HAWKINS ENERGY ANNOUNCES RESULTS FOR FIRST QUARTER 1992
HAWKINS ENERGY ANNOUNCES RESULTS FOR FIRST QUARTER 1992 TULSA, Okla., May 14 /PRNewswire/ -- Hawkins Energy Corp. (NASDAQ: HECI) today reported revenues of $1,133,000 for the first quarter of 1992, a six percent decrease over results for the first quarter of 1991. The company also reported a net loss of $105,000 ($.03 per share) for the first quarter of 1992, compared with a $31,000 ($.01) per share loss during the first quarter of 1991. Revenues from the company's compressor sales were 126 percent higher during the first quarter of 1992 compared with the same quarter of 1991. The company was negatively impacted by February's sharp decline in the spot market price of natural gas. Oil and gas sales declined by $192,000, or 26 percent, in the first three months of 1992 compared with the same period in 1991. This downturn in price also caused customers who purchase compressors from the company to delay purchase decisions. Tom Ostrye, the company's president, anticipates that the second quarter's results will continue to be negatively impacted by a lack of business in compressor sales and remanufacturing. Hawkins Energy Corp. is a Tulsa-based, publicly held energy company engaged in oil and gas production and the remanufacturing, sales and leasing of gas compressors through its wholly owned subsidiary, Equity Compressors Inc.
Hawkins Energy's common shares are listed on NASDAQ under the symbol HECI. The company currently has 3,958,974 outstanding shares of common stock.
HAWKINS ENERGY For 3 Months Ending March 31, 1992 1991 (In thousands except per share amounts) Total Revenues $1,133 $1,205 Net Loss $ (105) $ (31) Loss per Common Share $ (.03) $ (.01) Weighted average common shares outstanding 3,959 3,804 -0- 5/14/92 /CONTACT: Clifford S. Lewis of Hawkins Energy, 918-587-5815/ (HECI) CO: Hawkins Energy ST: Oklahoma IN: OIL SU: ERN
RM -- SF015 -- 0482 05/14/92 17:30 EDT
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|Date:||May 14, 1992|
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