New Concept Energy, Inc. Reports Third Quarter 2020 Results
November 16 2020 - 5:17PM
Business Wire
New Concept Energy, Inc. (NYSE American: GBR), ( the “Company”
or “NCE”) a Dallas-based company, today reported net income for the
three months ended September 30, 2020 of $2,182,000 or ($0.43) per
share, compared to a net loss of $2,320,000 or ($0.45) per share
for the three months ended September 30, 2019.
For the three months ended September 30, 2020, the Company
recorded net revenue from continuing operations of $82,000 and net
income from discontinued operations of $2,100,000. For the three
months ended September 30, 2019, the Company recorded $22,000 from
continuing operations and a loss of $2,342,000 from discontinued
operations.
On August 31, 2020 the Company sold its entire oil and gas
operation for $85,000 to an independent third party. In prior years
the Company has accrued a liability of $2,745,000 to plug and
abandon the existing wells. This obligation was assumed by the
buyer. Upon the sale of the wells the Company recorded a gain of
$2,138,000.
In September 2019 the Company wrote down the accounting value of
its oil and gas reserves by $2,285,000.
For the three months ended September 30, 2020 the Company
reported other income of $84,000 which represents a tax refund for
taxes paid in prior years.
The Company continues to own approximately 190 acres of land
located in Parkersburg West Virginia. Located on the land are four
structures totaling approximately 53,000 square feet. Of this total
area the main industrial / office building contains approximately
24,800 square feet of which approximately 16,000 square feet is
leased at a rate of $101,000 per annum.
NEW CONCEPT ENERGY, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(unaudited)
(dollars in thousands, except par value amount)
September 30,2020 December 31,2019
(unaudited) (audited)
Assets Current
assets Cash and cash equivalents
$
42
$
22
Current portion notes receivable (including $3,578 and $4,005
due to related parties in 2020 and 2019)
3,618
4,046
Other current assets
104
-
Total current assets
3,764
4,068
Property
and equipment, net of depreciation
Land, buildings and equipment
659
668
Assets held for sale
-
840
Other assets
181
214
Total assets
$
4,604
$
5,790
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS - CONTINUED (unaudited) (dollars
in thousands, except par value amount) September
30, 2020 December 31, 2019
Liabilities and stockholders' equity
Current liabilities
Accounts payable (includes $32 and $180
due to related parties in 2020 and 2019)
$
39
$
226
Accrued expenses
18
20
Current portion of long term debt
40
44
Total current liabilities
97
290
Long-term debt
Notes payable less
current portion
150
177
Liabilities of assets held for sale
-
2,914
Total liabilities
247
3,381
Stockholders' equity
Preferred stock, Series B
1
1
Common stock, $.01 par value; authorized, 100,000,000 shares;
issued and outstanding, 5,131,934 shares at September 30, 2020 and
December 31, 2019
51
51
Additional paid-in capital
63,579
63,579
Accumulated deficit
(59,274
)
(61,222
)
Total
Shareholder Equity
4,357
2,409
Total
liabilities & equity
$
4,604
$
5,790
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,
2020
2019
2020
2019
Revenue Rent
$
25
$
25
$
76
$
76
Operating expenses Operating expenses
15
17
46
53
Corporate general and administrative
65
92
296
314
Total operating expenses
80
109
342
367
Operating loss
(55
)
(84
)
(266
)
(291
)
Other income (expense) Interest income from related
parties
54
60
172
180
Interest Income from third parties
3
3
12
12
Interest expense
(3
)
(3
)
(9
)
(12
)
Income other
83
46
83
199
Other income
137
106
258
379
Net income (loss) from continuing operations
82
22
(8
)
88
Discontinued Operations Gain (loss) from discontinued
operations
(38
)
(2,342
)
(182
)
(2,423
)
Gain (loss) from disposal of Oil & Gas Operations
2,138
-
2,138
-
2,100
(2,342
)
1,956
(2,423
)
Net income (loss) applicable to common shares
2,182
(2,320
)
1,948
(2,335
)
Net income (loss)
per common share-basic and diluted
$
0.43
$
(0.45
)
$
0.38
$
(0.45
)
Weighted average common and equivalent shares
outstanding - basic
5,132
5,132
5,132
5,132
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version on businesswire.com: https://www.businesswire.com/news/home/20201116006053/en/
New Concept Energy Inc. Investor Relations Gene Bertcher, (800)
400-6407 info@newconceptenergy.com
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