Biloxi Marsh Lands Corporation Announces First Quarter 2003 Results and Provides Operational Update.Business Editors METAIRIE Met·ai·rie A community of southeast Louisiana, a suburb of New Orleans. Population: 145,800. , La.--(BUSINESS WIRE)--May 16, 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 ) today announced its un-audited results for the quarter ending March 31, 2003. Total revenue for the quarter was $1,608,536 compared to total revenue of $2,951,237 for the same period of 2002. During the first quarter of 2003 revenues from mineral royalties increased significantly to $1,277,070 from $75,497 for the same period of 2002. The reduction in aggregate revenue was due to the reduction in revenue from oil, gas and mineral leasing activity. While no payments were received during the first quarter of 2003, during the prior year's first quarter the company received one time lease bonus payments in the amount of $2,631,896. Meanwhile, net earnings were $1,007,989 or $1.46 per share for the first quarter of 2003 compared to $1,633,650 or $2.37 for the same period of 2002. During the first quarter, 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 ) placed its Biloxi Marsh 6-1 well on production. The TMR-BLM 6-1 well is currently producing at a daily rate of approximately 11.5 MCF MCF malignant catarrhal fever. . This gives the company significant interests in three producing wells and minor interests in two additional producing wells. The gross daily production from these five wells is approximately 55.5 MCF, in which the company has varying mineral royalty interests royalty interest The proportional ownership interest by the owner of oil and gas rights in income produced by the asset. See also overriding royalty interest. . On May 3, 2003, TMR commenced drilling its BLM BLM n abbr (US) (= Bureau of Land Management) → les domaines 6-2 well. TMR today announced, "that the Biloxi Marshlands 6-2 well at its Biloxi Marshland Project area has reached total measured depth ("MD") of 11,711 feet (9,046 feet, true vertical depth "TVD TVD Tuvalu Dollar (ISO currency code) TVD True Vertical Depth (oil drilling) TVD Total-Variation-Diminishing TVD Total Vertical Depth (oil and gas) "). Electric logs have been run and indicate apparent pay in the targeted Cris "I" sands with an overall gross pay section of approximately 290 feet (MD) and 141 feet net pay (MD)." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. TMR, the TMR-BLM 6-2 well is scheduled to commence producing natural gas within the next 10 to 14 days and TMR is scheduled to commence drilling the TMR-BLM 7-1 in the vicinity immediately following placing the 6-2 well on production. It should be noted that a large percentage of the mineral royalty revenue from the production of the TMR-BLM 6-1 and 6-2 wells will accrue To increase; to augment; to come to by way of increase; to be added as an increase, profit, or damage. Acquired; falling due; made or executed; matured; occurred; received; vested; was created; was incurred. to the Biloxi Marsh Lands 1 Royalty, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . "We are pleased that the majority of our revenue was generated from the production of natural gas as compared to last year's first quarter which was disproportionately dis·pro·por·tion·ate adj. Out of proportion, as in size, shape, or amount. dis  pro·por but positively impacted by a large
lease bonus payment. In light of the relatively high price of natural
gas and our increased production, specifically the advent of production
from the TMR-Biloxi Marsh 6-1 well and the apparent successful
completion of the 6-2 well, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we will be able to post consistent results at least over the next couple of quarters," 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 Chief Executive Officer. Biloxi Marsh Lands Corporation 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" statements that include risk and uncertainties concerning the company's future performance and natural gas production. 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, including fluctuations in production rates and the price of natural gas. 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 from un-audited financial statements and do not include the information and footnotes that are an integral part of the complete financial statements.
BILOXI MARSH LANDS CORPORATION
STATEMENTS OF ASSETS, LIABILITIES AND STOCKHOLDERS' EQUITY
MARCH 31, 2003 AND 2002 (1)
Assets
3/31/2003 3/31/2002
----------- -----------
Current Assets
Cash and cash equivalents $2,286,057 $1,038,548
Refundable income taxes 11,267 -
----------- -----------
Total Current Assets 2,297,324 1,038,548
----------- -----------
Investments at Cost
Marketable debt and equity securities 2,288,608 3,290,819
Land 234,939 234,939
----------- -----------
2,523,547 3,525,758
----------- -----------
Property
Levees and office furniture and equipment
(net of accumulated depreciation of
$142,688 and $129,922, respectively,
in 2003 and 2002) 2,589 6,959
----------- -----------
Total Assets $4,823,460 $4,571,265
=========== ===========
Liabilities and Stockholders' Equity
Current Liabilities
Income taxes payable $480,000 $955,573
Payroll taxes payable 6,645 -
----------- -----------
Total Current Liabilities 486,645 955,573
----------- -----------
Stockholders' Equity
Common stock, no par value, - 720,000 shares
authorized, 712,799 shares issued, 688,607
shares outstanding 47,520 47,520
Retained earnings 4,364,110 3,642,987
----------- -----------
4,411,630 3,690,507
Less cost of treasury stock - 24,192 shares (74,815) (74,815)
----------- -----------
4,336,815 3,615,692
----------- -----------
Total Liabilities and Stockholders'
Equity $4,823,460 $4,571,265
=========== ===========
BILOXI MARSH LANDS CORPORATION
STATEMENTS OF REVENUES AND EXPENSES AND RETAINED EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002 (1)
Revenues 3/31/2003 3/31/2002
----------- -----------
Oil and gas
Royalties - net of production taxes $1,277,070 $75,497
----------- -----------
Total Oil and Gas Revenues 1,277,070 75,497
----------- -----------
Other Revenues
Dividends and interest 21,948 41,345
Gain (loss) on sale of securities (769) 99,724
Surface rentals and other 310,287 2,734,671
----------- -----------
Total Other Revenues 331,466 2,875,740
----------- -----------
Total Revenues 1,608,536 2,951,237
----------- -----------
Expenses
Accounting and auditing 13,576 8,764
Administrative management 1,500 8,250
Association dues 50 -
Consultants 670 262,650
Directors' fees 4,500 4,250
Franchise taxes - 11,223
Insurance 4,732 9,908
Land management fees and expenses (4,028) 2,352
Legal fees 45,349 30,944
Other 11,583 7,667
Payroll taxes 2,799 -
Portfolio services 3,116 3,536
Rent - 8,043
Salary 36,700 -
----------- -----------
Total Expenses 120,547 357,587
----------- -----------
Income Before Income Taxes 1,487,989 2,593,650
Provision for income taxes 480,000 960,000
----------- -----------
Net Income 1,007,989 1,633,650
Retained Earnings - beginning of period 4,044,728 2,697,944
----------- -----------
5,052,717 4,331,594
Dividends 688,607 688,607
----------- -----------
Retained Earnings - end of period $4,364,110 $3,642,987
=========== ===========
Net Income Per Share $1.46 $2.37
=========== ===========
1) "Statements of Assets, Liabilities and Stockholders' Equity"
and "Statement of Revenues and Expenses and Retained Earnings"
have been derived from un-audited financial statements and do
not include the information and footnotes that are an integral
part of the complete financial statements.
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