Denbury Resources Announces 2003 Results.Energy Editors/Business Editors DALLAS--(BUSINESS WIRE)--Feb. 19, 2004 Denbury Resources Inc. (NYSE NYSE See: New York Stock Exchange :DNR See dynamic noise reduction and domain name resolver. ) ("Denbury" or the "Company") today announced its fourth quarter and 2003 financial and operating results. The Company posted earnings for the full year 2003 of $56.6 million or $1.05 per share, a 21% increase over 2002 net income of $46.8 million or $0.88 per share, the increase primarily due to higher commodity prices. Fourth quarter 2003 net income was $15.2 million, or $0.28 per share, about the same as fourth quarter 2002 net income of $15.3 million or $0.29 per share. Adjusted 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 for the fourth quarter of 2003 was $47.8 million, close to fourth quarter 2002 adjusted cash flow of $48.4 million. Net cash flow provided by operations, the GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). measure, totaled $51.8 million during the fourth quarter of 2003, as compared to $56.6 million during the fourth quarter of 2002. (Please see the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. schedules for a reconciliation of net cash flow provided by operations, as defined by generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP), which is the GAAP measure, as opposed op·pose v. op·posed, op·pos·ing, op·pos·es v.tr. 1. To be in contention or conflict with: oppose the enemy force. 2. to adjusted cash flow, which is the non-GAAP measure). Review of Financial Results Denbury's fourth quarter production averaged 19,020 Bbls/d and 93.4 MMcf/d, or 34,590 BOE/d, a 4% increase over third quarter 2003 levels, and a 1% increase from fourth quarter 2002 production levels, after adjusting for the sale of 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. Field in January January: see month. 2003, which was producing approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1,700 BOE/d at the time of the sale. Production from the Company's tertiary tertiary (tûr`shēârē), in the Roman Catholic Church, member of a third order. The third orders are chiefly supplements of the friars—Franciscans (the most numerous), Dominicans, and Carmelites. recovery operations Operations conducted to search for, locate, identify, rescue, and return personnel, sensitive equipment, or items critical to national security. set a quarterly record in the fourth quarter of 2003, averaging 5,579 BOE/d, a 44% increase over the fourth quarter of 2002 average of 3,869 BOE/d. During the month of January 2004, production from these tertiary operations continued to increase, averaging over 6,000 BOE/d. The Company made 15 well completions offshore during the fourth quarter of 2003. Since most were not completed until the latter half of the quarter, the incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. production only arrested the overall production decline in this area, with average offshore production rates approximately the same in the third and fourth quarters of 2003. Despite the relatively flat production, oil and natural gas revenues increased $1.8 million (2%) in the fourth quarter of 2003, as compared to the comparable quarter of 2002, as a result of higher commodity prices, partially offset by higher hedging payments. In the fourth quarter of 2003, NYMEX See New York Mercantile Exchange. NYMEX See New York Mercantile Exchange (NYM). oil prices averaged over $31.00 per Bbl, and natural gas prices averaged approximately $5.40 per Mcf, as compared to NYMEX averages of approximately $28.25 per Bbl and $4.30 per Mcf in the fourth quarter of 2002. Denbury's weighted average price per BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip was $3.90 higher per BOE (excluding hedges) in the fourth quarter of 2003 than in the comparable period of 2002. However, the Company paid $2.42 more per BOE on hedges during the 2003 period than a year earlier, reducing the net realized per BOE price increase between the respective fourth quarters to $1.48 per BOE. Increases in certain expenses offset these higher revenues. Lease 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. increased from $6.34 per BOE in the fourth quarter of 2002 to $6.78 per BOE in the fourth quarter of 2003. The primary reasons for the increase were continued expansion of CO2 tertiary projects, which typically have a higher than average operating cost per BOE, and higher lease fuel costs due to high natural gas prices. Although the Company's cost structure is increasing as a result of additional tertiary operations, this increase is offset by the improvement in oil price differentials (as compared to NYMEX) related to this production, as the oil production from these operations is light, sweet crude oil Sweet crude oil is a type of petroleum. Petroleum is considered "sweet" if it contains less than 0.5% sulfur[1], compared to a higher level of sulfur in sour crude oil. Sweet crude oil contains small amounts of hydrogen sulfide and carbon dioxide. that commands a premium price. The Company's average NYMEX differential decreased from $4.00 per Bbl during the fourth quarter of 2002 to $3.54 per Bbl during the fourth quarter of 2003, a $0.46 per Bbl improvement. General and administrative expenses increased to an average of $1.44 per BOE in the fourth quarter of 2003, up from $0.87 per BOE in the comparable quarter of 2002. The biggest portion of the increase was approximately $630,000 ($0.20 per BOE) of legal, accounting, bank and other fees associated with the conversion to a holding company organizational structure  This article has no lead section.To comply with Wikipedia's lead section guidelines, one should be written. during December December: see month. 2003. The modified corporate structure is expected to save the Company approximately $750,000 per year in taxes and expenses, plus provide other potential operational benefits. The Company's administrative expenses during the fourth quarter of 2003 were also burdened by incremental expenses associated with the requirements of the Sarbanes-Oxley Act See SOX. and expenses related to the December sale of common stock by the Texas Pacific Group. Interest expense decreased 24% in the fourth quarter of 2003 as compared to the fourth quarter of the prior year, as a result of savings from the subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". refinancing Refinancing An extension and/or increase in amount of existing debt. in March and April of 2003, and due to lower overall debt in the fourth quarter of 2003, as a result of the Company's $50 million debt reduction during 2003. Depreciation and amortization ("DD&A") expenses increased $1.4 million (6%) in the fourth quarter of 2003 as compared to the prior year fourth quarter. The DD&A rate in the fourth quarter of 2003 was $8.00 per BOE, up from $7.29 per BOE in the prior year fourth quarter. The majority of the increase in DD&A expense on a per BOE basis is related to higher finding costs in 2003 and higher DD&A expense associated with the Company's CO2 properties as a result of the 74% increase in CO2 production between the respective quarters and $22.7 million of incremental capital costs related to the Company's CO2 properties during 2003. 2004 Outlook Denbury's 2004 development and exploration budget (excluding acquisitions) is currently set at $172 million. Approximately 47% of the Company's current 2004 capital budget is related to its tertiary operations, as compared to approximately 28% of its 2003 capital expenditures. Most of the offsetting budget reductions are in the offshore Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east where the 2004 capital budget has been reduced from a 34% level in the 2003 capital budget to approximately 17% of the current year program. This shift in spending from shorter-life natural gas properties to longer-life oil properties (the tertiary operations) that have lower initial production rates and a longer lead time before production commences is expected to result in about the same average production levels during 2004 as in 2003. While production from the tertiary operations is expected to increase from a 2003 average of 4,671 BOE/d to a projected 2004 average of 7,000 to 7,500 BOE/d, a 50+% increase, this increase is essentially offset by projected production declines in the Company's other areas, primarily its shorter-life natural gas properties in Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. and the Gulf of Mexico.Gareth Roberts Gareth Roberts may refer to:
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 . We continue to increase our overall production in this area, as evidenced by the record high fourth quarter rate, and continue to add reserves, as evidenced by the realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. of an additional 9.5 MMBbls of proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. from tertiary operations during 2003. We expect these trends to continue into 2004 and beyond as we continue to expand this play. Last month, we released a very preliminary evaluation of the oil potential from tertiary operations in East Mississippi, which outlined an estimated 80 MMBbls of potential reserves in the eastern part of the state from an initial phase of tertiary operations. This same plan also outlines the potential to increase our tertiary oil production from its current levels of about 6,000 Bbls/d to about 32,000 Bbls/d in 2013 from the combined first two phases, the existing phase of tertiary operations in Southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast. Southwest or south west may also refer to:
n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about these assets and the growth opportunities they provide us in the future. During 2003 we accomplished our goal of reducing our leverage, reducing debt by approximately $50 million during the year. We do not expect to have any significant reductions or additions in our overall debt level during 2004, unless we were to make a significant acquisition, although there will likely be minor borrowings and repayments to manage working capital and fund minor acquisitions. We are also considering the possibility of selling certain lower priority properties during 2004, the proceeds from which, in the short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. , would likely reduce debt. Ideally, rather than paying down debt, we would like to re-invest any sales proceeds in other properties that could be future potential tertiary flood candidates. We are bullish Bullish Word used to describe an investor's attitude. Bullish refers to an optimistic outlook, while bearish means a pessimistic outlook. bullish on oil prices and believe we have ideally positioned Denbury, as any price increase enhances the value of both our current proven reserves and our future potential reserves. We have access to future potential reserves that can be acquired at very low risk and low finding cost because of our strategic ownership of CO2 and the exclusive franchise this gives us in our areas of operation." Conference Call The public is invited to listen to the Company's conference call set for today, February February: see month. 19, 2004, at 10:00 A.M. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT . The call will be broadcast live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at our web site: www.denbury.com. If you are unable to participate during the live broadcast, the call will be archived on our Web site for approximately 30 days and will also be available for playback Playback could mean:
Annual Meeting The Company today announced its 2004 Annual Meeting of Shareholders will be held on Wednesday Wednesday: see week. , May 12th at 3:00 P.M., local time, at the offices of the Company located at 5100 Tennyson Parkway, Plano, Texas Plano (IPA: /ˈpleɪnoʊ/) is a wealthy suburb of Dallas, Texas, located to the north, mainly within Collin County, but also extending into Denton County. According to the 2000 U.S. . The record date for determination of shareholders entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to vote at the annual meeting will be the close of business on March 31, 2004. Financial and Statistical Data Tables Following are financial highlights for the comparative fourth quarters and annual periods ended December 31, 2003 and December 31, 2002. All production volumes and dollars are expressed on a net revenue interest basis with gas volumes converted to equivalent barrels at 6:1.
FOURTH QUARTER FINANCIAL HIGHLIGHTS
(Amounts in thousands of U.S. dollars,
except per share and unit data)
Three Months
Ended
December 31,
--------------- Percentage
2003 2002 Change
------- ------- ----------
Revenues:
Oil sales 48,444 46,097 + 5%
Gas sales 41,747 34,620 + 21%
CO2 sales and transportation fees 1,316 2,012 - 35%
Loss on settlements of derivative
contracts (9,138) (1,498) + 100%+
Interest and other income 840 550 + 53%
------- -------
Total revenues 83,209 81,781 + 2%
------- -------
Expenses:
Lease operating costs 21,589 20,922 + 3%
Production taxes and marketing expense 3,695 3,022 + 22%
CO2 operating costs 257 440 - 42%
General and administrative 4,577 2,882 + 59%
Interest 5,155 6,747 - 24%
Depletion and depreciation 25,459 24,074 + 6%
Amortization of derivative contracts and
other non-cash hedging adjustments 124 133 - 7%
------- -------
Total expenses 60,856 58,220 + 5%
------- -------
Income before income taxes 22,353 23,561 - 5%
Income tax provision
Current income taxes (214) 22 - N/A
Deferred income taxes 7,357 8,247 - 11%
------- -------
NET INCOME 15,210 15,292 - 1%
======= =======
Net income per common share:
Basic 0.28 0.29 - 3%
Diluted 0.27 0.28 - 4%
Weighted average common shares:
Basic 54,051 53,460 + 1%
Diluted 55,714 54,925 + 1%
Three Months
Ended
December 31,
--------------- Percentage
2003 2002 Change
------- -------
Production (daily - net of royalties)
Oil (barrels) 19,020 20,706 - 8%
Gas (mcf) 93,424 91,131 + 3%
BOE (6:1) 34,590 35,894 - 4%
Unit sales price (including hedges)
Oil (per barrel) 24.85 23.78 + 4%
Gas (per mcf) 4.37 4.05 + 8%
Unit sales price (excluding hedges)
Oil (per barrel) 27.69 24.20 + 14%
Gas (per mcf) 4.86 4.13 + 18%
Non-GAAP Financial Measure: (1)
Adjusted or discretionary cash flow from
operations (non-GAAP measure) 47,836 48,441 - 1%
Net change in assets and liabilities
relating to operations 3,939 8,176 - 52%
------- -------
Net cash flow from operations (GAAP
measure) 51,775 56,617 - 9%
======= =======
Oil & gas capital investments 38,860 26,301 + 48%
CO2 capital investments 6,666 5,053 + 32%
Proceeds from sales of oil and gas
properties 81 3,136 - 97%
BOE data (6:1)
Revenue 28.34 24.44 + 16%
Loss on settlements of derivative
contracts (2.87) (0.45) + 100%+
Lease operating costs (6.78) (6.34) + 7%
Production taxes and marketing expense (1.16) (0.91) + 27%
------- -------
Production netback 17.53 16.74 + 5%
CO2 operating cash flow 0.33 0.48 - 31%
General and administrative (1.44) (0.87) + 66%
Net cash interest expense (1.36) (1.68) - 19%
Current income taxes and other
(0.03) (0.01) + 100%+
Changes in asset and liabilities 1.24 2.48 - 50%
------- -------
Net cash flow from operations 16.27 17.14 - 5%
======= =======
(1) See "Non-GAAP Measures" at the end of this report.
TWELVE MONTH FINANCIAL HIGHLIGHTS
(Amount in thousands of U.S. dollars,
except per share and unit data)
Year Ended
December 31,
----------------- Percentage
2003 2002 Change
-------- --------
Revenues:
Oil sales 189,442 153,705 + 23%
Gas sales 196,021 121,189 + 62%
CO2 sales and transportation fees 8,188 7,580 + 8%
Gain (loss) on settlements of
derivative contracts (62,210) 932 - N/A
Interest and other income 1,829 1,801 + 2%
-------- --------
Total revenues 333,270 285,207 + 17%
-------- --------
Expenses:
Lease operating costs 89,439 71,188 + 26%
Production taxes and marketing expense 14,819 11,902 + 25%
CO2 operating costs 1,710 1,400 + 22%
General and administrative 15,189 12,426 + 22%
Interest 23,201 26,833 - 14%
Loss on early retirement of debt 17,629 - N/A
Depletion and depreciation 94,708 94,236 + 1%
Amortization of derivative contracts
and other non-cash hedging
adjustments (3,578) (3,093) + 16%
-------- --------
Total expenses 253,117 214,892 + 18%
-------- --------
Income before income taxes 80,153 70,315 + 14%
Income tax provision (benefit)
Current income taxes (91) (406) - 78%
Deferred income taxes 26,303 23,926 + 10%
-------- --------
Income before cumulative effect of
change in accounting principle 53,941 46,795 + 15%
Cumulative effect of change in
accounting principle, net of income
taxes of $1,600 2,612 - N/A
-------- --------
NET INCOME 56,553 46,795 + 21%
======== ========
Net income per common share - basic:
Income before cumulative effect of
change in accounting principle 1.00 0.88 + 14%
Cumulative effect of change in
accounting principle 0.05 - N/A
-------- --------
Net income per common share - basic 1.05 0.88 + 19%
======== ========
Year Ended
December 31,
----------------- Percentage
2003 2002 Change
-------- --------
Net income per common share - diluted:
Income before cumulative effect of
change in accounting principle 0.97 0.86 + 13%
Cumulative effect of change in
accounting principle 0.05 - N/A
-------- --------
Net income per common share - diluted 1.02 0.86 + 19%
======== ========
Weighted average common shares:
Basic 53,881 53,243 + 1%
Diluted 55,464 54,365 + 2%
Production (daily - net of royalties)
Oil (barrels) 18,894 18,833 - 0%
Gas (mcf) 94,858 100,443 - 6%
BOE (6:1) 34,704 35,573 - 2%
Unit sales price (including hedges)
Oil (per barrel) 24.52 22.27 + 10%
Gas (per mcf) 4.45 3.35 + 33%
Unit sales price (excluding hedges)
Oil (per barrel) 27.47 22.36 + 23%
Gas (per mcf) 5.66 3.31 + 71%
Non-GAAP Financial Measure: (1)
Adjusted or discretionary cash flow
from operations (non-GAAP measure) 189,802 164,565 + 15%
Net change in assets and liabilities
relating to operations 7,813 (4,965) N/A
-------- --------
Net cash flow from operations (GAAP
measure) 197,615 159,600 + 24%
======== ========
Oil & gas capital investments 158,444 155,637 + 2%
CO2 capital investments 22,673 16,445 + 38%
Proceeds from sales of oil and gas
properties 29,410 7,688 + 100%+
Total assets 982,621 895,292 + 10%
Total long-term debt (excluding
discount) 300,000 350,000 - 14%
Total stockholders' equity 421,202 366,797 + 15%
Year Ended
December 31,
------------- Percentage
2003 2002 Change
------ ------
BOE data (6:1)
Revenue 30.43 21.17 + 44%
Gain (loss) on settlements of derivative
contracts (4.91) 0.07 N/A
Lease operating costs (7.06) (5.48) + 29%
Production taxes and marketing expense (1.17) (0.92) + 27%
------ ------
Production netback 17.29 14.84 + 17%
CO2 operating cash flow 0.51 0.48 + 6%
General and administrative (1.20) (0.96) + 25%
Net cash interest expense (1.61) (1.73) - 7%
Current income taxes and other
(0.01) 0.04 - 100%+
Changes in asset and liabilities
0.62 (0.38) - 100%+
------ ------
Net cash flow from operations 15.60 12.29 + 27%
====== ======
(1) See "Non-GAAP Measures" at the end of this report.
Non-GAAP Measures Adjusted cash flow from operations is a non-GAAP measure that represents cash flow provided by operations before changes in assets and liabilities, as summarized from our Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Cash Flows. Adjusted cash flow from operations measures the cash flow earned or incurred from operating activities without regard to the collection or payment of associated receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed or payables Payables Related: Accounts payable . We believe that this is important to consider separately, as we believe it can often be a better way to discuss changes in operating trends in our business caused by changes in production, prices, operating costs operating costs npl → gastos mpl operacionales , and so forth, without regard to whether the earned or incurred item was collected or paid during that period. For a further discussion, see "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations - Operating Results" in our latest Form 10-Q Form 10-Q See 10-Q. or Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . Denbury Resources Inc. (www.denbury.com) is a growing independent oil and gas company. The Company is the largest oil and natural gas operator in Mississippi and holds significant operating acreage in the onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. Louisiana and offshore Gulf of Mexico areas. The Company increases the value of acquired properties in its core areas through a combination of exploitation drilling and proven engineering extraction extraction /ex·trac·tion/ (eks-trak´shun) 1. the process or act of pulling or drawing out. 2. the preparation of an extract. practices, including secondary and tertiary recovery operations. This press release, other than historical financial information, contains forward looking statements that involve risks and uncertainties including expected reserve quantities and values relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's proved reserves, the Company's potential reserves from its tertiary operations, forecasted production levels relating to the Company's tertiary operations and overall production levels, estimated capital expenditures for 2004, and other risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, including Denbury's most recent reports on Form 10-K and Form 10-Q. These risks and uncertainties are incorporated by this reference as though fully set forth herein. These statements are based on engineering, geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. , financial and operating assumptions that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both subject to a wide range of business risks, and there is no assurance that these goals and projections can or will be met. Actual results may vary materially. Cautionary Note to U.S. Investors - The United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive Determinative; beyond dispute or question. That which is conclusive is manifest, clear, or obvious. It is a legal inference made so peremptorily that it cannot be overthrown or contradicted. formation tests to be economically ec·o·nom·i·cal adj. 1. Prudent and thrifty in management; not wasteful or extravagant. See Synonyms at sparing. 2. Intended to save money, as by efficient operation or elimination of unnecessary features; economic: and legally producible under existing economic and operating conditions. The Company uses certain terms in this press release, such as potential reserves, that the SEC's guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. strictly prohibit pro·hib·it tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its 1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid. 2. us from including in filings with the SEC, and which are only intended as general long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. forward looking factors, not precise economic or financial predictions. |
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