HOUSTON, May 10, 2012 /PRNewswire/ -- ISRAMCO, INC. (Nasdaq: ISRL) reported today that first quarter 2012 revenues were $11,464,000, compared to $11,150,000 in the first quarter of 2011, an increase of approximately 2.8%. The largest components of revenue in the first quarter of 2012 were oil and gas sales, which decreased by approximately 7% when compared to same period of 2011 due to lower prices received for natural gas and decrease in crude oil, natural gas and NGLs sales volumes. The decrease was offset by revenues from production services totaled to $1,113,000.
The Company reported net income of $1,542,000, or $0.57 per share, for the first quarter 2012 compared to net loss of ($4,306,000), or ($1.58) per share, for the same period in 2011. This increase was primarily due to the impact of a loss on derivatives of $6,089,000 in 2011 and lower lease operating expenses which were offset by lower natural gas sales revenues that were driven by decrease in natural gas prices and decrease in production volumes of natural gas and natural gas liquids ("NGLs) and lower depreciation depletion and amortization expenses.
There are currently 2,717,691 shares of common stock issued and outstanding.
Isramco's unaudited quarterly results are summarized below:
(In thousands, except for per share income)
|
||
For the Three Months Ended March 31, |
||
2012 |
2011 |
|
STATEMENT OF OPERATIONS DATA |
||
Revenues |
$11,464 |
$11,150 |
Total operating expenses |
9,538 |
9,571 |
Operating income |
1,926 |
1,579 |
Net income (loss) |
1,542 |
(4,306) |
Earnings per share – basic and diluted |
0.57 |
(1.58) |
CASH FLOW DATA |
||
Net cash provided by (used in) operating activities |
5,460 |
(3,360) |
Net cash provided by (used in) investing activities |
1,020 |
(2,818) |
Net cash provided by (used in) financing activities |
(7,465) |
1,383 |
March 31, |
December 31, 2011 |
|
BALANCE SHEET DATA |
||
Current assets |
$ 11,005 |
$ 13,077 |
Total assets |
147,118 |
151,907 |
Total liabilities |
129,282 |
133,359 |
Total shareholders' equity |
17,836 |
18,548 |
FORWARD-LOOKING STATEMENTS
ALL STATEMENTS CONTAINED HEREIN, AS WELL AS ORAL STATEMENTS THAT MAY BE MADE BY THE COMPANY OR BY OFFICERS, DIRECTORS OR EMPLOYEES OF THE COMPANY ACTING ON THE COMPANY'S BEHALF, THAT ARE NOT STATEMENTS OF HISTORICAL FACT, CONSTITUTE "FORWARD-LOOKING STATEMENTS" AND ARE MADE PURSUANT TO THE SAFE-HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE THE ACTUAL RESULTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE HISTORICAL RESULTS OR FROM ANY FUTURE RESULTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH RISKS AND UNCERTAINTIES ARE OUTLINED IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR 2011, ITS QUARTERLY REPORTS ON FORM-10-Q, AND SUCH OTHER DOCUMENTS AS ARE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION FROM TIME TO TIME. THE COMPANY IS NOT OBLIGATED TO REVISE OR UPDATE ANY FORWARD-LOOKING STATEMENTS IN ORDER TO REFLECT EVENTS OR CIRCUMSTANCES THAT MAY ARISE AFTER THE DATE OF THIS RELEASE.
SOURCE ISRAMCO, INC.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article