SEARCH EXPLORATION ANNOUNCES SECOND QUARTER RESULTS
SEARCH EXPLORATION ANNOUNCES SECOND QUARTER RESULTS DALLAS, May 21 /PRNewswire/ -- Search Exploration, Inc.
(NASDAQ: SXEI) today announced financial results for its fiscal second quarter and six months ended March 31, 1992. For the second quarter, net income was $23,148, or 1 cent per share, on revenues of $236,301, compared to net income of $48,926, or 1 cent per share, on revenues of $534,975 in the year-earlier period. For the six months ended March 31, 1992, net income was $26,781, or 1 cent per share, on revenues of $346,807, compared to net income of $120,181, or 5 cents per share, in the same period a year ago.
Joseph F. "Chip" Langston, president, said comparisons with 1991 should be considered in light of the fact that Search was completing a quasi-reorganization and selling the bulk of its oil and gas properties in settlement of litigation during 1991. SEARCH EXPLORATION, INC. Three months ended March 31 1992 1991 Revenues $ 236,301 $ 534,975 Net income 23,148 48,926 Per share .01 .01 Weighted average shares outstanding 3,787,620 5,020,333 Six months ended March 31 1992 1991 Revenues $ 346,807 $ 1,244,894 Net income 26,781 230,181 Per share .01 .05 Weighted average shares outstanding 3,787,620 5,020,333 -0- 5/21/92 /CONTACT: Chip Langston, president of Search Exploration, 214-991-4100, or Larry Howell of Howell Communications, 214-340-9994, for Search Exploration/ (SXEI) CO: Search Exploration, Inc. ST: Texas IN: OIL SU: ERN
SH -- NY086 -- 2968 05/21/92 15:12 EDT
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|Date:||May 21, 1992|
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