Castle Energy Corporation Announces Third Quarter Earnings.RADNOR Radnor may refer to:
Castle Energy Corporation (Nasdaq-NNM:CECX) (the "Company") reported earnings of $900,000 ($.35 per share) for the quarter ended June June: see month. 30, 1999. This compared to earnings of $6,864,000 ($2.06 per share) for the quarter ended June 30, 1998. Revenues for the quarter ended June 30, 1999 aggregated $9,668,000 versus $17,464,000 for the corresponding quarter ended June 30, 1998. Mr. Joseph L. Castle II, Chairman and Chief Executive Officer, attributed the decrease in earnings to two primary factors. For the quarter ended June 30, 1999 the Company's operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. from its gas marketing operations was $1,329,000 versus $4,108,000 for the quarter ended June 30, 1998. The decrease of $2,779,000 resulted primarily because deliveries under the Company's 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 contract with Lone Star Lone Star (or Lonestar) may refer to:
Contract between a seller and buyer for the sale of goods, services, or both. to Lone Star terminated May 31, 1999. In addition, the Company recorded a $5,000 tax provision for quarter ended June 30, 1999 but recorded a net tax benefit of $2,827,000 for the corresponding quarter in fiscal 1998. The tax benefit in fiscal 1998 resulted from the Company's recording of a deferred tax asset at June 30, 1998. No similar deferred tax asset was recorded at June 30, 1999. For the nine months ended June 30, 1999 earnings were $7,349,000 ($2.63 per share) on revenues of $52,969,000 versus earnings of $12,228,000 ($3.01 per share) on revenues of $56,947,000 for the corresponding period in 1998. The decrease in net income for the nine month periods resulted primarily from the factors discussed above. The Company currently owns interests in approximately 550 oil and gas wells located in eight states in the southern and western areas of 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 fifty percent of an oil and gas concession 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. Castle Energy Corporation is not affiliated with Castle Oil Corporation. -0-
CASTLE ENERGY CORPORATION
CECX (NASDAQ)
Quarter Ended June 30,
---------------------------------
1999 1998
-------------- ----------------
(Unaudited) (Unaudited)
Revenues $ 9,668,000 $17,464,000
Net income $ 900,000 $ 6,864,000
Share earnings:
Net income (basic) $ .35 $ 2.06
Average shares (basic) 2,596,312 3,332,319
Net income (diluted) $ .34 $ 2.02
Average shares (diluted) 2,643,718 3,404,773
Nine Months Ended June 30,
---------------------------------
1999 1998
-------------- ----------------
(Unaudited) (Unaudited)
Revenues $52,969,000 $56,947,000
Net income $ 7,349,000 $12,228,000
Share earnings:
Net income (basic) $ 2.63 $ 3.01
Average shares (basic) 2,789,172 4,066,103
Net income (diluted) $ 2.59 $ 2.98
Average shares (diluted) 2,838,797 4,109,843
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