New Concept Energy, Inc. Reports Third Quarter 2017 Results

World News: . []

New Concept Energy, Inc. (NYSE American: GBR), ( the “Company” or “NCE”) a Dallas-based oil and gas company, today reported a net loss for the three months ended September 30, 2017 of $101,000 or ($0.05) per share, compared to a net loss of $164,000 or ($0.08) per share for the three months ended September 30, 2016.

At March 30, 2017 the Company’s operating lease expired at the retirement center it operated in Oregon. The operations of the retirement center are reflected as a discontinued operations.

The net loss from continuing operations was $90,000 for the three months ended September 30, 2017 compared to a net loss of $170,000 for the similar period in the prior year.

For the nine months ended September 30, 2017 the Company reported a net loss of $397,000 or ($0.20) per share as compared to a net loss of $593,000 or ($0.30) per share for the similar period in 2016.

For the three months ended September 30, 2017, the Company recorded oil and gas revenues, net of royalty expenses of $194,000 as compared to $190,000 for the comparable period of 2016.

For the three months ended September 30, 2017, the Company recorded oil and gas operating expenses of $254,000 as compared to $295,000 for the comparable period of 2016. The decrease was principally due to a reduction of depletion expenses as well as general operating expenses.

For the three months ended September 30, 2017, corporate general & administrative expenses were $95,000 as compared to $52,000 for the comparable periods in 2016. The increase was due to overall operating expenses during the quarter.

       
 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(amounts in thousands)
 

September 30,
2017

December 31,
2016

 
Assets
 
Current assets
Cash and cash equivalents $ 427 $ 113
Accounts receivable from oil and gas sales 129 119
Other current assets   61   206
Total current assets   617   438
 
 
Oil and natural gas properties (full cost accounting method)
Proved developed and undeveloped oil and gas properties, net of depletion 5,428 5,608
 
Property and equipment, net of depreciation
Land, buildings and equipment - oil and gas operations 675 706
Other   -   25
Total property and equipment 675 731
 
Other assets   308   401
 
Total assets $ 7,028 $ 7,178
       
 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(unaudited)
(amounts in thousands, except share amounts)
 

September 30,
2017

December 31,
2016

 
Liabilities and stockholders' equity
 
Current liabilities
Accounts payable - trade (including $513 and $160 at 2017 and 2016 due to related parties) $ 525 $ 238
Accrued expenses 67 59
Current portion of long term debt   85     96  
Total current liabilities 677 393
 
Long-term debt
Notes payable less current portion 259 296
Asset retirement obligation   2,770     2,770  
Total liabilities 3,706 3,459
 
Stockholders' equity
Preferred stock, Series B 1 1

Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 1,946,934 shares at September 30, 2017 and December 31, 2016

20 20
Additional paid-in capital 58,838 58,838
Accumulated deficit   (55,537 )   (55,140 )
  3,322     3,719  
 
Total liabilities & equity $ 7,028   $ 7,178  
               
 
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data)
 

For the Three Months
ended September 30,

For the Nine Months
ended September 30,

2017 2016 2017 2016
Revenue
Oil and gas operations, net of royalties $ 194   $ 190   $ 632   $ 579  
Total Revenue   194     190     632     579  
 
 
Operating expenses
Oil and gas operations 254 295 766 924
Corporate general and administrative   95     52     317     319  

Total Operating Expenses

  349     347     1,083     1,243  
Operating earnings (loss) (155 ) (157 ) (451 ) (664 )
 
 
Other income (expense)
Interest income 5 6 20 17
Interest expense (6 ) (8 ) (19 ) (26 )
Other income (expense), net   66     (11 )   51     (21 )
Other income (expense)   65     (13 )   52     (30 )
 
Loss from continuing operations $ (90 ) $ (170 ) $ (399 ) $ (694 )
 
Earnings (loss) from discontinued operations   (11 )   6     2     101  
 

Net loss applicable to common shares

  (101 )   (164 )   (397 )   (593 )
 
 
Net income (loss) per common share-basic and diluted $ (0.05 ) $ (0.08 ) $ (0.20 ) $ (0.30 )
 
 
Weighted average common and equivalent shares outstanding 1,947 1,947 1,947 1,947

More news and information about New Concept Energy, Inc.

Published By:

Business Wire: 21:44 GMT Tuesday 14th November 2017

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