U.S. ENERGY ANNOUNCES 1992 YEAR-END INCOME
U.S. ENERGY ANNOUNCES 1992 YEAR-END INCOME RIVERTON, Wyo., Sept. 16 /PRNewswire/ -- U.S. Energy Corp.
(NASDAQ-NMS: USEG) has announced financial results for its fiscal year ended May 31, 1992.
U.S. Energy reports net income for fiscal 1992 was $870,200, or 21 cents per share, on revenues of $6,548,400, compared to net income of $6,164,900 ($1.55 per share) on revenues of $9,702,000 in 1991. Included in 1992 revenues was $2,895,000 from construction operations, commercial operations of $817,200, $123,300 from uranium sales, and other revenues of $2,712,900. Fiscal 1992 earnings reflected an extraordinary gain (utilization of net operating loss carryforwards) of $276,000. Per share earnings in fiscal 1992 were 14 cents before the extraordinary item, compared to 93 cents for fiscal 1991 income before that year's extraordinary item. Expenses for fiscal 1992 were $6,026,000, compared to $3,619,100 for fiscal 1991. John L. Larsen, president and chief executive officer of U.S. Energy stated, "Earnings for fiscal 1992 decreased as compared to fiscal 1991 due to income received in 1991 from the sale of certain mineral properties, which did not occur in 1992, coupled with significant increased expenditures, primarily related to continued permitting and feasibility work on the gold properties in California held through the Sutter Gold Venture. Building for the future, a major asset event in 1992 for the company was the acquisition by Green Mountain Mining Venture of the Sweetwater Mill from UNOCAL. The Sweetwater Mill is one of the newest uranium milling facilities in the United States and has been maintained in premium condition pending recommissioning when uranium prices turn around." U.S. Energy and Crested Corp. (NASDAQ: CBAG) are diversified minerals companies with interests in major uranium resources, a world- class deposit of molybdenum, gold and other base and precious metals properties. U.S. ENERGY CORP. AND AFFILIATES Condensed Consolidated Statements of Operations Year Ended May 31, 1992 1991 1990 Revenues $6,548,400 $9,702,000 $6,552,300 Costs and Expenses 6,026,000 3,619,100 1,950,700 Income before minority interest in loss, equity in income (loss) of affiliates, provision for income taxes and extraordinary item 552,400 6,082,900 4,601,600 Minority interest in loss of consolidated subsidiaries 58,900 --- --- Equity in (loss) income of affiliates 210,200 (96,100) (417,800) Income before provision for income taxes and extraordinary item 791,500 5,986,800 4,183,800 Provision for income taxes 197,300 2,276,100 1,210,200 Income before extraordinary item 594,200 3,710,700 2,973,600 Extraordinary item Utilization of net operating loss carryforward 276,000 2,454,200 769,600 Net income $870,200 $6,164,900 $3,743,200 Earnings per share amounts: Income before extraordinary item $.14 $.93 $.80 Extraordinary item .07 .62 .21 Net income per share $.21 $1.55 $1.01 Weighted average shares outstanding 4,228,165 3,981,637 3,703,948 This statement includes accounts of U.S. Energy Corp. and certain subsidiaries. -0- 9/16/92 /CONTACT: John L. Larson or Max T. Evans of U.S. Energy, 307-856-9271/ (USEG CBAG) CO: U.S. Energy Corp. ST: Wyoming IN: MNG SU: ERN
BB -- DV001 -- 9959 09/16/92 09:01 EDT
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|Date:||Sep 16, 1992|
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