Printer Friendly

SOUTHERN MINERAL CORP. REPORTS THIRD QUARTER RESULTS

 SOUTHERN MINERAL CORP. REPORTS THIRD QUARTER RESULTS
 HOUSTON, Nov. 10 /PRNewswire/ -- Southern Mineral Corp.


(NASDAQ-NMS: SMIN) reported a loss of $120,000, or $.03 per share, for the quarter ending Sept. 30, 1992. Compared to a loss of $271,000, or $.07 per share, in the similar 1991 quarter and losses in each of the three successive quarters, the recent quarterly results continue a trend of smaller losses and a return to profitability. Despite ongoing expected high levels of exploration expenses from its very aggressive exploration program, the company anticipates that new production from recently completed wells will continue to favorably impact revenues and, thus, net results and cash flow.
 Compared to a net loss of $181,000, or $.05 per share, for the nine months ending Sept. 30, 1991, the company recorded a loss of $762,000, or $.19 per share, for the similar 1992 period.
 A summary of operating data for the three months and nine months ending Sept. 30, 1992 and 1991, follows.
 SOUTHERN MINERAL CORP.
 Statements of Loss
 Three months ending Sept. 30 1992 1991
 Revenues:
 Oil and gas $ 641,000 $ 508,000
 Interest 14,000 82,000
 Other -- --
 Total 655,000 590,000
 Expenses:
 Production 96,000 78,000
 Exploration 351,000 546,000
 Depreciation & depletion 175,000 166,000
 General & administrative 214,000 205,000
 Total 836,000 995,000
 Loss before income taxes (181,000) (405,000)
 Benefit from federal
 & state income taxes (61,000) (134,000)
 Net loss $ (120,000) $ (271,000)
 Net loss per share $(.03) $(.07)
 Nine months ending Sept. 30 1992 1991
 Revenues:
 Oil and gas $ 1,625,000 $ 1,674,000
 Interest 68,000 331,000
 Other (26,000) (14,000)
 Total 1,667,000 1,991,000
 Expenses:
 Production 296,000 234,000
 Exploration 1,215,000 970,000
 Depreciation & depletion 528,000 316,000
 General & administrative 762,000 730,000
 Total 2,801,000 2,250,000
 Loss before income taxes (1,134,000) (259,000)
 Benefit from federal
 & state income taxes (372,000) (78,000)
 Net loss $ (762,000) $ (181,000)
 Net loss per share $(.19) $(.05)
 PRICE RANGE OF COMMON STOCK -- NASDAQ NATIONAL MARKET SYSTEMS
 NOTE: Source of Quotation -- National Association of Securities
 Dealers, Inc., Washington, D.C.
 PRICE RANGE 1992 1991 1990
 High Low High Low High Low
 First Quarter $3.63 $2.63 $5.13 $3.75 $4.38 $3.75
 Second Quarter 2.88 2.25 4.50 2.75 5.00 3.63
 Third Quarter 2.50 1.56 4.50 2.75 5.25 4.75
 Fourth Quarter -- -- 4.00 2.63 5.00 3.75
 For the Year $ -- $ -- $5.13 $2.63 $5.25 $3.63
 Number of Stockholders of Record -- 947
 -0- 11/10/92
 /CONTACT: John Misitigh, VP-secretary and treasurer of Southern Mineral Corp., 713-872-7621/
 (SMIN) CO: Southern Mineral Corp. ST: Texas IN: MNG SU: ERN


GK -- NY073 -- 9312 11/10/92 13:26 EST
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:Nov 10, 1992
Words:489
Previous Article:RAYTHEON UNIT WINS $48 MILLION CONTRACT FOR COGENERATION PLANT PROJECT
Next Article:HONEYWELL OUTLINES CHANGES IN ANTICIPATION OF MARKET TRENDS; EXECUTIVES MEET WITH SECURITIES ANALYSTS
Topics:


Related Articles
SOUTHERN MINERAL REPORTS THIRD QUARTER LOSS
Southern Mineral Reports Third Quarter Results; Record Revenues and Record Cash Flow from Operations Reported in Third Quarter
Southern Mineral Reports Record Revenues and Earnings for Fiscal 1996
Southern Mineral Reports First Quarter Results
Southern Mineral Reports First Quarter Results
Southern Mineral Reports Third Quarter Results.
Southern Mineral Reports Year-End 1999 Results.
Southern Mineral Reports Second Quarter 2000 Results.
Southern Mineral Reports Third Quarter 2000 Results.
Southern Mineral Reports First Quarter 2001 Results.

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