New Concept Energy, Inc. Reports First Quarter 2010 Results
New Concept Energy, Inc. (AMEX: GBR), (“the Company” or “NCE”), a Dallas-based oil and gas company, today reported results of operations for the first quarter ended March 31, 2010. NCE announced today that the Company reported a net loss applicable to common shares of $40,000 or $(0.02) per share for the three months ended March 31, 2010, as compared to net income of $23,000 or 0.01 per share for the same period ended 2009.
The Company recorded oil and gas revenues of $270,000 as compared to $394,000 for the comparable period of 2009. The decrease in oil & gas revenue was due entirely to lower prices in 2010.
The Company recorded revenues of $703,000 for the three months ended March 31, 2010 from its retirement property compared to $674,000 for the comparable periods in 2009. The principal reason for the increase was additional fees collected in 2010.
The Company recorded oil and gas operating expenses of $356,000 as compared to $386,000 for the comparable period of 2009. The decrease was due to a decrease in payroll costs.Operating expenses and lease expense at the retirement property were $536,000 as compared to $551,000 for the comparable periods in 2009. Corporate general & administrative expenses were $199,000 as compared to $262,000 for the comparable periods in 2009. The decrease is primarily due to decreased payroll costs. Interest income was $139,000 as compared to $181,000. The decrease is primarily due to decreases in the prime lending rate and the decreased receivable on which interest is computed over the comparable periods. Interest expense for the three months ended March 31, 2010 was $31,000.
|New Concept Energy, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share amounts)|
|For the three months ended|
|Oil and gas operations, net of royalties||$||270||$||394|
|Real estate operations||703||674|
|Oil and gas operations||356||386|
|Real estate operations||325||340|
|Corporate general and administrative||199||262|
|Accretion of asset retirement obligation||30||—|
|Operating earnings (loss)||(176||)||(159||)|
|Other income (expense)|
|Gain on sale of assets, net||10||—|
|Other income, net||18||31|
|Net income (loss) from continuing operations||(40||)||23|
|Net income (loss) applicable to common shares||$||(40||)||$||23|
|Net income (loss) per common share – basic and diluted||$||(0.02||)||$||0.01|
|Weighted average common and equivalent shares outstanding – basic||1,947||1,947|
|NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ( amounts in thousands, except share amounts)|
|March 31,||December 31,|
|Cash and cash equivalents||$||123||$||155|
|Accounts receivable from oil and gas sales||201||203|
|Note and interest receivable – related party||9,920||11,206|
|Other current assets||550||567|
|Total current assets||10,794||12,131|
|Oil and natural gas properties (full cost accounting method):|
|Proved developed and undeveloped oil and gas properties, net of depletion||11,350||11,372|
|Property and equipment, net of depreciation:|
|Land, buildings and equipment - oil and gas operations||1,330||1,337|
|Total property and equipment||1,482||1,486|
|New Concept Energy Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS - CONTINUED (amounts in thousands, except share amounts)|
|March 31, 2010||December 31, 2009|
|Liabilities and stockholders’ equity|
|Accounts payable – trade||$||200||$||154|
|Accrued expenses (including $661 and $638 to related parties in 2010 and 2009||1,352||2,711|
|Total current liabilities||1,552||2,865|
|Asset retirement obligation||2,480||2,450|
|Other long-term liabilities||288||326|
|Preferred stock, Series B||1||1|
|Common stock, $.01 par value; authorized, 100,000,000|
|shares; issued and outstanding, 1,946,939 shares at December 31, 2009 and 2008||20||20|
|Additional paid-in capital||58,838||58,838|
|Total liabilities & equity||$||23,788||$||25,121|
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