MAGELLAN PETROLEUM ANNOUNCES FIRST QUARTER REPORT
MAGELLAN PETROLEUM ANNOUNCES FIRST QUARTER REPORT HARTFORD, Conn., Nov. 14 /PRNewswire/ -- Magellan Petroleum
Corporation (NASDAQ: MPET) said today it posted net earnings of $137,000 (one cent a share) on gross revenues of $3.6 million in its fiscal first quarter ended Sept. 30.
In the corresponding period last year, gross revenues of $3.3 million yielded a net profit of $50,000, or less than one cent a share, the company said. Magellan, which reports on a consolidated basis with its 51 percent- owned subsidiary, Magellan Petroleum Australia Limited, said this year's improved results are attributable largely to a 180 percent increase in oil production from the Navajo venture, in the southwestern United States, where exploration drilling is continuing. Also noted were a substantial reduction in interest expense, due to the repayment of debt, and in depletion, depreciation and amortization costs. Benjamin W. Heath, president, said the Australian unit's proposed dividend, which is subject to shareholder approval at its annual meeting later this month, will generate after-tax revenues of about $750,000 for the U.S. parent, which will be added to the company's working capital. MAGELLAN PETROLEUM CORPORATION Consolidated Statement of Operations (Unaudited) Three months ended Sept. 30: 1991 1990 Revenues: Oil sales $1,598,040 $1,435,341 Gas sales 1,804,509 1,761,393 Interest and other income 176,805 136,005 Total 3,579,354 3,332,739 Costs and expenses: Production costs 808,175 752,029 Interest 10,147 147,066 Depletion, depreciation & amortization 752,776 836,088 Administrative 723,885 618,122 Other 361,545 349,935 Total 2,656,528 2,703,240 Income before minority interests and taxes 922,826 629,499 Minority interests in MPAL 556,219 397,355 Pre-tax income 366,607 232,144 Income tax provision (deferred) 229,992 182,611 Net income 136,615 49,533 Average number of shares outstanding 24,381,890 24,381,890 Net income per share $.01 -- -0- 11/14/91 /CONTACT: Arthur B. O'Donnell, 203-525-1202, for Magellan Petroleum/ (MPET) CO: Magellan Petroleum Corporation ST: Connecticut IN: OIL SU: ERN TS-PS -- NY012 -- 4240 11/14/91 08:00 EST
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|Date:||Nov 14, 1991|
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