New Concept Energy, Inc. Reports Second Quarter 2021 Results
August 13 2021 - 4:00PM
Business Wire
New Concept Energy, Inc. (NYSE American: GBR), a Dallas-based
real estate investment company, today reported results of
operations for the second quarter ended June 30, 2021.
For the three months ended June 30, 2021, the Company reported
net income from continuing operations of $49,000 as compared to net
loss of $57,000 from continuing operations for the same period
ended 2020.
For the three months ended June 30, 2020 the Company recorded a
loss from discontinued operations of $80,000 for the oil and gas
operations that were sold in August 2020.
The Company reported net income applicable to common shares of
$49,000 or $0.01 per share for three months ended June 30, 2021, as
compared to a net loss of $137,000 or $0.03 per share for the
similar period in 2020.
The Company leases a portion of its property in West Virginia.
For the three months ended June 30, 2021 and June 30, 2020 the
Company recorded rental Income of $26,000.
For the three months ended June 30, 2021, corporate general
& administrative expenses were $111,000 as compared to $127,000
for the comparable periods in 2020. The decrease was due to an
overall reduction of administrative expenses.
Included in other income for the three months ended June 30,
2021 is $100,000 which represents the sale of a receivable that had
previously been fully reserved.
About New Concept Energy, Inc.
New Concept Energy, Inc., a Dallas-based real estate in West
Virginia. For more information, visit the Company’s website at
www.newconceptenergy.com.
NEW CONCEPT ENERGY, INC. CONSOLIDATED BALANCE
SHEETS (unaudited) (uamounts in thousands)
June 30, December 31,
2021
2020
Assets
Current assets Cash and cash
equivalents
$
261
$
27
Current portion note receivable (including $3,637 and $3,631
in 2021 and 2020 from related parties
3,689
3,683
Other current assets
25
92
Total current assets
$
3,975
$
3,802
Property and equipment, net of depreciation Land,
buildings and equipment
650
656
Note receivable
133
153
Total assets
$
4,758
$
4,611
NEW CONCEPT ENERGY,
INC.
CONSOLIDATED BALANCE
SHEETS
(unaudited)
(dollars in thousands, except
par value amount)
June 30,
December 31,
2021
2020
Liabilities and stockholders' equity
Current liabilities Accounts payable - (including $104 and
$55 due to related parties in 2021 and 2020)
$
124
$
80
Accrued expenses
26
32
Current portion of long term debt
52
52
Total current liabilities
202
164
Long term debt Notes payable less current portion
103
122
Total Liabilities
305
286
Shareholders’ equity: Preferred stock, Series B
1
1
Common stock, $0.01 par value, authorized 100,000,000 shares;
issued 5,131,934 shares at June 30, 2021 and December 31, 2020
51
51
Additional paid-in capital
63,579
63,579
Accumulated deficit
(59,178
)
(59,306
)
Total shareholders' equity
4,453
4,325
Total liabilities & equity
$
4,758
$
4,611
NEW CONCEPT ENERGY, INC. CONSOLIDATED STATEMENTS
OF OPERATIONS (Unaudited) (amounts in thousands,
except per share data)
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
2021
2020
2021
2020
Revenue: Rent
$
26
$
26
$
52
$
52
Total Revenues
$
26
$
26
$
52
$
52
Operating expenses: Operating Expenses
20
16
38
31
Corporate general and administrative
111
127
185
231
Total Operating Expenses
131
143
223
262
Operating earnings (loss)
(105
)
(117
)
(171
)
(210
)
Other income (expense): Interest income
56
63
112
127
Interest expense
(2
)
(3
)
(4
)
(7
)
Other income (expense) net
100
-
191
-
Earnings (loss) from continuing operations
$
49
$
(57
)
$
128
$
(90
)
Discontinued Operations Earnings (loss) from
discontinued operations
$
-
$
(80.00
)
$
-
$
(144.00
)
Earnings (loss) applicable to common shares
$
49
$
(137
)
$
128
$
(234
)
Net income (loss) per common share-basic and diluted
$
0.01
$
(0
)
$
0
$
(0.05
)
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/20210813005390/en/
New Concept Energy, Inc. Gene Bercher, (800) 400-6407
info@newconceptenergy.com
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