Callon Petroleum Company Reports Fourth Quarter Results, Record Revenues and Net Income for Year 2000.Business Editors NATCHEZ Natchez, city, United States Natchez, city (1990 pop. 19,460), seat of Adams co., SW Miss., on bluffs above the Mississippi River; settled 1716, inc. 1803. , Miss.--(BUSINESS WIRE)--Feb. 28, 2001 Callon Petroleum Company (NYSE NYSE See: New York Stock Exchange : CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment ) (NYSE: CPE.PrA) today reported the results of its operations for the year and three-month period ended December December: see month. 31, 2000. Operating results for the year ended December 31, 2000 include oil and gas sales of $56.3 million from average production of 41.9 million cubic feet of natural gas equivalent per day (MMcfe/d). This corresponds to sales of $37.1 million from average daily production of 45.4 MMcfe/d during 1999. Total revenues for the 12-month period ended December 31, 2000 increased 49 percent to $58.1 million compared to $39.0 million for the same period of 1999. For the 12 months ended December 31, 2000, the company reported a 378 percent increase in net income to $12.5 million, or $0.80 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. At year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1999, the company reported net income of $2.6 million, or $0.01 per diluted share. Operating results for the three-month period ended December 31, 2000 include oil and gas sales of $16.6 million from average production of 35.5 MMcfe/d. This corresponds to sales of $10.4 million from average daily production of 45.8 MMcfe/d during the same period of 1999. The net income per diluted share for the three-month period of 2000 was $0.24 compared to $0.03 for the same period of 1999. Callon Petroleum Company has been engaged in the exploration, development, acquisition and operation of oil and gas properties in the Gulf Coast region since 1950. This news release contains projections and other 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors.
Callon Petroleum Company
Summary Revenues and Net Incomes
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31 December 31
----------- -----------
2000 1999 2000 1999
---- ---- ---- ----
Revenues $16,821 $11,004 $58,077 $38,993
Net income $ 3,961 $ 875 $12,547 $ 2,627
Preferred stock dividends $ 745 $ 555 $ 2,403 $ 2,497
Net income available
to common shares $ 3,216 $ 320 $10,144 $ 130
Net income per
common share:
Basic $ 0.25 $ 0.03 $ 0.82 $ 0.01
Diluted $ 0.24 $ 0.03 $ 0.80 $ 0.01
Weighted average shares:
Basic 13,120 10,495 12,420 8,976
Diluted (1) 13,551 10,663 12,745 9,075
(1) Does not include approximately 1.4 million shares of common stock
issuable upon conversion of the convertible preferred stock
because their inclusion would have an antidilutive impact on
earnings per share.
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