Coho Energy reports sharply higher earnings and cash flow in the first quarter of 1996.DALLAS, Texas--(BUSINESS WIRE)--May 9, 1996--Coho Energy Inc. (NASDAQ-NMS:COHO;TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CEE cee n. The letter c. ) today reported first quarter 1996 net income of $1,035,000 or 5 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. compared to a loss, after provision for preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) , of $161,000 or 1 cent per share in the first quarter of 1995. Results in 1995 included earnings of $317,000 from discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: gas marketing and transportation operations, which were sold during the first quarter of 1996. Revenues in this year's first quarter rose 32% to $12.4 million and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. rose 127% to $3.6 million. 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 working capital adjustments) in the first quarter of 1996 rose 45% to $5.8 million from $4.0 million in the first quarter of 1995. The sharp improvement in 1996 results reflected increased crude oil production and higher prices for both crude oil and natural gas. Total net daily production was 9,590 barrels of oil equivalent in this year's first quarter, an increase of almost 7% over the 8,979 barrels of oil equivalent produced last year. Daily crude oil production rose 18% to 6,609 barrels, as development accelerated in Coho's Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by oil exploitation projects. Important gains were registered in the Soso and Summerland fields, as well as new production from the Brookhaven field, which was acquired in the second half of 1995. Natural gas production fell 11% to 17.9 million cubic feet per day, reflecting operational difficulties due to cold and wet weather in Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. , where the company produces gas from the long-lived Monroe
field. Field production capacity remains close to 20 million cubic feet
per day.In April 1996, Coho completed the sale of its interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. gas pipeline and gas marketing segment for a total value of $23 million, including assumption of net financial liabilities. The sale was effective Jan. 1, 1996. In last year's results, these operations were restated as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Proceeds from the sale were used to reduce long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Capital expenditures in the first quarter of 1996 were $7.9 million compared to $4.9 million in last year's first quarter. This 61% increase primarily reflected an aggressive exploitation and secondary recovery program in the Laurel Laurel, cities, United States Laurel. 1 Town (1990 pop. 19,438), Prince Georges co., central Md., about halfway between Washington, D.C., and Baltimore; patented in the late 1600s, inc. 1870. , Martinville and Soso fields. Coho plans a $35 million capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. program in 1996 that will focus primarily on projects in the Martinville, Laurel, Soso and Brookhaven fields, including a $4 million exploration budget. In 1995, total capital spending was $32.8 million, including $7.3 million in acquisitions. Coho Energy Inc. is a Dallas based independent oil and gas producer focusing on exploitation of underdeveloped un·der·de·vel·oped adj. Not adequately or normally developed; immature. oil properties and exploration in the Mississippi Salt Basin. -0-
COHO ENERGY INC.
SUMMARY OF FINANCIAL RESULTS
(In Thousands, Except Per Share Data)
Three Months
Ended
March 31,
1995 1996
restated
Oil production (BBL/D) 5,616 6,609 Gas production (MCF/D) 20,179 17,884 Production (BOE/D) 8,979 9,590 Average sales price $/BBL 13.46 15.16 $/MCF 1.43 1.99
Operating revenues
Net oil and gas
production $ 9,402 $ 12,367
Operating expenses
Oil and gas production 2,604 2,830
Taxes on oil and gas
production 418 597
General and
administrative 1,344 1,459
Depletion and
depreciation 3,462 3,905
Total operating expenses 7,828 8,791 Interest expense 1,800 1,835 Income taxes (benefit) (86) 706 Income from discontinued operations 317 --- Net earnings (loss) 177 1,035 Dividends on preferred stock (338) --- Net earnings (loss) applicable to common stock $ (161) $ 1,035 Earnings (loss) per common share $ (0.01) $ 0.05 Cash flow from operating activities (before working capital adjustments) $ 4,026 $ 5,834 Cash flow per common share $ 0.22 $ 0.29 Weighted average number of common share equivalents 16,783 20,231 -0-
COHO ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In Thousands)
Dec. 31, March 31,
1995 1996
ASSETS Current Assets $ 24,259 $ 31,184 Property and Equipment 175,899 175,964 Other 2,401 2,066
$202,559 $209,214
LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities $ 11,309 $ 12,348 Long Term Debt 107,403 109,416 Deferred Income Taxes 9,526 12,094
128,238 133,858
Shareholders' Equity 74,321 75,356
$202,559 $209,214
Common Shares Outstanding 20,165 20,165 CONTACT: Coho Energy Inc., Dallas Jeffrey Clarke/Anne Marie O'Gorman 214/774-8300 |
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