HOUSTON, May 10, 2011 /PRNewswire/ -- ISRAMCO, INC. (Nasdaq: ISRL) reported today that first quarter 2011 revenues were $11,150,000, compared to $10,165,000 in the first quarter of 2010, an increase of approximately 9.7%. The largest components of revenue in the first quarter of 2011 were oil and gas sales, which increased by approximately 10% when compared to same period of 2010 due to higher prices received for oil and condensate and NGLs and by an increase in our oil and condensate and NGLs sales volumes.
The Company reported net loss of ($4,306,000), or ($1.58) per share, for the first quarter 2011, compared to net income of $1,357,000, or $0.50 per share, for the same period in 2010. This decrease was primarily due to the impact of derivatives and higher lease operating expenses which were partially offset by higher natural gas, oil and natural gas liquids ("NGLs") sales revenues and lower depreciation depletion and amortization expenses.
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) |
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For the Three Months Ended March 31, |
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2011 |
2010 |
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STATEMENT OF OPERATIONS DATA |
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Revenues |
$11,150 |
$10,165 |
|
Total operating expenses |
9,571 |
9,519 |
|
Operating income |
1,579 |
646 |
|
Net income (loss) |
(4,306) |
1,357 |
|
Earnings per share – basic and diluted |
(1.58) |
0.50 |
|
CASH FLOW DATA |
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Net cash provided by (used in) operating activities |
(3,360) |
2,818 |
|
Net cash used in investing activities |
(2,818) |
(374) |
|
Net cash provided by (used in) financing activities |
1,383 |
(1,374) |
|
March 31, 2011 |
December 31, 2010 |
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BALANCE SHEET DATA |
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Current assets |
$ 14,209 |
$ 18,895 |
|
Total assets |
166,311 |
171,878 |
|
Total liabilities |
152,200 |
153,341 |
|
Total shareholders' equity |
14,111 |
18,537 |
|
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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