Cheniere Energy Reports First Quarter 2005 Results.HOUSTON Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; -- Cheniere Energy, Inc. (AMEX AMEX See: American Stock Exchange :LNG LNG (liquefied natural gas): see under natural gas. ) reported a net loss of $9.2 million, or $0.18 per share (basic and 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. ), for the first quarter of 2005 compared with a net loss of $1.1 million, or $0.03 per share (basic and diluted), during the corresponding period in 2004. The major factors contributing to the net loss during the first quarter of 2005 were LNG receiving terminal development expenses of $5.4 million and general and administrative expenses of $5.0 million. The major factors contributing to the net loss during the first quarter of 2004 were LNG receiving terminal development expenses of $4.4 million (which were offset by a $1.5 million minority interest in the operations of Corpus Christi Corpus Christi, in Christianity Corpus Christi [Lat.,=body of Christ], feast of the Western Church, observed on the Thursday after Trinity Sunday (or on the following Sunday). LNG, L.P.) and general and administrative expenses of $2.9 million. These 2004 expenses were offset by a $2.5 million reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. from our limited partnership investment in Freeport LNG Development, L.P. ("Freeport LNG") and our equity share of the net income in Freeport LNG of $2.2 million. Cheniere's working capital at March 31, 2005 was $273.7 million compared to $305.8 million at December 31, 2004. The $32.1 million decrease was primarily attributable to debt issuance costs related to the Sabine Pass Sabine Pass is the natural outlet of Sabine Lake into the Gulf of Mexico. It borders Jefferson County, Texas, and Cameron Parish, Louisiana. The First Battle of Sabine Pass, and the second Battle of Sabine Pass took place at Sabine Pass during the American Civil War. LNG terminal project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. , Sabine Pass LNG terminal construction-in-progress costs, LNG terminal development expenses, and general and administrative expenses incurred during the first quarter of 2005. On April 22, 2005, we issued shares of our common stock in a two-for-one stock split to all entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: stockholders of record at the close of business on April 8, 2005. Accordingly, all references to weighted average shares outstanding and per share amounts in this press release have been retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin adjusted to reflect this stock split. Cheniere Energy, Inc. is a Houston-based developer of LNG receiving terminals and a 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 E&P company. Cheniere is developing Gulf Coast LNG receiving terminals near Sabine Pass in Cameron Parish, La. in which it holds a 100% ownership interest; near Corpus Christi, Texas Corpus Christi is a coastal city and the county seat of Nueces CountyGR6 in the U.S. state of Texas. It is part of the region known as South Texas. , in which it holds a 100% ownership interest; and near Creole Trail in Cameron Parish, La. in which it holds a 100% ownership interest. Cheniere is also a 30% limited partner in Freeport LNG Development, L.P., which is developing an LNG receiving terminal in Freeport, Texas Freeport is a city in Brazoria County, Texas within the Houston–Sugar Land–Baytown Metropolitan Area and is situated in Southeast Texas. As of the 2000 U.S. Census, the city population was 12,708 and is about sixteen miles away from Angleton. . Cheniere conducts exploration for oil and gas in the Gulf of Mexico using a regional database of 7,000 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. of PSTM PSTM Pre-Stack Time Migration (seismic processing) PSTM Photon Scanning Tunneling Microscopy 3D seismic data. Cheniere also owns 9% of Gryphon Exploration Company, along with Warburg War·burg , Otto Heinrich 1883-1970. German biochemist. He won a 1931 Nobel Prize for research on the respiration of cells. , Pincus Pin·cus , Gregory Goodwin 1903-1967. American physiologist. Through his studies of natural hormones that inhibit ovulation in mammals, he developed the first effective oral contraceptive, which was first tested in 1954. Equity Partners, L.P. which owns 91%. Additional information about Cheniere Energy, Inc. may be found on its website at www.cheniere.com. This press release contains certain statements that may include "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. " within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere's business strategy, plans and objectives and (ii) statements expressing beliefs and expectations regarding the development of Cheniere's LNG receiving terminal business. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere's periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
Cheniere Energy, Inc.
Selected Financial Information
(in thousands)
Three Months Ended March 31,
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2005 2004
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(Unaudited)
Revenues $737 $332
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Operating Costs and Expenses
LNG Terminal Development Expenses 5,424 4,401
Production Costs 56 7
Depreciation, Depletion and Amortization 528 206
General and Administrative Expenses 4,990 2,936
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Total Operating Costs and Expenses 10,998 7,550
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Loss from Operations (10,261) (7,218)
Equity in Net (Loss) Income of Limited
Partnership (844) 2,155
Reimbursement from Limited Partnership
Investment - 2,500
Interest and Other Income, Net 1,793 6
Minority Interest 97 1,482
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Net Loss $(9,215) $(1,075)
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Net Loss Per Share - Basic and Diluted $(0.18) $(0.03)
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Weighted Average Shares Outstanding -
Basic and Diluted 52,364 36,219
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March 31, December 31,
2005 2004
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(Unaudited)
Cash and Cash Equivalents $246,848 $308,443
Advances to EPC Contractor 32,347 -
Other Current Assets 5,951 2,838
Property, Plant and Equipment, Net 28,859 20,880
Debt Issuance Costs, Net 17,939 1,302
Goodwill 76,924 -
Other Assets 5,652 104
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Total Assets $414,520 $333,567
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Current Liabilities $11,398 $5,529
Deferred Revenue 23,000 23,000
Other Liabilities and Minority Interest 100 437
Stockholders' Equity 380,022 304,601
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Total Liabilities and Stockholders' Equity $414,520 $333,567
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