Printer Friendly

WILSHIRE REPORTS SHARP INCREASE IN REVENUES AND EARNINGS

 JERSEY CITY, N.J., Aug. 16 /PRNewswire/ -- Wilshire Oil Company of Texas (NYSE: WOC) today reported sharp increases in revenues and net income for both the six months and the quarter ended June 30, 1993.
 Revenues for the quarter ended June 30 increased from $3,014,000 in 1992 to $3,699,000 in 1993. Net income for the same period increased from $625,000 to $1,202,000 and earnings per share increased from $.06 per share to $.12 per share.
 Revenues for the six month period ended June 30 increased from $5,130,000 in 1992 to $7,842,000 in 1993. Net income for the same period increased from $2,030,000 to $2,426,000 and earnings per share increased from $.20 per share to $.24 per share.
 S.M. Wilzig, chairman of Wilshire stated, "We are quite pleased with the contribution of our income producing real estate properties as well as our continued success and expansion of our horizontal oil drilling program."
 WILSHIRE OIL COMPANY
 Periods ended Six months Quarter
 June 30 1993 1992 1993 1992
 Revenues(A) $7,842,000 $5,130,000 $3,699,000 $3,014,000
 Net income 2,426,000 2,030,000 1,202,000 625,000
 Earnings per share .24 .20 .12 .06
 Wilshire Oil Company of Texas is a diversified corporation engaged in oil and gas exploration and production, real estate operations and select investment activities.
 (A) Real estate revenues amounted to $2,976,000 and $861,000 for the six months ended June 30, 1993 and 1992, respectively, and $1,493,000 and $861,000 for the quarter ended June 30, 1993 and 1992, respectively. Revenues do not include pre-tax gains related to gains on sales of marketable securities of $3.1 million and $3.4 million for the six months ended June 30, 1993 and 1992, respectively, and $1.8 million and $1.1 million for the quarter ended June 30, 1993 and 1992, respectively.
 -0- 8/16/93
 /CONTACT: Wilshire Oil Company of Texas, 201-420-2796/
 (WOC)


CO: Wilshire Oil Company of Texas ST: New Jersey IN: OIL SU: ERN

WB-OS -- NY066 -- 3094 08/16/93 12:47 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 16, 1993
Words:364
Previous Article:AGNICO-EAGLE REPORTS IMPROVED PROFIT FOR FIRST HALF OF 1993
Next Article:LCS INDUSTRIES, INC. DECLARES REGULAR QUARTERLY DIVIDEND
Topics:

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