HONDO REPORTS SECOND QUARTER RESULTS
HONDO REPORTS SECOND QUARTER RESULTS ROSWELL, N.M., May 14 /PRNewswire/ -- Hondo Oil & Gas Co.
(AMEX: HOG) today reported a net loss from continuing and discontinued operations of $47,784,000, or $3.67 per share, for the quarter ended March 31, 1992. This compares with a net loss of $3,537,000, or 27 cents per share, for the second quarter of fiscal 1991.
For the six-month period, the net loss from continuing and discontinued operations was $49,203,000, or $3.78 per share, compared with a net loss of $3,371,000, or 26 cents per share, for the year- earlier six-month period. The quarterly and half-year results include a previously announced loss of $44,000,000, or $3.38 per share, recorded on the pending sale of the company's refining and marketing assets. The company is proceeding with the previously announced sales of its refining and marketing assets and its U.S. oil and gas properties, which are expected to close in May and June, respectively. The company is also proceeding with operations in Colombia and is preparing to commence a fourth well to the shallow Mugrosa formation in the Opon Association Contract Area. HONDO OIL & GAS CO. AND SUBSIDIARIES Financial Highlights (In thousands, except per share data) Three Months Ended Six Months Ended March 31, March 31, 1992 1991 1992 1991 Revenue $14,925 $20,846 $32,361 $48,168 Costs and expenses 19,108 21,022 37,564 42,345 Income (loss) before income taxes (4,183) (176) (5,203) 5,823 Income tax expense (benefit) (399) --- --- 1,375 Income (loss) from continuing operations (3,784) (176) (5,203) 4,448 Loss from discontinued operations (44,000) (3,361) (44,000) (7,819) Net loss ($47,784) ($3,537) ($49,203) ($3,371) Earnings (loss) per share: Continuing operations ($0.29) ($0.01) ($0.40) $0.34 Discontinued operations (3.38) (0.26) (3.38) (0.60) Net loss ($3.67) ($0.27) ($3.78) ($0.26) -0- 5/14/92 /CONTACT: Tom Reed of Braun Ketchum, 213-385-3481, for Hondo Oil & Gas/ (HOG) CO: Hondo Oil & Gas Co. ST: New Mexico IN: OIL SU: ERN
KJ-JL -- LA040 -- 0522 05/14/92 18:57 EDT
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|Date:||May 14, 1992|
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