Printer Friendly

HONDO REPORTS FIRST QUARTER RESULTS

 ROSWELL, N.M., Feb. 9 /PRNewswire/ -- Hondo Oil & Gas Co. (AMEX: HOG) today reported a net loss from continuing operations of $1,829,000, or 14 cents per share, for its first quarter ended Dec. 31, 1992. The company reported a net loss from continuing operations of $1,419,000, or 11 cents per share, for the same period last year. The results for these periods are not comparable because of the sale of substantially all of the company's domestic oil and gas properties in June 1992.
 Operating losses of discontinued operations for the quarters ended Dec. 31, 1992 and 1991 of $5,437,000 and $6,374,000, respectively, were charged against previously established provisions. The company recorded an additional loss provision for discontinued operations of $1,200,000 in the current period in respect of shutdown costs because of delays in the timing of planned terminalling operations.
 HONDO OIL & GAS CO. AND SUBSIDIARIES
 Financial Highlights
 (In thousands, except per share data)
 Three Months Ended
 Dec. 31,
 1992 1991
 Operating revenue $568 $17,436
 Costs and expenses 2,397 18,456
 Loss before income taxes (1,829) (1,020)
 Income tax expense --- 399
 Loss from continuing operations (1,829) (1,419)
 Loss from discontinued operations (1,200) ---
 Net loss ($3,029) ($1,419)
 Loss per share:
 Continuing operations ($0.14) ($0.11)
 Discontinued operations (0.09) ---
 Total ($0.23) ($0.11)
 -0- 2/9/93
 /CONTACT: I.P. Brownlow of Hondo Oil & Gas, 505-625-8700/
 (HOG)


CO: Hondo Oil & Gas Co. ST: New Mexico IN: OIL SU: ERN

LS-BP -- LA034 -- 4930 02/09/93 21:01 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:Feb 9, 1993
Words:267
Previous Article:AEQUITRON MEDICAL ANNOUNCES RECORD SALES FOR THIRD QUARTER NET INCOME FOR THE NINE MONTHS UP 60 PERCENT
Next Article:TRANSCANADA PIPELINES TO ISSUE $150 MILLION DEBENTURES
Topics:


Related Articles
HONDO REPORTS FIRST QUARTER RESULTS
HONDO REPORTS SECOND QUARTER RESULTS
HONDO REPORTS THIRD QUARTER RESULTS
DEVON ENERGY CORP. ANNOUNCES RECORD FIRST QUARTER PRODUCTION, REVENUES AND EARNINGS
HONDO REPORTS SECOND QUARTER RESULTS
HONDO REPORTS THIRD QUARTER RESULTS
HONDO REPORTS FIRST QUARTER RESULTS
HONDO REPORTS FISCAL 1995 RESULTS
HONDO REPORTS FIRST QUARTER RESULTS
Hondo Reports First Quarter Results

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters