The Beard Company Announces 2004 Results; Reports Drilling of Four More Wells in Colorado
March 30 2005 - 7:07PM
PR Newswire (US)
The Beard Company Announces 2004 Results; Reports Drilling of Four
More Wells in Colorado OKLAHOMA CITY, March 30
/PRNewswire-FirstCall/ -- The Beard Company (OTC:BRCO) (BULLETIN
BOARD: BRCO) today announced its financial results for 2004. The
Company reported net earnings of $937,000, or $0.18 per share, on
revenues of $972,000, compared with a net loss of $1,611,000, or
$0.35 per share, on revenues of $593,000 in 2003. Diluted earnings
per common share were $0.14 in 2004 versus a net loss of $0.35 per
share in 2003. Herb Mee, Jr., President, stated: "As previously
reported, 2004 results benefited from a $2,943,000 gain on the
McElmo Dome Settlement. 2003 benefited from a similar gain in the
amount of $1,151,000. Such amounts were reflected in other income
for the respective periods. We had no gain or loss from
discontinued operations in 2004, whereas 2003 results were impacted
by a $121,000 loss from discontinued operations." "We are also
pleased to report that four more wells have been drilled by Vista
Resources on the acreage we farmed out to them in Section 36,
Township 3 North, Range 48 West, in Yuma County, Colorado. Vista
set pipe on four additional wells in February and March of 2005
which they are preparing to complete in the Niobrara Formation. We
have a 22.5% working interest in these wells which Vista expects to
complete and test next month."(A) The Beard Company's common stock
is traded on the OTC Bulletin Board under the symbol: BRCO. Its
operations consist principally of coal reclamation activities,
carbon dioxide (CO2) gas production, the construction of fertilizer
plants in China, and its e-commerce activities aimed at developing
business opportunities to leverage starpay(TM)'s intellectual
property portfolio of Internet payment methods and security
technologies. THE BEARD COMPANY Statements of Operations For the
Three Months For the Year Ended December 31, Ended December 31,
(Unaudited) (Audited) 2004 2003 2004 2003 Revenues $350,000
$145,000 $972,000 $593,000 Expenses 849,000 806,000 2,672,000
2,731,000 Operating loss (499,000) (661,000) (1,700,000)
(2,138,000) Other income (expense) (66,000) 37,000 2,755,000
648,000 Loss before income taxes (565,000) (624,000) 1,055,000
(1,490,000) Income tax benefit (expense) 18,000 --- (118,000) ---
Earnings (loss) from continuing operations (547,000) (624,000)
937,000 (1,490,000) Loss from discontinued operations (4,000)
(108,000) --- (121,000) Net earnings (loss) ($551,000) ($732,000)
$937,000 ($1,611,000) Net earnings (loss) per average common share
outstanding: Basic(B): Earnings (loss) from continuing operations
$(0.10) $(0.13) $0.18 $(0.33) Loss from discontinued operations
$(0.00) $(0.02) $--- $(0.02) Net earnings (loss) $(0.10) $(0.15)
$0.18 $(0.35) Diluted(B): Earnings (loss) from continuing
operations $(0.10) $(0.13) $0.14 $(0.33) Loss from discontinued
operations $(0.00) $(0.02) $--- $(0.02) Net earnings (loss) $(0.10)
$(0.15) $0.14 $(0.35) Weighted average common shares outstanding -
Basic 5,498,000 4,720,000 5,215,000 4,542,000 Diluted 5,498,000
4,720,000 6,478,000 4,542,000 (A) Statements regarding future
profitability and operations, including the timing of those
activities, are "forward looking statements" within the meaning of
the Private Securities Litigation Reform Act. The statements
involve risks that could significantly impact The Beard Company.
These risks include, but are not limited to, adverse general
economic conditions, unexpected costs or delays or other unexpected
events, as well as other risks discussed in detail in The Beard
Company's filings with the Securities and Exchange Commission. The
Beard Company assumes no duty to update or revise its
forward-looking statements based on changes in internal estimates
or otherwise. (B) Basic earnings (loss) per share are computed by
dividing earnings (loss) attributable to common shareholders by the
weighted average number of common shares outstanding for the
period. Diluted earnings (loss) per common share reflect the
potential dilution that could occur if the Company's outstanding
stock options and warrants were exercised (calculated using the
treasury stock method) and if the Company's preferred stock were
converted to common stock. FOR FURTHER INFORMATION CONTACT: Herb
Mee, Jr., President THE BEARD COMPANY e-mail: Telephone: (405)
842-2333 Fax: (405) 842-9901 DATASOURCE: The Beard Company CONTACT:
Herb Mee, Jr., President of The Beard Company, +1-405-842-2333, or
fax, +1-405-842-9901, or
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