Cornerstone Natural Gas Inc. announces 1994 financial results.DALLAS--(BUSINESS WIRE)--Feb. 21, 1995--Cornerstone Natural Gas, Inc. (AMEX AMEX See: American Stock Exchange - CGA (Color/Graphics Adapter) The first video display standard for the IBM PC. This low-resolution system was superseded by EGA and then VGA. CGA required a digital RGB Color Display monitor. See PC display modes. CGA - Color Graphics Adapter ) today reported earnings before interest, taxes and depreciation EBITD is an initialism or acronym for Earnings Before Interest, Taxes and Depreciation. See EBITDA. Some people find it useful to know this value for a business. ("EBITD EBITD See: Earnings Before Interest, Taxes and Depreciation ") of $4,184,000 for the year ended Dec. 31, 1994 which represented a 106 percent increase over the EBITD of $2,033,000 in 1993. The company reported EBITD of $1,272,000 in the fourth quarter of 1994 which represented a 125 percent increase over the EBITD of $565,000 in 1993. The company recorded this increased EBITD for its first full year of operation since its plan of reorganization was consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. on Nov. 2, 1993. Management stated that it has been successful in returning the company's focus to its core business of natural gas gathering, processing and marketing. The company completed the sale of essentially all of its refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar assets and modernized mod·ern·ize v. mo·dern·ized, mo·dern·iz·ing, mo·dern·iz·es v.tr. To make modern in appearance, style, or character; update. v.intr. To accept or adopt modern ways, ideas, or style. its facilities to process natural gas in North Louisiana North Louisiana, also known as Sportsman's Paradise, is a region in the U.S. state of Louisiana. The region has two metropolitan areas: Monroe and Shreveport-Bossier City. during 1994. The financial impact of these activities was first reflected in the third quarter of 1994 after the installation of cryogenic cryogenic /cry·o·gen·ic/ (-jen´ik) producing low temperatures. cry·o·gen·ic adj. 1. Relating to or producing low temperatures. 2. facilities in North Louisiana. As a result, operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before for the year were $1,451,000 in 1994 compared to an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $4,418,000 in 1993, and net earnings were $315,000 ($0.02 per share) for the year ended Dec. 31, 1994 compared to a net loss of $23,082,000 ($2.66 per share) for the same period in 1993. The company's 1994 fourth quarter earnings were $267,000 ($0.02 per share) compared to a net loss of $664,000 ($0.06 per share) in the fourth quarter of 1993. One of the company's goals in 1995 is to bring additional supplies of natural gas to its systems and to activate its idle assets. Lower than normal natural gas prices this winter have caused many producers to shut- in their wells during late 1994 and early 1995. Although lower prices and volumes will adversely affect the company in the first quarter of 1995, management believes the company will increase its throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. during 1995. The company acquired approximately 65 miles of gathering pipeline in East Texas effective Jan. 1, 1995. These pipelines are currently transporting approximately 20 million cubic feet of natural gas per day (MMCF/D MMCF/D Million Cubic Feet per Day ) and management believes that throughput will increase during 1995. The pipelines have a capacity of approximately 70 MMCF/D. The acquisition is in the geographic region targeted by the company for strategic growth and its synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. with other company assets in East Texas makes it cost effective to operate the system. The company is engaged in the business of natural gas pipeline operations and natural gas processing Natural gas processing plants, or fractionators, are used to purify the raw natural gas extracted from underground gas fields and brought up to the surface by gas wells. The processed natural gas, used as fuel by residential, commercial and industial consumers, is almost pure operations. Natural gas pipeline operations include purchasing, gathering, transporting and marketing of natural gas. Natural gas processing operations include recovering and marketing of natural gas liquids from natural gas and treating natural gas by removing noncommercial adj. 1. not connected with or engaged in commercial enterprises. Opposite of commercial nt>. Adj. 1. noncommercial - not connected with or engaged in commercial enterprises components. -0-
CORNERSTONE NATURAL GAS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Month Period Twelve Month Period
Ended December 31, Ended December 31,
------------------------- -------------------------
1994 1993 1994 1993
------------ ------------ ------------ ------------
Revenues $ 26,327,000 $ 41,417,000 $106,406,000 $215,625,000
Expenses:
Cost of sales 22,528,000 37,103,000 90,997,000 194,349,000
Operating expenses 1,132,000 2,291,000 5,975,000 12,912,000
Depreciation and
amortization 704,000 708,000 2,733,000 6,451,000
General and
administrative 1,395,000 1,458,000 5,250,000 6,331,000
------------ ------------ ------------ ------------
25,759,000 41,560,000 104,955,000 220,043,000
------------ ------------ ------------ ------------
Operating earnings
(loss) 568,000 (143,000) 1,451,000 (4,418,000)
------------ ------------ ------------ ------------
Other income
(expense):
Interest income 25,000 11,000 79,000 103,000
Interest expense (317,000) (271,000) (1,284,000) (2,764,000)
Equity in net
earnings (losses)
of unconsolidated
subsidiaries 3,000 (24,000) (11,000) (52,000)
Other 1,000 (2,000) 16,000 8,000
Gain on sale of
assets, net -- -- 90,000 611,000
------------ ------------ ------------ ------------
(288,000) (286,000) (1,110,000) (2,094,000)
------------ ------------ ------------ ------------
Earnings (loss)
before reorgan-
ization costs,
income taxes, and
extraordinary item 280,000 (429,000) 341,000 (6,512,000)
Reorganization items:
Loss on disposition
and write downs of
property, plant and
equipment -- 186,000 -- 20,274,000
Professional fees -- 13,000 -- 4,545,000
------------ ------------ ------------ ------------
-- 199,000 -- 24,819,000
------------ ------------ ------------ ------------
Earnings (loss)
before income
taxes and extra-
ordinary item 280,000 (628,000) 341,000 (31,331,000)
Provision (benefit)
for income taxes:
Current 13,000 (85,000) 26,000 45,000
Deferred -- -- -- --
------------ ------------ ------------ ------------
13,000 (85,000) 26,000 45,000
------------ ------------ ------------ ------------
Net earnings (loss)
before extra-
ordinary item 267,000 (543,000) 315,000 (31,376,000)
Extraordinary item -
gain on extinguish-
ment of debt -- (121,000) -- 9,085,000
------------ ------------ ------------ ------------
Net earnings (loss) 267,000 (664,000) 315,000 (22,291,000)
Preferred stock
dividend requirements -- -- -- (791,000)
------------ ------------ ------------ ------------
Net earnings (loss)
applicable to
common stock $ 267,000 $ (664,000) $ 315,000 $(23,082,000)
============ ============ ============ ============
Earnings (loss) per
common and common
equivalent share:
Earnings (loss)
before extra-
ordinary item $ .02 $ (.05) $ .02 $ (3.71)
Extraordinary
item -- (.01) -- 1.05
------------ ------------ ------------ ------------
Net earnings
(loss) $ .02 $ (.06) $ .02 $ (2.66)
============ ============ ============ ============
Weighted average
common and common
equivalent shares
outstanding 14,445,000 10,924,000 14,467,000 8,691,000
============ ============ ============ ============
Working capital
provided by
operations $ 976,000 $ 433,000 $ 2,999,000 $ 1,342,000
============ ============ ============ ============
CONTACT: Cornerstone cornerstone Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to Natural Gas Inc., Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. Robert L. Cavnar, 214/691-5536 |
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