New Concept Energy, Inc. (NYSE MKT: GBR), ( the “Company” or
“NCE”) a Dallas-based oil and gas company, today reported a net
loss for the three months ended June 30, 2016 of $133,000 or
($0.07) per share, compared to net income of $110,000 or $0.06 per
share for the three months ended June 30, 2015. The three months
ended June 30, 2015 includes a recovery of bad debt expense of
$386,000 that was reserved for in a prior year.
For the six months ended June 30, 2016 the Company reported a
loss of $429,000 or ($0.22) per share, compared to net income of
$424,000 or $0.22 per share for the six months ended June 30, 2015.
The six months ended June 30, 2015 includes a recovery of bad debt
expense of $1,124,000 that had been reserved for in a prior
year.
For the three months ended June 30, 2016, the Company recorded
oil and gas revenues, net of royalty expenses of $170,000 as
compared to $259,000 for the comparable period of 2015. The decline
in oil and gas revenue was principally due to the price the Company
was receiving for its oil sales in 2016 as compared to 2015. The
Company has reduced the production of oil from wells that were
unprofitable due to the market price of oil.
The Company recorded revenues of $665,000 for the three months
ended June 30, 2016 from its retirement property compared to
$744,000 for the comparable period in 2015. The decrease was
primarily due a drop in occupancy at the facility caused
principally by the opening of a competing facility in the community
where our facility is located.
For the three months ended June 30, 2016, the Company recorded
oil and gas operating expenses of $233,000 as compared to $440,000
for the comparable period of 2015. The decrease was due to a
decrease in overall operating expenses as the Company has actively
been reducing costs to compensate for the reduction in revenue.
For the three months ended June 30, 2016, operating expenses at
the retirement property were $389,000 as compared to $415,000 for
the comparable period in 2015. The decrease in operating expenses
were due to an overall decrease in non-payroll related
expenses.
For the three months ended June 30, 2016 general and
administrative expense were $101,000 as compared to $155,000 for
the comparable period in 2015. The decrease in operating expenses
were due to an overall decrease in payroll and other operating
expenses.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (unaudited) (amounts
in thousands) June 30,
December 31, 2016 2015
Assets Current assets Cash and cash
equivalents $ 474 $ 473 Accounts receivable from oil and gas sales
99 141 Other current assets 44 37
Total current
assets 617 651
Oil and natural
gas properties (full cost accounting method) Proved developed
and undeveloped oil and gas properties, net of depletion 5,732
5,914
Property and equipment, net of depreciation
Land, buildings and equipment - oil and gas operations 743 803
Other 132 134
Total property and equipment 875
937
Other assets (including $124 due from related
parties in 2015) 1,356 1,328
Total
assets $ 8,580 $ 8,830
NEW CONCEPT ENERGY,
INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS -
CONTINUED (unaudited) (amounts in thousands, except
share amounts) June 30,
December 31, 2016 2015 Liabilities
and stockholders' equity Current liabilities
Accounts payable (includes $422 due to related parties in 2016) $
460 $ 241 Accrued expenses 139 151 Current portion of long term
debt 830 831
Total current
liabilities 1,429 1,223
Long-term debt Notes
payable less current portion 1,139 1,166 Asset retirement
obligation 2,770 2,770
Total
liabilities 5,338 5,159
Stockholders' equity
Preferred stock, Series B 1 1 Common stock, $.01 par value;
authorized, 100,000,000 shares; issued and outstanding, 1,946,935
shares at June 30, 2016 and December 31, 2015 20 20 Additional
paid-in capital 58,838 58,838 Accumulated deficit
(55,617 ) (55,188
) 3,242
3,671 Total liabilities &
equity $ 8,580 $ 8,830
NEW
CONCEPT ENERGY, INC AND SUBSIDIARIES CONSOLIDATED STATEMENT
OF OPERATIONS (unaudited) (amounts in thousands,
except per share data)
For the Three Months For the Six
Months ended June 30, ended June 30,
2016 2015 2016
2015 Revenue Oil and gas
operations, net of royalties $ 170 $ 259 $ 389 $ 431 Real estate
operations 665 744 1,342
1,461 835 1,003
1,731 1,892
Operating
expenses Oil and gas operations 233 440 629 910 Real estate
operations 389 415 750 825 Real estate lease expense 238 245 497
490 Corporate general and administrative 101
155 267 309 961
1,255 2,143 2,534
Operating earnings (loss) (126 ) (252 ) (412 ) (642 )
Other income (expense) Interest income 5 - 11 - Interest
expense (7 ) (16 ) (18 ) (42 ) Recovery of bad debt expense - 386 -
1,124 Other income (expense) (5 ) (8 ) (10 )
(16 ) (7 ) 362 (17 ) 1066
Net income (loss) applicable to common shares
$ (133 ) $ 110 $ (429 ) $ 424 Net income
(loss) per common share-basic and diluted $ (0.07 ) $ 0.06 $
(0.22 ) $ 0.22 Weighted average common and
equivalent shares outstanding - basic 1,947 1,947 1,947 1,947
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version on businesswire.com: http://www.businesswire.com/news/home/20160812005756/en/
New Concept Energy, Inc.Investor RelationsGene Bertcher,
800-400-6407info@newconceptenergy.com
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