Crystal Oil 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 5, 1997--Crystal Oil Co. (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 year ended Dec. 31, 1996. For the year ended Dec. 31, 1996, the company reported revenues of $17.2 million and net income of $2.4 million, or $.91 per share, compared to revenues of $11.5 million and net income of $1.4 million, or $.52 per share, for the year ended Dec. 31, 1995. Revenues and income for 1995 were primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to interest income and only six months of operations at the company's gas storage facility acquired in June June: see month. 1995, while 1996 income represented a full year of operations at the facility. Revenues and direct operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. from gas storage and related services for the second half of 1995 were $6.3 million and $587,000, respectively. 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. from gas storage and related services, which included $1.5 million in depreciation and amortization, was $4.1 million in 1995. At Dec. 31, 1996, the company had $65 million of funds available for future acquisitions, with its only material debt being essentially limited to and recourse The right of an individual who is holding a Commercial Paper, such as a check or promissory note, to receive payment on it from anyone who has signed it if the individual who originally made it is unable, or refuses, to tender payment. against its gas storage facility assets. Joe Averett, president of the company, stated that he was very pleased with the results that were attributable to the company's 1995 acquisition, which required the use of only $20 million of the company's cash received from the 1994 sale of substantially all of its oil and gas properties. Averett further noted that the company was actively reviewing other acquisitions for the deployment of the company's available cash as well as means for enhancing the value of its gas storage assets. Crystal Oil Co. 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. a natural gas storage facility in Hattiesburg Hattiesburg, city (1990 pop. 41,882), seat of Forrest co., SE Miss., on the Leaf River; inc. 1884. It is the rail, trade, and industrial center of a farm and timber area. , Miss. and holds various interests in oil and gas properties in Texas 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
acquisition opportunities, both within and outside the energy industry,
with a focus on acquisitions 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 Dec. 31, 1996 were as follows. -0-
Three Months Ended Year Ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
Revenues (1) $4,416,000 $4,112,000 $17,206,000 $11,518,000
Income from operations
before provision
for income taxes $ 926,000 $ 760,000 $ 4,063,000 $ 2,366,000
Net Income $ 565,000 $ 425,000 $ 2,473,000 $ 1,404,000
Income per common and
common equivalent
share $ .21 $ .16 $ .91 $ .52
Weighted average of
common and common
equivalent shares
outstanding 2,728,000 2,709,000 2,728,000 2,703,000
Year Ended Dec. 31,
1996 1995
Current assets $ 63,605,000 $ 66,320,000
Marketable securities 2,999,000 -
Property, plant & equipment 92,965,000 96,281,000
Other assets 10,024,000 10,844,000
Total assets $169,593,000 $173,445,000
Current liabilities $ 1,577,000 $ 2,876,000
Long-term obligation 36,879,000 37,860,000
Deferred revenues 17,861,000 22,160,000
Stockholders' equity 113,276,000 110,549,000
Total liabilities &
stockholders' equity $169,593,000 $173,445,000
Note: On June 19, 1995, the company acquired First Reserve Gas Co.,
a gas storage company located in Hattiesburg, Miss., for a cash
purchase price of approximately $78 million. Accordingly, the results
of operations for the year ended Dec. 31, 1995 include revenues and
expenses from June 19, 1995, the date of ownership, to Dec. 31,
1995.
(1) Revenues for the year ended Dec. 31, 1995 reflect revenues and
expenses relating to the acquisition of First Reserve Gas Co., from
June 19, 1995, the date of ownership, to Dec. 31, 1995.
CONTACT: Crystal Oil Company, Shreveport Jeff Ballew, 318/222-7791 |
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