Printer Friendly

HAWKINS ENERGY CORPORATION ANNOUNCES RESULTS FOR 1992

 TULSA, Okla., March 23 /PRNewswire/ -- Hawkins Energy Corp. (NASDAQ: HECI) today reported net income of approximately $20,000, or 1 cent per share, for the year ended Dec. 31, 1992, compared with a net loss of $371,000, 10 cents per share, for 1991. Revenues for 1992 were $4.36 million compared with revenues of $5.88 million for the prior year. The decline in revenues was primarily due to reduced compressor sales which the company believes resulted from the depressed prices for natural gas in early 1992. The lower volumes of the company's natural gas production during the year were offset by increased gas prices.
 Results for 1992 reflect the adoption by the company during the fourth quarter of the Statement of Financial Accounting Standards (SFAS) No. 109, "Accounting for Income Taxes," effective Jan. 1, 1992. The cumulative effect of this accounting change resulted in a benefit of $216,000.
 Thomas F. Ostrye, president, said the reduction in the loss for the year before taking into account the accounting change was due primarily to lower operating costs, depletion, depreciation and amortization expense and general administrative overhead expense resulting from fewer producing wells, less workover activity, lower production volumes and a reduction in corporate personnel expenses. "Also contributing to the improved results for 1992 was a slight increase in revenues from oil and gas sales because of improved gas prices. The company continues to emphasize growth in the gas compression business, as reflected by the previously announced letter of intent to acquire Mid-South Compressors of Columbia, Ms. We believe the technical expertise and resources we are acquiring through Mid-South will significantly strengthen our competitive position in the gas compression business."
 Shares of Hawkins Energy common stock outstanding total approximately 3.7 million.
 Hawkins Energy owns interests in 160 producing wells with proven reserves of approximately 5.0 billion cubic feet of gas equivalent as of Dec. 31, 1992. Through its wholly owned subsidiary, Equity Compressors Inc., Hawkins Energy provides gas compression remanufacturing, resale and leasing services to the natural gas industry.
 HAWKINS ENERGY CORP.
 For 12 Months Ending Dec. 31,
 1992 1991
 (In thousands except

 per share amounts)
 Total Revenues $ 4,359 $ 5,876
 Loss before cumulative
 effect of accounting change $ (196) $ (371)
 Net Income (Loss) $ 20 $ (371)
 Income (Loss) per Common Share $ 0.01 $ (0.10)
 Weighted average common
 shares outstanding 3,724 3,834
 -0- 3/23/93
 /CONTACT: Clifford S. Lewis, vice president, treasurer and secretary of Hawkins Energy, 918-587-5815/
 (HECI)


CO: Hawkins Energy Corp. ST: Oklahoma IN: OIL SU: ERN

TM -- SF009 -- 8867 03/23/93 17:52 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 23, 1993
Words:433
Previous Article:FORMER PRISM GENERAL MANAGER JOINS LENFEST GROUP
Next Article:SPRINT SUPPORTS NATIONAL INFORMATION INFRASTRUCTURE INITIATIVE
Topics:


Related Articles
HAWKINS ENERGY ANNOUNCES RESULTS FOR SECOND QUARTER
ENERGY RESEARCH CORPORATION REPORTS THIRD QUARTER RESULTS
HAWKINS ENERGY CORPORATION ANNOUNCES RESULTS FOR FIRST QUARTER 1993
HAWKINS ENERGY CORPORATION ANNOUNCES RESULTS FOR SECOND QUARTER
HAWKINS ENERGY CORPORATION ANNOUNCES EARNINGS FOR THIRD QUARTER
HAWKINS ENERGY CORPORATION ANNOUNCES RESULTS FOR FIRST QUARTER 1995
HAWKINS ENERGY CORPORATION ANNOUNCES RESULTS FOR SECOND QUARTER 1995
HAWKINS ENERGY CORPORATION ANNOUNCES LOSS FOR 1995
HAWKINS ENERGY CORPORATION ANNOUNCES RESULTS FOR FIRST QUARTER 1996
Hawkins Energy Corporation: Corporate Name and Trading Symbol to Change on Nasdaq Small-Cap Market Listing

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters