GLOBAL ANNOUNCES NINE MONTH EARNINGS
GLOBAL ANNOUNCES NINE MONTH EARNINGS HOUSTON, Nov. 13 /PRNewswire/ -- Global Natural Resources Inc.
(NYSE: GNR) today reported net income of $582,000 or $.02 per share on revenues of $37.5 million for the nine months ended Sept. 30, 1992. This compares to a net loss of $17.1 million or $.73 per share on revenues of $46.5 million for the first nine months in 1991.
For the three months ended Sept. 30, 1992, the company reported a net loss of $277,000 or $.01 per share compared with a net loss of $3.0 million or $.13 per share for the same period in 1991. Total revenues were $13.5 million for the quarter ended Sept. 30, 1992, compared with revenues of $14.1 million for the same quarter in 1991. These numbers include the non-cash impairments of domestic acreage in the amount of $1.3 million for the 1992 quarter as compared to $2.1 million for the same period in 1991. Income from operations for the third quarter 1992 was $1.0 million which compares to a $253,000 loss for the quarter ending Sept. 30, 1991. For the nine months ended Sept. 30, 1992, income from operations was $3.7 million which compares to a $8.6 million loss for the same period in 1991. During the nine months ended Sept. 30, 1991, the company disposed of certain producing properties and incurred losses on those dispositions. The disposition of these properties has had a significant effect upon the company's 1992 oil and gas revenues, production and depletion expenses, when compared to 1991. During the first nine months of 1991, these properties contributed approximately $8.5 million in oil and gas revenues, and incurred approximately $2.6 million and $4.8 million of production and depletion expenses, respectively. Global Natural Resources Inc. is a Houston-based energy company engaged in the exploration, development and production of oil and gas in North America. The company also owns an interest in long-term oil and gas production sharing contracts in Indonesia and has joint venture projects in Tatarstan-Russia, Malaysia and Argentina. GLOBAL NATURAL RESOURCES INC. Condensed Consolidated Balance Sheets (Unaudited, dollars in thousands) 9/30/92 12/31/91 Assets: Cash, cash equivalents and short term investments $ 39,761 $ 40,292 Other current assets 11,133 14,046 Total current assets 50,894 54,338 Properties and equipment, net 65,154 70,876 Other Assets 16,336 14,911 Total $132,384 $140,125 Liabilities and Shareholders' Equity: Current liabilities $ 13,081 $ 19,326 Long-term debt 68 234 Other liabilities 955 935 Minority-interest in net assets of partnership 0 824 Common Stock subject to put 285 650 Shareholders' equity 117,995 118,156 Total $132,384 $140,125 GLOBAL NATURAL RESOURCES INC. Unaudited Operating Results (Dollars in thousands except shares and per share amounts) Periods ended Three Months Nine Months Sept. 30 1992 1991 1992 1991 Total revenues $ 13,458 $ 14,109 $ 37,491 $ 46,526 Income (loss) from Operations $ 997 $ (253) $ 3,729 $ (8,623) Income (loss) before income taxes $ 1,549 $ (1,336) $ 5,380 $(11,565) Net Income (loss) $ (277) $ (2,981) $ 582 $(17,128) Net Income (loss) per share $ (.01) $ (.13) $ .02 $ (.73) Weighted average shares outstanding 23,588,526 23,517,475 23,626,225 23,489,508 -0- 11/13/92 /CONTACT: Robert F. Vagt or Eric Lynn Hill of Global Natural Resources Inc., 713-880-5464/ (GNR) CO: Global Natural Resources Inc. ST: Texas IN: OIL SU: ERN
TS -- NY057 -- 0791 11/13/92 14:56 EST
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|Date:||Nov 13, 1992|
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