di4
15 years ago
The Beard Company Reports First Quarter Operating Results
May 21, 2009 8:30:00 AM
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OKLAHOMA CITY, May 21 /PRNewswire-FirstCall/ -- The Beard Company (OTC Bulletin Board: BRCO) today announced that it recorded a net loss attributable to common shareholders of $266,000, or $0.03 per share, for the first quarter of 2009, compared with net earnings attributable to common shareholders of $2,884,000, or $0.41 per diluted share, in the quarter ended March 31, 2008. Operating results for the first quarter of 2008 included an after-tax gain of $3,290,000, or $0.47 per diluted share, attributable to the sale of 35% of the Company's interest in the McElmo Dome CO2 Unit. No such comparable gain on sale was recorded in the first quarter of 2009.
"Our first quarter results do not begin to reflect the potential of the strategic initiatives announced by the Company in recent months," stated Herb Mee, Jr., President of The Beard Company. "On April 20, 2009, we announced the purchase by our subsidiary, Beard Dilworth, LLC ("BDLLC"), of the Dilworth Field in northern Oklahoma. BDLLC is in the process of raising a total of $7 million from private investors to finance the purchase of, and the enhanced oil recovery program planned for, the Dilworth Field."
"Our second quarter results will reflect an after-tax gain of more than $4.8 million from the recently completed sale of our remaining 65% interest in the McElmo Dome Unit, thereby allowing our financial results for the first half of 2009 to comfortably exceed prior-year levels. As a result of this gain and the payoff of additional debt, we will have a significantly improved balance sheet as of June 30, 2009 that will include a positive shareholders' equity for the first time in a number of years. We also hope that two of the projects we have under development in our Coal Segment will come to fruition this year and are extremely excited about the potential of our Geohedral LLC investment. We continue to look forward to major improvements in our operating results in coming years," Mee concluded.
About The Beard Company
The Beard Company creates, acquires, and/or invests in businesses, primarily related to natural resources, that management believes have high growth and/or above-average profit potential and can enhance shareholder value. The Company is involved in oil and gas activities; coal reclamation activities; minerals exploration and development through its Geohedral investment, and e-commerce activities conducted through its starpay(TM) subsidiary.
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 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 or Beard Dilworth's planned geological work programs; uncertainties surrounding estimates of mineralized material; and other risks associated with the Company's business. 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
hmee@beardco.com
or
RJ Falkner & Company, Inc., Investor Relations Counsel, at (800) 377-9893
or via email at info@rjfalkner.com
THE BEARD COMPANY AND SUBSIDIARIES
Balance Sheets
March 31, 2009 (Unaudited) and December 31, 2008
March 31, December 31,
Assets 2009 2008
------ ---- ----
Current assets:
Cash and cash equivalents $115,000 $182,000
Accounts receivable, less
allowance for doubtful
receivables of $31,000 in
2009 and 2008 160,000 185,000
Prepaid expenses and other assets 7,000 5,000
Assets of discontinued
operations held for resale 21,000 26,000
------ ------
Total current assets 303,000 398,000
------- -------
Restricted
certificate of
deposit 50,000 50,000
Investments and
other assets 94,000 87,000
Property, plant and
equipment, at cost 2,554,000 2,561,000
Less accumulated depreciation,
depletion and amortization 1,336,000 1,340,000
--------- ---------
Net property, plant and equipment 1,218,000 1,221,000
--------- ---------
Intangible
assets, at cost 75,000 75,000
Less accumulated amortization 68,000 66,000
------ ------
Net intangible assets 7,000 9,000
----- -----
TOTAL ASSETS $1,672,000 $1,765,000
========== ==========
Liabilities and Shareholders'
Equity (Deficiency)
-----------------------------
Current liabilities:
Trade accounts payable $168,000 $97,000
Accrued expenses 322,000 431,000
Short-term debt 95,000 -
Short-term debt - related entities 80,000 57,000
Current maturities of
long-term debt 996,000 895,000
Current maturities of long-term
debt - related entities 390,000 390,000
Liabilities of discontinued
operations held for resale 51,000 65,000
------ ------
Total current liabilities 2,102,000 1,935,000
--------- ---------
Long-term debt less
current maturities 420,000 420,000
Long-term debt -
related entities 2,250,000 2,250,000
Other long-term
liabilities 169,000 172,000
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;
9,912,457 and 9,830,586 shares
issued and outstanding in 2009
and 2008, respectively 7,000 7,000
Capital in excess of par value 42,672,000 42,655,000
Accumulated deficit (44,053,000) (43,787,000)
Accumulated other
comprehensive income 24,000 25,000
Total The Beard Company
shareholders' equity (deficiency) (461,000) (211,000)
-------- --------
Noncontrolling interests (2,808,000) (2,801,000)
---------- ----------
Total shareholders'
equity (deficiency) (3,269,000) (3,012,000)
---------- ----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $1,672,000 $1,765,000
========== ==========
THE BEARD COMPANY AND SUBSIDIARIES
Results of Operations
(Unaudited)
For the Three Months
Ended March 31,
----------------
2009 2008
---- ----
Revenues $307,000 $378,000
Expenses 495,000 425,000
------- -------
Operating loss (188,000) (47,000)
Other income (expense) (91,000) 3,127,000
------- ---------
Earnings (loss) from
continuing operations
before income taxes (279,000) 3,080,000
Income taxes - (54,000)
------- -------
Earnings (loss) from
continuing operations (279,000) 3,026,000
Earnings (loss) from
discontinued operations 6,000 (258,000)
----- --------
Net earnings (loss) $(273,000) $2,768,000
Losses attributable to
noncontrolling interests:
Continuing operations 7,000 7,000
Discontinued operations - 109,000
------- -------
Net earnings (loss) attributable
to The Beard Company
common shareholders $(266,000) $2,884,000
========= ==========
Net earnings (loss) per average
common share outstanding:
Basic:
Earnings (loss) from
continuing operations $(0.03) $0.49
Loss from
discontinued
operations 0.00 (0.02)
------ -----
Net earnings (loss) $(0.03) $0.47
====== =====
Diluted:
Earnings (loss) from
continuing operations $(0.03) $0.42
Loss from
discontinued
operations 0.00 (0.02)
------ -----
Net earnings (loss) $(0.03) $0.41
====== =====
Weighted average common
shares outstanding:
Basic 9,900,000 6,162,000
========= =========
Diluted 9,900,000 6,989,000
========= =========
SOURCE The Beard Company
----------------------------------------------
Herb Mee
Jr.
President of The Beard Company
+1-405-842-2333
hmee@beardco.com; or RJ Falkner & Company
Inc.
Investor Relations Counsel
1-800-377-9893
info@rjfalkner.com
for The Beard Company
di4
15 years ago
The Beard Company Finalizes Sale of McElmo Dome Interest
May 11, 2009 8:30:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesOKLAHOMA CITY, May 11 /PRNewswire-FirstCall/ -- The Beard Company (OTC Bulletin Board: BRCO) today announced that it has finalized the sale of its remaining interest in the McElmo Dome CO2 Unit in southwestern Colorado.
Herb Mee, Jr., President of The Beard Company, reported that the sale of the Company's remaining ownership in the 240,000-acre McElmo Dome CO2 Gas Unit in Dolores and Montezuma Counties, Colorado, previously announced on April 17, has now been completed. The Company sold its net revenue interest of approximately 0.3540485% in the Unit for $5,200,000, with transfer of production effective March 1, 2009. A down payment of $1,300,000 was received from the purchasers on April 14, 2009 when the agreement was executed. "After adjustment for certain revenues received and billings paid by the Company, totaling a net of $163,374, we received the $3,736,626 balance of the consideration due on May 7, 2009," noted Mee. "The sale generated a gain of $4,909,000, which will be included in the Company's financial results for the quarter ending June 30, 2009."
"We have invested $700,000 of the proceeds in Beard Dilworth, LLC, which we believe has much greater upside potential than our investment in McElmo Dome. An additional $1,507,000 has been used to pay down debt, and we contemplate the retirement of our remaining short-term debt in the next few months. Additional investments in either Beard Dilworth, LLC or Geohedral LLC may also be considered. The balance of the proceeds will be added to working capital pending decisions by the Board for the use thereof."
"The completion of the McElmo Dome sale represents a key ingredient in the turnaround in progress at the Company. Funds provided from the sale will enable us to pay off our bank debt and our short-term debt and allow us to focus our efforts on Beard Dilworth, our Geohedral investment, and the various projects under development in our Coal Segment. We consider Dilworth and Geohedral two of the most exciting projects in our Company's history. Management is very optimistic regarding Beard's future prospects, and we look forward to significant improvements in our operating results in the coming years," 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 will from now on be involved in 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 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 associated with the Company's business. 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
hmee@beardco.com
or
RJ Falkner & Company, Inc., Investor Relations Counsel, at
(800) 377-9893 or via email at info@rjfalkner.com
SOURCE The Beard Company
----------------------------------------------
Herb Mee
Jr.
President of The Beard Company
+1-405-842-2333
hmee@beardco.com; or RJ Falkner & Company
Inc.
Investor Relations Counsel
1-800-377-9893
info@rjfalkner.com
for The Beard Company
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