New Concept Energy, Inc. Reports Third Quarter 2021 Results
November 10 2021 - 4:50PM
Business Wire
New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or
“NCE”) a Dallas-based company, today reported Results of Operations
for the third quarter ended September 30, 2021.
The Company reported net loss from continuing operations of
$8,000 for three months ended September 30, 2021, as compared to
net income of $82,000 for the similar period in 2020.
For the three months ended September 30, 2021 and 2020, the
Company recorded rental revenue of $25,000.
For the three months ended September 30, 2021, corporate general
& administrative expenses were $53,000 as compared to $65,000
for the comparable periods in 2020.
For the three months ended September 30, 2020 the Company
reported other income of $83,000 which represents a tax refund for
taxes paid in prior years.
For the three months ended September 30, 2020 the Company
recorded a gain from discontinued operation of $2,100,000. Included
in 2020 is a gain from the sale of the oil and gas business of
$2,138,000.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS
(unaudited)
(amounts in thousands) September 30,2021 December
31,2020 Assets Current assets Cash
and cash equivalents
$
249
$
27
Current portion note receivable (including $3,637 and $3,631 in
2021 and 2020 from related parties
3,596
3,683
Other current assets
38
92
Total current assets
$
3,883
$
3,802
Property and equipment, net of depreciation Land,
buildings and equipment
647
656
Note receivable
-
153
Total assets
$
4,530
$
4,611
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS - CONTINUED (unaudited) (dollars in
thousands, except par value amount) September
30,2021 December 31,2020 Liabilities and
stockholders' equity Current liabilities Accounts
payable - (including $33 and $55 due to related parties in 2021 and
2020)
$
66
$
80
Accrued expenses
19
32
Current portion of long term debt
-
52
Total current liabilities
85
164
Long-term debt Notes payable less current portion
-
122
Total liabilities
85
286
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, 2021 and
December 31, 2020
51
51
Additional paid-in capital
63,579
63,579
Accumulated deficit
(59,186
)
(59,306
)
Total shareholder equity
4,445
4,325
Total liabilities & equity
$
4,530
$
4,611
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES CONSOLIDATED
STATEMENT OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data) For
the Three Monthsended September 30, For the Nine Monthsended
September 30,
2021
2020
2021
2020
Revenue Rent
$
25
$
25
$
76
$
76
Operating expenses Operating Expenses
34
15
71
46
Corporate general and administrative
53
65
238
296
Total operating expenses
87
80
309
342
Operating earnings (loss)
(62
)
(55
)
(233
)
(266
)
Other income (expense) Interest income from a related
party
53
54
159
172
Interest income from a third party
2
3
8
12
Interest expense
(1
)
(3
)
(5
)
(9
)
Other income (expense), net
-
83
191
83
54
137
353
258
Earnings (loss) from continuing operations
$
(8
)
$
82
$
120
$
(8
)
Discontinued Operations Loss from discontinued
operations
-
(38
)
-
(182
)
Gain from disposal of oil & gas operations
-
2,138
-
2,138
-
2,100
-
1,956
Earnings (loss) applicable to common shares
$
(8
)
$
2,182
$
120
1,948
Net income (loss) per common share-basic and diluted
$
0.01
$
0.43
$
0.02
$
0.38
Weighted average common and equivalent shares outstanding -
basic
5,132
5,132
5,132
5,132
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211110006396/en/
New Concept Energy, Inc. Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
New Concept Energy (AMEX:GBR)
Historical Stock Chart
From Mar 2024 to Apr 2024
New Concept Energy (AMEX:GBR)
Historical Stock Chart
From Apr 2023 to Apr 2024