Castle Energy Corp. announces 1995 earnings.RADNOR Radnor may refer to:
Pre-tax earnings were $11,783,000 from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the and $60,787,000 from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . For the year ended Sept. 30, 1994, pre-tax earnings consisted of a loss of $737,000 from continuing operations and income of $40,180,000 from discontinued operations. After an income tax provision of $526,000, earnings for the fiscal year ended Sept. 30, 1994 were $38,917,000 ($3.43 per share). For the quarter ended Sept. 30, 1995, pre-tax earnings were $69,000 from continuing operations and $6,443,000 from discontinued operations. The tax provision for the quarter was $3,862,000, resulting in earnings of $2,650,000 (40 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ). For the same quarter in fiscal 1994, pre-tax earnings were a loss of $5,834,000 from continuing operations and income of $12,871,000 from discontinued operations. Net income, after a tax recovery of $12,453,000, was $19,490,000 ($1.74 per share). The retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of the Company's pre-tax earnings between continuing and discontinued operations results from the disposition of the Company's two refineries by Sept. 30, 1995. Prior to this date, the Company conducted operations in three segments of the oil and gas business: refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar , natural gas marketing and transmission and exploration and production. In September 1995, the Company sold its Powerine Refinery in Santa Fe Springs Santa Fe Springs, city (1990 pop. 15,520), Los Angeles co., SW Calif., inc. 1957. The city lies in an oil and natural gas region and has diversified manufacturing. , Calif. to Kenyen Projects Ltd. and recently announced the sale of the stock of the related refining subsidiary to Energy Merchant Corp. In September 1995, the Company also retired the assets of its other refinery, the Indian Refinery in Lawrenceville, Ill. In December 1995, the Company sold the Indian Refinery to American Western Refining L.P. As a result of these dispositions, the Company has exited the refining segment and all refining operations have been retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin reflected as discontinued operations. The Company's natural gas marketing and transmission and exploration and production operations constitute the Company's continuing operations. The Company is currently determining the allocation of income taxes between continuing and discontinued operations. Castle, through its various subsidiaries, owns 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:
adj. Relating to or existing within the boundaries of a state. Adj. 1. intrastate - relating to or existing within the boundaries of a state; "intrastate as well as interstate commerce" pipeline in Rusk County, Texas Rusk County is a county located in the U.S. state of Texas. Originally a part of Nacogdoches County, Rusk was established as its own county by the Congress of the Republic of Texas on January 16, 1843. In 2000, its population was 47,372. and related gas contracts and interests. Castle also owns interests in over 425 wells and is the operator of approximately 350 wells throughout 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. . -0- (a) Castle Energy Corp. is not affiliated with Castle Oil Corp. -0-
Castle Energy Corp.
Twelve Months Ended
Sept. 30,
1995 1994
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unaudited reclassified
Revenues $76,600,000 $69,811,000
Pre-tax income (loss):
Continuing operations $11,783,000 $ 737,000
Discontinuing operations 60,787,000 40,180,000
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72,570,000 39,443,000
Income tax provision (recovery) (57,673,000)(a) (526,000)(a)
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Net income (loss) $14,987,000 $38,917,000
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Per share:
Net income $2.20 $3.43
Average shares outstanding 6,778,000 11,397,000
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Three Months Ended
Sept. 30,
1995 1994
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reclassified
Revenues $13,505,000 $18,011,000
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Pre-tax income (loss):
Continuing operations $ 69,000 ($ 5,834,000)
Discontinuing operations 6,443,000 12,871,000
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6,512,000 7,037,000
Income tax (provision) recovery (3,862,000)(a) 12,453,000 (a)
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Net income (loss) $ 2,650,000 $19,490,000
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Per share:
Net income $.40 $1.74
Average shares outstanding 6,750,000 11,220,000
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(a) Pending allocation of income taxes between continuing and discontinuing operations. CONTACT: Castle Energy Corp., Radnor Joseph L. Castle II, 610/995-9400 |
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