Bonneville Pacific Corp. Reports Earnings.SALT LAKE CITY--(BUSINESS WIRE)--May 19, 1999-- Bonneville Pacific Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: BPCO BPCO Bronchopneumopathie Chronique Obstructive BPCO Broncopneumopatia Cronica Ostruttiva ) Wednesday reported net income for the first quarter ended March 31, 1999 of $68,000, or $.01 per share, compared to $1,009,000 or $.35 per share for the first quarter of 1998. The number of shares outstanding at 3/31/98 was 2,921,728 and at 3/31/99 was 7,227,390. The decline in net income from the first quarter of 1998 to the first quarter of 1999 was primarily the result of two factors. First, income was reduced from the company's 50% ownership of Nevada Cogeneration cogeneration In power systems, use of steam for both power generation and heating. High-temperature, high-pressure steam from a boiler and superheater first passes through a turbine to produce power. Associates No. 1 ("NCA (Network Computing Architecture) An architecture from Oracle for developing applications within a networked computing environment. It provides a three-tier distributed environment based on CORBA that uses program components known as "cartridges. No. 1"), a $442,000 decline. The decline in NCA No. 1 profits was due to a longer than normal spring maintenance outage out·age n. 1. A quantity or portion of something lacking after delivery or storage. 2. A temporary suspension of operation, especially of electric power. for the installation of Selective Catalytic Reduction Selective catalytic reduction (SCR) is a means of removing nitrogen oxides, often the most abundant and polluting component in exhaust gases, through a chemical reaction between the exhaust gases, a (reductant) additive, and a catalyst. ("SCR (Sequence Control Register) See program counter. ") equipment. This outage was scheduled more than 18 months ago, and was anticipated in budgeting and planning for the facility. Second, salaries and related staffing expenses increased as employees were added to gear up the development process. Development activities had been curtailed during bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most . Bonneville Pacific Corp. is a diversified diversified (di·verˑ·s energy company with activities which include the ownership of power generation facilities in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century and Mexico, the operations and management of power generation facilities, and the exploration, development, production and marketing of natural gas and crude oil in the western United States. The company emerged from bankruptcy on Nov. 2, 1998. The quarter ended March 31, 1999 was the first full quarter of operations outside bankruptcy since 1991. 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. the company President, Clark M. Mower mower, farm machine used for cutting grasses and other hay crops. Mowers, drawn by or attached to tractors, or self-propelled, have superseded scythes. The mower is essentially an adaptation of the much earlier reaper. The first commercial mower was patented in 1847. , "Even though the results of Bonneville's first quarter out of bankruptcy are lower than the results of the corresponding period a year ago, the results are better than expected." In addition, several other items of note occurred in the first quarter of 1999: 1. Final clearance was received from the Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. and all bankruptcy items are resolved. 2. An independent financial consultant has been retained and the company is currently involved in a process of determining strategic alternatives for the company. -0-
Bonneville Pacific Corp. and Subsidiaries
Condensed Consolidated Balance Sheet (Unaudited)
As of March 31, 1999
($ in thousands)
Assets:
Current Assets:
Cash $9,287
Accounts receivable 6,160
Other current assets 1,061
Total Current Assets 16,508
Property, Plant and Equipment Net 17,472
Investment in Affiliates 8,004
Other assets 328
Total Assets $42,312
Liabilities and Stockholders' Equity
Current Liabilities $5,340
Long Term Liabilities 8,500
Total Liabilities 13,840
Stockholders' Equity 28,472
Total Liabilities and Stockholders' Equity $42,312
Bonneville Pacific Corp. and Subsidiaries
Condensed Consolidated Statements of Operations (unaudited)
For the Three Months Ended March 31,
($ in thousands except per share amounts)
1999 1998
Revenues:
Oil and gas sales $1,869 $1,759
Energy marketing revenue 7,617 2,402
Facilities operations and maintenance 1,071 966
Electric cogeneration 307 307
Total Revenue $10,864 $5,434
Operating Expenses:
Oil and gas sales 669 687
Energy marketing costs 7,444 2,462
Facilities, operations and maintenance costs 802 723
Electric cogeneration 399 461
Depreciation, depletion and amortization 523 508
Exploration and other oil and gas expense 244 72
Selling, general and administrative expense 1,179 534
Total Operating Expenses $11,260 $5,447
Operating Profit (Loss) (396) (13)
Other Income (Expense)
Interest expense (126) (1,872)
Equity in net earnings of affiliated company 419 861
Reorganization items (51) 1,765
Other income, net 222 268
Total Other Income 464 1,022
NET INCOME $68 $1,009
Basic earnings per share $0.01 $0.35
Average Shares Outstanding 7,227,390 2,921,728
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