New Concept Energy, Inc. (AMEX: GBR), (“the Company” or “NCE”),
a Dallas-based oil and gas company, today reported results of
operations for the first quarter ended March 31, 2010. NCE
announced today that the Company reported a net loss applicable to
common shares of $40,000 or $(0.02) per share for the three months
ended March 31, 2010, as compared to net income of $23,000 or 0.01
per share for the same period ended 2009.
The Company recorded oil and gas revenues of $270,000 as
compared to $394,000 for the comparable period of 2009. The
decrease in oil & gas revenue was due entirely to lower prices
in 2010.
The Company recorded revenues of $703,000 for the three months
ended March 31, 2010 from its retirement property compared to
$674,000 for the comparable periods in 2009. The principal reason
for the increase was additional fees collected in 2010.
The Company recorded oil and gas operating expenses of $356,000
as compared to $386,000 for the comparable period of 2009. The
decrease was due to a decrease in payroll costs.
Operating expenses and lease expense at the retirement property
were $536,000 as compared to $551,000 for the comparable periods in
2009.
Corporate general & administrative expenses were $199,000 as
compared to $262,000 for the comparable periods in 2009. The
decrease is primarily due to decreased payroll costs.
Interest income was $139,000 as compared to $181,000. The
decrease is primarily due to decreases in the prime lending rate
and the decreased receivable on which interest is computed over the
comparable periods. Interest expense for the three months ended
March 31, 2010 was $31,000.
New Concept Energy, Inc. and
Subsidiaries
CONSOLIDATED STATEMENTS OF
OPERATIONS
(amounts in thousands, except per
share amounts)
For the three months ended March 31, 2010 2009
Revenue Oil and gas operations, net of royalties $ 270 $ 394 Real
estate operations 703 674 973 1,068
Operating expenses Oil and gas operations 356 386
Real estate operations 325 340 Lease expense 239 239 Corporate
general and administrative 199 262 Accretion of asset retirement
obligation 30 — 1,149
1,227 Operating earnings (loss) (176 ) (159 )
Other income (expense) Interest income 139 181 Interest
expense (31 ) (30 ) Gain on sale of assets, net 10 — Other income,
net 18 31 136 182
Net income (loss) from continuing operations
(40 ) 23 Net income (loss) applicable
to common shares $ (40 ) $ 23
Net income (loss) per common share
– basic and diluted
$ (0.02 ) $ 0.01
Weighted average common and
equivalent shares outstanding – basic
1,947
1,947
NEW CONCEPT ENERGY, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except
share amounts)
March 31, December 31, 2010 2009
Assets
Current assets: Cash and cash equivalents $ 123 $ 155
Accounts receivable from oil and gas sales 201 203 Note and
interest receivable – related party 9,920 11,206 Other current
assets 550 567
Total current assets
10,794 12,131
Oil and natural gas properties (full cost
accounting method): Proved developed and undeveloped oil
and gas properties, net of depletion
11,350
11,372
Property and equipment, net of depreciation:
Land, buildings and equipment - oil and gas operations 1,330 1,337
Other 152 149
Total property and equipment
1,482 1,486
Other assets 162 132
Total assets $ 23,788 $ 25,121
New Concept Energy Inc. and
Subsidiaries
CONSOLIDATED BALANCE SHEETS -
CONTINUED
(amounts in thousands, except
share amounts)
March 31, 2010 December 31, 2009
Liabilities and
stockholders’ equity
Current liabilities: Accounts payable – trade $ 200 $
154
Accrued expenses (including $661
and $638 to related parties in 2010 and 2009
1,352
2,711
Total current liabilities 1,552 2,865
Long-term debt: Notes payable 1,226 1,198 Asset retirement
obligation 2,480 2,450 Other long-term liabilities 288
326
Total liabilities 5,546
6,839
Stockholders’ equity: Preferred stock, Series B
1 1 Common stock, $.01 par value; authorized, 100,000,000
shares; issued and outstanding,
1,946,939 shares at December 31, 2009 and 2008
20 20 Additional paid-in capital 58,838 58,838 Accumulated deficit
(40,617 ) (40,577 ) 18,242
18,282
Total liabilities & equity $
23,788 $ 25,121
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