Printer Friendly

OESI POWER CORP. REPORTS SECOND QUARTER RESULTS

 OESI POWER CORP. REPORTS SECOND QUARTER RESULTS
 PORTLAND, Ore., Aug. 13 /PRNewswire/ -- OESI Power Corp.


(NASDAQ: OESI) reported a loss of $2,386,000, or $.41 per share, on revenues of $4.8 million for the quarter ended June 30, 1992, compared to net income of $2,952,000, or $.49 per share, on revenues of $9.8 million for the comparable period of 1991.
 James W. Porter, Jr., chief executive officer, said, "As was the case in the first quarter, our second quarter results reflect the adverse impact of a lack of development revenues, combined with a delay at the Puna project. However, the drilling permit was reinstated at Puna in July, and we are now working to complete the KS-8 well and start up the plant. In addition, we expect to close financing and start construction on the Rye Patch project during the third quarter and on the Ormesa II Expansion and Heber projects later this year. We also expect to close the permanent financing of the Ormesa IE Expansion later this month."
 For the six months ended June 30, 1992, OESI experienced a net loss of $3,694,000, or $.65 per share, compared to net income of $3,535,000, or $.62 per share, for the comparable period of 1991. Results for the six months ended June 30, 1991 have been restated to reflect the cumulative effect of a change in the method of accounting for income taxes which increased earnings by $300,000, or $.06 per share.
 OESI Power Corp. acquires, develops, operates and sells interests in geothermal power projects in the western continental United States, Alaska and Hawaii.
 OESI POWER CORP.
 (in thousands, except per share amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues $4,801 $9,830 $9,876 $16,834
 Net income (loss) ($2,386) $2,952 ($3,694) $3,535(a)
 Earnings (loss)
 applicable to
 common stock ($2,623) $2,715 ($4,168) $3,063(a)
 Earnings (loss) per
 common and common
 equivalent share ($.41) $.49 ($.65) $.62(a)
 Weighted average
 common shares
 outstanding 6,402 5,563 6,402 4,927
 (a) Restated to include the cumulative effect of a change in the method of accounting for income taxes of $300,000, or $.06 per share.
 -0- 8/13/92
 /CONTACT: James F. Verhey, VP and CFO of OESI Power, 503-636-9620/
 (OESI) CO: OESI Power Corp. ST: Oregon IN: OIL SU: ERN


KJ-LS -- SF005 -- 9450 08/13/92 08:02 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:Aug 13, 1992
Words:419
Previous Article:PUNA GEOTHERMAL VENTURE BEGINS FLOW TESTING
Next Article:MAIL BOXES ETC. NETWORK TO EXPAND IN EUROPE
Topics:


Related Articles
OESI RESPONDS TO DROP IN STOCK PRICE
OESI ANNOUNCES $25 MILLION CREDIT AGREEMENT
OESI POWER CORP. REPORTS FIRST QUARTER RESULTS
OESI POWER CORP. REPORTS THIRD QUARTER RESULTS
OESI POWER CORP. REPORTS 1992 RESULTS
OESI POWER REPORTS FIRST QUARTER RESULTS
OESI POWER REPORTS DEVELOPMENTS AT RYE PATCH AND PUNA PROJECTS
OESI POWER CORP. REPORTS SECOND QUARTER RESULTS
OESI POWER CORPORATION REPORTS THIRD QUARTER RESULTS
OESI POWER CORPORATION REPORTS THIRD QUARTER RESULTS

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