Castle Energy reports third quarter results.RADNOR, Pa.--(BUSINESS WIRE)--Aug. 21, 1995--Castle Energy Corp. (a) (NASDAQ/NNM:CECX) (the "Company") reported a loss of $1,873,000 for the quarter ended June 30, 1995 (28 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. - fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) versus net income of $4,345,000 (35 cents per share - fully diluted) for the corresponding quarter in 1994. Joseph L. Castle II, chairman and chief executive officer, attributed the loss to reduced operations at the Company's two refineries, both of which the Company is selling as part of its plan to exit the refining business. The Company's 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., ceased commercial operations in July, after operating at reduced throughput levels for much of the quarter. The Company's Indian Refinery in Lawrenceville, Ill., operated at significantly reduced throughputs due to a refinery turnaround and pending the completion of its sale to a group led by that refinery's management. The sale is expected to close in September. As a result of these curtailments, the refining segment generated an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $10,358,000 for the quarter. The Company's other business segments, natural gas marketing and exploration and production, generated 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. of $5,587,000 for the quarter. Interest expense, corporate general and administrative expenses and a reversal of deferred tax expense accounted for the net loss of $1,873,000. For the nine months ended June 30, 1995, the Company recorded consolidated earnings of $12,247,000 ($1.80 per share - fully diluted). During the same period in 1994, earnings were $19,427,000 ($1.69 per share - fully diluted). During the 1995 period, the Company's natural gas marketing and exploration and production segments, the two segments the Company intends to retain, achieved earnings before interest, income taxes and depreciation of $21,281,053. In addition to its two refineries, the Company, through various subsidiaries and affiliates, 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 June 30 (third fiscal quarter)
1995 1994
---- ----
Revenues $ 198,064,000 $267,945,000
Net income (loss) ($ 1,873,000) $ 4,345,000
Average shares 6,713,000 12,374,000
Net income (loss) per
share - fully diluted ($0.28) $0.35
Nine Months Ended June 30:
Revenues $737,008,000 $683,003,000
Net income $ 12,247,000(b) $ 19,427,000
Average shares 6,785,000 11,547,000
Net income per share -
fully diluted $1.80 $1.69
-0-
(b) Includes non-recurring $391,135,000 gain from the MG Settlement
and non-recurring $339,404,000 provision for impairment on refining
assets.
CONTACT: Castle Energy, Radnor Joseph Castle II, 610/995-9400 |
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