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ENDEVCO, INC. ANNOUNCES 1992 THIRD QUARTER FINANCIAL RESULTS

 ENDEVCO, INC. ANNOUNCES 1992 THIRD QUARTER FINANCIAL RESULTS
 DALLAS, Nov. 12 /PRNewswire/ -- Endevco, Inc. (AMEX: EI) today reported financial results for the three months and nine months ended Sept. 30, 1992. Net loss applicable to common stock for the third quarter of 1992 was $2,213,000 ($.28 per share) compared to net income of $1,839,000 ($.21 per share) in the third quarter of 1991. Net loss applicable to common stock for the first nine months of 1992 was $4,646,000 ($.60 per share) compared to net income of $349,000 ($.05 per share) for the first nine months of 1991.
 The decrease in net income was primarily due to the sale of the Hattiesburg gas storage facilities ("Hattiesburg Facilities") effective July 1, 1991, and lower margins from the company's refining operations. The company's third quarter results last year included a gain of approximately $3,689,000 ($2,313,000 after taxes) from the sale of the Hattiesburg Facilities. The decrease in income also reflects the narrowing price margins between feedstock and finished products, experienced by the refining industry as a whole. The company has secured an additional 1,500 barrels per day of pipeline crude oil supply and expects to increase refinery sales volumes in the fourth quarter of 1992.
 The company's previously announced program to reduce operating overhead by $1,250,000 per year will also begin to take effect in the fourth quarter.
 The company and its lenders have extended the standstill and forbearance agreement to January 31, 1993. Management is continuing its negotiations with its lenders to repay the company's debt.
 Endevco is a gas transportation and processing company. Our gas transportation segment includes gathering, transmission, marketing and storage of natural gas. Our processing segment includes gas liquids recovery, gas treating and petroleum refining.
 ENDEVCO, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited)
 Periods Ended Sept. 30 Three Months Nine Months
 1992 1991 1992 1991
 Revenues:
 Gas Transportation:
 Facilities sales $19,137,000 $16,215,000 $52,270,000 $56,831,000
 Off-system sales 12,516,000 3,323,000 32,956,000 27,120,000
 Gas processing and
 refining:
 Product sales 29,964,000 25,490,000 85,967,000 56,374,000
 Gas treating,
 compression and
 operating fees 1,113,000 1,394,000 3,226,000 3,430,000
 Gas storage -- -- 192,000 1,751,000
 Total 62,730,000 46,422,000 174,611,000 145,506,000
 Expenses:
 Purchases of natural
 gas:
 Purchases for
 facilities 15,733,000 13,068,000 42,500,000 46,718,000
 Off-system
 purchases 12,091,000 3,159,000 31,839,000 26,342,000
 Cost of product
 sales 28,289,000 22,996,000 78,081,000 51,039,000
 Plant and pipeline
 operating expenses 4,612,000 3,613,000 13,692,000 9,312,000
 Depreciation and
 amortization 1,883,000 1,863,000 5,643,000 5,914,000
 General and admin-
 istrative and project
 development
 expenses 1,504,000 1,262,000 3,658,000 3,245,000
 Total 64,112,000 45,961,000 175,413,000 142,570,000
 Operating earnings (1,382,000) 461,000 (802,000) 2,936,000
 Other income
 (expense):
 Interest income 56,000 138,000 199,000 386,000
 Interest expense (1,235,000) (1,519,000) (3,871,000) (5,133,000)
 Equity in net
 earnings (losses) of
 unconsolidated
 affiliates (96,000) 57,000 (307,000) 231,000
 Other income 77,000 826,000 157,000 848,000
 Gain (loss) on sale
 of assets, net -- 3,724,000 (170,000) 3,724,000
 Total (1,198,000) 3,226,000 (3,992,000) 56,000
 Earnings from
 continuing
 operations before
 income taxes (2,580,000) 3,687,000 (4,794,000) 2,992,000
 Provision (benefit)
 for income taxes:
 Current (62,000) 279,000 47,000 485,000
 Deferred (780,000) 1,094,000 (1,620,000) 733,000
 Total (842,000) 1,373,000 (1,573,000) 1,218,000
 Net earnings (loss) (1,738,000) 2,314,000 (3,221,000) 1,774,000
 Preferred stock
 dividend require-
 ments (475,000) (475,000) (1,425,000) (1,425,000)
 Net earnings (loss)
 applicable to
 common stock $(2,213,000) $ 1,839,000 $(4,646,000) $ 349,000
 Net earning (loss)
 per common and
 common equivalent
 share:
 Primary $ (.28) $ .24 $ (.60) $ .05
 Fully diluted $ (.28) $ .21 $ (.60) $ .05
 Weighted average
 common and common
 equivalent shares
 outstanding 7,740,000 7,632,000 7,725,000 7,662,000
 Working capital
 provided by
 (used for)
 operations $ (488,000) $ 1,543,000 $ 1,439,000 $ 4,623,000
 -0- 11/12/92
 /CONTACT: James W. Bryant, chairman of the board, or Jack W. Young, executive vice president, both of Endevco, Inc., 214-691-5536/
 (EI) CO: Endevco, Inc. ST: Texas IN: OIL SU: ERN


TM -- NY110 -- 0457 11/12/92 18:37 EST
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Date:Nov 12, 1992
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