Castle Energy Announces Third Quarter Earnings For Fiscal 2000.Business Editors RADNOR Radnor may refer to:
Castle Energy Corporation(a) (Nasdaq:CECX) (the "Company") reported earnings of $1,024,000 ($.15 per share) on revenues of $5,132,000 for the quarter ended June June: see month. 30, 2000. This compared to earnings of $900,000 ($.11 per share) on revenues of $9,668,000 for the quarter ended June 30, 1999. For the nine months ended June 30, 2000, the Company earned $1,006,000 ($.14 per share) on revenues of $12,894,000 versus earnings of $7,349,000 ($.86 per share) on revenues of $52,969,000 for the corresponding period in fiscal 1999. Share data have been restated to reflect a 200% stock dividend on January January: see month. 31, 2000. Mr. Joseph L. Castle II, Chairman and Chief Executive Officer, attributed the changes in earnings to several factors. Until May 31, 1999, the Company earned in excess of ninety percent of its consolidated revenues and 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 its natural gas marketing business. On May 31, 1999, all of the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. gas sales and purchase contracts underlying that business expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. by their own terms and were not replaced. For the nine months ended June 30, 1999, the operating income from the Company's natural gas marketing business was $11,377,000. For the nine months ended June 30, 2000, the Company had no natural gas marketing business. Nevertheless, during the nine months ended June 30, 2000 the Company benefitted from high natural gas prices since most of its gas production during the period was not hedged. The Company did not, however, significantly benefit from high crude oil prices during the period because it had hedged most of its production at prevailing prices in July July: see month. of 1999. Such prices were significantly lower than the prices paid for crude oil during the period. The Company currently owns interests in approximately 530 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. . The Company also owns a fifty percent interest in an exploration concession in Romania Romania (rōmān`ēə, –yə) or Rumania (r  –), republic (v), 91,699 sq mi (237,500 sq km), SE Europe. .
In July, the Company engaged an oil and gas investment company to advise the Company concerning strategic alternatives, including the possible sale of its oil and gas assets. 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. (a) Castle Energy Corporation is not affiliated with Castle Oil Corporation.
CASTLE ENERGY CORPORATION
CECX (NASDAQ)
Quarter Ended June 30,
2000 1999
---- ----
(Unaudited) (Unaudited)
Revenues $5,132,000 $9,668,000
Net income $1,024,000 $ 900,000
Share earnings:
Net income (basic) $ .15 $ .12(b)
Average shares (basic) 6,866,357 7,788,936(b)
Net income (diluted) $ .15 $ .11(b)
Average shares (diluted) 6,977,214 7,931,154(b)
Nine Months Ended June 30,
2000 1999
---- ----
(Unaudited) (Unaudited)
Revenues $12,894,000 $52,969,000
Net income $ 1,006,000 $ 7,349,000
Share earnings:
Net income (basic) $ .14 $ .88(b)
Average shares (basic) 7,001,047 8,367,516(b)
Net income (diluted) $ .14 $ .86(b)
Average shares (diluted) 7,144,368 8,516,391(b)
(b) Retroactively restated to reflect 200% stock dividend effective
01/31/200.
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