HOUSTON, May 9, 2014 /PRNewswire/ -- Isramco, Inc. (Nasdaq: ISRL) today reported revenues for the quarter ended March 31, 2014, of $21,368,000, compared to revenues of $11,452,000 for the first quarter a year ago, an 87% increase. This was primarily due to Isramco's overriding royalty interest in the Tamar Field offshore Israel, which generated net revenues of $5,102,000, and growth in its well service operations, which increased revenues to $6,414,000 compared to $2,704,000 for the same period in 2013. Revenues also increased as a result of higher sale prices for natural gas, crude oil, and natural gas liquids in the U.S. Revenues from domestic sales increased to $9,588,000 from $8,472,000 for the same period a year earlier.
The Company reported net income of $4,185,000, or $1.50 per share, for the first quarter of 2014, compared to net loss of $509,000, or $0.19 per share, for the same in 2013. This increase was primarily due to royalty revenues from the Tamar Field, an increase in revenues from its well service activities, and increased revenues from U.S. based production. These increases in revenue were partially offset by related increases in operating costs.
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, |
||
| 2014 |
2013 |
|
| STATEMENT OF OPERATIONS DATA |
||
| Revenues |
$21,368 |
$11,452 |
| Total operating expenses |
13,332 |
10,673 |
| Operating income |
8,036 |
779 |
| Net income (loss) |
4,185 |
(509) |
| Earnings (loss) per share – basic and diluted |
1.50 |
(0.19) |
| CASH FLOW DATA |
||
| Net cash provided by operating activities |
4,836 |
1,913 |
| Net cash used in investing activities |
(4,597) |
(4,937) |
| Net cash provided by (used in) financing activities |
(1,092) |
3,083 |
| March 31, |
December 31, |
|
| BALANCE SHEET DATA |
||
| Current assets |
$ 29,294 |
$ 28,343 |
| Total assets |
162,942 |
157,913 |
| Total liabilities |
145,681 |
145,422 |
| Total shareholders' equity |
17,261 |
12,491 |
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 2013, 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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