HOUSTON, March 11, 2011 /PRNewswire/ -- Isramco, Inc. (Nasdaq: ISRL) reported today revenues for the fourth quarter ended December 31, 2010 of $12,580,000 compared to revenues of $9,508,000 for the fourth quarter a year ago. The company reported net loss of $2,600,000, or ($0.96) per share, for the fourth quarter of 2010 compared to a net loss of $5,337,000, or ($1.96) per share for the same quarter a year earlier.
In 2010, revenues from oil and gas sales were $39,329,000, compared to $30,768,000 in 2009. The net loss for 2010 was $2,787,000 or ($1.03), per share compared to a net loss of $13,579,000, or ($5.00) per share in 2009.
The decrease in net loss was primarily due to higher natural gas, oil and NGLs sales revenues due to higher prices, the impact of derivatives, lower depreciation, depletion and amortization expenses and lower interest expense. This was partially offset by a decrease in sales volumes of natural gas, oil and natural gas liquids ("NGLs") caused by adverse weather conditions in Texas that restricted our ability to access, repair and maintain our wells in the first quarter of 2010, along with the natural decline in production, and higher lease operating expenses.
The number of outstanding shares was 2,717,691 on December 31, 2010 and 2009.
The Company's financial statement information is summarized below: |
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(In thousands, except for per share income) |
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Three months ended December 31 |
Year Ended December 31 |
||||
2010 |
2009 |
2010 |
2009 |
||
STATEMENT OF OPERATIONS |
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Revenues |
$12,580 |
$9,508 |
$42,200 |
$31,724 |
|
Total operating expenses |
(11,272) |
(14,008) |
(41,059) |
(42,024) |
|
Operating income (loss) |
1,308 |
(4,500) |
1,141 |
(10,300) |
|
Net loss |
(2,600) |
(5,337) |
(2,787) |
(13,579) |
|
Loss per common |
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Share – basic and diluted |
$(0.96) |
$(1.96) |
$(1.03) |
$(5.00) |
|
Weighted average shares issued and |
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outstanding basic and diluted: |
2,717,691 |
2,717,691 |
2,717,691 |
2,717,691 |
|
Year Ended |
|||||
December 31, |
|||||
2010 |
2009 |
||||
CASH FLOW DATA |
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Net cash provided by |
|||||
operating activities |
$12,063 |
$21,519 |
|||
Net cash provided used in |
|||||
investing activities |
(1,437) |
(332) |
|||
Net cash used in |
|||||
financing activities |
(7,876) |
(21,421) |
|||
As of December 31, |
|||||
2010 |
2009 |
||||
BALANCE SHEET DATA |
|||||
Current assets |
$ 18,895 |
$ 18,879 |
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Total Assets |
171,878 |
176,318 |
|||
Total Liabilities |
153,341 |
162,585 |
|||
Total Shareholders' Equity |
18,537 |
13,733 |
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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 2010, 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.
Contact: |
Edy Francis |
|
Chief Financial Officer |
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713-621-3882 |
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SOURCE Isramco, Inc.
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