HOUSTON, May 9, 2014 /PRNewswire/ -- Isramco, Inc.
(Nasdaq: ISRL) today reported revenues for the quarter ended
March 31, 2014, of $21,368,000, compared to revenues of $11,452,000 for the first quarter a year ago, an
87% increase. This was primarily due to Isramco's overriding
royalty interest in the Tamar Field offshore Israel, which generated net revenues of
$5,102,000, and growth in its well
service operations, which increased revenues to $6,414,000 compared to $2,704,000 for the same period in 2013. Revenues
also increased as a result of higher sale prices for natural gas,
crude oil, and natural gas liquids in the U.S. Revenues from
domestic sales increased to $9,588,000 from $8,472,000 for the same period a year
earlier.
The Company reported net income of $4,185,000, or $1.50 per share, for the first quarter of 2014,
compared to net loss of $509,000, or
$0.19 per share, for the same in
2013. This increase was primarily due to royalty revenues from the
Tamar Field, an increase in revenues from its well service
activities, and increased revenues from U.S. based production.
These increases in revenue were partially offset by related
increases in operating costs.
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)
|
|
|
|
For the Three Months
Ended March 31,
|
|
2014
|
2013
|
STATEMENT OF
OPERATIONS DATA
|
|
|
|
|
|
Revenues
|
$21,368
|
$11,452
|
|
|
|
Total operating
expenses
|
13,332
|
10,673
|
|
|
|
Operating
income
|
8,036
|
779
|
|
|
|
Net income
(loss)
|
4,185
|
(509)
|
|
|
|
Earnings (loss) per
share – basic and diluted
|
1.50
|
(0.19)
|
|
|
|
CASH FLOW
DATA
|
|
|
|
|
|
Net cash provided by
operating activities
|
4,836
|
1,913
|
|
|
|
Net cash used in
investing activities
|
(4,597)
|
(4,937)
|
|
|
|
Net cash provided by
(used in) financing activities
|
(1,092)
|
3,083
|
|
|
|
|
|
|
|
March 31,
2014
|
December 31,
2013
|
BALANCE SHEET
DATA
|
|
|
|
|
|
Current
assets
|
$
29,294
|
$
28,343
|
|
|
|
Total
assets
|
162,942
|
157,913
|
|
|
|
Total
liabilities
|
145,681
|
145,422
|
|
|
|
Total shareholders'
equity
|
17,261
|
12,491
|
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.