HOUSTON, March 17, 2014 /PRNewswire/ -- Isramco, Inc.
(Nasdaq: ISRL) reported today revenues for the fourth quarter ended
December 31, 2013, of $20,617,000 compared to revenues of $13,383,000 for the fourth quarter a year ago.
The company reported a net loss of $13,132,000, or ($4.83) per share, for the fourth quarter of 2013
compared to a net loss of $652,000,
or ($0.24) per share for the same
quarter a year earlier.
The loss was primarily caused by one time impairment of
$23,161,000 on our oil and gas
properties in United States, lower
crude oil, natural gas and natural gas liquids ("NGLs") sales
revenues in the fourth quarter of 2013 as a result of a decrease in
crude oil, natural gas and NGLs sales volumes in the U.S. This
decrease was partially offset by revenues from the Company's
overriding royalty in Tamar Field off shore Israel, an increase in revenues from well
service activities and an increase in crude oil, natural gas and
NGLs sales prices.
For the full year, revenues from oil and gas sales were
$51,288,000 in 2013, compared to
$40,402,000 in 2012. The Company's
net loss in 2013 was $6,710,000 or
$(2.47), per share compared to a net
income of $2,221,000 or $0.82 per share in 2012.
When compared to 2012, the loss was primarily due to a one time
impairment of $23,161,000 on our oil
and gas properties in the United
States in 2013, the Company's net gain of $3,650,000 in 2012 on sale of its investment in
shares of a related party, Jerusalem Oil Exploration Ltd ("JOEL"),
lower crude oil, natural gas and NGLs sales revenues in 2013 as a
result of a decrease in crude oil, natural gas and NGLs sales
volumes in the U.S., and a decrease in NGLs prices in
2013. This loss was partially offset by revenues from the
Company's overriding royalty in the Tamar Field off shore
Israel, an increase in revenues
from well service activities and an increase in NGLs sales
prices.
There are currently 2,717,691 outstanding shares of Common
Stock.
Isramco's unaudited quarterly results are summarized below (in
thousands except for shares outstanding and per share amounts):
|
For the Three Months
Ended
December
31,
|
For the Year
Ended
December
31,
|
|
2013
|
2012
|
2013
|
2012
|
STATEMENT OF
OPERATIONS DATA
|
|
|
|
|
|
|
|
|
|
Revenues
|
$20,617
|
$13,383
|
$68,692
|
$50,430
|
|
|
|
|
|
Total operating
expenses
|
38,994
|
12,794
|
72,021
|
44,433
|
|
|
|
|
|
Operating income
(loss)
|
(18,377)
|
589
|
(3,329)
|
5,997
|
|
|
|
|
|
Net income (loss)
attributable to Isramco
|
(13,132)
|
(652)
|
(6,710)
|
2,221
|
|
|
|
|
|
Earnings (loss) per
share – basic and diluted
|
(4.83)
|
(0.24)
|
(2.47)
|
0.82
|
|
|
|
|
|
CASH FLOW
DATA
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
|
24,282
|
17,000
|
|
|
|
|
|
Net cash used in
investing activities
|
|
|
(21,931)
|
(12,031)
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
|
|
1,183
|
(6,476)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
2013
|
December
31,
2012
|
BALANCE SHEET
DATA
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
$
28,343
|
$
17,386
|
|
|
|
|
|
Total
assets
|
|
|
157,913
|
153,958
|
|
|
|
|
|
Total
liabilities
|
|
|
145,422
|
135,143
|
|
|
|
|
|
Total shareholders'
equity
|
|
|
12,491
|
18,815
|
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 2013, 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.