CRESTED CORP. ANNOUNCES 1992 YEAR-END INCOME
CRESTED CORP. ANNOUNCES 1992 YEAR-END INCOME RIVERTON, Wyo., Sept. 16 /PRNewswire/ -- Crested Corp.
(NASDAQ: CBAG) has announced financial results for its fiscal year ended May 31, 1992.
Crested Corp. reports net income for fiscal 1992 was $529,700, or 6 cents per share, on revenues of $2,764,800. Included in revenues was $123,300 from uranium sales, commercial operations of $955,100 and other revenues of $1,686,400. Fiscal 1992 earnings reflected an extraordinary gain (utilization of net operating loss carryforwards) of $180,100. Per share earnings in fiscal 1992 were 4 cents before the extraordinary item, compared to 2 cents for fiscal 1991 income before that year's extraordinary item. Expenses for fiscal 1992 were $2,235,100 compared to $2,970,500 for fiscal 1991. Max T. Evans, president and chief operating officer of Crested, stated, "Fiscal 1992 results improved primarily due to increased revenues from operations, particularly as activities have continued at Green Mountain. Also, a major asset acquisition in 1992 was Green Mountain Mining Venture's acquisition of the Sweetwater Mill from UNOCAL. The Sweetwater Mill is one of the newest uranium milling facilities in the United States and has been maintained in premium condition pending recommissioning when uranium prices turn around. Lastly, the company has continued permitting and feasibility work on its gold properties in California held through the Sutter Gold Venture." Crested Corp. and U.S. Energy Corp. (NASDAQ-NMS: USEG) are diversified minerals companies with interests in major uranium resources and facilities, a world-class deposit of molybdenum, gold and other base and precious metals properties. CRESTED CORP. AND AFFILIATE Condensed Consolidated Statements of Operations Year Ended May 31, 1992 1991 1990 Revenues $2,764,800 $3,389,500 $2,547,900 Costs and expenses 2,235,100 2,970,500 1,840,800 Income before equity in loss of affiliates, provision for income taxes and extraordinary item 529,700 419,000 707,100 Equity in loss of affiliates --- 170,600 473,500 Income before provision for income taxes and extraordinary item 529,700 248,400 233,600 Provision for income taxes 180,100 84,500 118,000 Income before extraordinary item 349,600 163,900 115,600 Extraordinary item Utilization of net operating loss carryforward 180,100 84,500 118,000 Net income $529,700 $248,400 $233,600 Earnings per share amounts: Income before extraordinary item $.04 $.02 $.02 Extraordinary item .02 .01 .01 Net income per share $.06 $.03 $.03 Weighted average shares outstanding 8,608,960 8,573,661 8,539,286 This statement includes accounts of Crested Corp. and a subsidiary. -0- 9/16/92 /CONTACT: Max T. Evans or John L. Larsen both of Crested, 307-856-9271/ (CBAG USEG) CO: Crested Corp. ST: Wyoming IN: MNG SU: ERN
MC -- DV002 -- 9960 09/16/92 09:02 EDT
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|Date:||Sep 16, 1992|
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