Carmanah reports solid financial results - correction from source.CALGARY, ALBERTA--(BUSINESS WIRE)--Aug. 20, 1996--CARMANAH RESOURCES LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CKM CKM Cabibbo-Kobayashi-Maskawa (quark mixing matrix) CKM Certified Knowledge Manager (trademark of Hudson Associates Consulting, Inc. ) Carmanah Resources Ltd. ("CKM" - TSE) reported continued improvement in its financial and operating results for the six-month period ended June 30, 1996. Revenue increased 153 percent to 13.9 million, compared to $5.5 million during the reporting period last year. The increase reflects higher production levels and strong crude oil prices. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses was $7.6 million ($0.38 per common share, compared to only $262 thousand ($0.01 per common share) last year. On a weighted average basis, there were 20 million common shares outstanding in 1996, compared to 18 million in 1995. Earnings were $4.9 million ($0.24 per common share) in 1996; last year Carmanah reported a loss of $818 thousand ($0.05 per common share). Capital expenditures were $4.7 million, primarily related to preparation for new drilling at Camar and continuing field workovers. Expenditures also included site and equipment preparation for a multi-well coring and drilling program at Babat-Kukui, onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. Sumatra, Indonesia, and a 660 kilometre seismic program on new venture acreage in northern Indonesia. At June 30, 1996, Carmanah had positive working capital and long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. of $4.1 million. Subsequently, the Company raised $11.2 million of new equity and sold its Canadian properties for $5.5 million. As a result, all long-term debt has been eliminated and Carmanah's financial position is strong. Net production for the six-month period in 1996 was 2,965 BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot compared to 1,353 BOPD in 1995, an increase of 119 percent. Second quarter production was 2,818 BOPD compared to 1,497 BOPD last year. -0- Summary Results
Six months ended Three months ended
June 30 June 30
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1996 1995 1996 1995
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(unaudited) (unaudited)
Revenue, $000 $13,942 $ 5,517 $ 6,696 $ 3,027 Cash flow, $000 7,591 262 3,698 293 Per common share $0.38 $0.01 $0.18 $0.02 Earnings (Loss), $000 4,909 (818) 2,419 (333) Per common share $0.24 ($0.05) $0.12 ($0.02) Weighted average shares outstanding 20,039,843 17,970,952 20,039,843 17,970,952 The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has neither approved nor disapproved the information contained herein. CONTACT: Carmanah Resources Ltd. Mr. R. A. Gusella, 403/266-4975 Mr. A. F. Badwi, 403/266-4975 |
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