Callon Petroleum Company Reports Year-end and Fourth Quarter Results.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. 23, 2000 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, 1999. Operating results for the year ended December 31, 1999 include oil and gas sales of $37.1 million from average production of 45.4 million cubic feet of natural gas equivalent per day (MMcfe/d). This corresponds to sales of $35.6 million from average daily production of 43.5 MMcfe/d during 1998. Total revenues for the 12-month period ended December 31, 1999 were $39.0 million compared to $37.7 million for the same period of 1998. For the 12 months ended December 31, 1999, the company reported net income of $2.6 million, or $0.01 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. 1998, the company reported a net loss of $30.8 million, or a $4.17 loss per diluted share, due primarily to a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. related to oil and gas property impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. . Operating results for the three-month period ended December 31, 1999 include oil and gas sales of $10.4 million from average production of 45.8 MMcfe/d. This corresponds to sales of $6.7 million from average daily production of 34.9 MMcfe/d during the same period of 1998. The net income per diluted share for the three-month period of 1999 was $0.03 compared to a loss of $4.25 for the same period of 1998. 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
----------- -----------
1999 1998 1999 1998
-------- -------- -------- --------
Revenues $ 11,004 $ 7,154 $ 38,993 $ 37,718
Net income (loss)(a) $ 875 $(33,641) $ 2,627 $(30,754)
Preferred stock dividends $ 555 $ 682 $ 2,497 $ 2,779
Net income (loss) available
to common shares(a) $ 320 $(34,323) $ 130 $(33,533)
Net income (loss) per
common share:
Basic $ 0.03 $ (4.25) $ 0.01 $ (4.17)
Diluted $ 0.03 $ (4.25) $ 0.01 $ (4.17)
Weighted average shares:
Basic 10,495 8,071 8,976 8,034
Diluted 10,663 8,071 9,075 8,034
(a) 1998 amounts include after-tax, non-cash charges of $28.7
million for an oil and gas property impairment and $4.3 million
related to accelerated vesting and retirement benefits.
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