Printer Friendly

COMPUTER PETROLEUM REPORTS FOURTH QUARTER, YEAR-END RESULTS

 ST. PAUL, Minn, March 30 /PRNewswire/ -- Computer Petroleum Corporation (NASDAQ: CPCO) today reported a net loss of $277,696, or 10 cents per share, on sales of $649,593 for its fourth quarter ended Jan. 31, 1993. The results compare with a net loss of $160,441, or 6 cents per share, on sales of $624,688 for the same period last year.
 For the year, the company had a net loss of $621,538, or 21 cents per share, on revenue of $2,761,824. That compares with net income of $47,847, or 2 cents per share, on revenue of $2,897,270 in fiscal 1992.
 William Leonard, president and CEO, said, "Our business continued to be challenged from the downsizing throughout the oil industry in late 1992 and early 1993, when major oil companies reduced markets served by as much as 30 percent. To reduce our exposure to the wholesale pricing segment and to seize opportunities in new and larger markets, we completed the acquisition of Tradewind, a cash market fax news service and expanded the Tradewind product line to include a fax specifically for the propane market. In addition, a new transportation product and a newsletter for alternate fuels were introduced. Other new products currently are in development and nearing release. New products did not contribute significantly to revenues, although costs to introduce the products significantly affected 1993 results.
 "We are well positioned to resume growth in fiscal 1994. We anticipate revenues from new products, and have approximately $1.2 million in cash and securities to invest in acquisitions and new product development."
 Computer Petroleum Corporation, based in St. Paul, is the nation's leading provider of energy price information and news through its Petronet electronic information network.
 COMPUTER PETROLEUM CORPORATION
 Statements of Operations
 3 months ended 12 months ended
 Jan. 31, Jan. 31, Jan. 31, Jan. 31,
 1993 1992 1993 1992
 Revenues $ 648,593 $ 624,688 $2,761,824 $2,897,270
 Costs & Expenses:
 Product 496,078 341,536 1,865,406 1,274,104
 General & Admin. 183,531 143,419 763,904 624,507
 Selling & Mktg. 257,167 323,928 811,729 1,017,747
 Total 936,776 808,883 3,441,039 2,916,358
 Income (Loss) from
 operations (287,183) (184,195) (679,215) (19,088)
 Interest Income (Expense):
 Interest income 14,835 21,249 70,172 77,598
 Interest expense (5,348) (595) (12,495) (9,663)
 Total 9,487 20,654 57,677 67,935
 Income (Loss)
 before taxes (277,696) (163,541) (621,538) 48,847
 Income taxes 0 3,100 0 1,000
 Net income (Loss) $(277,696) $(160,441) $ (621,538) $ 47,847
 Net income (Loss) per
 common & common
 equivalent share ($0.10) ($0.06) ($0.21) $0.02
 Average common & common
 equivalent shares
 outstanding 2,904,009 2,817,337 2,892,898 2,817,337
 -0- 3/30/93
 /CONTACT: Curt Swenson of Swenson Falker Eilertsen Inc., 612-371-0000 or Bill Leonard of Computer Petroleum Corp., 612-738-1088/
 (CPCO)


CO: Computer Petroleum Corporation ST: Minnesota IN: SU: ERN

KH -- MN002 -- 0865 03/30/93 08:30 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 30, 1993
Words:519
Previous Article:AMERITECH SEEKS TO ENHANCE CUSTOM 800 SERVICE
Next Article:EPIGEN REPORTS 1992 FINANCIAL RESULTS
Topics:


Related Articles
COMPUTER PETROLEUM REPORTS LOSS FOR THIRD QUARTER ENDED OCT. 31
COMPUTER PETROLEUM CORPORATION REPORTS FOURTH-QUARTER LOSS, SMALL GAIN FOR YEAR
COMPUTER PETROLEUM REPORTS LOSS FOR FIRST QUARTER ENDED APRIL 30
COMPUTER PETROLEUM REPORTS SECOND QUARTER OPERATING RESULTS
COMPUTER PETROLEUM REPORTS FIRST QUARTER RESULTS
COMPUTER PETROLEUM CORP. REPORTS SECOND QUARTER RESULTS
COMPUTER PETROLEUM CORPORATION REPORTS RECORD THIRD QUARTER REVENUE
COMPUTER PETROLEUM CORPORATION REPORTS RECORD FOURTH QUARTER AND YEAR END RESULTS
COMPUTER PETROLEUM CORPORATION REPORTS RECORD SECOND QUARTER REVENUE
COMPUTER PETROLEUM CORPORATION REPORTS THIRD QUARTER EARNINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters