Crystal Oil Company Announces Year End Results.SHREVEPORT Shreveport (shrēv`pôrt), city (1990 pop. 198,525), seat of Caddo parish, NW La., on the Red River near the Tex. and Ark. lines; inc. 1839. , La.--(BUSINESS WIRE)--March 12, 1999--Crystal Oil Company (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 announced its results for the three months and the year ended December 31, 1998. For the year ended December 31, 1998, the Company reported revenues of $26.8 million and net income of $914 thousand, or $1.18 per share, compared to revenues of $19.8 million and net income of $2.1 million, or $.78 per share, for the year ended December 31, 1997. Net income for 1998 included a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charge of $1.3 million for expenses associated with an unsuccessful exploratory well and a $1.4 million pretax charge associated with a reduction in the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the Company's domestic and foreign non operated oil and gas interests. Income per common share included an increase of $2.2 million to net income available to common shareholders associated with a purchase of approximately 7.4 million shares of its Senior Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. for an aggregate purchase price less than the carrying value of the shares on the Company's balance sheet. Revenues for 1998 increased as compared to 1997 primarily because of production from the DeSoto Parish oil and gas properties acquired in May 1997 and revenues from the acquisition of Petal Gas Storage Company in March 1998. Crystal Oil Company is an acquisition company that 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 oil and gas properties in 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 and Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. . The Company
actively reviews acquisitions with a focus on opportunities that will
maximize the return on the Company's existing capital resources and
benefit from the Company's large net operating loss carryforwards Net operating loss carryforwardsApplication of losses to offset earnings in future years. and tax benefits. The operating results and financial summary for the year ended December 31, 1998 are as follows: -0-
Three Months Ended
December 31
-----------
1998 1997
---------- ----------
Revenues $6,745,000 $6,436,000
Income from operations before
provision for income taxes (1) $ 50,000 $1,072,000
Net income (1) $ 33,000 $ 608,000
Income per common share (2) $ .85 $ .23
Income per common share-
assuming full dilution (2) $ .83 $ .22
Weighted average of common
shares outstanding 2,668,000 2,667,000
Weighted average of
common shares
outstanding - assuming
full dilution 2,723,000 2,739,000
Year Ended
December 31
-----------
1998 1997
----------- -----------
Revenues $26,848,000 $19,753,000
Income from operations before
provision for income taxes (1) $ 1,656,000 $ 3,489,000
Net income (1) $ 914,000 $ 2,080,000
Income per common share (2) $ 1.18 $ .78
Income per common share-
assuming full dilution (2) $ 1.15 $ .76
Weighted average of common
shares outstanding 2,668,000 2,666,000
Weighted average of
common shares
outstanding - assuming
full dilution 2,723,000 2,738,000
Year Ended December 31,
-----------------------------
1998 1997
------------ -------------
Current assets $ 36,579,000 $ 71,241,000
Marketable securities - 76,648,000
Property, plant & equipment 143,028,000 107,346,000
Other assets 33,176,000 38,327,000
------------ -------------
Total assets $212,783,000 $ 293,562,000
============ ============
Current liabilities $ 9,906,000 $ 3,883,000
Long-term obligations 37,784,000 38,528,000
Deferred revenues 29,131,000 110,931,000
Stockholders' equity 135,962,000 140,220,000
------------- -------------
Total liabilities
& stockholders' equity $212,783,000 $ 293,562,000
(1) The three months ended and year ended December 31, 1998,
included charges of $1.4 million before income taxes and $0.8
million after income taxes, for reductions in the carrying values
of the Company's non operated domestic and foreign oil and gas
interests. In addition, the year ended December 31, 1998, included
a charge of $1.3 million before income taxes and $0.7 million
after income taxes for expenses associated with an unsuccessful
exploratory well.
(2) Income per common share and income per common share assuming
full dilution for the three months ended and year ended December
31, 1998, includes an increase of $2.2 million to net income
available to common shareholders associated with the purchase of
approximately 7.4 million shares of Senior Preferred Stock for an
aggregate consideration that was less than the carrying value of
the shares on the Company's balance sheet.
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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