Biloxi Marsh Lands Corporation Announces 2002 Results and Declares Special Dividend.Energy Editors/Business Editors METAIRIE Met·ai·rie A community of southeast Louisiana, a suburb of New Orleans. Population: 145,800. , La.--(BUSINESS WIRE)--Feb. 21, 2003 Biloxi Biloxi (bĭlŭk`sē), city (1990 pop. 46,319), Harrison co., SE Miss., on a peninsula between Biloxi Bay and Mississippi Sound, on the Gulf of Mexico; inc. as a town 1838, as a city 1896. Marsh Lands Corporation (PINK SHEETS:BLMC BLMC British Leyland Motor Corporation BLMC Buried Logic Macrocell BLMC van Buren Logistic Management Consultancy ) announces audited results for the year 2002 and the declaration of a special cash dividend. We are pleased to report that 2002 was the seventh consecutive profitable year for the company. Total revenue for the year 2002 was $5,961,295 compared to total revenue of $1,502,370 in 2001. The revenue breakdown is as follows: 2002 revenue from oil and gas activity was $5,804,495 compared to revenue of $1,103,445 in 2001. Dividend and interest income for 2002 was $122,800, compared to $95,411 for 2001. In 2002, net losses from the sale of investment securities were $1,898 as compared to a net gain of $279,094 in 2001. Meanwhile, net earnings increased to $3,426,377 or $4.98 per share in 2002 from $780,438 or $1.13 in 2001. During 2002, the company received $2,960,071 in oil, gas and mineral lease bonus payments. A large one time bonus payment was received in January January: see month. of 2002 as the result of the execution of lease agreements between the company and The Meridian Meridian (mərĭd`ēən), city (1990 pop. 41,036), seat of Lauderdale co., E Miss., near the Ala. line; settled 1831, inc. 1860. Resource Corporation (NYSE NYSE See: New York Stock Exchange :TMR TMR total mixed ration. TMR 1 Trainable mentally retarded 2 Transmyocardial revascularization, see there ). For the year, the company received $2,519,333 in revenue from the production of the Manti-BLMC Well No. 1 and Manti-BLMC Well No. 3. The company also received royalty payments from two additional wells in the amount of $34,145. It should be noted, that while the revenues resulting from each producing well presently creates a significant recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenue stream, the production is a depleting asset and will cease over time unless additional reserves are discovered. "The year 2002 brought with it significant and positive changes for the company. The productive gas sands discovered in the Manti-BLMC Well No. 1 during 2001 changed the overall business dynamics for the area where the company's property is located. This change in dynamics came to fruition fru·i·tion n. 1. Realization of something desired or worked for; accomplishment: labor finally coming to fruition. 2. Enjoyment derived from use or possession. 3. for the company during 2002 in the form of increased recurring revenues from the production of natural gas and increased nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. revenues from seismic permit fees; oil, gas and mineral lease bonuses and delayed rentals. The Board of Directors believes that it has taken positive steps to position the company in a manner that will allow the company to take advantage of extremely strong oil and gas markets. Our long term goal was, and is, to have 3-D seismic surveys completed over the entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. of our property. To date, 3-D seismic surveys have been completed over approximately one third of the company's acreage. Based upon The Meridian Resource Corporation's current schedule, the balance of our acreage should be surveyed during 2003. We have a management team in place that will enable the company to take advantage of business opportunities as they arise," commented William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack B. Rudolf Rudolf, 1858–89, Austrian archduke, crown prince of Austria and Hungary; only son of Emperor Francis Joseph and Empress Elizabeth. Upon his mysterious death at Mayerling near Vienna (officially declared a double suicide with his mistress, Baroness Maria , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . During its February February: see month. 20, 2003 meeting, the Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a special cash dividend of $1.00 per share payable on March 10, 2003 to shareholders of record as of the close of business on March 3, 2003. Biloxi Marsh Lands Corporations owns approximately 89,000 acres of marsh lands located in St. Bernard Parish, Louisiana St. Bernard Parish (French: Paroisse de Saint-Bernard) is a parish located in the U.S. state of Louisiana. As of 2000, its population was 67,229. In 2006, because of the effects of Hurricane Katrina, its population was estimated to be 25,489[1] . It derives the vast majority of its revenue from oil and gas exploration and production activities that take place on or near the company's land. The company also derives minimal revenues from surface rentals. More information about BLMC can be obtained upon request, please contact the company via email, csbiloxi@bellsouth
This news release includes "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " statements that include risk and uncertainties. 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. in this release are made pursuant to the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. Actual results may differ materially due to a variety of factors. The following "Statements of Assets, Liabilities and Stockholders' Equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. " and "Statement of Revenues and Expenses and Retained Earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. " have been derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from audited financial statements but do not include the information and footnotes that are an integral part of the complete financial statements. A complete copy of the "Financial Statement and Additional Information" is available through contacting the company via email, csbiloxi@bellsouth.net.
BILOXI MARSH LANDS CORPORATION
STATEMENTS OF ASSETS, LIABILITIES AND STOCKHOLDER'S EQUITY
DECEMBER 31, 2002 AND 2001 (1)
Assets
2002 2001
----------- -----------
Current assets
Cash and cash equivalents $1,196,561 $942,609
Refundable income taxes 11,267 -
----------- -----------
Total current assets 1,207,828 942,609
----------- -----------
Investments
Marketable debt and equity securities 2,617,255 2,053,746
Land - at cost 234,939 234,939
----------- -----------
2,852,194 2,288,685
----------- -----------
Property
Levees and office furniture and equipment
(net of accumulated depreciation of
$142,688 for 2002 and $129,922 for 2001) 2,589 6,959
----------- -----------
Total assets $4,062,611 $3,238,253
=========== ===========
Liabilities and Stockholders' Equity
Current liabilities
Income taxes payable $42,857 $51,149
Payroll taxes payable 2,321 -
Accrued dividends payable - 516,455
----------- -----------
Total current liabilities 45,178 567,604
----------- -----------
Commitments and contingencies - -
Stockholders' equity
Common stock, no part value - 720,000
shares authorized, 712,799 shares issued,
688,607 shares outstanding 47,520 47,520
Retained earnings 4,044,728 2,697,944
----------- -----------
4,092,248 2,745,464
Less cost of treasury stock - 24,192 shares (74,815) (74,815)
----------- -----------
4,017,433 2,670,649
----------- -----------
Total liabilities and stockholders' equity $4,062,611 $3,238,253
=========== ===========
BILOXI MARSH LANDS CORPORATION
STATEMENTS OF REVENUES AND EXPENSES AND RETAINED EARNINGS
FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001 (1)
2002 2001
----------- ----------
Revenues
Oil and gas
Lease bonuses and delay rentals $3,233,546 $734,366
Sale of royalty interest - 300,000
Royalties (net of production taxes) 2,553,449 11,804
Seismic permit fees 17,500 57,275
----------- ----------
Total oil and gas revenues 5,804,495 1,103,445
----------- ----------
Other
Dividends and interest 122,800 95,411
Gain (loss) on sale of securities (1,898) 279,094
Gain on royalty distribution 12,773 -
Surface rentals and other 23,125 24,420
----------- ----------
Total other revenues 156,800 398,925
----------- ----------
Total revenues 5,961,295 1,502,370
----------- ----------
Expenses
Salary 30,000 -
Payroll taxes 3,690 -
Association dues 6,450 -
Accounting and auditing 39,120 8,713
Administrative management 26,150 30,000
Clerical 6,000 8,000
Consultants 298,530 12,765
Depreciation 12,766 5,520
Directors' fees 17,750 11,500
Franchise taxes 11,223 10,464
Insurance 52,526 26,434
Land management fees and expenses 12,978 9,014
Legal fees 175,826 102,538
Other 16,646 7,222
Portfolio services 13,188 12,963
Property taxes 18,792 18,697
Rent 6,268 1,285
----------- ----------
747,903 265,115
----------- ----------
Income (before taxes) 5,213,392 1,237,255
Provision for income taxes 1,787,015 456,817
----------- ----------
Net income 3,426,377 780,438
Retained earnings - beginning of year 2,697,944 2,433,961
----------- ----------
6,124,321 3,214,399
Dividends 2,079,593 516,399
----------- ----------
Retained earnings - end of year 4,044,728 2,697,944
----------- ----------
Net income per share $4.98 $1.13
=========== ==========
1) : "Statements of Assets, Liabilities and Stockholders' Equity"
and "Statement of Revenues and Expenses and Retained Earnings" have
been derived from audited financial statements but do not include the
information and footnotes that are an integral part of the complete
financial statements.
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