Tipperary Corporation Announces Fourth Quarter and Year-End Results
March 16 2004 - 4:05PM
PR Newswire (US)
Tipperary Corporation Announces Fourth Quarter and Year-End Results
DENVER, March 16 /PRNewswire-FirstCall/ -- Tipperary Corporation ,
an independent energy company, today announced results for its
fourth quarter and year ended December 31, 2003. For the fourth
quarter, Tipperary reported a net loss of $2,224,000, or 6 cents
per share, on revenue of $1,489,000 compared with a net loss of
$665,000, or 2 cents per share, on revenue of $1,364,000 in the
fourth quarter of 2002. Results included a $924,000 gain for the
recovery of bad debt and a $293,000 loss for the write-down of
domestic oil and gas properties. During the fourth quarter of 2002,
the Company recorded a gain of $1,400,000 associated with the sale
of undeveloped properties. For the full year, the Company reported
a net loss of $15,369,000, or 39 cents per share, on revenue of
$6,253,000 compared with a net loss of $4,811,000, or 12 cents per
share, on revenue of $4,940,000 for the year ended December 31,
2002. Results for 2003 were affected by a $5,069,000 write-off of
deferred financing costs associated with prepayment of the
Company's $22 million loan with TCW Asset Management Company and
$2,679,000 related to the write-down of domestic oil and gas
properties. During 2002,the Company recorded $2,166,000 in gains
associated with the sale of two undeveloped domestic properties and
the recovery of $282,000 of prepaid drilling costs. Total gas
volumes sold in 2003 were 4,254,000 Mcf, an increase of 13% versus
volumes of 3,765,000 Mcf sold in 2002. The increase was primarily
due to greater gas sales from the Company's Comet Ridge project in
Queensland, Australia. For the fourth quarter, gas sales were
922,000 Mcf compared with 1,081,000 Mcf in the same quarter last
year. "While not reflected in our net financial results, fiscal
2003 was a productive year in terms of advancement on our core
Comet Ridge coalseam gas project," said David Bradshaw, president
and CEO. "Australian gas revenues and proved reserves increased 43%
and 64%, respectively, over prior year figures. Moreover, we
completed significant additions to compression and dehydration
capacity, which will prepare us for future sales increases. "As we
have previously stated, our efforts in Australia have been
'start-up' in nature and have required significant up-front
investment in both time and capital. This is not unusual for
significant field discoveries in Australia, and we believe these
commitments have helped position us to capitalize on an important
long-term opportunity. Demand for natural gas throughout eastern
Australia is growing, and according to industry reports,
conventional onshore gas reserves are expected to decline in the
coming years. Financing provided by our majority shareholderand its
affiliates during 2003 has allowed us to aggressively pursue these
development and marketing opportunities." Tipperary Corporation is
an independent energy company focused primarily on exploration for,
and production of, coalseam and conventional natural gas.
Headquartered in Denver, Colorado, Tipperary has producing
operations in Queensland, Australia. Together with its affiliates,
Tipperary holds a 73% capital interest and a 69.52% pre-royalty
revenue interest in southeastern Queensland'sComet Ridge coalseam
gas project and holds other exploration permits in Queensland
totaling approximately 200,000 acres. Domestically, Tipperary holds
interests in several exploration projects in Colorado and Nebraska
covering approximately 695,000 acres. Information herein contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which can be identified
by words such as "may," "will," "expect," "anticipate," "estimate,"
or "continue," or comparable words. In addition, all statements
other than statements of historical facts that address activities
that Tipperary expects or anticipates will or may occur in the
future are forward-looking statements. Readers are encouraged to
read the SEC reports of Tipperary, particularly its Annual Report
on Form 10-KSB for the year ended December 31, 2002, and a
forthcoming 10-K for the year ended December 31, 2003, for
meaningful cautionary language disclosing why actual results may
vary from those anticipated by management. FINANCIAL RECAP
(Thousands, except per share amounts) Three Months Ended Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2003 2002 2003 2002 Revenue
$1,489 $1,364 $6,253 $4,940 Net loss $(2,224) $(665) $(15,369)
$(4,811) Net loss per common share $(.06) $(.02) $(.39) $(.12)
Weighted average shares outstanding -- Basic and Diluted 39,221
39,221 39,221 39,123 OPERATING DATA Three Months Ended Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2003 2002 2003 2002 Net gas
production (Mmcf) 922 1,081 4,254 3,765 Avg. gas price per Mcf
$1.61 $1.26 $1.47 $1.25 DATASOURCE: Tipperary Corporation CONTACT:
Joseph B. Feiten, CFO of Tipperary Corporation, +1-303-293-9379; or
Geoff High of Pfeiffer High Public Relations, Inc.,
+1-303-393-7044, , for Tipperary Corporation Web site:
http://www.tipperarycorp.com/
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