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Isramco, Inc. Reports Fourth Quarter Results

HOUSTON, March 12 /PRNewswire-FirstCall/ -- Isramco, Inc. (Nasdaq: ISRL) reported today revenues for the fourth quarter ended December 31, 2009 of $9,508,000 compared to revenues of $7,728,000 for the fourth quarter a year ago. The company reported net loss of  $5,337,000, or ($1.96) per share, for the fourth quarter of 2009 compared to a net income of $8,573,000, or $3.15 per share, for the same quarter a year earlier.

In 2009, revenues from oil and gas sales were $30,768,000, compared to $51,832,000 in 2008. The net loss for 2009 was $13,579,000, or ($5.00) per share, compared to a net income of $3,229,000, or $1.19 per share, in 2008.

The decrease in net income for 2009 compared to 2008 was primarily due to lower natural gas, oil and condensate and natural gas liquids commodity prices, which resulted in a decrease of 41% in the sales of natural gas as well as loss on derivative contracts, which were partially offset by increases in sales volumes of natural gas, oil and natural gas liquids, lower lease operating expenses, lower depreciation, depletion, amortization and impairment expenses and tax benefit.

The number of outstanding shares was 2,717,691 on December 31, 2009 and 2008.

    
    
    The Company's financial statement information is summarized below:
    
                                (In thousands, except for per share income)
    
                                    Three months ended      Year Ended
                                       December 31,         December 31,
                                       ------------         ------------
                                     2009       2008       2009      2008
                                     ----       ----       ----      ----
    STATEMENT OF OPERATIONS
    
    Revenues                        $9,508     $7,728    $31,724   $52,197
    
    Total operating expenses       (14,008)   (35,859)   (42,024)  (63,619)
    
    Operating income (loss)         (4,500)   (28,131)   (10,300)  (11,422)
    
    Net income (loss)               (5,337)     8,573    (13,579)    3,229
    
    Earnings (loss) per common
     Share – basic and diluted      $(1.96)     $3.15     $(5.00)    $1.19
    
    Weighted average shares
     issued and outstanding
     basic and diluted:          2,717,691  2,717,691  2,717,691 2,717,691
    
    
    
                                                     Year Ended
                                                     December 31,
                                                     ------------
                                                  2009          2008
                                                  ----          ----
    CASH FLOW DATA
    
    Net cash provided by
     operating activities                       $21,519       $18,886
    
    Net cash provided used in
     investing activities                          (332)      (97,753)
    Net cash provided by
     financing activities                       (21,421)       80,796
    
    
                                                  As of December 31,
                                                  ------------------
                                                  2009          2008
                                                  ----          ----
    BALANCE SHEET DATA
    
    Current assets                              $18,879       $21,988
    
    Total Assets                                176,318       203,371
    
    Total Liabilities                           162,585       178,337
    
    Total Shareholders' Equity                   13,733        25,034
    
    

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 2009, 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.

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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