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BEARD COMPANY REPORTS 1993 RESULTS

 OKLAHOMA CITY, April 18 /PRNewswire/ -- The Beard Company today announced its financial results for 1993. The company reported a net loss from continuing operations of $606,000, or 29 cents per common share, for 1993 vs. a 1992 net loss from continuing operations of $6,537,000, or $3.28 per common share. 1993 revenues were $16.1 million, a 27 percent increase over 1992 revenues of $12.7 million.
 The company also reported that, as a result of a $47.1 million extraordinary gain from a debt restructuring consummated in October of 1993, net earnings for 1993 totaled $35,010,000, or $16.59 per share, vs. a net loss of $32,493,000, or $16.29 per share, in 1992. As a result, the company's common shareholders' equity increased from a $27.7 million deficit at December 31, 1992 to a positive $8.6 million at December 31, 1993.
 A comparative breakout of the significant earnings (loss) components reflects the following:
 1993 1992
 Net loss from continuing operations $(606,000) $ (6,537,000)
 Net loss from discontinued operations (11,470,000) (25,956,000)
 Extraordinary gain on debt
 restructuring 47,086,000 --
 Net earnings (loss) $ 35,010,000 $ (32,493,000)
 Herb Mee Jr., president, stated: "We are pleased with the final results for the year. Now that the debt restructure has been concluded, and most of the loose ends resulting therefrom have been cleaned up, management can devote its time and attention to the day-to-day operations of the company and its subsidiaries and to improving bottom line results."
 Mee also advised that the per share earnings figures above do not reflect the dilution from the preferred shares now outstanding. A table setting forth the details of earnings per common share (primary and fully diluted) follows.
 The Beard Company's common stock is traded on the American Stock Exchange under the symbol: BOC. Its operations consist principally of its carbon dioxide (CO2) and dry ice (solid CO2) activities, its real estate construction and development activities, its alternative fuels research and development activities, and its newly organized environmental services activities.
 THE BEARD COMPANY
 Statements of Operations
 For the Three Months Ended For the Year Ended
 December 31, December 31,
 (Unaudited) (Audited)
 1993 1992 1993 1992
 Revenues $5,568,000 $3,448,000 $16,095,000 $12,675,000
 Expenses 5,821,000 7,463,000 16,772,000 17,883,000
 Operating profit
 (loss) (253,000) (4,015,000) (677,000) (5,208,000)
 Other income
 (expense) 188,000 (865,000) 71,000 (1,329,000)
 Loss from continuing
 operations before
 income taxes (65,000) (4,880,000) (606,000) (6,537,000)
 Income taxes -- -- -- --
 Net loss from
 continuing operations (65,000) (4,880,000) (606,000) (6,537,000)
 Net loss
 from discontinued
 operations (548,000)(10,939,000)(11,470,000) (25,956,000)
 Extraordinary gain
 on debt
 restructuring 47,086,000 -- 47,086,000 --
 Net earnings
 (loss) $46,473,000 $(15,819,000) $5,010,000($32,493,000)
 Earnings per common share and common
 equivalent share (primary EPS):
 Net loss from continuing operations ($0.29) ($3.28)
 Net loss from discontinued operations (5.43) (13.01)
 Extraordinary gain on debt restructuring 22.31 --
 Net earnings (loss) $16.59 ($16.29)
 Weighted average shares used in
 primary computation 2,111,000 1,995,000
 Earnings per common share assuming maximum
 dilution (fully diluted EPS):
 Net loss from continuing operations ($0.28) ($3.28)
 Net loss from discontinued operations (5.22) (13.01)
 Extraordinary gain on debt restructuring 21.44 --
 Net earnings (loss) $15.94 ($16.29)
 Weighted average shares used in
 fully diluted computation 2,197,000 1,995,000
 -0- 4/18/94
 /CONTACT: Herb Mee Jr., president, The Beard Company, 405/842-2333 or Cheryl M. Hudak, president, Cheryl Mayfield Hudak Communications, 405-848-3520/
 (BOC)


CO: Beard Company ST: Oklahoma IN: CHM SU: ERN

LG -- NY084 -- 8831 04/18/94 13:26 EDT
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Publication:PR Newswire
Date:Apr 18, 1994
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