Cheniere Energy Inc. reports second quarter results.HOUSTON--(BUSINESS WIRE)--March 17, 1997--Cheniere Energy Inc. (EBB:CHEX CHEX Confined Helium Experiment CHEX Channel Expanded ) today announced financial results for the three and six months ended Feb. 28, 1997. Results for the second quarter reflect a loss of $146,583, or 1 cent 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. . For the first six months of the fiscal year the company had a net loss of $298,249 or 3 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. . General and administrative expenses of $165,765 and interest expenses of $1,313 were partially offset by interest income of $20,495 during the second quarter. For the first six months of the year, general and administrative expenses of $311,693 and interest expenses of $8,552 were partially offset by interest income of $21,996. Results for the prior year's first three and six months 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 July: see month. 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 and six months ended Feb. 29, 1996, the company had a loss of $69,594, or 4 cents per share, and $149,080 or 9 cents per share, respectively. -0-
Cheniere Energy Inc.
Statement of Operations
Three Months Ended Six Months Ended
Feb. 28 Feb. 29 Feb. 28 Feb. 29
1997 1996 1997 1996
Revenue - $39,736 - $ 42,258
Operating income
(loss) ($167,078) ($70,267) ($320,245) ($192,617)
Net earnings
(loss) ($146,583) ($69,594) ($298,249) ($149,080)
Net earnings (loss)
per share ($0.01) ($0.04) ($0.03) ($0.09)
Weighted average
number of shares
outstanding 11,757,696 1,781,500 11,036,471 1,681,203
At Feb. 28, 1997, total assets were $11,187,621, compared to $5,145,310 at Aug. 31, 1996, with the increase attributable primarily to equity proceeds net of offering costs of $5,145,838 and advances for issuance of common stock of $1,500,025 received during the six months. 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. increased to $3,996,409 from $1,097,980 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 $7.1 million from $4 million in the company's 3-D seismic exploration project in southern Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. (the "3-D joint venture"). This increase
was funded primarily from equity proceeds and from cash balances.
Common shares outstanding at Feb. 28, 1997, totaled 12,295,462.
Subsequent Events On March 4, 1997, $1,500,025 of advances for issuance of common stock, which represented a current liability at Feb. 28, 1997, were transferred to capital, as the company issued 352,947 shares of common stock for gross proceeds of $1,500,025. Also on March 4, 1997, the company funded an additional $858,255 investment in the 3-D joint venture, bringing its total investment to date to $8 million. If the two events described above had occurred as of Feb. 28, 1997, along with applicable costs and expenses, the balance sheet as of Feb. 28, 1997, would appear as in the As Adjusted Feb. 28, 1997, column in the condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. balance sheet below. -0-
Condensed Balance Sheet
As Adjusted
Aug. 31 Feb. 28 Feb. 28
1996 1997 1997
Cash $ 1,093,180 $ 3,843,088 $ 2,759,882
Other assets 52,130 202,788 169,038
Investment in 3-D
joint venture 4,000,000 7,141,745 8,000,000
Total assets $ 5,145,310 $11,187,621 $10,928,920
Current liabilities $ 718,855 $ 1,696,801 $ 84,300
Shareholders' equity 4,426,455 9,490,820 10,844,620
Total liabilities
and equity $ 5,145,310 $11,187,621 $10,928,920
Common shares
outstanding 9,931,767 12,295,462 12,648,409
Houston-based Cheniere Energy Inc. is an independent oil and gas company that focuses on early-stage oil and gas projects characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. 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., Houston Keith F. Carney car·ney n. Informal Variant of carny. , 713/659-1361 |
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