Crystal Gas Storage Announces Operating Results.SHREVEPORT, La.--(BUSINESS WIRE)--Aug. 13, 1999-- Crystal Gas Storage, Inc. (AMEX AMEX See: American Stock Exchange :COR cor (kor) [L.] heart. acute cor pulmonale acute overload of the right ventricle due to pulmonary hypertension, usually due to acute pulmonary embolism. ) today reported its operating results for the three and six months ended June 30, 1999 and 1998.
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Three Months Ended Six Months Ended
June 30 June 30
--------------------- ---------------------
1999 1998 1999 1998
---------- --------- ---------- ---------
Revenues $5,448,000 $6,865,000 $11,378,000 $13,547,000
Income (loss) before
provision for income
taxes (1) $ 342,000 $ (365,000) $ 1,176,000 $ 693,000
Net income (loss) (1) $ 209,000 $ (224,000) $ 668,000 $ 371,000
Income (loss) per common
share $ .08 $ (.08) $ .25 $ .14
Income (loss) per common
share - assuming full
dilution $ .08 $ (.08) $ .25 $ .14
Weighted average of
common shares outstanding 2,668,122 2,668,122 2,668,122 2,668,122
Weighted average of common
shares outstanding -
assuming full dilution 2,710,033 2,741,375 2,710,033 2,741,375
June 30, December 31,
1999 1998
------------- -------------
Current assets $ 16,376,000 $ 36,579,000
Property, plant & equipment 152,845,000 143,028,000
Other assets 32,694,000 33,176,000
------------- -------------
Total assets $ 201,915,000 $ 212,783,000
============= =============
Current liabilities $ 4,665,000 $ 9,906,000
Long-term obligations 37,765,000 37,784,000
Deferred revenues 22,855,000 29,131,000
Stockholders' equity 136,630,000 135,962,000
------------- --------------
Total liabilities &
stockholders' equity $ 201,915,000 $ 212,783,000
============= =============
(1) The three and six months ended June 30, 1998, included a
charge of $1,300,000 before provision for income taxes and $696,000
after tax relating to the unsuccessful drilling of an exploratory well
in Louisiana.
Crystal Gas Storage, Inc. currently owns and operates through wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. two natural gas storage facilities near Hattiesburg, Mississippi Hattiesburg is a city in Forrest County in Mississippi, a state of the United States of America. It is the principal city of the Hattiesburg, Mississippi Metropolitan Statistical Area which encompasses Forrest, Lamar and Perry counties. , and holds various interests in natural gas properties primarily in Arkansas and Louisiana. The Company actively reviews acquisition opportunities in the energy related sector with a focus on acquisitions that will maximize the return on the Company's existing capital resources and benefit from the availability of the Company's large net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. and other tax benefits. Statements in this release other than historical facts are 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. made in reliance upon the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. As such, the involved risks and uncertainties are subject to change at any time. The Company derives its forward-looking statements from its operating budgets Noun 1. operating budget - a budget for current expenses as distinct from financial transactions or permanent improvements budget items, operating cost, operating expense, overhead - the expense of maintaining property (e.g. which are based on various assumptions, including matters regarding crude oil and natural gas production, prices, demand and supply, changes in the market for natural gas storage and transportation, the use of the Company's existing net operating tax loss carryforwards tax loss carryforward See carryforward. , regulatory uncertainties, legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. and environmental matters. Although the Company believes its assumptions are reasonable, it is impossible to predict the impact of certain factors that could cause actual results to differ materially from those anticipated. |
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