The Beard Company Reports Third Quarter Operating Results
OKLAHOMA CITY, Dec. 2, 2011 /PRNewswire/ -- The Beard Company (Pink Sheets: BRCO) ("Beard" or the "Company") today reported its operating results for the third quarter and first nine months of 2011.
For the quarter ended September 30, 2011, the Company reported a net loss attributable to common shareholders of ($300,583), or ($0.01) per diluted share, for the 2011 third quarter compared with a net loss attributable to common shareholders of ($656,000), or ($0.03) per diluted share, in the third quarter of 2010. We are continuing to make progress on our Restructuring Plan. Oil and gas segment revenues increased to $333,053 in the most recent quarter, versus $240,000 in the prior-year period.
The Company reported a net loss attributable to common shareholders of ($1,184,583), or ($0.06) per share, for the nine months ended September 30, 2011, compared with a net loss attributable to common shareholders of ($2,403,000), or ($0.12) per diluted share, in the corresponding period of the previous year. Oil and gas segment revenues in the first nine months of 2011 totaled $935,053 versus $470,000 in the nine months ended September 30, 2010.
Dilworth Field. "Weather and equipment problems continued to impact our operating results in the third quarter. We believe that steps we are currently taking to remedy the performance of the key well in the Field will significantly improve our operating results going forward. As a result, we remain optimistic about the ability of the Dilworth Field enhanced oil recovery project in Oklahoma to have a positive impact on our operating and financial results in the future," stated Herb Mee, Jr., our President.
About The Beard Company
The Beard Company creates, acquires, and/or invests in businesses, primarily related to natural resources, that management believes have high growth and/or above-average profit potential and can enhance shareholder value. We are involved in oil and gas activities and in minerals exploration and development through our Geohedral investment.
Forward-Looking Statements
This document may include statements that constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect", "anticipate", or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, our ability to secure capital to fund current operations; future trends in commodities prices; financial, geological or mechanical difficulties affecting the Company's or Geohedral's planned geological work programs; uncertainties surrounding estimates of mineralized material; and other risks associated with our business. By making these forward-looking statements, we undertake no obligation to update these statements for revisions or changes in the future.
For Additional Information, Please Contact:
Herb Mee, Jr., President, at (405) 842-2333 or via email at [email protected]
(Financial Highlights Follow)
| THE BEARD COMPANY AND SUBSIDIARIES |
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| Statements of Operations |
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For the Three Months |
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For the Nine Months |
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Ended September 30 |
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Ended September 30 |
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2011 |
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2010 |
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2011 |
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2010 |
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| Revenues: |
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Oil & gas segment |
$333,053 |
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$240,000 |
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$935,053 |
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$470,000 |
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Other |
- |
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4,000 |
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5,770 |
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18,000 |
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333,053 |
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244,000 |
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940,823 |
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488,000 |
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| Expenses: |
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Oil & gas segment |
379,736 |
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323,000 |
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748,886 |
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666,000 |
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Other |
- |
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4,000 |
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392 |
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12,000 |
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Selling, general and administrative |
175,896 |
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436,000 |
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886,768 |
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1,454,000 |
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Depreciation, depletion and amortization |
16,670 |
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25,000 |
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66,798 |
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63,000 |
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572,302 |
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788,000 |
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1,702,844 |
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2,195,000 |
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| Operating profit (loss): |
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Oil & gas segment |
(46,683) |
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(83,000) |
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186,167 |
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(196,000) |
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Other |
- |
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- |
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5,378 |
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6,000 |
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Other, primarily corporate |
(192,566) |
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(461,000) |
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(953,566) |
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(1,517,000) |
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(239,249) |
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(544,000) |
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(762,021) |
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(1,707,000) |
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| Other income (expense): |
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Interest income |
4,888 |
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1,000 |
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15,660 |
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3,000 |
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Interest expense |
(188,641) |
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(102,000) |
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(522,641) |
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(233,000) |
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Equity in operations of unconsolidated affiliates |
- |
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(72,000) |
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- |
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(222,000) |
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Gain on sale of assets |
64 |
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1,000 |
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9,064 |
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1,000 |
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Other |
122,355 |
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(1,000) |
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90,355 |
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- |
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Loss from continuing operations |
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before income taxes |
(300,583) |
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(717,000) |
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(1,169,583) |
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(2,158,000) |
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Income tax benefit (expense) |
- |
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105,000 |
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- |
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77,000 |
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Loss from continuing operations |
(300,583) |
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(612,000) |
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(1,169,583) |
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(2,081,000) |
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Loss from discontinued operations |
- |
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(44,000) |
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(15,000) |
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(322,000) |
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Net loss |
(300,583) |
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(656,000) |
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(1,184,583) |
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(2,403,000) |
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Net loss attributable to The Beard |
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Company common shareholders |
$ (300,583) |
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$ (656,000) |
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$ (1,184,583) |
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$ (2,403,000) |
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Net loss per average common share outstanding: |
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Basic and Diluted: |
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Loss from continuing operations |
($0.01) |
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$ (0.03) |
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$ (0.06) |
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$ (0.10) |
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Loss from discontinued operations |
$ (0.00) |
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$ (0.00) |
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($0.00) |
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$ (0.02) |
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Net loss |
($0.01) |
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$ (0.03) |
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$ (0.06) |
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$ (0.12) |
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Weighted average common shares outstanding: |
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Basic |
20,886,089 |
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20,104,000 |
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20,541,222 |
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20,104,000 |
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Diluted |
20,886,089 |
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20,104,000 |
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20,541,222 |
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20,104,000 |
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| THE BEARD COMPANY AND SUBSIDIARIES |
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| Balance Sheets |
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| September 30, 2011 (Unaudited) and December 31, 2010 (Unaudited) |
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September 30, |
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December 31, |
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Assets |
2011 |
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2010 |
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| Current assets: |
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Cash and cash equivalents |
$ 88,694 |
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$ 98,000 |
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Accounts receivable, less allowance for doubtful |
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receivables of $0 in 2011 and $55,000 in 2010 |
1,559,599 |
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1,400,000 |
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Inventories |
86,695 |
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63,000 |
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Prepaid expenses and other assets |
87,559 |
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78,000 |
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Assets to be disposed |
175,000 |
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750,000 |
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Total current assets |
1,997,547 |
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2,389,000 |
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| Restricted certificate of deposit |
50,000 |
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50,000 |
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| Note and other long-term receivables |
3,087,024 |
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225,000 |
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| Investments and other assets |
(27,866) |
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89,000 |
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| Property, plant and equipment, at cost, based on the successful |
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efforts method of accounting for oil and gas properties |
2,771,314 |
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2,423,000 |
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Less accumulated depreciation, depletion and amortization |
284,284 |
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425,000 |
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Net property, plant and equipment |
2,487,030 |
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1,998,000 |
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| Intangible assets, at cost |
1,146,982 |
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38,000 |
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Less accumulated amortization |
811,243 |
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32,000 |
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Net intangible assets |
335,739 |
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6,000 |
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$ 7,929,474 |
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$ 4,757,000 |
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Liabilities and Shareholders' Equity (Deficiency) |
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| Current liabilities: |
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Trade accounts payable |
$ 1,156,508 |
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$ 2,624,000 |
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Accrued expenses |
492,512 |
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184,000 |
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Short-term debt |
3,356,376 |
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1,075,000 |
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Short-term debt - related parties |
2,472,515 |
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272,000 |
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Current maturities of long-term debt |
82,000 |
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81,000 |
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Liabilities to be disposed |
176,010 |
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664,000 |
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Total current liabilities |
7,735,921 |
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4,900,000 |
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| Long-term debt less current maturities |
669,523 |
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236,000 |
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| Long-term debt - related entities |
- |
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2,054,000 |
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| Other long-term liabilities |
3,018,643 |
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310,000 |
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| Shareholders' equity (deficiency): |
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Convertible preferred stock of $100 stated value; |
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5,000,000 shares authorized; 27,838 shares issued |
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and outstanding |
889,000 |
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889,000 |
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Common stock of $.00033325 par value per share; |
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30,000,000 authorized; 21,215,089 and 20,103,889 shares |
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issued and outstanding in 2011 and 2010, respectively |
7,070 |
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7,000 |
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Capital in excess of par value |
43,277,510 |
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42,901,000 |
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Accumulated deficit |
(45,041,193) |
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(43,913,000) |
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Accumulated other comprehensive income |
24,000 |
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24,000 |
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Total shareholders' equity (deficiency) attributable to The Beard Company |
(843,613) |
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(92,000) |
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Noncontrolling interests |
(2,651,000) |
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(2,651,000) |
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Total shareholders' equity (deficiency) |
(3,494,613) |
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(2,743,000) |
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| Commitments and contingencies |
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$ 7,929,474 |
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$ 4,757,000 |
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SOURCE The Beard Company
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