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EDISTO ANNOUNCES THIRD QUARTER RESULTS

 DALLAS, Nov. 19 ~PRNewswire~ -- Edisto Resources Corporation (AMEX: EDS) today announced a net loss of $7.8 million, or a $0.32 per share loss after preferred dividends, on revenues of $90.4 million for the third quarter of 1992, versus a net loss of $12.2 million, or a $0.70 per share loss after preferred dividends, on revenues of $67.1 million for the same quarter of the previous year. Net cash provided by operations for the three months ended Sept. 30, 1992 was $8.2 million, versus net cash provided by operations of $3.3 million for the third quarter of the previous year. Net cash provided by operations, before changes in operating assets and liabilities, totaled $3.7 million for the three months ended Sept. 30, 1992, versus $1.8 million for the same three month period of 1991.
 Net loss for the nine months ended Sept. 30, 1992 was $36.1 million, or a $1.62 per share loss after preferred dividends, on revenues of $264.6 million, compared with a net loss of $52.7 million, or a $3.13 per share loss after preferred dividends, on revenues of $241.7 million for the nine months ended Sept. 30, 1991. Net cash provided by operations was $21.0 million for the nine months ended Sept. 30, 1992 versus $25.3 million for the same period of the prior year. Net cash provided by operations, before changes in operating assets and liabilities, for the nine months ended Sept. 30, 1992, was $14.4 million versus $10.3 million for the same nine month period of 1991.
 Oil and gas sales revenue decreased by approximately $2.2 million (4 percent) for the nine months ended Sept. 31, 1992, as compared to the same period in 1991. This decrease is attributable to: (i) a decline of approximately 5 percent in the average oil sales price, partially offset by an increase in oil production of approximately 6 percent, and (ii) a decline in gas production of approximately 6 percent. Oil and gas sales revenue also decreased by approximately $.6 million (4 percent) for the three months ended Sept. 31, 1992 as compared to the same period in 1991. This decrease is attributable to: (i) a decline in oil prices of approximately 7 percent and (ii) a decline in gas production of approximately 12 percent, offset in part by an increase in gas prices of approximately 23 percent.
 Marketing and transmission activities are conducted through ESCO Energy, Inc., a wholly owned subsidiary of Edisto. Gas marketing revenue (and related purchases) increased by approximately $25.2 million (13 percent) and by approximately $23.9 million (46 percent) for the nine and three months ended Sept. 30, 1992, respectively, as compared to the corresponding periods in 1991, primarily as a result of expanded marketing efforts relating to the Gulf Coast market during 1992. The profit margin on gas marketing operations declined from approximately 2.6 percent for the nine months ended Sept. 30, 1991 to approximately 2.3 percent for the nine months ended Sept. 30, 1992, and from approximately 2.4 percent for the third quarter of 1991 to approximately 1.8 percent for the third quarter of 1992. Such declines are attributable to an increase in the rates charged to transport the company's gas supply.
 Gas transmission revenue (and related expenses) for the nine and three months ended Sept. 30, 1992 were approximately the same as those for the same periods in 1991. The company expects that it will experience an increase in revenues during the winter heating season of 1992 - 1993, attributable to its recently completed pipeline expansion.
 Edisto Resources Corporation's consolidated activities include the production, exploration and development of oil and gas reserves and natural gas marketing and transportation operations. Edisto and its domestic oil and gas exploration and production subsidiaries (but not its gas transmission and marketing subsidiaries) filed petitions for relief under chapter 11 of the federal Bankruptcy Code on Oct. 26, 1992.
 EDISTO RESOURCES CORPORATION
 Condensed Statements of Operations
 (unaudited, in thousands except per share data)
 Periods ended
 Sept. 30 Three Months Nine Months
 1992 1991 1992 1991
 Revenues $ 90,399 $ 67,103 $264,641 $ 241,716
 Operating
 loss $ ( 5,555) $ ( 7,328) $(19,749) $ (24,611)
 Loss from
 continuing
 operations $ ( 7,599) $ (11,805) $(30,387) $ (51,107)
 Loss from
 discontinued
 operations $ -- $ -- $ (5,377) $ --
 Net loss $ ( 7,599) $ (11,805) $(35,764) $ (51,107)
 Net loss
 attributable
 to common $ ( 7,836) $ (12,211) $(36,136) $ (52,730)
 Net loss per share
 attributable
 to common $ (.32) $ (.70) $ (1.62) $ (3.13)
 Average common shares
 outstanding 24,845 17,373 22,242 16,867
 EDISTO RESOURCES CORPORATION
 Condensed Balance Sheets
 in thousands)
 9~30~92 12~31~91
 (Unaudited) (Audited)
 Current assets $ 90,481 $ 123,391
 Property and equipment - net 194,051 202,821
 Investments and other assets 31,094 33,310
 Total assets $ 315,626 $ 359,522
 Current liabilities $ 218,955 $ 114,665
 Long-term debt 44,296 163,865
 Other noncurrent liabilities 13,944 6,612
 Preferred stock 2,832 8,323
 Stockholders' equity 35,599 66,057
 Total liabilities and stockholders'
 equity $ 315,626 $ 359,522
 EDISTO RESOURCES CORPORATION
 Operating Data
 (unaudited, in thousands)
 Periods ended
 Sept. 30 Three Months Nine Months
 1992 1991 1992 1991
 Exploration and
 Production:
 Revenue (in thousands)
 Oil $ 4,385 $ 5,789 $ 14,632 $ 14,536
 Gas 10,447 9,599 34,536 36,861
 Total $ 14,832 $ 15,388 $ 49,168 $ 51,397
 Production
 Oil (MBbls) 220 273 776 733
 Gas (MMcf) 6,076 6,797 22,209 23,483
 Average sales price
 Oil (per Bbl) $ 19.89 $ 21.21 $ 18.84 $ 19.83
 Gas (per Mcf) $ 1.72 $ 1.40 $ 1.56 $ 1.56
 Average expenses per equivalent Bbl
 Production costs $ 3.24 $ 3.67 $ 2.82 $ 3.58
 Depreciation and
 depletion $ 7.14 $ 8.15 $ 7.74 $ 7.76
 Gas marketing:
 Sales margin (in thousands)
 Gas revenue $ 74,431 $ 50,512 $ 211,822 $ 186,571
 Gas purchases 73,102 49,315 206,871 181,669
 Gross margin $ 1,329 $ 1,197 $ 4,951 $ 4,902
 Volume sold (MMcf) 38,245 38,568 130,368 128,030
 Average prices ($ per Mcf)
 Sales price $ 1.95 $ 1.33 $ 1.62 $ 1.47
 Purchase price 1.91 1.29 1.59 1.42
 Margin $ .04 $ .04 $ .03 $ .05
 Gas Transmission:
 Revenue
 (in thousands) $ 1,136 $ 1.203 $ 3,651 $ 3,748
 Average daily volumes (MMcf)
 Gas pipeline 35.10 35.5 42.23 41.3
 Gas gathering
 systems 16.95 28.4 23.54 30.3
 Pipeline throughput (MMcf)
 Third parties 456 622 1,460 2,067
 Affiliated
 companies 2,776 2,646 10,110 9,197
 Total 3,232 3,268 11,570 11,264
 -0- 11~19~92
 ~CONTACT: Thomas W. Pickett, vice president and treasurer, 214-880-0243, or Gary L. Pittman, vice president-financial services, 214-880-0243, both of Edisto Resources Corporation~
 (EDS)


CO: Edisto Resources Corporation ST: Texas IN: OIL SU: ERN

TM -- NY115 -- 3138 11~19~92 17:21 EST
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Date:Nov 19, 1992
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