Castle Energy announces second quarter earnings.RADNOR, Pa.--(BUSINESS WIRE)--May 16, 1995--Castle Energy Corp.(a) (NASDAQ/NNW:CECX) (the "Company") reported earnings of $36,000 (1 cent per share) for the three month period ended March 31, 1995. This compared to earnings of $6,699,000 (56 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 three months ended March 31, 1994. Joseph L. Castle II, chairman and chief executive officer, attributed the decrease in earnings to the termination of the Company's refined product Offtake Off´take` n. 1. Act of taking off; specif., the taking off or purchase of goods. 2. Something taken off; a deduction. 3. A channel for taking away air or water; also, the point of beginning of such a channel; a take-off. Agreements with Metallgesellschaft Corp. ("MG") and to abnormally low 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 margins after termination of the Offtake Agreements. The Offtake Agreements with MG were terminated as part of a settlement with MG. The Company, as previously reported, realized a gain of $391,000,000 from the MG Settlement. Castle noted that the Company's natural gas marketing and exploration and production segments achieved pre-tax profits of $4,995,000 for the quarter and $10,076,000 for the first six months of the fiscal 1995. The Company previously announced plans to sell or close its refineries not later than Sept. 30, 1995. After the refineries are sold or closed, the Company's operations will consist of its natural gas marketing and exploration and production businesses. One of the Company's refining subsidiaries, Powerine Oil Co. ("Powerine"), has obtained interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. while the Company seeks to sell it. The other refining subsidiary, Indian Refining Ltd. Partnership ("IRLP IRLP Internet Radio Linking Project IRLP Internet Repeater Linking Project (Ham Radio project to link local radio repeaters internationally via internet) ") is currently negotiating an interim financing facility. If IRLP is unable to obtain such financing by the end of the month, the Company may have to close its Indian Refinery. The Company currently owns two refining subsidiaries, IRLP and Powerine. The Company, through various subsidiaries and affiliates, also 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. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. 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, and operates approximately 450 oil and gas wells nationwide. -0- (a) Castle Energy Corp. is not affiliated with Castle Oil Corp. -0-
Castle Energy Corp.
Quarter Ended March 31, (second fiscal quarter):
1995 1994
---- ----
Revenues $225,868,000 $193,022,000 Net income $ 36,000 $ 6,699,000 Per share:
Average shares 6,712,000 12,071,000
Net income $.01 $.56
Six Months Ended March 31, Revenues $538,944,000(b) $415,058,000 Net income $ 14,120,000 $ 15,082,000
Average shares 6,917,000 11,096,000
Net income $2.04 $1.37
(b) Includes non-recurring $391,143,000 gain from the MG Settlement
and non-recurring $346,106,000 provision for losses on assets to
be disposed of.
CONTACT: Castle Energy, Blue Bell Donald L. Marsh Jr., 610/995-9400 |
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