HOUSTON, May 10, 2013 /PRNewswire/ -- ISRAMCO, INC. (NASDAQ: ISRL) reported today that first quarter 2013 revenues were $11,452,000, compared to $11,464,000 for the first quarter of 2012. The largest components of revenue in the first quarter of 2013 were oil and gas sales, which decreased by approximately 17% when compared to same period of 2012 due to lower prices received for crude oil and NGLs and a decrease in crude oil sales volumes. The decrease was offset by revenues from production services of $2,704,000.
The Company reported net loss of $509,000, or $(0.19) per share, for the first quarter 2013 compared to net income of $1,542,000, or $0.57 per share, for the same period in 2012. This decrease was primarily due to net gain of $3,650,000 on sale of our investment in shares of Jerusalem Oil Exploration Ltd, ("JOEL") a related party in 2012, lower crude oil and NGLs sales revenues as a result of the decrease in crude oil and NGLs prices and oil production volumes which were partially offset by increase in revenues from well service activities, and net loss on derivative contracts recorded in 2012.
On March 31, 2013 the Tamar Field began its first sales of natural gas and the impact to the Company will occur during the second quarter. The Company owns a 1.5375% (2.7375% after payout) overriding royalty interest in the Tamar Field, which is a significant gas field located in the Eastern Mediterranean and operated by Noble Energy, Inc.
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, |
||
| 2013 |
2012 |
|
| STATEMENT OF OPERATIONS DATA |
||
| Revenues |
$11,452 |
$11,464 |
| Total operating expenses |
10,673 |
9,538 |
| Operating income |
779 |
1,926 |
| Net income (loss) |
(509) |
1,542 |
| Earnings (loss) per share – basic and diluted |
(0.19) |
0.57 |
| CASH FLOW DATA |
||
| Net cash provided by operating activities |
1,913 |
5,460 |
| Net cash provided by (used in) investing activities |
(4,937) |
1,020 |
| Net cash provided by (used in) financing activities |
3,083 |
(7,465) |
| March 31, 2013 |
December 31, 2012 |
|
| BALANCE SHEET DATA |
||
| Current assets |
$ 18,895 |
$ 17,386 |
| Total assets |
156,310 |
153,958 |
| Total liabilities |
138,004 |
135,143 |
| Total shareholders' equity |
18,306 |
18,815 |
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 2012, 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.
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