Castle Energy Announces First Quarter Earnings For Fiscal 1999.RADNOR Radnor may refer to:
For the three month period ended Dec. 31, 1998, the Company earned $2,511,000 ($.85 per share) on revenues of $20,936,000 versus earnings of $2,822,000 ($.60 per share) on revenues of $20,979,000 for the corresponding three month period ended Dec. 31, 1997. Joseph L. Castle II, chairman and chief executive officer, indicated that earnings from the Company's natural gas marketing segment exceeded expectations but that earnings from the Company's exploration and production segment were lower than initial expectations due to low oil and gas prices during the quarter. Earnings per share increased because the Company repurchased 1,777,817 shares of its common stock since Dec. 31, 1997. The Company is currently participating in a drilling joint venture in Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York and is pursuing several investments in the energy sector. In addition, an energy lending bank also approved a $30,000,000 line of credit for the Company. The Company plans to have this line of credit available in case it decides to make an investment in excess of its unrestricted cash, currently approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $45,000,000. The Company currently owns interests in approximately 300 oil and gas wells located primarily in the Appalachian Ap`pa`la´chi`an a. 1. Of or pertaining to a chain of mountains in the United States, commonly called the Allegheny ltname> mountains. Noun 1. basin and a gas sales contract Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. with Lone Star Lone Star (or Lonestar) may refer to:
(a) Castle Energy Corp. is not affiliated af·fil·i·ate v. af·fil·i·at·ed, af·fil·i·at·ing, af·fil·i·ates v.tr. 1. To adopt or accept as a member, subordinate associate, or branch: with Castle Oil Corp. -0-
CASTLE ENERGY CORP.
CECX (NASDAQ)
Quarter Ended December 31,
1998 1997
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(Unaudited) (Unaudited)
Revenues $20,936,000 $20,979,000
Net income $2,511,000 $2,822,000
Share earnings:
Net income (basic) $.85 $.60
Average shares (basic) 2,940,729 4,715,546
Net income (diluted) $.84 $.59
Average shares (diluted) 3,001,242 4,745,690
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