COMSTOCK RESOURCES ANNOUNCES 1991 FINANCIAL RESULTS
COMSTOCK RESOURCES ANNOUNCES 1991 FINANCIAL RESULTS DALLAS, April 15 /PRNewswire/ -- Comstock Resources, Inc.
(NASDAQ-NMS: CMRE) today announced financial results for the year ended Dec. 31, 1991.
Comstock reported $3,129,000 in revenues for 1991 as compared to $5,411,000 in 1990. Comstock also reported a net loss of $3,560,000 for the year ended Dec. 31, 1991, compared to a net loss of $1,850,000 in 1990. The net loss in 1990 includes an extraordinary loss of $735,000 for early extinguishment of debt. Net loss per share for 1991 was 51 cents per share as compared to 42 cents per share in 1990 on weighted average shares outstanding of 7,005,913 and 4,442,774 in 1991 and 1990, respectively. The financial results reported include the effect of the company's change to the successful efforts method of accounting for its oil and gas activities from the full cost method, which occurred in the fourth quarter of 1991. The change was applied on a retroactive basis. The loss in 1991 includes a $654,000 loss on the sale of the company's remaining Nevada real estate and mining assets which was recognized in the fourth quarter of 1991. 1990 total revenues include a reported gain on the sales of real estate holdings and oil and gas properties of $1,111,000. The decrease in total revenues is primarily attributable to production declines on the company's waterflood project on the Bryan Woodbine unit, which in late 1991 has begun to be replaced by production from the producing oil and gas properties acquired in 1991 for $20.9 million, as well as increased production from the company's Texas Panhandle properties. The loss in 1991 is attributable to lower oil and gas production in 1991, the loss on the sale of real estate and mining assets and significant cost incurred in 1991 in connection with the restructuring of the company's operations group. The changes in operations combined with the oil and gas production attributable to the 1991 property acquisitions and the successful development of the Texas Panhandle properties should translate into stronger financial results in 1992. Comstock's total proved reserves at Dec. 31, 1991 were estimated by its independent petroleum engineers at 3 million barrels of oil and 89.9 billion cubic feet of gas with discounted future net revenues after income taxes of $53.1 million based on Dec. 31, 1991 prices. Comstock Resources, Inc. is primarily engaged in the acquisition, development and production of oil and gas properties in the Southwestern United States. COMSTOCK RESOURCES, INC. AND SUBSIDIARIES Operating Results 1991 1990 Revenues: Oil and gas sales $2,710,106 $3,863,491 Pipeline income 152,783 -- Rental income 53,028 65,794 Gain on sales of property 105,920 1,111,470 Other income 107,015 370,222 Total revenues 3,128,852 5,410,977 Expenses: Oil and gas operating 1,572,392 1,441,285 Pipeline operating 119,802 -- Real estate operating 46,946 36,087 Depreciation, depletion and amortization 1,757,998 2,763,777 General and administrative 2,089,225 1,434,697 Interest 448,531 849,919 Loss on sales of property 654,366 -- Total expenses 6,689,260 6,525,765 Loss before income taxes and extraordinary item (3,560,408) (1,114,788) Provision for income taxes -- -- Loss before extraordinary item (3,560,408) (1,114,788) Extraordinary item - loss on early extinguishment of debt -- (734,969) Net loss $(3,560,408) $(1,849,757) Net loss per share: Before extraordinary item $(.51) $(.25) Extraordinary item -- (.17) After extraordinary item $(.51) $(.42) Weighted average shares outstanding 7,005,913 4,442,774 -0- 4/15/92 /CONTACT: M. Jay Allison, president and chief executive officer of Comstock Resources, 214-701-2100/ (CMRE) CO: Comstock Resources, Inc. ST: Texas IN: OIL SU: ERN
SM -- NY109 -- 8863 04/15/92 15:52 EDT
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|Date:||Apr 15, 1992|
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