Cheniere Energy, Inc. reports first quarter results and December balance sheet.HOUSTON--(BUSINESS WIRE)--Jan. 16, 1997--Cheniere Energy, Inc. (EBB: CHEX CHEX Confined Helium Experiment CHEX Channel Expanded ) today announced financial results for the quarter ended November 30, 1996. The Company's operating results for the three months ended November 30, 1996 reflect a loss of $151,666, or $0.01 per share, as there were no operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. . General and administrative expenses of $145,928 and interest expenses of $7,239 were offset by interest income of $1,501. Operating results for the prior year's quarter relate to discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . The assets and liabilities relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the discontinued operations were distributed to the previous shareholders as of July 3, 1996, the same day that the Company changed its name to Cheniere Energy, Inc. and changed its business to oil and gas exploration. For the three months ended November 30, 1995, the Company had 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 $79,486, or $0.03 per share. At November 30, 1996, total assets were $6,382,660 compared to $5,145,310 at August 31, 1996, with the increase attributable primarily to equity proceeds of $1,237,000 received during the quarter. Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. declined to $324,550 from $1,093,180 during the same period. Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. reflect an increase in investment to $6 million from $4 million in the Company's 3-D Joint Venture in the Louisiana Transition Zone. This increase was funded primarily from equity proceeds and from cash balances. Common shares outstanding November 30, 1996 totaled 10,624,794. -0-
Statement of Operations
For the Three Months Ended
November 30,
1996 1995
Revenue - $2,522
Operating Income (loss) ($153,167) ($80,092)
Net Earnings (Loss) ($151,666) ($79,486)
Net Earnings (Loss) Per Share ($0.01) ($0.03)
December Balance Sheet Cheniere Energy, Inc. released an interim balance sheet for the period ended December 31, 1996 to reflect the improved financial condition of the Company as a result of private placements of Common Stock completed in December. The Company ended the calender CALENDER. An almanac. Julius Caesar ordained that the Roman year should consist of 365 days, except every fourth year, which should contain 366, the additional day to be reckoned by counting the twenty-fourth day of February (which was the 6th of the calends of March) twice. year with $2,419,264 in cash against $262,799 in current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. , compared to cash of $324,550 and current liabilities of $975,130 for the period ended November 30, 1996. The improved working capital position was funded by net equity proceeds of $2,969,123 received during December from the sale of 1,317,721 shares of Common Stock. Total assets increased to $8,476,711. Common shares outstanding at December 31, 1996 totaled 11,942,515. -0-
Balance Sheet as of December 31, 1996
Cash $2,419,264
Other assets 57,447
Investment in 3-D Joint Venture 6,000,000
Total Assets $8,476,711
Current liabilities $262,799
Shareholder's equity 8,213,912
Total Liabilities & Equity $8,476,711
Houston-based Cheniere Energy, Inc. is an independent oil and gas company that focuses on early stage oil and gas projects characterized by high reserve potential in which the company can attain a large working interest. The Company's first project is a 3-D seismic exploration program being conducted in the Louisiana Transition Zone of West Cameron Parish. CONTACT: Cheniere Energy Inc. Keith F. Carney car·ney n. Informal Variant of carny. , Chief Financial Officer, (713) 659-1361 |
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