Printer Friendly

ALAMCO, INC., REPORTS FIRST QUARTER 1992 RESULTS

 ALAMCO, INC., REPORTS FIRST QUARTER 1992 RESULTS
 CLARKSBURG, W.Va., May 8 /PRNewswire/ -- Today Alamco, Inc.


(AMEX: AXO) announced net income of $212,000 for its first quarter ended March 31, 1992.
 The company also reported higher gas sales volumes and lower general and administrative expenses which contributed significantly to improved operating income for the first quarter 1992 as compared to last year. Income from operations for the first quarter 1992 totaled $269,000 vs. $80,000 last year.
 The company reported net income for the first quarter of 1992 of $212,000 or $0.08 per share (including an extraordinary tax benefit of $21,000 or $0.01 per share) compared to first quarter 1991 net income of $645,000 or $0.25 per share (including extraordinary gain on debt extinguishment of $550,000 or $0.21 per share).
 Total revenues increased $39,000 to $2,631,000 compared to $2,592,000 for first quarter 1991. Lower gas and oil prices realized by the company in the first quarter 1992 adversely affected revenues and net income by about $200,000. Higher gas sales volumes more than offset the effect of lower product prices and were 15 percent higher in the first quarter 1992 compared to last year due to gas sales from wells acquired in October 1991.
 Total expenses decreased $150,000 to $2,362,000 for the first quarter 1992 compared to last year. General and administrative expenses decreased $374,000 or 41 percent primarily due to lower salary and other related employee expenses and the absence of expenses incurred in establishing the company's new revolving credit facility in the first quarter of 1991. Interest expense increased $147,000, since interest on borrowings under the credit facility is being charged to expense as it accrues whereas under the former loan agreement the company was required to record interest payments as reductions to long-term debt. The first quarter 1992 provision for income tax increased $70,000 due to higher income from operations as compared to last year.
 The company used net cash flows from operating activities to fund first quarter 1992 gas and oil investments of approximately $250,000. Barring any significant decline in spot market gas prices, the company anticipates a 1992 capital investment program exceeding $2,000,000. The company also reported the prices it receives for spot market gas sales have strengthened since a low point was reached in February 1992 but that the general level of spot market natural gas prices paid to producers remains weak.
 Alamco, headquartered in Clarksburg, is an independent producer of gas and oil in the Appalachian Basin with a major operating concentration in West Virginia gas fields. The company's stock is traded on the American Stock Exchange under the symbol AXO.
 ALAMCO, INC., AND SUBSIDIARY
 Condensed Consolidated Statement of Operations
 (Unaudited; in thousands, except share data)
 Three Months Ended March 31 1992 1991
 Revenues $2,631 $2,592
 Operating expenses 934 879
 General and administrative expenses 528 902
 Depreciation, depletion and amortization 708 686
 Interest expense 192 45
 Total expenses 2,362 2,512
 Income from operations 269 80
 Other non-operating income, net 40 63
 Income before income taxes & extraordinary item 309 143
 Provision for income tax 118 48
 Income before extraordinary items 191 95
 Extraordinary items:
 Gain on debt extinguishment -- 550
 Income tax benefit 21 --
 Net income 212 645
 Earnings per share:
 Income before extraordinary items $0.07 $0.04
 Extraordinary items $0.01 $0.21
 Net income per share $0.08 $0.25
 Weighted avg. no. of shares outstanding 2,543,966 2,589,991
 -0- 5/7/92
 /CONTACT: Jane Merandi of Alamco, 304-623-6671/
 (AXO) CO: Alamco, Inc. ST: West Virginia IN: OIL SU: ERN


DM-JG -- PG001 -- 7938 05/08/92 08:01 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:May 8, 1992
Words:628
Previous Article:BIOMAGNETIC TECHNOLOGIES INC. ANNOUNCES PUBLIC OFFERING OF COMMON STOCK
Next Article:NEW LABOR AGREEMENT SIGNED AT PITTSBURGH BREWING AS MARKETING, COMMUNITY EFFORTS MOVE FORWARD
Topics:


Related Articles
ALAMCO, INC., ANNOUNCES EARNINGS
ALAMCO ANNOUNCES IMPROVED SECOND QUARTER 1992 RESULTS AND COURT APPROVAL OF $11,000,000 CLAIM AGAINST PIPELINE
ALAMCO ANNOUNCES SIGNIFICANTLY IMPROVED THIRD QUARTER 1992 RESULTS
ALAMCO, INC. REPORTS SUBSTANTIALLY IMPROVED 1992 OPERATING RESULTS, SIGNIFICANT INCREASES IN PROVED OIL AND GAS RESERVES
ALAMCO REPORTS NET INCOME DOUBLES IN FIRST QUARTER 1993; ALAMCO ANTICIPATES COMMON STOCK OFFERING
ALAMCO REPORTS HIGHER SECOND QUARTER 1993 EARNINGS, REPAYMENT OF REVOLVING CREDIT FACILITY, INCREASES TO 1993 CAPITAL INVESTMENT PROGRAM
ALAMCO ANNOUNCES HIGHER GAS SALES VOLUMES AND THIRD QUARTER INCOME
ALAMCO ANNOUNCES SIGNIFICANTLY IMPROVED 1993 OPERATING RESULTS
ALAMCO, INC. ANNOUNCES RECORD FIRST QUARTER 1996 RESULTS
Alamco, Inc. Announces Third Quarter 1996 Results

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