Biloxi Marsh Lands Corporation Announces First Quarter 2006 Un-Audited Results and Provides Update.METAIRIE Met·ai·rie A community of southeast Louisiana, a suburb of New Orleans. Population: 145,800. , La. -- 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, 2006. Total revenue for the quarter was $8,351,820 compared to total revenue of $7,393,877 for the same period of 2005. During the first quarter of 2006 revenues from mineral royalties increased to $8,093,436 from $6,679,470 for the same period of 2005. It should be noted that this increase in royalty revenue was positively impacted by two factors. The first being increased commodity prices. The second being the Company's election to takes its natural gas "in kind" which allowed us to realize income from four months of productions during the first quarter instead of the normal three months of production revenue per quarter. The second factor will be a one time occurrence. Meanwhile, expenses for the first quarter of 2006 were $491,245 compared to expenses of $258,200 for the prior year's first quarter. The increase in expenses was mainly due to our $150,000 charitable contribution charitable contribution n. in taxation, a contribution to an organization which is officially created for charitable, religious, educational, scientific, artistic, literary, or other good works. related to the establishment of the Biloxi Marsh Disaster Relief Corporation, Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. related office expense
and the use of additional technical consultants to review and work the
seismic data. Net earnings were $5,346,737 or $1.94 per share for the
first quarter of 2006 compared to $4,487,411 or $1.63 for the same
period of 2005.As noted in the foregoing paragraph, the Company has established and funded the Biloxi Marsh Disaster Relief Corporation. The Biloxi Marsh Disaster Relief Corporation has applied for IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. 501C3 status and will operate under strict governance Governance makes decisions that define expectations, grant power, or verify performance. It consists either of a separate process or of a specific part of management or leadership processes. Sometimes people set up a government to administer these processes and systems. rules to ensure appropriate use of all funds. The purpose of the Biloxi Marsh Disaster Relief Corporation is to disburse dis·burse tr.v. dis·bursed, dis·burs·ing, dis·burs·es To pay out, as from a fund; expend. See Synonyms at spend. [Obsolete French desbourser, from Old French desborser monies and raise additional monies to aid in the rebuilding of 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] which was devastated dev·as·tate tr.v. dev·as·tat·ed, dev·as·tat·ing, dev·as·tates 1. To lay waste; destroy. 2. To overwhelm; confound; stun: was devastated by the rude remark. by Hurricane Katrina. We invite all interested parties to contribute. Please contact the Company for information. The Company reports its earnings on an income tax basis. Following that reporting procedure the Company paid dividends of $7,230,373 in 2004, and $8,951,891 in 2005. This year we have already paid $5,508,856. During 2006, we hope to equal or exceed the amount of dividends paid during 2005. The Company has received the complete 3D data covering Phase I, Phase II, Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA of the seismic survey completed by The Meridian Meridian (mərĭd`ēən), city (1990 pop. 41,036), seat of Lauderdale co., E Miss., near the Ala. line; settled 1831, inc. 1860. Resources Resource and Exploration, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (TMR TMR total mixed ration. TMR 1 Trainable mentally retarded 2 Transmyocardial revascularization, see there ) over its property extending one mile beyond our boundaries in every direction. We are expecting to receive the final phase of the data on Monday Monday: see week. , May 1, 2006. We are very excited about the acquisition of the seismic data and the building of data inventory. We are actively using the seismic to our strategic advantage. As of March 31, 2006 the combined gross daily production from 13 wells including those operated by TMR and Manti Manti may refer to:
"We are pleased with our first quarter results, though we want all of our investors to realize the results were positively affected by one additional monthly royalty payment. In an effort to take advantage of our large open acreage position combined with the 3D seismic data, we have retained the services of a consulting geologist and two geophysicists This is a list of geophysicists, people who were trained in or practice geophysics:
tr.v. re·proc·essed, re·proc·ess·ing, re·proc·ess·es To cause to undergo special or additional processing before reuse. Verb 1. the 3D data to determine if there are any additional prospects within the boundaries of the data in our possession. We are hopeful that this proactive approach to managing all of our assets will increase shareholder value over time," 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. Please refer to our website www.biloximarshlandscorp.com for investor information and historical press releases. Biloxi Marsh Lands Corporation owns approximately 90,000 acres of marsh lands located in St. Bernard Parish, Louisiana. As the landowner, 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. This news release contains 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. regarding oil and gas discoveries, oil and gas exploration, development and production activities and reserves. Accuracy of the forward-looking statements depends on assumptions about events that change over time and is thus susceptible susceptible /sus·cep·ti·ble/ (su-sep´ti-b'l) 1. readily affected or acted upon. 2. lacking immunity or resistance and thus at risk of infection. sus·cep·ti·ble adj. to periodic change based on actual experience and new developments. The Company cautions readers that it assumes no obligation to update or publicly release any revisions to the forward-looking statements in this report. Important factors that might cause future results to differ from these forward-looking statements include: variations in the market prices of oil and natural gas; drilling results; unanticipated fluctuations in flow rates of producing wells; oil and natural gas reserves expectations; the ability to satisfy future cash obligations and environmental costs; and general exploration and development risks and hazards. Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the Company. Each such statement speaks only as of the day it was made. The factors described above cannot be controlled by the Company. When used in this report, the words "believes," "estimates," "plans," "expects," "should," "hopeful," "outlook," and "anticipates" and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. 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 an interim un-audited financial statement which does not include the information and footnotes that are an integral part of a complete financial statement.
BILOXI MARSH LANDS CORPORATION
Statements of Assets, Liabilities, and Stockholders' Equity
March 31, 2006 and 2005
Assets 2006 2005
----------- -----------
Current assets:
Cash and cash equivalents $ 1,677,164 644,980
----------- -----------
Total current assets 1,677,164 644,980
----------- -----------
Investments:
Marketable debt and equity
securities - at cost 19,494,812 13,901,250
Land - at cost 234,939 234,939
----------- -----------
19,729,751 14,136,189
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Property:
Levees and office furniture and equipment
(net of accumulated depreciation of
$190,731 ($168,553 at 2005) -- 728
----------- -----------
Total assets $21,406,915 14,781,897
=========== ===========
Liabilities and Stockholders' Equity
Current liabilities:
Federal income taxes payable $ 4,614,902 2,115,618
State income taxes payable 669,537 955,892
Payroll taxes payable 1,695 1,833
----------- -----------
Total current liabilities 5,286,134 3,073,343
----------- -----------
Stockholders' equity:
Common stock, par value $.001 - 20,000,000
shares authorized, 2,851,196 shares
issued, 2,754,428 shares outstanding 47,520 47,520
Retained earnings 16,148,076 11,735,849
----------- -----------
16,195,596 11,783,369
Less cost of treasury stock - 96,768 shares (74,815) (74,815)
----------- -----------
16,120,781 11,708,554
----------- -----------
Total liabilities and
stockholders' equity $21,406,915 14,781,897
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BILOXI MARSH LANDS CORPORATION
Statements of Revenues and Expenses and Retained Earnings
March 31, 2006 and Comparable Period
2006 2005
------------ ------------
Revenues:
Oil and Gas
Lease bonuses and delayed rentals $ - $ 61,565
Pipeline right of ways - 104,660
Royalties (net of production taxes) 8,093,436 6,679,470
------------ ------------
Total Oil and Gas 8,093,436 6,845,695
------------ ------------
Other:
Dividends and interest 258,384 29,419
Gain on sale of securities - 518,763
------------ ------------
Total Other revenues 258,384 548,182
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Total Revenue 8,351,820 7,393,877
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Expenses
Total Expenses 491,245 258,200
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Net Income before provision for income taxes 7,860,575 7,135,677
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Income taxes
Provision for income taxes 2,513,838 2,648,266
------------ ------------
Net Income 5,346,737 4,487,411
Retained Earnings-beginning of period 16,310,195 11,380,080
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21,656,932 15,867,491
Dividends 5,508,856 4,131,642
------------ ------------
Retained earnings-end of year $16,148,076 $11,735,849
------------ ------------
Per Share $ 1.94 $ 1.63
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