Printer Friendly

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
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 14, 1992
Words:370
Previous Article:A. P. GREEN ANNOUNCES RE-ELECTION OF DIRECTORS
Next Article:JIMMY CONNORS, 'A WALKING POWER STICK' SWINGS INTO ACTION ON TV AS SPOKESPERSON FOR THE FABERGE DEODORANT
Topics:


Related Articles
HONDO REPORTS FIRST QUARTER RESULTS
HONDO REPORTS THIRD QUARTER RESULTS
HONDO REPORTS FIRST QUARTER RESULTS
HONDO REPORTS SECOND QUARTER RESULTS
HONDO REPORTS THIRD QUARTER RESULTS
HONDO REPORTS FISCAL 1993 RESULTS AND CHANGE OF OPERATOR IN COLOMBIA
HONDO REPORTS FIRST QUARTER RESULTS
HONDO REPORTS THIRD QUARTER RESULTS: STATUS OF WELL IN COLOMBIA
HONDO REPORTS SECOND QUARTER RESULTS
Hondo Reports Second Quarter Results and Opon No. 6 Status

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters