ENDEVCO ANNOUNCES FOURTH QUARTER ADJUSTMENTS
ENDEVCO ANNOUNCES FOURTH QUARTER ADJUSTMENTS DALLAS, Feb. 7 /PRNewswire/ -- Endevco, Inc. (AMEX: EI) announced
today that during the fourth quarter of 1991, Endevco, Inc. and its subsidiaries (the "company") recorded several nonrecurring expenses totaling approximately $3.7 million. These charges included the effects of a sale and leaseback agreement and amounts related to assets no longer expected to provide future economic benefits. Also included were $.12 million of general and administrative expenses related to project development costs which no longer fit the company's current strategic direction.
During the third quarter of 1991, Endevco recorded a one time pre- tax gain of $3.7 million from the sale of Endevco Industrial Gas Sales Company, a 50 percent owner of the Hattiesburg Gas Storage Facilities. While these fourth quarter adjustments had a negative impact on earnings, they resulted in significant tax savings by offsetting alternative minimum tax obligations generated by the third quarter 1991 gain. Endevco is a gas transportation and processing company. Their gas transportation segment includes gathering, transmission, marketing and storage of natural gas. Their processing segment includes gas liquids recovery, gas treating and petroleum refining. -0- 2/7/92 /CONTACT: James W. Bryant, chairman of the board, or Jack W. Young, executive vice president, both of Endevco, Inc., 214-691-5536/ (EI) CO: Endevco Inc. ST: Texas IN: OIL SU: AH -- NY019 -- 7652 02/07/92 09:51 EST
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|Date:||Feb 7, 1992|
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