ENEX RESOURCES CORPORATION REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER AND YEAR ENDED DEC. 31, 1991
ENEX RESOURCES CORPORATION REPORTS FINANCIAL RESULTS FOR
FOURTH QUARTER AND YEAR ENDED DEC. 31, 1991
KINGWOOD, Texas, Feb. 20 /PRNewswire/ -- Enex Resources Corporation (NASDAQ: ENEX), a company which acquires and manages producing oil and gas properties and markets oil and gas income programs, today reported financial results for the fourth quarter and year ended Dec. 31, 1991.
Net income for the fourth quarter was $218,722 or $.15 per share, on total revenues of $2,084,565. This compares with net income of $355,585 or $.24 per share, on revenues of $1,544,077 for the same period of 1990.
For the year ended Dec. 31, 1991, net income was $832,659 or $.58 per share on total revenues of $6,510,705. This compares with net income of $6,252,981 or $2.68 per share on total revenues of $5,861,288. Absent a $5,960,149 nonrecurring gain on the sale of property, 1990 net income would have been approximately $700,000 or $.30 per share.
Gerald B. Eckley, president of Enex stated, "In 1991, we improved earnings while closing an acquisition which will increase profits and cash flow. These earnings enabled Enex to increase its cash dividend by 20 percent to $.12 per common share. We expect 1992 earnings to grow by 20 percent to over $1 million. Through our public partnership offerings as well as oil and gas acquisitions, joint ventures and private placements we will continue to increase the value of Enex for our shareholders and our limited partners."
/CONTACT: Robert E. Densford, vice president, secretary and treasurer of Enex Resources Corporation, 713-358-8401/
(ENEX) CO: Enex Resources Corporation ST: Texas IN: OIL SU: ERN SM -- NY029 -- 0863 02/20/92 10:55 EST