Castle Energy Corporation Announces Third Quarter Earnings for 2001.Business Editors RADNOR Radnor may refer to:
Castle Energy Corporation(1) (Nasdaq-NNM:CECX) (the "Company") reported earnings of $397,000 ($.06 per share) on revenues of $5,347,000 for the quarter ended June June: see month. 30, 2001. This compared to earnings of $1,024,000 ($.15 per share) on revenues of $4,945,000 for the quarter ended June 30, 2000. For the nine months ended June 30, 2001, the Company earned $3,038,000 ($.44 per share) on revenues of $17,057,000 versus earnings of $1,006,000 ($.14 per share) on revenues of $12,348,000 for the corresponding period in fiscal 2000. Mr. Joseph L. Castle II, Chairman and Chief Executive Officer, attributed the increases in revenue and net income for the nine month periods primarily to the increased oil and gas prices the Company received for its production. The increase in net income for this period was achieved despite a decrease in oil and gas production and a 36% tax provision whereas there was a zero tax provision for the nine month period ended June 30, 2000. Mr. Castle attributed the decrease in quarterly income to a $873,000 impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. reserve recorded in June 2001. The reserve was necessary because the Company participated in the drilling of two unproductive wells on one of its drilling concessions in Romania Romania (rōmān`ēə, –yə) or Rumania (r  –), republic (v), 91,699 sq mi (237,500 sq km), SE Europe. . Mr. Castle also indicated that the Company plans to participate
in a wildcat wildcat, common name of two Old World cats, the European wildcat, Felis sylvestris, of Europe and W Asia, and the African wildcat, or kaffir cat, F. lybica, of Africa and Asia. exploratory well in the Black Sea during September September: see month. or
October October: see month. 2001.
The Company currently owns interests in approximately 585 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 (50%) percent interest in three oil and gas concession CONCESSION. A grant. This word is frequently used in this sense when applied to grants made by the French and Spanish governments in Louisiana. in Romania. 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 with Castle Oil Corporation.
CASTLE ENERGY CORPORATION
CECX (NASDAQ)
Quarter Ended June 30,
-------------------------------
2001 2000
----------- -----------
(Unaudited) (Unaudited)
Revenues $ 5,347,000 $ 4,945,000(b)
Net income $ 397,000 $ 1,024,000
Share earnings:
Net income (basic) $ .06 $ .15
Average shares (basic) 6,632,884 6,866,357
Net income (diluted) $ .06 $ .15
Average shares (diluted) 6,801,852 6,977,214
Nine Months Ended June 30,
-------------------------------
2001 2000(a)
----------- -----------
(Unaudited) (Unaudited)
Revenues $17,057,000 $12,348,000(b)
Net income $ 3,038,000 $ 1,006,000
Share earnings:
Net income (basic) $ .46 $ .14
Average shares (basic) 6,647,304 7,001,047
Net income (diluted) $ .44 $ .14
Average shares (diluted) 6,837,850 7,144,368
(a) Retroactively restated to reflect 200% stock dividend
effective January 31, 2000.
(b) Retroactively restated to reflect well operating revenues as a
reduction of production
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