HONDO REPORTS FIRST QUARTER RESULTS
HONDO REPORTS FIRST QUARTER RESULTS ROSWELL, N.M., Feb. 10 /PRNewswire/ -- Hondo Oil & Gas Co.
(AMEX: HOG) today reported a net loss from continuing operations of $1,419,000, or 11 cents per share, for its first quarter ended Dec. 31, 1991. The company reported net income from continuing operations of $4,624,000, or 35 cents per share, and overall net income from continuing and discontinued operations of $166,000 or 1 cent per share, for the same period last year. A loss from discontinued operations of $5,918,000 for the current quarter was charged against a $12,000,000 loss provision made at the end of the company's fiscal year, Sept. 30, 1991.
The results of continuing operations for the first quarter were impacted by oil prices lower than those received in the year-earlier quarter when crude oil prices increased as a result of the Persian Gulf war. Operating, exploration and general and administrative expenses were lower, reflecting the company's implementation of a restructuring plan. The company continues efforts to sell its Fletcher refinery, which was temporarily shut down in December 1991. The company is also seeking an alternative use for the refinery, such as terminalling or processing arrangements, until refining margins improve or the refinery is sold. HONDO OIL & GAS CO. AND SUBSIDIARIES Financial Highlights (In thousands, except per share data) Three Months Ended Dec. 31, 1991 1990 Continuing Operations: Operating revenue $17,436 $27,322 Costs and expenses 18,456 21,323 Gross profit (loss) (1,020) 5,999 Income tax expense 399 1,375 Income (loss) from continuing operations (1,419) 4,624 Loss from discontinued operations --- (4,458) Net income (loss) ($1,419) $166 Earnings (loss) Per Share: Continuing operations ($0.11) $0.35 Discontinued operations --- (0.34) Net income (loss) ($0.11) $0.01 -0- 2/10/92 /CONTACT: Tom Reed of Braun Ketchum, 213-385-3481, for Hondo Oil & Gas Co./ (HOG) CO: Hondo Oil & Gas Co. ST: New Mexico IN: OIL SU: ERN
AL-JL -- LA045 -- 8535 02/10/92 18:12 EST
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|Date:||Feb 10, 1992|
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