GLOBAL ANNOUNCES YEAR END RESULTS
GLOBAL ANNOUNCES YEAR END RESULTS HOUSTON, March 30 /PRNewswire/ -- Global Natural Resources Inc.
(NYSE: GNR) today reported a net loss of $39.1 million or $1.66 per share on revenues of $60.0 million for the 12 months ended Dec. 31, 1991.
The 1991 net loss included losses associated with property transactions of approximately $28.5 million, leasehold impairments of $4.9 million and $4.4 million of unsuccessful exploratory wells. The results for 1991 compares to net income of $8.0 million or $.35 per share on revenues of $58.1 million for 1990. The 1991 and 1990 results included a $3.0 million and $4.6 million, respectively, liquidating distribution from a 47 percent owned real estate investment trust. For the three months ended Dec. 31, 1991, the net loss was $22.0 million or $.93 per share compared with net income of $3.1 million or $.14 per share for the same period in 1990. Total revenues were $12.9 million for the quarter ended Dec. 31, 1991, compared with revenues of $20.7 million for the same quarter in 1990. The loss for the three months ended Dec. 31, 1991, included losses associated with property transactions of approximately $15.9 million, leasehold impairments of $2.0 million, and unsuccessful exploratory wells of $3.2 million. Cash provided by operating activities was $15.3 million for the year ended Dec. 31, 1991, compared to $32.1 million for the same period of 1990. Working capital at Dec. 31, 1991, was $35.0 million compared to $31.6 million at year end 1990. Cash and short-term investments at Dec. 31, 1991, was $40.3 million compared to $34.0 at Dec. 31, 1990. During 1991, $54.7 million of long-term debt and associated accrued interest was converted into preferred stock which is convertible into approximately 6.3 million shares of the company's common stock. "The losses for the year were largely attributable to the company's strategic decision to sell certain properties in the United States and focus on international opportunities with greater potential in Russia and Argentina," commented James G. Niven, chairman of Global. "We have repositioned the company by completing the divesture of domestic properties with declining production capacity, higher than normal operating costs and high depletion rates. In implementing our plan to dispose of these properties, we recognized the necessity of foregoing short-term rewards to assure longer-term success," said Niven. The divested properties represented approximately 36 percent of the company's domestic and 20 percent of its total proved reserves. Cash of approximately $17.0 million was received from the sale of the properties. 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 joint venture projects in Tatarstan-Russia and Argentina. GLOBAL NATURAL RESOURCES INC. Unaudited Operating Results (Dollars in thousands, except per share amounts) Three Months Ended Year Ended Dec. 31, Dec. 31, 1991 1990 1991 1990 Total revenues $ 12,885 $20,728 $ 59,933 $58,078 Income (loss) before continuing operations before income tax expense $(23,951) $ 8,142 $(32,969) $16,318 Net income (loss) before extraordinary item $(21,977) $ 2,366 $(39,105) $6,187 Net income (loss) $(21,977) $ 3,050 $(39,105) $ 7,975 Net income (loss) before extraordinary item per share $ (.93) $ .10 $ (1.66) $ .27 Net income (loss) per share $ (.93) $ .14 $ (1.66) $ .35 Weighted average shares outstanding 23,592,625 22,923,275 23,515,288 22,542,506 GLOBAL NATURAL RESOURCES INC. Condensed Consolidated Balance Sheets Unaudited (Dollars in Thousands) ASSETS 12/31/91 12/31/90 Cash and cash equivalents $ 13,883 $ 14,284 Short term investments 26,409 19,715 Other current assets 14,046 16,248 Total current assets 54,338 50,247 Properties and equipment, net 70,876 115,940 Other assets 14,911 13,029 Total $140,125 $179,216 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities $ 19,326 $ 18,610 Long-term debt 234 50,167 Long-term interest -- 4,105 Other liabilities 935 2,964 Minority-interest in net assets of partnership 824 1,090 Common stock subject to put 650 1,040 Shareholders' equity 118,156 101,240 Total $140,125 $179,216 -0- 3/30/92 /CONTACT: Eric Lynn Hill of Global Natural Resources, 713-880-5464/ (GNR) CO: Global Natural Resources Inc. ST: Texas IN: OIL SU: ERN
PS -- NY110 -- 3158 03/30/92 19:53 EST
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|Date:||Mar 30, 1992|
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