Oklahoma City, April 16 /PRNewswire-FirstCall/ -- The Beard Company
(OTC Bulletin Board: BRCO) today announced its financial results
for 2008. For the twelve months ended December 31, 2008, the
Company reported net earnings from continuing operations of
$3,311,000, or $0.32 per diluted share, compared with a net loss
from continuing operations of ($953,000), or ($0.16) per share, in
the year ended December 31, 2007. Total net income, including
losses from discontinued operations, improved to $2,364,000, or
$0.23 per diluted share, in 2008, versus a net loss of
($2,026,000), or ($0.34) per share, in 2007. Revenues increased to
$1,505,000 in 2008, compared with $1,467,000 in the previous year.
"The improvement in our net earnings during 2008 was primarily
attributable to (1) a $1,671,000 gain on the disposition of our
controlling interest in two subsidiaries that conducted fertilizer
manufacturing and sales operations in China and (2) a $3,329,000
gain on the disposition of assets, primarily related to the sale of
35% of our interest in the McElmo Dome CO2 Production Unit," noted
Herb Mee, Jr., President of The Beard Company. "In 2007 there were
no comparable dispositions, and we reported a gain of only $216,000
from the sale of assets." "We believe that our Company is in the
early stages of a major turnaround. As the result of the
disposition of our China Segment, the conversion of more than
$3,650,000 of convertible notes into common stock, and the sale of
35% of our CO2 production, we added $6,173,000 to shareholders'
equity and reduced our total debt by more than $5,200,000 in 2008.
We are shifting our focus primarily to coal reclamation, oil and
gas development, and minerals exploration and development. We
expect to have a major long-term project underway in our Coal
Segment within the next few months and also anticipate that we will
be successful in raising the financing to undertake a major
enhanced oil recovery project in northern Oklahoma within the next
90 days," Mee concluded. About The Beard Company The Beard Company
creates, acquires, and/or invests in businesses that management
believes have high growth and/or above-average profit potential and
can enhance shareholder value. The Company is currently involved in
carbon dioxide (CO2) gas production; oil and gas activities; coal
reclamation activities; e-commerce activities conducted through its
starpay(TM) subsidiary; and minerals exploration and development
through its Geohedral investment. The Company is headquartered in
Oklahoma City and its common stock trades on the OTC Bulletin Board
under the symbol "BRCO". 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, the
Company's lack of profitability in recent years; the ability to
service outstanding debt and secure capital to fund operations; the
ability to negotiate and execute contracts in connection with the
Company's coal reclamation activities; the outcome of a lawsuit
against Visa; future trends in commodities prices; financial,
geological or mechanical difficulties affecting Geohedral's planned
geological work programs; uncertainties surrounding estimates of
mineralized material; and other risks detailed in Beard's filings
with the U.S. Securities and Exchange Commission. By making these
forward-looking statements, Beard undertakes 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 or RJ Falkner & Company,
Inc., Investor Relations Counsel, at (800) 377-9893 or via email at
(Financial Highlights Follow) THE BEARD COMPANY Results of
Operations For the Three Months For the Year Ended December 31,
Ended December 31, (Unaudited) (Audited) ---------------------
----------------------- 2008 2007 2008 2007 ---------- ---------
---------- ----------- Revenues $378,000 $465,000 $1,505,000
$1,467,000 Expenses 582,000 507,000 2,039,000 1,845,000 ----------
--------- ---------- ----------- Operating loss (204,000) (42,000)
(534,000) (378,000) Other income (expense) 1,150,000 (46,000)
3,870,000 (576,000) ---------- --------- ---------- -----------
Earnings (loss) before income taxes 946,000 (88,000) 3,336,000
(954,000) Income tax benefit (expense) - - (25,000) 1,000
---------- --------- ---------- ----------- Earnings (loss) from
continuing operations 946,000 (88,000) 3,311,000 (953,000) Loss
from discontinued operations (224,000) (308,000) (947,000)
(1,073,000) ---------- --------- ---------- ----------- Net
earnings (loss) $722,000 ($396,000) $2,364,000 ($2,026,000)
========== ========= ========== =========== Net earnings (loss) per
average common share outstanding: Basic: Earnings (loss) from
continuing operations $0.10 $(0.01) $0.46 $(0.16) Loss from
discontinued operations $(0.02) $(0.05) $(0.13) $(0.18) ----------
--------- ---------- ----------- Net earnings (loss) $0.08 $(0.06)
$0.33 $(0.34) ========== ========= ========== =========== Diluted:
Earnings (loss) from continuing operations $0.09 $(0.01) $0.32
$(0.16) Loss from discontinued operations $(0.02) $(0.05) $(0.09)
$(0.18) ---------- --------- ---------- ----------- Net earnings
(loss) $0.07 $(0.06) $0.23 $(0.34) ========== ========= ==========
=========== Weighted average common shares outstanding: Basic
9,418,000 5,977,000 7,259,000 5,896,000 ========== =========
========== =========== Diluted 10,466,000 5,977,000 10,453,000
5,896,000 ========== ========= ========== =========== THE BEARD
COMPANY AND SUBSIDIARIES Balance Sheets December 31, December 31,
Assets 2008 2007 ------ ------------ ------------ Current assets:
Cash and cash equivalents $182,000 $61,000 Accounts receivable,
less allowance for doubtful receivables of $31,000 in 2008 and 2007
185,000 630,000 Prepaid expenses and other assets 5,000 7,000
Current maturities of notes receivable - 35,000 Assets of
discontinued operations held for resale 26,000 487,000 ----------
---------- Total current assets 398,000 1,220,000 ----------
---------- Restricted certificate of deposit 50,000 50,000
Investments and other assets 87,000 66,000 Property, plant and
equipment, at cost 2,561,000 2,306,000 Less accumulated
depreciation, depletion and amortization 1,340,000 1,445,000
---------- ---------- Net property, plant and equipment 1,221,000
861,000 ---------- ---------- Intangible assets, at cost 75,000
518,000 Less accumulated amortization 66,000 381,000 ----------
---------- Net intangible assets 9,000 137,000 ----------
---------- $1,765,000 $2,334,000 ========== ========== Liabilities
and Shareholders' Equity (Deficiency)
------------------------------------------------- Current
liabilities: Trade accounts payable $97,000 $53,000 Accrued
expenses 431,000 440,000 Short-term debt - 45,000 Short-term debt -
related entities 57,000 158,000 Current maturities of long-term
debt 895,000 1,672,000 Current maturities of long-term debt -
related entities 390,000 360,000 Liabilities of discontinued
operations held for resale 65,000 1,651,000 ---------- ----------
Total current liabilities 1,935,000 4,379,000 ---------- ----------
Long-term debt less current maturities 420,000 977,000 Long-term
debt - related entities 2,250,000 6,012,000 Other long-term
liabilities 172,000 151,000 Shareholders' equity (deficiency):
Convertible preferred stock of $100 stated value; 5,000,000 shares
authorized; 27,838 shares issued and outstanding 889,000 889,000
Common stock of $.0006665 par value per share; 15,000,000
authorized; 9,830,586 and 5,657,715 shares issued and outstanding
in 2008 and 2007, respectively 7,000 4,000 Capital in excess of par
value 42,655,000 38,823,000 Accumulated deficit (46,590,000)
(48,954,000) Accumulated other comprehensive loss 27,000 53,000
---------- ---------- Total shareholders' equity (deficiency)
(3,012,000) (9,185,000) ---------- ---------- $1,765,000 $2,334,000
========== ========== DATASOURCE: The Beard Company CONTACT: Herb
Mee, Jr., President of The Beard Company, +1-405-842-2333, ; or RJ
Falkner & Company, Inc., Investor Relations Counsel,
1-800-377-9893, , for The Beard Company
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