Forcenergy Announces Record Earnings and Cash Flow for First Quarter 1997 - $0.47 (EPS) amd $1.83 (CFPS).MIAMI--(BUSINESS WIRE)--April 22, 1997--Forcenergy Inc (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : FGAS FGAS Federation of German American Societies (Rochester, New York) ) reported net income of $11.2 million, or $.47 per common and common equivalent share for the first quarter ended March 31, 1997 compared to net income of $1.8 million or $.10 per share for the 1996 first quarter. Revenues for the three months ended March 31, 1997 were $71.0 million, an increase of 149% over the $28.5 million reported for the comparable period last year. Cash flow from operating activities, exclusive of the effects of changes in working capital, was $43.9 million, or $1.83 per share, for the first quarter of 1997, versus $15.4 million, or $.84 per share, for the comparable 1996 quarter. Stig STIG Steam-Injected Gas Turbine STIG Security Technical Implementation Guide STIG Space Technology Interdependency Group STIG Security Technical Implementation Guidelines Wennerstrom, President and Chief Executive Officer, had the following comments, "We are pleased to begin the year with the most productive and profitable quarter in the Company's history. Results of operations and cash flow continue to improve because of new production added through our successful drilling program in the 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 and from our Cook Inlet Cook Inlet Inlet, Gulf of Alaska in the northern Pacific Ocean. Bounded by the Kenai Peninsula on the east, it extends northeast for 220 mi (350 km), narrowing from 80 to 9 mi (129 to 14 km). Anchorage is situated near its head. , Alaska Alaska (əlă`skə), largest in area of the United States but third smallest (exceeding only Vermont and Wyoming) in population, occupying the northwest extremity of the North American continent, separated from the coterminous United States properties and because of higher realized oil and gas prices." Forcenergy is an independent oil and gas company engaged in the exploration, acquisition, development, exploitation Exploitation See also Opportunism. Barnum, P. T. (1810–1891) circus impressario famous for his saying, “Never give a sucker an even break.” [Am. Hist. and production of oil and natural gas. Certain statements in this news release regarding future expectations and plans for future activities may be regarded as "forward looking statements" within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act. They are subject to various risks, such as financial market conditions, operating hazards
Hazards is an independent, union-friendly magazine based in Sheffield, England, which has won major international awards. , drilling risks, and the inherent uncertainties in interpreting in·ter·pret v. in·ter·pret·ed, in·ter·pret·ing, in·ter·prets v.tr. 1. To explain the meaning of: interpreted the ambassador's remarks. See Synonyms at explain. engineering data relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc underground accumulations of oil and natural gas, as well as other risks discussed in detail in the Company's SEC filings, including the Annual Report and 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. for the year ended December December: see month. 31, 1996. Actual results may vary materially. (tables to follow) -0-
Summary Financial and Operating Information
Three Months Ended
March 31,
FINANCIAL SUMMARY 1997 1996 % Change
(in thousands, except per
share data)
Revenues $71,005 $28,468 149%
Net income 11,174 1,818 515%
Net income per common and common
equivalent share .47 .10 370%
Weighted average common and
common equivalent shares 23,943 18,260 31%
SUMMARY OPERATING DATA
Production:
Liquids (Mbbls) 1,889 853 121%
Natural gas (MMcf) 12,672 6,092 108%
Total MMcfe 24,006 11,210 114%
Average realized sales prices (1):
Oil (per Bbl) $20.43 $17.40 17%
Plant products (per Bbl) 19.00 11.58 64%
Liquids (per Bbl) 20.37 16.88 21%
Natural gas (per Mcf) 2.53 2.29 10%
(1)Net of effects of hedging
FORCENERGY INC
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, Dec. 31,
1997 1996
(unaudited)
ASSETS:
Current Assets:
Cash $50,029 $9,669
Accounts receivable, net 33,719 29,416
Other current assets 11,490 10,673
Total current assets 95,238 49,758
Investment in surety bonds, at cost 3,981 3,926
Property, plant and equipment, at cost
(full cost method) net of accumulated
depletion, depreciation
and amortization 625,837 523,711
Other assets 19,060 8,530
$744,116 $585,925
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities:
Accounts payable $15,386 $8,643
Other accrued liabilities 65,362 34,370
Total current liabilities 80,748 43,013
Long-term debt 375,100 272,932
Deferred income taxes 27,997 21,044
Stockholders' Equity:
Preferred stock, $.01 par value; 5,000,000
shares authorized; none issued or outstanding
Common stock, $.01 par value; 50,000,000
shares authorized; 22,643,396 and 22,577,838
issued and outstanding at March 31, 1997 and
December 31, 1996, respectively 226 226
Capital in excess of par value 246,193 246,032
Retained earnings 13,852 2,678
Total stockholders' equity 260,271 248,936
$744,116 $585,925
FORCENERGY INC
STATEMENT OF OPERATIONS
(Unaudited)
(in thousands, expect per share data)
Three Months Ended
March 31,
1997 1996
Revenues:
Oil and gas sales $70,580 $28,342
Other 425 126
71,005 28,468
Expenses:
Lease operating 16,185 8,736
Depletion, depreciation and amortization 25,457 11,556
Production taxes 1,059 724
General and administrative 3,682 1,790
46,383 22,806
Income from operations 24,622 5,662
Interest and other income 322 111
Interest expense, net of amounts
capitalized (6,848) (2,874)
Income before income taxes 18,096 2,899
Income tax provision 6,922 1,081
Net income $11,174 $1,818
Net income per share $ .47 $ .10
Weighted average number of common
and common equivalent shares 23,943 18,260
FORCENERGY INC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
March 31,
1997 1996
Cash flows from operating activities:
Net income $11,174 $ 1,818
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion, depreciation and
amortization 25,867 11,794
Deferred taxes 6,922 1,081
Deferred interest -- 770
Other (55) (41)
Decrease (increase)
in accounts receivable 1,496 (2,296)
Increase in other assets (2,467) (2,543)
Increase in accounts payable 1,763 891
Increase in other accrued liabilities 14,314 1,834
47,840 11,490
Net cash provided by operating
activities: 59,0141 3,308
Cash flows from investing activities:
Acquisitions of oil and gas
properties (61,690) --
Capital expenditures (50,944) (30,362)
Sales of oil and gas properties -- 1,072
Increase (decrease) in
other assets (2,229) 53
Net cash used in investing
activities (114,863) (29,237)
Cash flows from financing activities:
Net borrowings (repayments) under
senior credit facility (97,832) 13,034
Issuance of long-term debt,
net of expenses 193,849 --
Issuance of common stock, net 192 --
Net cash provided by financing
activities 96,209 13,034
Net increase (decrease) in cash 40,360 (2,895)
Cash at beginning of period 9,669 2,996
Cash at end of period $50,029 $ 101
CONTACT: J. Russell Russell, English noble family. It first appeared prominently in the reign of Henry VIII when John Russell, 1st earl of Bedford, 1486?–1555, rose to military and diplomatic importance. Porter porter: see beer. E. Joseph Grady Grady is the name of more than one place in the United States:
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