OESI POWER CORP. REPORTS THIRD QUARTER RESULTS
OESI POWER CORP. REPORTS THIRD QUARTER RESULTS SPARKS, Nev., Nov. 19 /PRNewswire/ -- OESI Power Corp.
(NASDAQ: OESI) reported a net loss of $269,000, or $.08 per share, on revenues of $4.8 million for the quarter ended Sept. 30, 1991, compared to a net loss of $837,000, or $.25 per share, on revenues of $42.3 million for the comparable period of 1990. Revenues in 1990 include $35.2 million for the sale of the Soda Lake plant, but since the company recognized a comparable amount as a cost of the sale, it had a minor effect on earnings.
James W. Porter Jr., chief executive officer, stated, "OESI is still very much a development-oriented company where revenues and earnings fluctuate period-to-period depending on the status of projects. The loss in the third quarter of this year is not unusual; it simply reflects a lack of development revenues for one quarter of the year. We have a number of projects in progress which we believe will make significant contributions to earnings in future periods. Among these is Unalaska, where we recently signed a letter of intent with the Alaska Energy Authority to begin planning the project and Carson Basin A where we are currently developing the resource and will begin construction in the early part of 1992." Earnings for the nine months ended Sept. 30, 1991, were $2,966,000 or $.41 per share compared to a loss of $2,644,000 or $.78 per share in 1990. The increase in earnings is attributable to the recognition of development revenues associated with the Ormesa IE and IH plants. These revenues were previously deferred, but the change in ownership of OESI brought about by its issuance of common shares to the public in May 1991 eliminated the need to continue deferring the revenues. OESI Power Corp. acquires, develops, operates and sells interests in geothermal power projects in the Western United States, Alaska and Hawaii. OESI POWER CORPORATION (In thousands, except per share amounts) Three Months Ended Nine Months Ended Sept. 30 Sept. 30 Sept. 30 Sept. 30 1991 1990 1991 1990 Revenues $4,810 $42,330 $21,643 $51,894 Net income (loss) ($269) ($837) $2,966 ($2,644) Net income (loss) applicable to common stock ($509) ($1,037) $2,254 ($3,232) Earnings (loss) per common and common equivalent share ($.08) ($.25) $.41 ($.78) Weighted average common shares outstanding 6,401 4,200 5,460 4,133 -0- 11/19/91 /CONTACT: Patrick MacMullen of OESI Power, 702-355-5666/ (OESI) CO: OESI Power Corp. ST: Nevada IN: UTI SU: ERN SE-EH -- LA006 -- 4774 11/19/91 08:03 EST
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|Date:||Nov 19, 1991|
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