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HARCOR ENERGY INC. ANNOUNCES FISCAL 1992 SECOND QUARTER RESULTS

 HARCOR ENERGY INC. ANNOUNCES FISCAL 1992 SECOND QUARTER RESULTS
 LOS ANGELES, Aug. 19 /PRNewswire/ -- HarCor Energy Inc. (NASDAQ: HARC) announced today its consolidated results of operations for the second quarter and first half ended June 30, 1992. Second quarter revenues totaled $1,661,000 compared to $1,425,000 in the prior year. First half revenues totaled $3,016,000 vs. $3,161,000 in the same period last year. Second quarter expenses totaled $2,009,000 compared to $2,083,000 in the prior year. First half expenses totaled $4,000,000 vs. $4,338,000 in 1991. The company experienced a second quarter net loss of $219,000 compared to a net loss of $268,000 in 1991. For the six months ended June 30, 1992, HarCor's net loss was $431,000 compared to $382,000 last year.
 Results at June 30, 1992 as reported do not include the effects of the company's recent $3,000,000 private placement of equity which was announced on Aug. 6, 1992.
 HarCor Energy is a Los Angeles-based independent oil and gas company with operations in the United States and in Canada through Consolidated HCO Energy Ltd.
 HARCOR ENERGY INC.
 Summary of Consolidated Results of Operations
 (In 000's, except per share data)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Total revenues $1,661 $1,425 $3,016 $3,161
 Total expenses 2,009 2,083 4,000 4,338
 Loss before
 minority interests (348) (658) (984) (1,177)
 Minority interests'
 loss (129) (390) (553) (795)
 Net loss ($219) ($268) ($431) ($382)
 Net loss per share ($.07) ($.09) ($.14) ($.13)
 Weighted average
 common shares
 outstanding 2,973,000 2,973,000 2,973,000 2,973,000
 HARCOR ENERGY INC.
 Consolidated Balance Sheet Data
 (In 000's, except per share data)
 June 30, Dec. 31,
 1992 1991
 Actual Proforma(a)
 Total Assets $14,935 $17,248 $15,586
 Long-term debt $5,594 $5,594 $5,578
 Subordinated debenture $4,250 $4,250 $4,250
 Minority interests'
 equity $1,237 $1,237 $1,790
 Stockholders' equity $1,360 $3,809 $1,798
 (a) Gives effect to the company's recent $3,000,000 private placement of equity as if this transaction had been consummated at June 30, 1992.
 -0- 8/19/92
 /CONTACT: Mark G. Harrington, chairman and CEO or Frances H. Roth, president of HarCor Energy, 310-575-9599/
 (HARC) CO: HarCor Energy Inc. ST: California IN: OIL SU: ERN


BP-EH -- LA017 -- 1368 08/19/92 13:19 EDT
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Publication:PR Newswire
Date:Aug 19, 1992
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