Biloxi Marsh Lands Corporation Announces Un-audited Results for the Second Quarter and First Six Months of 2005 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 periods ending June June: see month. 30, 2005. Total revenue for the second quarter of 2005 was $6,607,174 compared to total revenue of $6,191,152 for the same period of 2004 and compared to total revenue of $7,393,877 for the first quarter of 2005. For the first six months of 2005 revenue was $14,000,051 compared to $9,821,481 for the same period of 2004. During the second quarter of 2005 revenues from mineral royalties increased to $5,230,204 from $3,911,078 for the same period of 2004, but decreased from $6,679,470 for the first quarter of 2005. Revenues were impacted during the second quarter of 2005 by lease bonus, delay rental and lease extension payments in the amount of $1,265,223 as compared to by lease bonus, delay rental and lease extension payments in the amount of $1,817,478 for same period of 2004. Meanwhile operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the second quarter of 2005 were $274,198 compared to operating expenses of $242,896 for the same period of 2004. Net earnings were $4,034,562 or $1.46 per share for the second quarter of 2005 compared to $3,969,256 or $1.44 per share for the same period of 2004 and compared to $4,487,411 or $1.63 per share for the first quarter of 2005, and for the first half of 2005 net earnings were $8,521,973 or $3.09 per share compared to $6,342,113 or $2.30 per share for the same period of 2004. As previously announced, the Board of Directors declared a cash dividend of $1.00 per share of common stock payable on August 10, 2005 to shareholders of record as of the close of business on July July: see month. 21, 2005. This dividend is the third to be paid during 2005 and brings the total amount of dividends paid during the year to $3.25 per share. During the first half of 2005, 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 ) completed field survey operations on Phase IV of its 3D seismic survey covering approximately 48 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. of Company property. The majority of this area, which is located in the south central portion of the Company's property, has not previously been included in any 3D seismic surveys. Under the terms of the agreement with TMR the Company has already taken delivery of approximately 314 square miles of 3D seismic data, and will take delivery of the seismic data collected during Phase IV in April of 2006. As of June 30, 2005 the combined gross daily production from 15 wells including those operated by TMR and Manti Manti may refer to:
see cryptorchid. #57B was moved on location to re-drill this well. In preparation for hurricane Dennis This article is about the Atlantic hurricane of 2005. For other storms of the same name, see Hurricane Dennis (disambiguation). Hurricane Dennis was an early-forming major hurricane in the Caribbean and Gulf of Mexico during the 2005 Atlantic hurricane season. , Rig #57B was being moved off location when it overturned in Bayou bayou (bī`ō, bī`  ) [Louisiana Fr.; from Choctaw bayuk=small stream], term used mainly in U.S. Grande Gran·de 1 , RioA river, about 1,046 km (650 mi) long, flowing from southeast Brazil generally northwest to the Paranaíba River, with which it forms the Paraná River. very near the surface location. As of the date of this release salvage operations 1. The recovery, evacuation, and reclamation of damaged, discarded, condemned, or abandoned allied or enemy materiel, ships, craft, and floating equipment for reuse, repair, refabrication, or scrapping. 2. are scheduled to get underway shortly, after which TMR advises that they intend to re-drill the 1-2 well. Currently, TMR has several permitted drill site locations on Company property, but is not currently conducting drilling operations. "While we recognize that our second quarter revenue was less than that of the first quarter, we are still very pleased with our results for the first half which were significantly better then our results for the first half of 2004. One major disappointment is that TMR has not drilled as many wells as they did during 2004, nor as many wells as they initially advised were planned for 2005. None the less, we are hopeful that TMR will drill its permitted locations, identify additional prospects in the areas previously surveyed and, using the seismic data acquired during Phase IV, identify and drill additional prospects including, hopefully, a test of the deeper Tuscaloosa Tuscaloosa (təskəl `sə), city (1990 pop. 77,759), seat of Tuscaloosa co., W central Ala., on the Black Warrior River; inc. 1819. sand interval.
However, with the primary term of the lease agreements between the
Company and TMR expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. on December December: see month. 15, 2005, we are taking steps to strategically position ourselves for the future." 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 90,000 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] . 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. The Company maintains a website; www.biloximarshlandscorp.com and strongly recommends that all investors and interested parties visit the website to view historical press releases, historical financial statements and general information. 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 -
Income Tax Basis
June 30, 2005 and 2004
Assets 2005 2004
----------- -----------
Current assets:
Cash and cash equivalents $ 1,050,629 5,454,991
Refundable state income taxes -- --
Refundable federal taxes -- --
----------- -----------
Total current assets 1,050,629 5,454,991
----------- -----------
Investments:
Marketable debt and equity securities 13,003,968 4,695,851
Land - at cost 234,939 234,939
----------- -----------
13,238,907 4,930,790
----------- -----------
Property:
Levees and office furniture and equipment
(net of accumulated depreciation of
$168,553 ($157,537 at 2004) 2,898 2,997
----------- -----------
Total assets $14,292,434 10,388,778
=========== ===========
Liabilities and Stockholders' Equity
Current liabilities:
Federal income taxes payable $ 526,165 1,004,790
State income taxes payable 93,880 --
Payroll taxes payable 1,833 1,275
----------- -----------
Total current liabilities 621,878 1,006,065
----------- -----------
Stockholders' equity:
Common stock, no par value - 20,000,000
shares authorized, 2,851,196 shares issued,
2,754,428 shares outstanding 47,520 47,520
Retained earnings 13,697,851 9,410,008
----------- -----------
13,745,371 9,457,528
Less cost of treasury stock - 96,768 shares (74,815) (74,815)
----------- -----------
13,670,556 9,382,713
----------- -----------
Total liabilities and
stockholders' equity $14,292,434 10,388,778
=========== ===========
See accompanying notes to financial statements.
BILOXI MARSH LANDS CORPORATION
Statement of Revenue and Expenses and Retained Earnings
June 30, 2005 and Comparable Period
3 Months Ended 6 Months Ended
June 30 June 30
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
Revenues:
Oil and Gas
Lease bonuses
and delayed
rentals $1,265,223 $1,817,478 $1,326,788 $2,062,796
Pipeline right
of ways - 278,625 104,660 283,625
Royalties (net
of production
taxes) 5,230,204 3,911,078 11,909,674 7,065,966
Seismic permit
fees - - - -
----------- ----------- ----------- -----------
Total Oil and
Gas 6,495,427 6,007,181 13,341,122 9,412,387
----------- ----------- ----------- -----------
Other:
Dividends and
interest 114,112 30,315 143,531 46,609
Gain on sale of
securities (2,365) 153,656 516,398 362,485
Surface Rentals - - - -
Other - - - -
----------- ----------- ----------- -----------
Total Other
revenues 111,747 183,971 659,929 409,094
----------- ----------- ----------- -----------
Total Revenue 6,607,174 6,191,152 14,001,051 9,821,481
----------- ----------- ----------- -----------
Expenses
Total Expenses 274,198 242,896 532,398 365,368
----------- ----------- ----------- -----------
Net Income
before
provision for
income taxes 6,332,976 5,948,256 13,468,653 9,456,113
----------- ----------- ----------- -----------
Income taxes
Provision for
income taxes 2,298,414 1,979,000 4,946,680 3,114,000
----------- ----------- ----------- -----------
Net Income 4,034,562 3,969,256 8,521,973 6,342,113
Retained
Earnings-
beginning of
period 11,735,849 7,162,269 11,380,080 4,789,413
----------- ----------- ----------- -----------
15,770,411 11,131,525 19,902,053 11,131,526
Dividends 2,072,560 1,721,517 6,204,202 1,721,517 (a)
----------- ----------- ----------- -----------
Retained earnings 13,697,851 9,410,008 13,697,851 9,410,009
Per Share $1.46 $1.44 (a) $3.09 $2.30 (b)
----------- ----------- ----------- -----------
(a) - Does not reflect a $1.00 per share dividend to be paid 8/10
which will result in a reduction in retained earnings
(b) - Adjusted for a 4 for 1 stock split effective June 1, 2004
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