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HAMPTON RESOURCES CORPORATION ANNOUNCE THIRD QUARTER AND NINE MONTHS RESULTS FOR 1993

 HOUSTON, Nov. 12 /PRNewswire/ -- Frank A. Lodzinski, president and chief operating officer of Hampton Resources Corporation (NASDAQ: HPTR) today announced its third quarter results. Income before a nonrecurring charge related to the refinancing of long term debt for the third quarter was $65,000, or 2 cents per share, up 63 percent from $40,000, or 1 cent per share, earned in the corresponding period of the preceding year. Income (exclusive of nonrecurring charge) for the nine months ended Sept. 30, 1993 was $519,000, or 17 cents per share, up 262 percent from $143,000, or 5 cents per share, for the corresponding period of the preceding year. The refinancing charge of $357,000 after-tax resulted from the purchase of certain debt conversion options formerly held by subordinated debt holders. This nonrecurring charge will be reported as an extraordinary item for financial reporting purposes. After considering this charge the loss was $292,000, or 10 cents per share, for the third quarter of its 1993 year. For the nine months ending Sept. 30, 1993 net income totaled $162,000. Hampton also reported net cash provided by operating activities, before the effects of working capital changes, of $2.6 million and $758,000 for the nine months ended Sept. 30, 1993 and 1992, respectfully.
 As previously reported, Hampton signed a $25 million dollar credit facility with First Union National Bank of North Carolina in October 1993. Hampton initially borrowed $8 million to refinance higher cost debt, fund certain developmental expenditures and for general corporate purposes. In connection with this transaction, Hampton also repurchased from the holders of previously outstanding subordinated debt their options to convert to either(1) a 20 percent equity interest in Hampton or (2) a 25 percent net profits interests in oil and gas properties acquired by the company with the debt for $675,000.
 Lodzinski said, "The company's increases in operating profits for the current quarter and year-to-date periods are primarily the result of increased production from properties acquired during 1993 and the last half of 1992 and increased natural gas prices, offset by lower average oil prices," and further stated that, "The refinancing and purchase of conversion options significantly reduces Hampton's cost of capital and relieves the company from a burdensome net profits interest or a potential dilution of shares held by current shareholders. Based on prevailing rates, interest savings alone should pay for the repurchase in less than 30 months."
 HAMPTON RESOURCES CORPORATION
 (Unaudited highlights, In thousands, except per share data)
 For the three months ended For the nine months ended
 September 30, September 30,
 1993 1992 1993 1992
 Revenues $ 1,932 $ 947 $ 6,077 $ 1,968
 Net income before
 extraordinary item 65 40 519 143
 Net income before
 extraordinary item
 per share .02 .01 .17 .05
 Extraordinary item:
 Repurchase of debt
 conversion options,
 net of taxes (357) -- (357) --
 Extraordinary item
 per share (.12) -- (.12) --
 Average common shares
 outstanding 2,979 2,979 2,979 2,979
 Selected Financial Information:
 (In Thousands)
 September 30, December 31,
 1993 1992
 Current assets $ 3,063 $ 3,215
 Current liabilities 2,311 3,517
 Property and equipment, net 14,929 11,276
 Total assets 18,958 15,460
 Long-term debt 6,641 2,027
 Total stockholders' equity 8,166 8,036
 Key Ratios:
 Nine Months Year Nine Months
 Ended Ended Ended
 September 30, December 31, September 30,
 1993 1992 1992
 Current 1.33 .91 .81
 Long-term debt to equity .81 .25 .21
 Operating profit margin
 (excluding DD&A) .58 .44 .39
 Return on equity
 (annualized) (A) 8.61 pct. 2.38 pct. 2.43 pct.
 Operating cash flow per share
 (annualized) $ 1.17 $ 0.45 .34
 Bid price per share $ 2.50 $ 1.00 1.00
 (A) Does not include extraordinary item
 -0- 11/12/93
 /CONTACT: Jeffrey S. Rawson, chairman, or Frank A. Lodzinski, president and chief operating officer, 713-752-2950 or 800-752-2960, both of Hampton Resources Corporation/
 (HPTR)


CO: Hampton Resources Corporation ST: Texas IN: SU: ERN

WB -- NY054 -- 3707 11/12/93 13:02 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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