2.46 $ 2.11 $ 2.51 $ 2.26
Oil (per Bbl) 20.14 16.27 19.44 16.83
BELDEN & BLAKE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30 December 31
1996 1995
____________ ___________
(Unaudited)
ASSETS
Current assets $ 53,343 $ 54,150
Property and equipment, net 232,240 231,528
Other assets 10,817 11,620
____________ ___________
$ 296,400 $ 297,298
____________ ___________
____________ ___________
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 32,929 $ 36,791
Long-term liabilities 99,566 110,523
Deferred income taxes 11,042 7,693
Shareholders' equity 152,863 142,291
____________ ___________
$ 296,400 $ 297,298
____________ ___________
____________ ___________
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Nine months ended Sept. 30
__________________________
1996 1995
____________ ___________
Cash flows from operating activities:
Net income $ 10,013 $ 2,810
Depreciation, depletion and amortization 21,941 13,261
Deferred income taxes 2,832 1,140
Other 1,233 973
Changes in operating assets and
liabilities (980) (3,285)
____________ ___________
Net cash provided by operating activities 35,039 14,899
Net cash used in investing activities (27,131) (105,033)
Net cash (used in) provided by financing
activities (8,937) 104,456
____________ ___________
Net (decrease) increase in cash and
cash equivalents (1,029) 14,322
Cash and cash equivalents at beginning of
the period 12,322 3,649
____________ ___________
Cash and cash equivalents at end of
the period $ 11,293 $ 17,971
____________ ___________
____________ ___________
CONTACT: Belden & Blake Corporation 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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