Printer Friendly

KEY REPORTS THIRD QUARTER EARNINGS

 DENVER, Nov. 15 /PRNewswire/ -- Key Production Co. Inc. (NASDAQ: KPCI) today reported third quarter net income of $477,000 (5 cents per share) compared to net income of $97,000 for the corresponding quarter of 1992. For the first nine months of 1993, the company recorded income of $2,947,000 (29 cents per share) compared to a net loss of $32,000 for the like period of 1992. Earnings for 1993 include a non-recurring benefit of $1.6 million (16 cents per share) resulting from the adoption of Statement of Accounting Standards No. 109 during the first quarter and an extraordinary loss on early extinguishment of debt of $1,?000 (1 cent per share) recorded during the third quarter.
 Sales of properties in 1992 and 1993 were a significant factor in the decline in cash flow and production. Cash provided by operating activities during the first nine months of 1993 decreased to $4.1 million from $6.8 million in the corresponding period of 1992. Production for the quarter totaled 955 million cubic feet (Mmcf) of gas and 50,000 barrels of oil, down from 1,414 Mmcf and 86,800 barrels of oil during 1992's third quarter. The company received an average price of $2.21 per Mcf, up 26 cents from third quarter 1992. Key realized an average oil price of $14.01 per barrel, down from $18.76 per barrel in the third quarter of 1992.
 On July 15, 1993, the company redeemed all of its outstanding 9 percent convertible subordinated debentures due 2001. The redemption was funded with cash on hand. This transaction further strengthened Key's balance sheet which included $7.5 million cash at Sept. 30, 1993. The company continues to pursue drilling and acquisition opportunities.
 Key Production is an independent natural gas and oil exploration and production company. Common stock shares of Key trade on The NASDAQ Stock Market under the symbol KPCI.
 KEY PRODUCTION CO. INC.
 SUMMARY FINANCIAL INFORMATION
 FINANCIAL DATA
 (In thousands, except per share data)
 For the Quarter For the Nine Months
 Ended Sept. 30, Ended Sept. 30,
 1993 1992 1993 1992
 Revenues $2,830 $4,463 $8,828 $13,105
 Net Income (Loss) $477 $97 $2,947 $(32)
 Income (Loss) Per
 Common Share $.05 $.01 $.29 ---
 Weighted Average
 Shares Outstanding 10,254 10,253 10,252 10,898
 PRODUCTION AND PRICING DATA
 Natural Gas Production -
 (Million Cubic Feet) 955 1,414 2,862 4,821
 Average Price per
 Thousand Cubic Feet $2.21 $1.95 $2.18 $1.72
 Oil and Condensate
 Production - (Barrels) 50,000 86,800 154,400 271,300
 Average Price
 Per Barrel $14.01 $18.76 $ 15.96 $17.01
 -0- 11/15/93 R
 /CONTACT: Monroe W. Robertson of Key Production, 303-837-0779/
 (KPCI)


CO: Key Production Co. Inc. ST: Colorado IN: OIL SU: ERN

MC -- DV007R -- 5370 11/17/93 10:24 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:Nov 17, 1993
Words:479
Previous Article:M.A. HANNA AGREES TO SELL ROOFING BUSINESS TO FIRESTONE
Next Article:INSTINET ACQUIRES BZW'S THAMESWAY UNIT
Topics:

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