Printer Friendly

OXFORD ENERGY REPORTS FIRST-QUARTER FINANCIAL RESULTS

 OXFORD ENERGY REPORTS FIRST-QUARTER FINANCIAL RESULTS
 DEARBORN, Mich., May 19 /PRNewswire/ -- The Oxford Energy Company


(AMEX: OEN) today reported a net loss of $1.9 million or 19 cents per share on revenues of $8.7 million for the first quarter of 1992. This compared to a net loss of $1.4 million or 15 cents per share on revenues of $7.1 million for the same three-month period of 1991.
 The company said that operating results were anticipated and were a slight improvement over budget. Factors affecting power plant revenues were utility curtailments, the scheduling of additional maintenance outages and, in the case of the company's rice hull-to-energy plant, fuel shortages related to California's five-year drought. Revenues were higher overall because of the inclusion of revenues from the company's tire-to-energy plant start-up in Connecticut. Operating expenses were successfully held down, but rising borrowing costs affected overall financial results.
 The company noted that the first-quarter loss brought its deficit in stockholders' equity to $8 million, and that it continued to be dependent on loans from CMS Generation Co. to meet current cash flow requirements. CMS Generation, Oxford's largest single shareholder, is not obligated by any agreement to continue such support, and recently presented Oxford with a proposal to acquire certain of the company's assets, while relieving Oxford of certain debt and ceasing to be an investor in the company. The proposal does not provide for acquisition of any of Oxford Energy's outstanding common stock.
 Oxford management and the independent members of its board of directors are currently evaluating the CMS proposal as well as other alternatives. Accordingly, management has entered into discussions with CMS and potential third-party investors.
 "Discussions with all parties are at a preliminary stage," said Oxford Energy CEO Robert J. Cushman. "It would be inappropriate to discuss the details of any particular proposal or alternative at this time since there are no assurances concerning the results of these discussions." Cushman added that any transaction between Oxford and CMS would require the approval of a majority of Oxford's independent directors.
 The Oxford Energy Company is a developer, owner and operator of resource recovery, recycling and alternative energy facilities and a leader in the market niche of scrap tire re-use. The company has projects in development and operation in several regions of the United States.
 THE OXFORD ENERGY COMPANY
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Quarter Ended March 31,
 1992 1991
 Revenues (000) $8,744 $7,075
 Net loss (000) ($1,892) ($1,445)
 Net loss per share ($.19) ($.15)
 Weighted average common shares outstanding 9,783,947 9,783,947
 -0- 5/19/92
 /CONTACT: Robert Graulich of Oxford Energy, 313-436-9586/
 (OEN) CO: Oxford Energy Company ST: Michigan IN: OIL SU: ERN


ML-SM -- DE024 -- 2072 05/19/92 17:37 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 19, 1992
Words:463
Previous Article:ARCHER COMMUNICATIONS REPORTS 1991 LOSS
Next Article:THE BOARD OF DIRECTORS OF IVEY PROPERTIES, INC. DECLARES DIVIDEND
Topics:


Related Articles
OXFORD ENERGY REPORTS ADDITIONAL 1991 WRITEOFFS, RESTRUCTURING CHARGES
OXFORD ENERGY REPORTS 1991 FINANCIAL RESULTS
OXFORD REPORTS RECORD FIRST QUARTER RESULTS
CMS Energy's Consumers Gas Group (NYSE: CPG) Reports First Quarter Earnings Of $39.4 Million, or $1.19 Per Share.
JB Oxford Reports Strong Third Quarter Results.
JB Oxford Turns in Record First-Half Revenues and Continuing Growth.
Oxford Industries Announces First Quarter Financial Results.
Oxford Industries Announces Record First Quarter Fiscal 2004 Results; Net Sales Grow 41% to $242 Million.
Oxford Industries Announces First Quarter Fiscal 2005 Results.

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