DALLAS--(BUSINESS WIRE)--New Concept Energy, Inc. (NYSE MKT: GBR), ( the “Company” or “NCE”) a Dallas-based oil and gas company, today reported net loss for the three months ended March 31, 2014 of $40,000 or $0.02 per share, compared to a net income of $31,000 or $(0.02) per share for the three months ended March 31, 2013.
For the three months ended March 31, 2014, the Company recorded oil and gas revenues of $344,000 as compared to $340,000 for the comparable period of 2013.
The Company recorded revenues of $725,000 for the three months ended March 31, 2014 from its retirement property compared to $680,000 for the comparable period in 2013. The increase was due principally due to rate increases.
For the three months ended March 31, 2014, the Company recorded oil and gas operating expenses of $483,000 as compared to $456,000 for the comparable period of 2013. Included in operating expenses are $166,000 and $207,000 for the three months ended March 31, 2014 and 2013 respectively of depreciation and depletion which are non-cash expenses. In 2014 operating expenses were $68,000 higher than in 2013. The increases were due to general operating expenses. The increase in operating expenses was partially offset by lower depreciation, depletion and amortization cost of $41,000.
For the three months ended March 31, 2014, operating expenses including lease expense at the retirement property were $636,000, as compared to $622,000 for the comparable period in 2013.
For the three months ended March 31, 2014, corporate general & administrative expenses were $192,000 as compared to $173,000 for the comparable periods in 2013. The increase is primarily due to $18,000 of consulting fees paid to assist the Company reviewing its oil and gas operations and identifying new oil & gas.
For the three months ended March 31, 2014 other income was $232,000 which represents a cash payment the Company received from the bankruptcy estate of the prior owners of the oil & gas operations which the Company acquired in 2008.
|NEW CONCEPT ENERGY, INC AND SUBSIDIARIES|
|CONSOLIDATED STATEMENT OF OPERATIONS|
|(amounts in thousands, except per share data)|
|For the Three Months ended March 31,|
|Oil and gas operations, net of royalties||$||344||$||340|
|Real estate operations||725||680|
|Oil and gas operations||483||456|
|Real estate operations||396||386|
|Real Estate - lease expense||240||236|
|Corporate general and administrative||192||173|
|Operating earnings (loss)||(242||)||(231||)|
|Other income (expense)|
|Recovery of bad debt expense||-||339|
|Other income (expense), net||232||(34||)|
|Net income (loss) applicable to common shares||$||(40||)||$||31|
|Net income (loss) per common share-basic and diluted||$||(0.02||)||$||0.02|
|Weighted average common and equivalent shares outstanding - basic||1,947||1,947|
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|CONSOLIDATED BALANCE SHEETS|
|(amounts in thousands)|
|Cash and cash equivalents||$||443||$||1,621|
|Accounts receivable from oil and gas sales||168||195|
|Other current assets||201||203|
|Total current assets||812||2,019|
|Oil and natural gas properties (full cost accounting method)|
|Proved developed and undeveloped oil and gas properties, net of depletion||9,025||9,190|
|Property and equipment, net of depreciation|
|Land, buildings and equipment - oil and gas operations||1,422||1,442|
|Total property and equipment||1,610||1,625|
Other assets (including $123,000 and $122,000 due from
|NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS - CONTINUED|
|(amounts in thousands, except share amounts)|
|Liabilities and stockholders' equity|
|Accounts payable - trade||$||303||$||121|
|Current portion of long term debt||185||185|
|Total current liabilities||663||1,271|
|Notes payable less current portion||2,127||2,195|
|Asset retirement obligation||2,770||2,770|
|Preferred stock, Series B||1||1|
|Common stock, $.01 par value; authorized, 100,000,000|
|shares; issued and outstanding, 1,946,935 shares|
|at March 31, 2014 and December 31, 2013||20||20|
|Additional paid-in capital||58,838||58,838|
|Total liabilities & equity||$||12,592||$||13,308|