Cheniere Energy Releases Second Quarter Results.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Aug. 14, 2001 Cheniere Energy Inc. (AMEX AMEX See: American Stock Exchange :CXY) announced the results of its operations for the second quarter of 2001. Cheniere reported a net loss for the second quarter of $3,785,625, or $0.29 per share, compared with net income of $358,135, or $0.03 per share, in the second quarter of 2000. The 2001 results include a $2,159,645 ceiling test write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. , representing a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. equal to the excess of the Company's book basis over the discounted net present value of estimated future net revenues from its proved properties. Second quarter 2001 results also include $622,158 of non-cash expense Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a charge from the equity in affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. , Gryphon Exploration Company, for the accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. of its preferred dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) and $594,165 in development expenses related to Cheniere's LNG LNG (liquefied natural gas): see under natural gas. receiving terminal business.
CHENIERE ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------ ------------------------
2001 2000 2001 2000
----------- ---------- ----------- ----------
Revenues
Oil and Gas Sales $774,832 $1,731,078 $1,746,488 $2,904,683
----------- ---------- ----------- ----------
Total Revenues 774,832 1,731,078 1,746,488 2,904,683
----------- ---------- ----------- ----------
Operating Costs
and Expenses
Production Costs 86,553 114,008 207,063 195,733
Depreciation,
Depletion and
Amortization 432,734 1,070,390 760,632 1,996,347
Ceiling Test
Write-down 2,159,645 -- 2,159,645 --
General and
Administrative
Expenses 1,296,536 192,755 2,322,158 669,764
----------- ---------- ----------- ----------
Total Operating
Costs and
Expenses 3,975,468 1,377,153 5,449,498 2,861,844
----------- ---------- ----------- ----------
Income/(Loss) from
Operations Before
Interest and
Income Taxes and
Equity in Net
Loss of
Unconsolidated
Affiliate (3,200,636) 353,925 (3,703,010) 42,839
Interest Income 3,900 4,210 13,964 12,919
Provision for
Income Taxes -- -- -- --
Equity in Net Loss
of Unconsolidated
Affiliate (588,889) -- (1,007,430) --
----------- ---------- ----------- ----------
Net Income/(Loss) $(3,785,625) $358,135 $(4,696,476) $55,758
=========== ========== =========== ==========
Net Income/(Loss)
Per Share - Basic $(0.29) $0.03 $(0.37) $0.01
=========== ========== =========== ==========
Net Income/(Loss)
Per Share -
Diluted $(0.29) $0.03 $(0.37) $0.00
=========== ========== =========== ==========
Weighted Average
Number of Shares
Outstanding -
Basic 12,890,800 10,734,613 12,768,774 10,476,016
=========== ========== =========== ==========
Weighted Average
Number of Shares
Outstanding -
Diluted 12,890,800 13,556,949 12,768,774 13,183,977
=========== ========== =========== ==========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion