Castle Energy Announces First Quarter Earnings For Fiscal 2001.Business Editors RADNOR Radnor may refer to:
Castle Energy Corporation(1) (Nasdaq:CECX) (the "Company") announced today its earnings for the first quarter of fiscal 2001. For the three month period ended December December: see month. 31, 2000, the Company earned $1,110,000 ($.16 per share) on revenues of $5,394,000 versus earnings of $259,000 ($.04 per share) on revenues of $4,085,000 for the corresponding three month period ended December 31, 1999. Joseph L. Castle II, Chairman and Chief Executive Officer, indicated that the Company had benefitted from substantially higher oil and gas prices in the first quarter of fiscal 2001 although its production had decreased when compared to that from the December 31, 1999 quarter. Mr. Castle also indicated that net income for the quarter ended December 31, 2000 was adversely impacted by non-recurring legal fees and consulting fees related to the Company's efforts to sell its domestic oil and gas properties in the first quarter of fiscal 2001. The Company's Board of Directors eventually opted not to sell the Company's oil and gas properties at the prices offered and the Company is currently seeking to acquire oil and gas assets and other energy investments. The Company currently owns oil and gas interests in approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 575 oil and gas wells located in ten states in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Approximately half of the wells are operated by the Company. The Company also has a fifty percent (50%) interest in three oil and gas concessions in Romania Romania (rōmān`ēə, –yə) or Rumania (r  –), republic (v), 91,699 sq mi (237,500 sq km), SE Europe. .
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. in this announcement are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the costs of exploring and developing new oil and natural gas reserves, the price for which such reserves can be sold, environmental concerns effecting the drilling of oil and natural gas wells, as well as general market conditions, competition and pricing. Please refer to the Company's Securities and Exchange Commission filings for additional information. (1)Castle Energy Corporation 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 Corporation.
CASTLE ENERGY CORPORATION
CECX (NASDAQ)
Quarter Ended December 31,
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2000 1999
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(Unaudited) (Unaudited)
Revenues $5,394,000 $4,085,000
Net income $1,110,000 $ 259,000
Share earnings:
Net income (basic) $.17 $.04
Average shares (basic) 6,680,404 7,127,739
Net income (diluted) $.16 $.04
Average shares (diluted) 6,899,633 7,247,832
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