HAWKINS ENERGY ANNOUNCES RESULTS FOR THIRD QUARTER
HAWKINS ENERGY ANNOUNCES RESULTS FOR THIRD QUARTER TULSA, Okla., Nov. 14 /PRNewswire/ -- Hawkins Energy Corp.
(NASDAQ: HECI) today reported a net loss of $186,000, (5 cents per share) for the third quarter of l991, compared with net income of $19,000 (1 cent per share) for the third quarter of l990. During the first nine months of 1991, the company reported a net loss of $245,000 (6 cents per share) compared to a $457,000 (14 cents per share) loss during the nine months of 1990 which included a $658,000 pre-tax provision to reduce the carrying value of the company's oil and gas properties.
The company reported revenues of $1,194,000 for the third quarter of 1991, a 23 percent decrease from the third quarter of l990. For the first nine months of l991, revenues were $4,177,000 which is 9 percent lower than the first nine months of l990. The continuous decline in the wellhead price of natural gas during the first nine months of this year resulted in lower revenues from the sale of natural gas. Natural gas sales constitute better than 80 percent of the revenues derived from the company's oil and gas production. The company continues to pursue growth through its gas compression business. During 1991, the company's gas compressor subsidiary began marketing its remanufacturing services to the owners of compression equipment. The business resulted in revenues of $96,000 during the third quarter of l991. Compressor sales revenues were $424,000 during the third quarter of l991, a 13 percent increase over the third quarter of l990. Hawkins Energy Corp. is a Tulsa-based, publicly traded energy company engaged in oil and gas production and the sales, remanufacturing and leasing of gas compressor 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. Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 1991 1990 1991 1990 (In thousands except per share amounts) Revenues $1,194 $ 1,560 $ 4,177 $ 4,597 Net Income (Loss) $ (186) $ 19 $ (245) $ (457) Net Income (Loss) Per Share $ (.05) $ .006 $ (.06) $ (.14) Weighted Average Common Shares Outstanding 3,959 3,283 3,934 3,285 -0- 11/14/91 /CONTACT: Clifford S. Lewis of Hawkins Energy Corp., 918-587-5815/ (HECI) CO: Hawkins Energy Corp. ST: Oklahoma IN: OIL SU: ERN DB -- SF016 -- 1236 11/14/91 17:17 EST
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|Date:||Nov 14, 1991|
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