Cheniere Energy Reports Earnings in Second Quarter.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Aug. 1, 2000 Cheniere Energy Inc. (Nasdaq:CHEX CHEX Confined Helium Experiment CHEX Channel Expanded ) today reported earnings of $358,135 or $0.01 per share on revenues of $2,104,412 for the three months ended June June: see month. 30, 2000. This compares with a loss of $354,884, or $0.02 per share, for the comparable period in 1999 before Cheniere commenced production. Net cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses (before changes in operating assets Operating Assets Another term for working capital. and liabilities) increased to $1,428,525 for the three months ended June 30, 2000 compared to a net cash flow deficit of $343,903 a year earlier. Mike Harvey Harvey, city (1990 pop. 29,771), Cook co., NE Ill., a suburb S of Chicago; inc. 1895. Its manufactures include steel castings, metal products, chemicals, machinery, and electronic equipment. Harvey has an oil research center. The city was founded by Turlington W. , Cheniere's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "We are very pleased to have the company reach profitability and to report earnings for the first time in Cheniere's history. We are also excited about working to expand our production base. We are now ready to commence drilling in our multi-well exploration program as soon as our contracted rig becomes available." Cheniere Energy Inc. is an independent oil and gas company focused in and around the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . The company generates drilling prospects internally using its 11,000-square-mile 3D seismic database and acquires drilling rights on these prospects through lease sales and farm-ins. Additional information about Cheniere can be found at its Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Web site -- www.cheniere.com -- or by calling the company's Investor and Media relations department at 888/948-2036. Except for the historical statements contained herein, this news release presents forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. Although the company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Certain risks and uncertainties inherent in the company's business are set forth in the company's periodic reports that are filed with and available from the Securities and Exchange Commission. (Financial table follows.)
CHENIERE ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ----------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
Revenues
Oil and Gas Sales $1,731,078 $ -- $2,904,683 $ --
Management Fees 373,333 -- 603,333 --
---------- ---------- ---------- ----------
Total Revenues 2,104,411 -- 3,508,016 --
---------- ---------- ---------- ----------
Operating Costs and
Expenses
Production Costs 114,008 -- 195,733 --
Depreciation,
Depletion and
Amortization 1,070,390 10,982 1,996,347 21,326
General and
Administrative
Expenses 566,088 349,200 1,273,097 672,856
---------- ---------- ---------- ----------
Total Operating
Costs and
Expenses 1,750,486 360,182 3,465,177 694,182
---------- ---------- ---------- ----------
Income/(Loss) from
Operations Before
Interest and
Income Taxes 353,925 (360,182) 42,839 (694,182)
Interest Income 4,210 5,298 12,919 10,192
---------- ---------- ---------- ----------
Income/(Loss) From
Operations Before
Income Taxes 358,135 (354,884) 55,758 (683,990)
Provision for
Income Taxes -- -- -- --
---------- ---------- ---------- ----------
Net Income/(Loss) $358,135 $(354,884) $55,758 $(683,990)
========== ========== ========== ==========
Net Income/(Loss)
Per Share (basic
and diluted) $0.01 $(0.02) $0.00 $(0.03)
========== ========== ========== ==========
Weighted Average
Number of Shares
Outstanding - Basic 42,938,450 23,464,488 41,904,063 21,503,556
========== ========== ========== ==========
Weighted Average
Number of Shares
Outstanding
- Fully Diluted 54,227,795 N/A 52,735,906 N/A
========== ========== ========== ==========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion