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ISRAMCO, INC. Reports Second Quarter Results

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HOUSTON, Aug. 9, 2012 /PRNewswire/ -- ISRAMCO, INC. (Nasdaq: ISRL) reported today that second quarter 2012 revenues were $12,828,000, compared to $11,747,000 in the second quarter of 2011, an increase of approximately 9.2%. Our oil and gas revenues decreased by approximately 11% when compared to the same period of 2011, due to lower natural gas, oil and condensate and natural gas liquids ("NGLs") commodity prices, and a decrease in volumes produced for natural gas and NGLs. The revenues from our well service operations for the second quarter of 2012 totaled $2,368,000, which offset the decrease in revenues from oil and gas sales.

The Company reported net income of $2,490,000 or $0.92 per share for the second quarter of 2012 compared to net income of $1,301,000 or $0.48 per share for the same period in 2011. This increase was primarily due to an increase in revenues from well service activities, a decrease in lease operating expenses and a decrease in interest expenses which were partially offset by a decrease of natural gas and NGLs sales compared to the second quarter of 2011.

The Company reported net income of $4,032,000, or $1.48 per share, for the six months ended June 30, 2012, as compared to a net loss of  ($3,005,000), or ($1.11) per share, for the comparable six month period in 2011. This increase was primarily due to the impact of a loss on derivatives of ($3,158,000) in 2011, compared to a gain on derivatives of $1,560,000 in 2012, realized gain on sale of marketable securities of $3,650,000, a decrease in lease operating expenses and a decrease in interest expenses in 2012. In addition, results of operations from well service subsidiary add to the increase. The increase was partially offset by lower natural gas and NGLs sales revenues as a result of a decrease in natural gas and NGLs prices and a decrease in production.  

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 shares outstanding and per share amounts):


For the Three Months Ended June 30,

For the Six Months  Ended June 30,


2012

2011

2012

2011

STATEMENT OF OPERATIONS DATA










Revenues

$12,828

$11,747

$24,292

$22,897






Total operating expenses

10,563

10,727

20,101

20,258






Operating income  

2,265

1,020

4,191

2,639






Net income (loss) attributable to Isramco

2,490

1,301

4,032

(3,005)






Earnings (loss) per share – basic and diluted

0.92

0.48

1.48

(1.11)






CASH FLOW DATA










Net cash provided by operating activities



9,377

692






Net cash used in investing activities



(2,703)

(3,655)






Net cash used in financing activities



(7,323)

(987)














June 30,

2012

December 31,

2011

BALANCE SHEET DATA










Current assets



$  14,708

$  13,077






Total assets



152,035

151,907






Total liabilities



131,607

133,359






Total shareholders' equity



20,428

18,548

 

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 2011, 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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