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 June 30, 2014 of $99,000 or $0.05 per
share, compared to a net income of $138,000 or $0.07 per share for
the three months ended June 30, 2013. Included in 2013 was income
for a recovery of bad debt expense of $394,000.
Operating expenses included non-cash depletion, depreciation and
amortization of $338,000 and $431,000 in 2014 and 2013
respectively.
For the three months ended June 30, 2014, the Company recorded
oil and gas revenues, net of royalty expenses of $485,000 as
compared to $384,000 for the comparable period of 2013. The changes
in oil and gas revenue were due to new oil wells that were drilled
in late 2013.
The Company recorded revenues of $728,000 for the three months
ended June 30, 2014 from its retirement property compared to
$666,000 for the comparable period in 2013. The increase was
primarily due to rate increases.
For the three months ended June 30, 2014, the Company recorded
oil and gas operating expenses of $425,000 as compared to $493,000
for the comparable period of 2013. The decrease was primarily due
to a decrease in depletion expense of $55,000.
For the three months ended June 30, 2014, operating expenses at
the retirement property were $628,000 as compared to $619,000 for
the comparable period in 2013. The increases in operating expenses
were due to an overall increase in non-payroll related
expenses.
For the three months ended June 30, 2014, corporate general
& administrative expenses were $205,000 as compared to $170,000
for the comparable period in 2013. The increase is primarily due to
$36,000 of consulting fees paid to assist the Company in its
operations and to identify new oil and gas opportunities.
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES CONSOLIDATED
STATEMENT OF OPERATIONS (unaudited) (amounts in
thousands, except per share data)
For the Three Monthsended June
30,
For the Six Monthsended June
30,
2014 2013 2014 2013 Revenue Oil
and gas operations, net of royalties $ 485 $ 384 $ 829 $ 724 Real
estate operations 728 666 1,453
1,346 1,213 1,050
2,282 2,070
Operating
expenses Oil and gas operations 425 493 908 949 Real estate
operations 387 383 783 769 Lease expense 241 236 481 472 Corporate
general and administrative 205 170
397 343 1,258
1,282 2,569 2,533 Operating
earnings (loss) (45 ) (232 ) (287 ) (463 )
Other
income (expense) Interest income 1 2 2 8 Interest expense (22 )
(24 ) (53 ) (73 ) Recovery of bad debt expense - 394 - 733 Other
income (expense), net (33 ) (2 ) 199
(36 ) Other income (expense) (54 ) 370
148 632
Net income (loss) applicable to common
shares
$ (99 ) $ 138 $ (139 ) $ 169
Net income (loss) per common share-basic
and diluted
$ (0.05 ) $ 0.07 $ (0.07 ) $ 0.09 Weighted
average common and equivalent shares outstanding - basic 1,947
1,947 1,947 1,947
NEW CONCEPT
ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS (unaudited) (amounts in thousands)
June 30,2014
December 31,2013
Assets Current assets Cash and cash
equivalents $ 301 $ 1,621 Accounts receivable from oil and gas
sales 228 195 Other current assets 203 203
Total
current assets 732 2,019
Oil and
natural gas properties (full cost accounting method) Proved
developed and undeveloped oil and gas properties, net of depletion
8,975 9,190
Property and equipment, net of
depreciation Land, buildings and equipment - oil and gas
operations 1,527 1,442 Other 182 183
Total
property and equipment 1,709 1,625
Other assets (including $124 and
$161 due from related parties in 2014 and 2013)
1,169 474
Total assets $ 12,585 $
13,308
NEW CONCEPT ENERGY,
INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS -
CONTINUED (unaudited) (amounts in thousands, except
share amounts)
June 30,2014
December 31,2013
Liabilities and stockholders' equity
Current liabilities Accounts payable - trade $ 239 $ 121
Accrued expenses 248 965 Current portion of long term debt
207 185
Total current liabilities 694
1,271
Long-term debt Notes payable less current
portion 2,188 2,195 Asset retirement obligation 2,770
2,770
Total liabilities 5,652 6,236
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, 2014 and December 31,
2013 20 20 Additional paid-in capital 58,838 58,838 Accumulated
deficit
(51,926 )
(51,787 )
6,933 7,072
Total liabilities & equity $ 12,585 $ 13,308
New Concept Energy, Inc.Gene Bertcher,
800-400-6407info@newconceptenergy.com
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