Printer Friendly

BARRETT RESOURCES REPORTS SECOND QUARTER RESULTS

 DENVER, May 14 /PRNewswire/ -- Barrett Resources Corp. (NASDAQ-NMS: BARC) reported a 113 percent increase in net income to $1,393,000, or 14 cents per share, on revenues of $13.5 million for the second quarter ended March 31, 1993, compared to net income of $655,000, or 7 cents per share, on revenues of $7.5 million for the second quarter of fiscal 1992. Cash flow before working capital changes for the second quarter was $3.4 million, or 35 cents per share, an increase of 127 percent from $1.5 million or 15 cents per share for the like period in 1992.
 Net income for the six month period ended March 31, 1993 was $2,726,000 or 28 cents per share, on revenues of $25.2 million, a 63 percent increase over the net income for the comparable period in 1992, of $1,675,000 or 17 cents per share, on revenues of $13.4 million. Cash flow before working capital changes for the six month period was $5.1 million, or 52 cents per share, an increase of 89 percent from $2.7 million, or 28 cents per share, for the like period in 1992.
 Also during the second quarter of fiscal 1993, gas and oil production revenue increased 150 percent from $1.6 million to $4.0 million and gas sales volume increased 78 percent.
 Trading revenues were $8.9 million and $17.4 million for the three month and six month periods ended March 31, 1993, respectively. Gross profits were $371,000 for the quarter and $362,000 for the six months ended March 31, 1993. For the comparable periods in the prior year, trading revenues were $5.6 million for the quarter and $9.7 million for the six month period, while gross profit was $427,000 for the quarter and $600,000 for the six months.
 The company's current production is approximately 90 percent natural gas and its exploration and development activity is concentrated in the Arkoma Basin of Oklahoma and the Piceance Basin of Colorado.
 Barrett Resources is a Denver based independent oil and gas exploration company that also owns gas gathering systems and is involved in gas trading activities. The company's stock is traded on the NASDAQ National Market System with the symbol BARC.
 BARRETT RESOURCES CORP.
 Consolidated Condensed Statements of Income
 (Unaudited)
 Three Months Ended
 March 31, March 31,
 1993 1992
 Revenues:
 Oil and gas production $4,047,000 $1,695,000
 Trading revenues 8,919,000 5,563,000
 Revenue from gas gathering 77,000 60,000
 Gas processing revenues 454,000 ---
 Interest income 52,000 150,000
 Other income (3,000) 1,000
 Total 13,546,000 7,469,000
 Operating expenses:
 Oil and gas production costs 458,000 288,000
 Cost of trading 8,548,000 5,136,000
 Gas processing costs and expenses 423,000 ---
 Depreciation, depletion and amortization 1,490,000 863,000
 General and administrative 510,000 506,000
 Interest expense 6,000 8,000
 Total 11,435,000 6,801,000
 Income for the period before income taxes 2,111,000 668,000
 Provision for income taxes 718,000 13,000
 Net income for the period $1,393,000 $655,000
 Net income per common share and common
 share equivalent $.14 $.07
 Weighted average common shares
 outstanding 10,008,310 9,729,057
 BARRETT RESOURCES CORP.
 Consolidated Condensed Statements of Income
 (Unaudited)
 Six Months Ended
 March 31, March 31,
 1993 1992
 Revenues:
 Oil and gas production $6,865,000 $3,175,000
 Trading revenues 17,382,000 9,700,000
 Revenue from gas gathering 182,000 142,000
 Gas processing revenues 644,000 ---
 Interest income 124,000 360,000
 Other income (4,000) 25,000
 Total 25,193,000 13,402,000
 Operating expenses:
 Lease operating expense 1,071,000 621,000
 Cost of trading 17,020,000 9,100,000
 Gas processing costs and expenses 634,000 ---
 Depreciation, depletion and amortization 2,708,000 1,549,000
 General and administrative 1,022,000 1,004,000
 Interest expense 7,000 15,000
 Total 22,462,000 12,289,000
 Income before income taxes and cumulative
 effect of change in method of accounting
 for income taxes 2,731,000 1,113,000
 Provision for income taxes 5,000 21,000
 Income before cumulative effect of change
 in method of accounting for income taxes 2,726,000 1,092,000
 Cumulative effect of change in method of
 accounting for income taxes --- 583,000
 Net income $2,726,000 $1,675,000
 Income per common share and common share
 equivalent before change in method of
 accounting for income taxes $.28 $.11
 Income per common share and common share
 equivalent - cumulative effect --- $.06
 Net income per common share and common
 share equivalent $.28 $.17
 Weighted average common shares
 outstanding 9,914,172 9,812,682
 -0- 5/14/93
 /CONTACT: Donald H. Stevens or Carolyn Norland of Barrett Resources, 303-297-3900/
 (BARC)


CO: Barrett Resources Corp. ST: Colorado IN: OIL SU: ERN

BB -- DV003 -- 8518 05/14/93 09:26 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 14, 1993
Words:845
Previous Article:HOWELL INDUSTRIES, INC. REPORTS RESULTS
Next Article:DEVCON INTERNATIONAL REPORTS FIRST-QUARTER RESULTS
Topics:


Related Articles
BARRETT RESOURCES REPORTS THREE AND SIX MONTH RESULTS
BARRETT RESOURCES REPORTS THIRD QUARTER PROFIT
BARRETT RESOURCES REPORTS FIRST QUARTER RESULTS
BARRETT RESOURCES REPORTS RECORD RESULTS FOR FISCAL YEAR END
BARRETT RESOURCES REPORTS 2ND QUARTER EARNINGS NATURAL GAS PRODUCTION UP 83%
BARRETT BUSINESS SERVICES, INC. ANNOUNCES REVENUES AND NET INCOME FOR SECOND QUARTER 1995
BARRETT RESOURCES REPORTS 3RD QUARTER EARNINGS GAS PRODUCTION INCREASED 95%
BARRETT RESOURCES DISCLOSES FOURTH QUARTER EXPENSE DUE TO GAS MARKET VOLATILITY
Barrett Resources Reports 2nd Quarter Earnings Natural Gas Production Up 35%
Barrett Resources Reports Second Quarter Financial Results.

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