Biloxi Marsh Lands Corporation Releases Un-audited Results for the First Half of 2003 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)--Aug. 4, 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 (Pinksheets:BLMC BLMC British Leyland Motor Corporation BLMC Buried Logic Macrocell BLMC van Buren Logistic Management Consultancy ) today released its un-audited results for the six month period ending June June: see month. 30, 2003. Total revenue for the period was $3,415,945 compared to total revenue of $3,505,686 for the first half of 2002. During the first half of 2003 revenues from mineral royalties increased significantly to $2,808,662 from $281,001 for the same period of 2002. The slight reduction in aggregate revenue was due to the reduction in revenues from oil, gas and mineral leasing activity. While $382,341 in lease bonus payments was received during the first half of 2003, during the first half of 2002 the company received payments totaling $2,702,690. Total 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. were $248,977 in the first half of 2003 compared to $437,103 for the same period of the prior year. Meanwhile, for the first half of 2003 net earnings increased to $2,152,068 or $3.13 per share from $1,940,583 or $2.82 per share for the same period of 2002. This increase in net earnings is due to decreases in operating expenses and aggregate tax liability. During the first half of 2003, 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 Marshlands (BML BML Broadcast Markup Language BML Bodega Marine Laboratory (UC Davis) BML Bean Markup Language BML Business Management Layer BML Better Markup Language (server-side HTML preprocessor) BML Blue Man Library ) 6-1, 6-2 and 7-1 wells on production and, on July July: see month. 30th, TMR successfully tested its BML 1-2 well at maximum flow rate of approximately 16 million cubic feet of gas equivalent per day (mmcfe/d). The TMR-BLM 6-2 and the 7-1 wells are currently producing at combined gross rate of approximately 40 mmcfe/d, while the 6-1 well, successfully completed during the fourth quarter of 2002, is currently producing at a gross rate of approximately 12 mmcfe/d. If the unit is formed as planned, a 9.3% net mineral royalty interest 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. in the CRIS I RB VUA VUA Valorous Unit Award VUA Very Us Artists (music and art program) unit from which TMR plans to produce the 6-1, 6-2 and 7-1 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 corporation, while a 10.4% net mineral royalty interest will accrue to the Biloxi Marsh Lands 1 Royalty, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a separate company whose ownership interests were distributed to BLMC's shareholders during the last quarter of 2002. An additional 3.3% net mineral royalty interest in the CRIS I RB VUA unit will be held in suspense SUSPENSE. When a rent, profit a prendre, and the like, are, in consequence of the unity of possession of the rent, &c., of the land out of which they issue, not in esse for a time, they are said to be in suspense, tunc dormiunt, but they may be revived or awakened. Co, Litt. 313 a. pending the resolution of adverse and competing title claims. A net 6.7% mineral royalty interest in the CRIS I RA SUC SUC Screwed Up Click (rappers) SUC Single-Use-Camera SUC Situation Under Control SUC surf current (US DoD) SUC Satisfied User Criterion SUC South Urals Construction unit from which the 1-2 well will be produced will accrue to the corporation with the balance owed being held in suspense pending the resolution of adverse and competing title claims. TMR is currently moving the drilling rig to begin operations on the Biloxi Marshlands No. 18-1 well. The Manti-BML 1 and BML 3 wells were placed on compression as of the first part of July 2003 and are currently producing a combined gross rate of approximately 33 mmcfe/d. A net 5.9% mineral royalty interest in the CRIS I RA SUA See Subsystem for UNIX-based Applications. unit from which the Manti-BML 1 and BML 3 wells are being produced is accruing to the corporation with the balance owed being deposited in the court ordered concursus pending the resolution of the adverse and competing title claim 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. . Field operations for Phase II of TMR's 3D seismic program covering approximately 47 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 have recently been completed and TMR advises that it has begun taking delivery of the field data tapes. "We are pleased with the significant increase in revenues derived from royalties and certainly pleased with TMR's successful well completions. Due to the ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale of production and the successful well completions by TMR, we anticipate that the next couple of quarters should prove to be good ones. With TMR beginning to take delivery of an additional 47 square miles of seismic covering our property, the question that comes to mind is: Will the seismic data reveal additional amplitude amplitude (ăm`plĭt  d'), in physics, maximum displacement from a zero value or rest position. anomalies, and will those amplitude anomalies be located under
corporation property? While our recent experience makes us extremely
hopeful, only time will tell." commented William William, crown prince of GermanyWilliam 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, 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.net 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 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. Information regarding TMR's production was obtained from public information disclosed by TMR. 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
INCOME TAX BASIS
AS OF JUNE 30, 2003 AND 2002 (1)
Assets
6/30/2003 6/30/2002
---------- ----------
Current Assets
Cash and cash equivalents $3,306,833 $ 591,561
---------- ----------
Total Current Assets 3,306,833 591,561
---------- ----------
Investments at Cost
Marketable debt and equity securities 2,057,458 3,378,387
Land 234,939 234,939
---------- ----------
2,292,397 3,613,326
---------- ----------
Property
Levees and office furniture and equipment 147,876 136,881
Accumulated depreciation (144,452) (129,922)
---------- ----------
3,424 6,959
---------- ----------
Total Assets $5,602,654 $4,211,846
========== ==========
Liabilities and Stockholders' Equity
Current Liabilities
Income taxes payable $ 119,900 $ 289,221
Federal withholding on dividends payable 585 -
Payroll taxes payable 1,275 -
---------- ----------
Total Current Liabilities 121,760 289,221
---------- ----------
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 5,508,189 3,949,920
---------- ----------
5,555,709 3,997,440
Less cost of treasury stock - 24,192 shares (74,815) (74,815)
---------- ----------
5,480,894 3,922,625
---------- ----------
Total Liabilities and Stockholders' Equity $5,602,654 $4,211,846
========== ==========
BILOXI MARSH LANDS CORPORATION
STATEMENTS OF REVENUES AND EXPENSES AND RETAINED EARNINGS
INCOME TAX BASIS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002 (1)
Revenues 6/30/2003 6/30/2002
---------- ----------
Oil and gas
Royalties - net of production taxes $2,808,662 $ 281,001
OGM leasing activity 382,250 2,990,671
Pipeline Right of Ways 44,798 -
---------- ----------
Total Oil and Gas Revenues 3,235,710 3,271,672
---------- ----------
Other Revenues
Surface rentals and other 2,413 825
Dividends and interest 56,795 58,254
Gain (loss) on sale of securities 121,027 174,935
---------- ----------
Total Other Revenues 180,235 234,014
---------- ----------
Total Revenues 3,415,945 3,505,686
---------- ----------
Expenses
Accounting and auditing 13,576 8,764
Administrative management 1,500 21,150
Association dues 50 -
Consultants 1,583 280,805
Depreciation expense 1,765 -
Directors' fees 15,250 4,250
Franchise taxes 15,261 11,223
Insurance 30,073 9,908
Land management fees and expenses (3,028) 3,475
Legal fees 81,320 57,926
Office expense 15,973 24,104
Other 6,005 496
Payroll taxes 3,327 -
Portfolio services 6,556 6,959
Rent 3,600 8,043
Salary 56,166 -
---------- ----------
Total Expenses 248,977 437,103
---------- ----------
Income Before Income Taxes 3,166,968 3,068,583
Provision for income taxes 1,014,900 1,128,000
---------- ----------
Net Income 2,152,068 1,940,583
Retained Earnings - beginning of period 4,044,728 2,697,944
---------- ----------
6,196,796 4,638,527
Dividends 688,607 688,607
---------- ----------
Retained Earnings - end of period $5,508,189 $3,949,920
========== ==========
Net Income Per Share $ 3.13 $ 2.82
========== ==========
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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