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
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|Date:||Aug 13, 1992|
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