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HUNTER REPORTS SIGNIFICANT INCREASE IN EARNINGS

 IRVING, Texas, Aug. 24 /PRNewswire/ -- Hunter Resources, Inc. (Boston Stock Exchange: HNT) reported a significant rebound in earnings for the second quarter and six months ended June 30, 1993 versus the comparable periods in 1992. Earnings before interest, taxes and non- cash expenses were approximately $115,000 and $179,000 for the second quarter and six months of 1993 compared with losses of ($93,000) and ($183,000) for the comparable periods in 1992. The company reported net income of $31,000 and $33,000 for the second quarter and six months of 1993 versus losses of ($103,000) and ($443,000) for the comparable periods during 1992.
 Hunter reported revenues of $551,000 for the quarter ended June 30, 1993, an increase of 32 percent from the year earlier period. The company attributes most of this improvement to a $122,000 increase in oil and gas sales from its recent successful property acquisitions.
 The rebound in earnings was caused by the higher revenues and a reduction in operating expenses. Total expenses for the six months ended June 30, 1993 decreased 25 percent or approximately $309,000 compared with the prior fiscal year. The majority of this decrease was due to a reduction of 44 percent or $206,000 in general and administrative expenses for the six month period. Also, a significant part of the loss in 1992 was caused by a previously reported $240,000 non-cash charge as required by Statement of Accounting Standards (SFAS No. 109).
 The company continues to review numerous potential acquisitions of oil and gas properties and pipeline operations. In addition, the company is assessing the potential of commencing recompletion and development drilling activities on several of its properties during the second half of 1993.
 Hunter Resources, Inc. is an energy development and management company engaged in three principal activities: (i) the production and sale of crude oil, condensate and natural gas; (ii) the gathering, transmission, and marketing of natural gas; and (iii) the business of managing and operating producing oil and natural gas properties for non- operating interest owners.
 HUNTER RESOURCES, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited)
 Periods Ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Revenues:
 Gas gathering &
 marketing $145,000 $179,000 $284,000 $385,000
 Oil & gas sales 168,000 46,000 232,000 91,000
 Oil field services &
 commissions 181,000 185,000 332,000 439,000
 Interest 6,000 2,000 8,000 5,000
 Other 51,000 5,000 101,000 10,000
 Total revenues 551,000 417,000 957,000 930,000
 Expenses:
 Purchases of natural gas 85,000 113,000 166,000 249,000
 Pipeline operations 22,000 26,000 46,000 54,000
 Lease operating 94,000 29,000 116,000 50,000
 Cost of services 97,000 134,000 182,000 289,000
 Depreciation, depletion,
 amortization & impairment 87,000 51,000 134,000 98,000
 General and administrative 132,000 206,000 260,000 466,000
 Interest 11,000 12,000 20,000 27,000
 Total expenses 528,000 571,000 924,000 1,233,000
 Income (loss) before taxes 23,000 (154,000) 33,000 (303,000)
 Income taxes (benefit) (8,000) 51,000 -- 100,000
 Cumulative effect of change
 in accounting principle -- -- -- (240,000)
 Net income (loss) $31,000 $(103,000) $33,000 $(443,000)
 Net income (loss) per share
 Income (loss) before cumulative
 effect $0.002 $(0.007) $0.002 $(0.02)
 Cumulative effect of change
 in accounting principle -- -- -- (0.009)
 Net income (loss) per share $0.002 $(0.007) $0.002 $(0.029)
 -0- 8/24/93
 /CONTACT: Gary C. Evans of Hunter Resources, Inc., 214-401-0752/
 (HNT)


CO: Hunter Resources, Inc. ST: Texas IN: OIL SU: ERN

LG-SP -- NY032 -- 5422 08/24/93 11:35 EDT
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Publication:PR Newswire
Date:Aug 24, 1993
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