Key reports 1st quarter earnings.NEW BRUNSWICK New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. , N.J.--(BUSINESS WIRE)--Nov. 14, 1994--Key Energy Group Inc. (AMEX AMEX See: American Stock Exchange :KEG) announced today that the company reported record first quarter earnings. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. before taxes was $764,000 (13 cents) per share vs. $655,000 (12 cents) per share for the same quarter last year. The significant increase in revenues and operating income for the quarter is in large part the result of recent acquisitions, the addition and diversification of well services Well services is a department within a petroleum production company through which matters concerning existing wells are handled. Having a shared well services department for all (or at least multiple) assets operated by a company is seen as advantageous as it allows the pooling of and increased oil and gas production from Odessa Exploration Inc. (OEI OEI Organización de Estados Iberoamericanos (Spanish) OEI Office of Environmental Information OEI One Engine Inoperative OEI Outside Equity Interest OEI Organizational Environment for Integration ), the company's independent production subsidiary. Francis D. John, president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated, "Despite decreased natural gas prices, increased costs associated with the expansion of its fishing tool operation and upgrades in its well service equipment, the company has successfully continued to diversify and increase its revenues and operating income." As previously reported, although the company's income tax expense is sheltered by NOL's (Net Operating Loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. Carryforward's) the company is still required to show income tax expense on the income statement even though the actual tax to be paid is less than reported on the income statement. Key Energy Group Inc. is a diversified energy company specializing in well services and a producer/operator of oil and natural gas in the Permian Basin The Permian Basin is a sedimentary basin largely contained in the western part of the U.S. state of Texas. It reaches from just south of Lubbock, Texas, to just south of Midland & Odessa, extending westward into the southeastern part of the adjacent state of New Mexico. of West Texas.
Summary figures are as follows:
(Thousands, except per share data)
Three months ended
Sept. 30,
1994 1993
Revenues $11,181 $ 6,426
Costs and expenses 10,417 5,771
Income before income taxes 764 655
Income tax expense 245 223
Net income $ 519 $ 432
Earnings (loss) per common share
Primary:
Income before income taxes $ 0.13 $ 0.12
Net income 0.09 0.08
Assuming full dilution:
Income before income taxes $ 0.13 $ 0.12
Net income 0.09 0.08
Average common shares outstanding
Primary 6,091 5,274
Assuming full dilution 6,105 5,288
CONTACT: Key Energy Group Inc. Diane Mack, 908/247-4822 |
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