Castle Energy Announces First Quarter Results for Fiscal 2005.KING OF PRUSSIA King of Prussia, industrialized suburban area (1990 pop. 18,406), Montgomery co., SE Pa. It has glass and steel fabricating, food processing, printing and publishing, and varied manufacturing (textiles, liquified petroleum gas, water-treatment and electrical , Pa. -- Castle Energy Corporation(1) (Nasdaq:CECX) (the "Company") announced today its results for its first quarter of fiscal 2005. For the three months ended December 31, 2004, the Company earned $343,000 ($.05 per share diluted) versus a net loss of $1,248,000 ($.19 per share diluted) for the three months ended December 31, 2003. Mr. Joseph L. Castle II, Chairman and Chief Executive Officer, attributed the earnings for the quarter ending December 31, 2004 primarily to the excess of the Company's operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from oil and gas operations and the Company's share of the earnings of Delta Petroleum Corporation ("Delta") ("DPTR DPTR Data Pointer Register DPTR Division of Pediatric Translational Research and Treatment Development (US National Institute of Mental Health) DPTR Diplomatic Pouch Tournament Ratings DPTR Dynamic Progressive Transmission of Resolution " on Nasdaq) over the Company's general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. - primarily legal costs. The legal costs are primarily related to a lawsuit filed against the Company and outside parties by ChevronTexaco concerning contamination of the Indian Refinery site in Lawrenceville, Illinois Lawrenceville is a city in Lawrence County, Illinois, along the Embarras River. The population was 4,745 at the 2000 census. It is the county seat of Lawrence County.GR6 Lawrenceville is located in southeast Illinois, northwest of Vincennes, Indiana. . One of the Company's inactive subsidiaries previously owned a portion of that site for five years whereas Texaco owned and operated the site for over 75 years. The Company owned approximately 17% of Delta at December 31, 2004 and three of its directors currently comprise one-third of Delta's directors. Forward-looking statements 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, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. risks, tax risks, risks related to the public market for the Company's stock, as well as general business risks. Please refer to the Company's Securities and Exchange Commission filings for additional information. (1) Castle Energy Corporation is not affiliated with Castle Oil Corporation.
CASTLE ENERGY CORPORATION
CECX (NASDAQ)
Quarter Ended December 31,
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2004 2003
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(Unaudited) (Unaudited)
Revenues $699,000 $0
Net income (loss) $343,000 ($1,248,000)
Share earnings:
Net income (loss) (basic) $.05 ($.19)
Average shares (basic) 6,892,389 6,592,884
Net income (loss) (diluted) $.05 ($.19)
Average shares (diluted) 7,114,870 6,592,884
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