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ENDEVCO ANNOUNCES 1992 SECOND QUARTER FINANCIAL RESULTS

 ENDEVCO ANNOUNCES 1992 SECOND QUARTER FINANCIAL RESULTS
 DALLAS, Aug. 17 /PRNewswire/ -- Endevco, Inc. (AMEX: EI) today


reported financial results for the three months and six months ended June 30, 1992. Net loss applicable to common stock for the second quarter of 1992, was $1,310,000 ($.17 per share) compared to a net loss applicable to common stock of $239,000 ($.03 per share) in the second quarter of 1991. Net loss applicable to common stock for the first half of 1992, was $2,433,000 ($.32 per share) compared to a net loss applicable to common stock of $1,490,000 ($.19 per share) for the first half of 1991.
 The increased loss was primarily due to lower operating income from refining and the sale of the Hattiesburg Gas Storage facilities effective July 1, 1991. Historically, the price differential between crude oil and finished products has been greatest in the second quarter of the year. However in 1992, crude oil prices remained strong relative to finished product prices partially due to the political environment in the Middle East. Several maintenance emergencies added to refining operating costs.
 The company has entered into an extension of the Standstill Agreement with its lenders. The 105-day extension was necessary due to the poor second quarter results. Management will continue its negotiations with its lenders to finalize the restructuring during the extension.
 The company has initiated a program to reduce annual operating overhead by $1,250,000. This program will be fully implemented within the next 90 days.
 Endevco is a gas transportation and processing company. Our gas transportation segment includes gathering, transmission, marketing and storage of natural gas. Our processing segment includes gas liquids recovery, gas treating and petroleum refining.
 ENDEVCO, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (UNAUDITED)
 Three Month Period
 Ended June 30,
 1992 1991
 Revenues:
 Gas transportation:
 Facilities sales $17,145,000 $19,258,000
 Off-system sales 11,272,000 10,690,000
 Gas storage -- 859,000
 Gas processing and
 refining:
 Product sales 29,541,000 15,677,000
 Gas treating,
 compression and
 operating fees 1,020,000 989,000
 Total 58,978,000 47,473,000
 Expenses:
 Purchases of natural gas:
 Purchases for
 facilities 13,759,000 15,676,000
 Off-system purchases 11,077,000 10,468,000
 Cost of product sales 26,470,000 13,696,000
 Plant and pipeline
 operating expenses 4,609,000 2,617,000
 Depreciation and
 amortization 1,874,000 2,062,000
 General, administrative
 and project development
 expenses 1,080,000 936,000
 Total 58,869,000 45,455,000
 Operating earnings 109,000 2,018,000
 Other income (expense):
 Interest income 60,000 107,000
 Interest expense (1,282,000) (1,783,000)
 Equity in net earnings
 (losses) of
 unconsolidated
 affiliates (144,000) 80,000
 Other 13,000 22,000
 Total (1,353,000) (1,574,000)
 Earnings (loss) before
 income tax benefit (1,244,000) 444,000
 Provision (benefit) for
 income taxes:
 Current 45,000 170,000
 Deferred (454,000) 38,000
 Total (409,000) 208,000
 Net earnings (loss) (835,000) 236,000
 Preferred stock dividend
 requirements (475,000) (475,000)
 Net loss applicable to
 common stock $(1,310,000) $ (239,000)
 Per common and common
 equivalent share:
 Net loss $ (.17) $ (.03)
 Weighted average common
 and common equivalent
 shares outstanding 7,727,000 7,667,000
 Working Capital Provided
 by Operations -- --
 Six Month Period
 Ended June 30,
 1992 1991
 Revenues:
 Gas transportation:
 Facilities sales $33,133,000 $40,616,000
 Off-system sales 20,440,000 23,797,000
 Gas storage 192,000 1,751,000
 Gas processing and
 refining:
 Product sales 56,003,000 30,884,000
 Gas treating,
 compression and
 operating fees 2,113,000 2,036,000
 Total 111,881,000 99,084,000
 Expenses:
 Purchases of natural gas:
 Purchases for
 facilities 26,767,000 33,650,000
 Off-system purchases 19,748,000 23,183,000
 Cost of product sales 49,792,000 28,043,000
 Plant and pipeline
 operating expenses 9,080,000 5,699,000
 Depreciation and
 amortization 3,760,000 4,051,000
 General, administrative
 and project development
 expenses 2,154,000 1,983,000
 Total 111,301,000 96,609,000
 Operating earnings 580,000 2,475,000
 Other income (expense):
 Interest income 143,000 248,000
 Interest expense (2,636,000) (3,614,000)
 Equity in net earnings
 (losses) of
 unconsolidated
 affiliates (211,000) 174,000
 Other (90,000) 22,000
 Total (2,794,000) (3,170,000)
 Earnings (loss) before
 income tax benefit (2,214,000) (695,000)
 Provision (benefit) for
 income taxes:
 Current 109,000 206,000
 Deferred (840,000) (361,000)
 Total (731,000) (155,000)
 Net earnings (loss) (1,483,000) (540,000)
 Preferred stock dividend
 requirements (950,000) (950,000)
 Net loss applicable to
 common stock $(2,433,000) $(1,490,000)
 Per common and common
 equivalent share:
 Net loss $ (.32) $ (.19)
 Weighted average common
 and common equivalent
 shares outstanding 7,717,000 7,674,000
 Working Capital Provided
 by Operations $ 1,927,000 $ 3,080,000
 -0- 8/17/92
 /CONTACT: James W. Bryant, chairman of the board or Jack W. Young, executive vice president, of Endevco, 214-691-5536/
 (EI) CO: Endevco, Inc. ST: Texas IN: OIL SU: ERN


LR -- NY025 -- 0423 08/17/92 10:24 EDT
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