The Beard Company Reports Results for First Quarter of 2001.Business Editors OKLAHOMA CITY--(BUSINESS WIRE)--May 18, 2001 The Beard beard, hair on the lower portion of the face. The term mustache refers to hair worn above the upper lip. Attitudes toward facial hair have varied in different cultures. Company today announced that the 2001 first quarter produced a net loss of $584,000, or $0.32 per share. The loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the totaled $346,000, or $0.19 per share, while discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. accounted for $238,000, or $0.13 per share, of the loss. The 2000 first quarter generated a loss of $788,000, or $0.43 per share, including $245,000, or $0.13 per share, attributable to discontinued operations. Revenues for the current quarter totaled $183,000 versus $182,000 of revenues in the 2000 first quarter. Herb Mee, Jr., President, stated: "The sale of substantially all of the assets of our 50%-owned well testing subsidiaries in Mexico resulted in a $516,000 increase in the Company's working capital during the first quarter. More importantly, it eliminated the major drain on the Company's earnings performance. The Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum well testing operations accounted for $1,069,000, or 38.6% of the Company's reported loss from continuing operations in 2000, and 35.3% of our total loss for the year. Such operations accounted for all of the loss from discontinued operations in the respective quarterly periods. Our well testing operations are now reflected as discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: ." "Going forward, we will focus primarily on coal reclamation Reclamation A claim for the right to return or the right to demand the return of a security that has been previously accepted as a result of bad delivery or other irregularities in the delivery and settlement process. projects, carbon dioxide carbon dioxide, chemical compound, CO2, a colorless, odorless, tasteless gas that is about one and one-half times as dense as air under ordinary conditions of temperature and pressure. production, and our organic chemical compound fertilizer fertilizer, organic or inorganic material containing one or more of the nutrients—mainly nitrogen, phosphorus, and potassium, and other essential elements required for plant growth. initiatives in China. We expect to see improved financial performance in all of these areas during the remainder of the year. Proceeds from the sale of the assets of our discontinued operations will be used to pay down debt and provide working capital while we concentrate on bringing our continuing operations to profitability," Mee stated. The Beard Company's common stock is traded on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol: BRCO BRCO Brandt's Cormorant BRCO Bronzed Cowbird (bird species Molothrus aeneus) . Its operations consist principally of coal reclamation activities, carbon dioxide (CO2) gas production, the pursuit of environmental opportunities and sale of coal equipment in China, its e-commerce activities related to the development of starpay(TM)'s patent-pending payment system for use on the Internet, natural gas well servicing, and environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a .
THE BEARD COMPANY
Results of Operations
(Unaudited)
For the Three Months Ended
--------------------------
March 31, March 31,
2001 2000
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Revenues $ 183,000 $ 182,000
Expenses 552,000 853,000
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Operating loss (369,000) (671,000)
Other income (expense) (37,000) 134,000
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Loss from continuing operations
before income taxes (406,000) (537,000)
Income taxes 60,000 (6,000)
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Loss from continuing operations (346,000) (543,000)
Loss from discontinued operations (238,000) (245,000)
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Net loss $(584,000) $(788,000)
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Net loss attributable to common
shareholders $(584,000) $(788,000)
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Net loss per average common share outstanding:
Basic and diluted:
Loss from continuing operations $ (0.19) $ (0.30)
Loss from discontinued operations (0.13) (0.13)
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Net loss $ (0.32) $ (0.43)
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Weighted average common shares
outstanding -- basic and diluted 1,829,000 1,829,000
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Statements regarding future profitability and operations, including the timing of those activities, are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and . The statements involve risks that could significantly impact The Beard Company. These risks include, but are not limited to, adverse general economic conditions, unexpected costs or delays or other unexpected events, as well as other risks discussed in detail in The Beard Company's filings with the Securities and Exchange Commission. |
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