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TOREADOR ROYALTY ANNOUNCES FIRST QUARTER 1992 RESULTS

 TOREADOR ROYALTY ANNOUNCES FIRST QUARTER 1992 RESULTS
 DALLAS, May 15 /PRNewswire/ -- Toreador Royalty Corporation


(NASDAQ: TRGL) today reported net income of $211 for the first quarter of 1992 in comparison with a loss of $32,335 or $0.01 per share in 1991.
 Total revenues for the period ended March 31, 1992, were $289,755 in comparison with $325,790 a year ago. Oil and gas sales were $216,535 in the current year, down from $238,473 in 1991 as a result of lower prices and the disposition of marginal properties. Interest and other income was $31,484 vs. $46,705 in 1991, primarily as a result of lower interest rates and owning fewer shares of the Permian Basin Royalty Trust.
 Total costs and expenses were $289,544, a reduction of 19 percent from $358,125 in 1991. General and administrative expenses were $172,702 in the current year vs. $221,942, a decline of 22 percent as a result of the company amortizing the majority of executive stock grants in prior periods. Lease operating expenses also declined by $22,960 or 39 percent due to the above mentioned sale of marginal properties.
 Discretionary cash flow, defined as net income or loss plus non-cash changes, was $64,216 in 1992, an increase of 6 percent in comparison with $60,381 in 1991.
 Toreador owns in excess of 500,000 net mineral acres located primarily in the Texas Panhandle and northwest Texas. In addition, the company owns working or royalty interests in Texas, New Mexico, Oklahoma, Arkansas and Louisiana.
 TOREADOR ROYALTY CORPORATION AND SUBSIDIARY
 Consolidated Statement of Operations
 (Unaudited)
 Three months ended March 31 1992 1991
 Revenues:
 Oil and gas sales $216,535 $238,473
 Lease bonus and rentals 41,736 40,612
 Interest and other 31,484 46,705
 Total revenues 289,755 325,790
 Costs and expenses:
 Lease operating expense 36,073 59,033
 Depreciation, depletion and
 amortization 62,110 65,920
 Geological and geophysical 18,659 11,230
 General and administrative 172,702 221,942
 Total costs and expenses 289,544 358,125
 Income (loss) before federal income taxes 211 (32,335)
 Net income (loss) 211 (32,335)
 Net income (loss) per average number
 of common shares outstanding -- $(0.01)
 Weighted average shares outstanding 4,534,300 4,534,300
 Part I. Financial Information
 Item I. Consolidated Balance Sheet
 3/31/92 12/31/91
 (Unaudited)
 Assets
 Current assets:
 Cash and cash equivalents $1,498,158 $1,464,770
 Marketable securities, at cost 126,258 126,258
 Accounts receivable 82,839 91,587
 Prepaid federal income tax 225 --
 Prepaid expenses and deposits 13,798 13,798
 Total current assets 1,721,278 1,696,413
 Properties and equipment, successful
 efforts method of accounting, less
 accumulated depreciation, depletion
 and amortization of $969,793 and
 $907,683, in 1992 and 1991,
 respectively 2,086,958 2,128,102
 Other assets 67,830 67,830
 Total assets 3,876,066 3,892,345
 Liabilities and stockholders' equity
 Current liabilities
 Accounts payable and accrued
 liabilities 79,003 92,613
 Federal income taxes payable -- 4,775
 Total current liabilities 79,003 97,388
 Stockholders' equity
 Common Stock, $.15625 par value;
 10,000,000 shares authorized,
 4,540,000 shares issued 709,375 709,375
 Capital in excess of par value 1,070,740 1,070,740
 Retained earnings 2,033,692 2,033,481
 Deferred compensation -- (1,895)
 Total 3,813,807 3,811,701
 Less 6,700 shares of common stock
 in treasury, at cost (16,744) (16,744)
 Total stockholders' equity 3,797,063 3,794,957
 Total $ 3,876,066 $ 3,892,345
 Consolidated Statement of Cash Flows
 (Unaudited)
 Three months ended March 31 1992 1991
 Cash flows used in operating
 activities:
 Net income (loss) $211 $(32,335)
 Adjustments to reconcile net income
 (loss) to net cash provided by
 operating activities:
 Depletion, depreciation, and
 amortization 62,110 65,920
 Compensation expense from issuance
 of treasury stock, net 1,895 26,796
 (Gain) loss on sale of oil and gas
 properties and equipment (1,000) 675
 Decrease in accounts receivable 8,748 38,866
 Increase in prepaid federal income
 taxes (225) --
 Increase in prepaid expenses and
 deposits -- (1,575)
 Decrease in accounts payable and
 accrued liabilities (13,610) (71,671)
 Decrease in federal income tax
 payable (4,775) --
 Net cash provided by operating
 activities 53,354 91,346
 Cash flows used in investing activities:
 Additions to property and equipment,
 net (19,966) (107,561)
 Net cash used for investing activities (19,966) (107,561)
 Net increase (decrease) in cash and
 cash equivalents 33,388 (16,215)
 Cash and cash equivalents, beginning
 of period 1,464,770 1,319,329
 Cash and cash equivalents, end of
 period $1,498,158 $1,303,114
 Supplemental schedule of cash flow information
 Cash paid during the period for:
 Income taxes $5,000 --
 Interest expense -- --
 -0- 5/15/92
 /CONTACT: Peter R. Vig, chairman, or James S. Blair, vice president of Toreador Royalty, 214-220-2141/
 (TRGL) CO: Toreador Royalty Corporation ST: Texas IN: OIL SU: ERN


CK -- NY067 -- 0769 05/15/92 12:59 EDT
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Date:May 15, 1992
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