EASTEX ANNOUNCES SECOND QUARTER 1992 EARNINGS
EASTEX ANNOUNCES SECOND QUARTER 1992 EARNINGS HOUSTON, Aug. 5 /PRNewswire/ -- Eastex Energy Inc.
(NASDAQ-NMS: ETEX) ("Eastex") today announced unaudited net income of $322,000 or $0.07 per common share on revenues of $43.8 million for the quarter ended June 30, 1992 as compared to unaudited net income of $160,000 or $0.04 per common share on revenues of $35.6 million for the quarter ended June 30, 1991. For the six months ended June 30, 1992, the company earned unaudited net income of $711,000 or $0.15 per common share on revenues of $68.3 million as compared to unaudited net income of $314,000 or $0.07 per common share on revenues of $67.9 million for the same period last year.
Commenting on these results, Robert G. Phillips, president and chief executive officer, stated, "Eastex continues to post healthy increases in gross profits and net earnings due to expansion of the company's firm-term contract sales and storage related services. These higher margin activities are providing greater profits and more stable cash flows than our traditional spot marketing business. We look forward to continued growth in this area." Gross profits reported for the three and six months ended June 30, 1992 increased by 25 percent and 29 percent, respectively, as compared to the same periods last year, to approximately $1.7 million and $3.4 million. Gross profit contributed by the company's firm-term contract sales and storage related services business units for the six months ended June 30, 1992 were approximately $2.0 million, or 57 percent of total gross profits. The 23 percent increase in operating revenues in the second quarter of 1992 were attributable to a 2.7 Bcf increase in sales volumes to 28.7 Bcf (316 MMcf/day) in the second quarter of 1992 from sales volumes of 26.0 Bcf (285 MMcf/day) in the same period last year and higher average sales prices of $1.53 per MMBtu in the second quarter 1992, as compared to $1.37 per MMBtu in the second quarter of 1991. Phillips further stated, "The second quarter of the year was very positive for both the company and the natural gas industry. During the quarter, Eastex opened its 'Houston Hub' pipeline interchange system for third party business. We have enjoyed a great response from buyers and sellers and have already signed up a number of customers. Additionally, natural gas prices have shown consistent strength during the period which gives us real optimism for increasing market prices in the coming winter months which would benefit the company and the industry." EASTEX ENERGY INC. Selected Financial and Operating Information (000's omitted, except per share amounts) June 30, Dec. 31, 1992 1991 BALANCE SHEET DATA: (unaudited) Total assets $50,908 $42,661 Property and equipment, net 15,090 15,152 Long-term debt, less current maturities 5,524 5,740 Stockholders' equity 14,682 13,940 Periods ended Three months Six months June 30, 1992 1991 1992 1991 (unaudited) (unaudited) INCOME STATEMENT DATA: Operating revenues $43,832 $35,551 $68,289 $67,900 Gross profit 1,699 1,354 3,428 2,653 Net income 322 160 711 314 Primary earnings per share 0.07 0.04 0.15 0.07 Primary average common stock and common stock equivalents outstanding 4,772 4,336 4,705 4,334 Net throughput (MMcf) 28,720 25,977 45,387 45,550 Eastex Energy Inc., through its subsidiaries, is involved in the marketing, storage, gathering and transportation of natural gas. -0- 8/5/92 /CONTACT: Robert G. Phillips, president and CEO of Eastex Energy, 713-650-6255/ (ETEX) CO: Eastex Energy Inc. ST: Texas IN: OIL SU: ERN
SH -- NY061 -- 7135 08/05/92 13:34 EDT
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|Date:||Aug 5, 1992|
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